EPS of 86c missed estimates of $1.37 by a wide margin. Sales of $965M matched estimates. EBITDA of $104M missed by 23%. Revenue fell 3.5%, EPS fell sharply year over year. Guidance was lowered to $6.70 to $7.50 from $7.50 to $8.00. The slowdown in commercial real estate has hurt, and the US banking crisis has really tightened credit conditions. Valuations are being impacted. The short interest in CIGI has risen. It is cheap, and EPS is still expected to grow this year and next. But with weak guidance and the sector we would not really expect much here from CIGI in 2023.
5i Research Answer: