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Colliers International Group (TSE:CIGI)
TSX:CIGI
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Colliers International Group
(TSX:CIGI)
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Rating:68Neutral
Price Target:
C$243.00
â–²(7.13% Upside)
Colliers International Group's overall stock score is driven by strong financial performance and positive technical indicators. The company's robust revenue growth and strategic acquisitions are significant strengths. However, high leverage and overvaluation present risks. The positive sentiment from the earnings call further supports the stock's potential, despite some challenges in specific segments.
Positive Factors
Negative Factors
Colliers International Group (CIGI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
$11.58B
Dividend Yield0.19%
Average Volume (3M)54.28K
Price to Earnings (P/E)74.8
Beta (1Y)1.30
Revenue Growth20.00%
EPS Growth-23.17%
CountryCA
Employees23,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)2.38
Shares Outstanding49,503,120
10 Day Avg. Volume43,152
30 Day Avg. Volume54,277
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)5.16
Price to Sales (P/S)1.42
P/FCF Ratio26.20
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue2.61
Enterprise Value/Gross Profit6.50
Enterprise Value/Ebitda21.61
Forecast
1Y Price Target
$250.13Price Target Upside10.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
Colliers International Group Business Overview & Revenue Model
Company DescriptionColliers International Group Inc. provides commercial real estate professional and investment management services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers sales brokerage services, including real estate sales, debt origination and placement, equity capital raising, market value opinions, acquisition advisory, and transaction management services; and landlord and tenant representation services. The company provides outsourcing and advisory services, such as corporate and workplace solutions; valuation and advisory services; workplace strategy services; loan servicing; property marketing; research services; and engineering design services for property and building, infrastructure, transportation, environmental and telecommunications end-markets. It also offers property management services comprising building operations and maintenance, facilities management, lease administration, property accounting and financial reporting, contract management and, construction management; and project management services, which include bid document review, construction monitoring and delivery management, contract administration and integrated cost control, development management, facility and engineering functionality, milestone and performance monitoring, quality assurance, risk management and strategic project consulting. In addition, the company provides investment management services that consists of asset management advisory and administration, transaction, and incentive services. The company was founded in 1972 and is headquartered in Toronto, Canada.
How the Company Makes MoneyColliers International generates revenue through diverse streams, primarily from service fees related to its real estate brokerage activities, property management services, and advisory services. The brokerage segment includes leasing and sales transactions, where the company earns commissions based on the value of properties transacted. Additionally, Colliers earns management fees from overseeing properties and managing real estate investments for clients. Key partnerships with institutional investors and global corporations enhance its service offerings and expand its client base, contributing to its earnings. The company also benefits from performance-based fees tied to the success of its investment management services, reflecting its focus on maximizing returns for clients.
Colliers International Group Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 04, 2025
Earnings Call Sentiment Positive
The earnings call for Colliers International highlighted strong revenue growth, successful acquisitions, and improved financial performance. However, challenges were noted in leasing revenue and investment management, along with a higher leverage ratio. Despite these challenges, the positive aspects, particularly in the Engineering segment and overall growth, outweighed the negatives.Q2-2025 Updates
Positive Updates
Strong Revenue Growth
Colliers International reported second quarter revenues of $1.3 billion, up 17% year-over-year, driven by strong performance in the Engineering segment and supported by acquisitions.
Engineering Segment Success
The Engineering segment's net revenue jumped 70%, with 8% internal growth, and net margin increased to 13.7% from the previous year.
Investment Management Growth
Assets under management increased to $103.3 billion, up 7% from a year ago. Fundraising improved with $2.7 billion raised year-to-date, and the launch of Harrison Street Fund X contributed to this success.
Successful Acquisitions
Colliers completed the acquisition of RoundShield Partners, enhancing capabilities in credit, student housing, and hospitality. Additionally, four tuck-under acquisitions in Engineering and two in Real Estate Services were completed.
Improved Financial Performance
Adjusted EBITDA increased 15% year-over-year to $180 million, and free cash flow remained strong, converting 98% of adjusted net earnings.
Negative Updates
Leasing Revenue Decline
Leasing revenues declined 5% globally due to weaker industrial volumes, impacted by tariff-related and macroeconomic uncertainties.
Investment Management Revenue Decline
Investment Management net revenues declined 7% due to catch-up fees recognized in the prior year, though net margin improved.
Higher Leverage Ratio
The leverage ratio increased to 2.3x, higher than anticipated due to acquisitions and U.S. dollar appreciation.
Company Guidance
During the Colliers International Second Quarter Investors Conference Call, significant guidance was provided regarding various metrics. The company reported strong financial results with revenue increasing by 17% year-over-year to $1.3 billion, driven by organic growth and recent acquisitions. Adjusted EBITDA rose by 15% to $180 million. The Engineering segment saw a 70% increase in net revenue with an 8% internal growth and a net margin increase to 13.7%. In Real Estate Services, revenue grew by 4%, with a 6% rise in recurring outsourcing revenues. The Investment Management segment, despite a 7% decline in net revenues due to prior year catch-up fees, improved its net margin from 40% to 42% and raised $1 billion in new capital commitments. The company also increased its assets under management to $103 billion, with a pro forma increase to over $108 billion following the acquisition of RoundShield Partners. The full-year outlook was raised, expecting half the increase to come from acquisitions and half from improved organic growth expectations.Colliers International Group Financial Statement Overview
Summary
Colliers International Group demonstrates solid revenue growth and stable operating margins, which are positive indicators for the company's operational efficiency. However, high leverage and negative free cash flow in the latest period pose potential risks. The company needs to focus on improving cash flow generation and managing debt levels to ensure long-term financial health.Income Statement
Colliers International Group shows a positive revenue growth trend with a 4.2% increase in TTM, indicating resilience in the real estate services sector. The gross profit margin remains strong at approximately 39%, though there is a slight decline from previous periods. The net profit margin has decreased to 2.16% in TTM, reflecting pressure on profitability. Despite this, the EBIT and EBITDA margins are stable, suggesting effective cost management.72
Positive
Balance Sheet
The company's balance sheet reveals a high debt-to-equity ratio of 1.68 in TTM, indicating significant leverage which could pose a risk if not managed properly. However, the return on equity is reasonable at 8.45%, showing that the company is generating a decent return on its equity base. The equity ratio stands at around 21.5%, suggesting a moderate level of financial stability.65
Positive
Cash Flow
Cash flow analysis shows a substantial increase in free cash flow growth, but the free cash flow remains negative in TTM, which is concerning. The operating cash flow to net income ratio is low at 0.19, indicating potential challenges in converting income into cash. The free cash flow to net income ratio is relatively high, suggesting that when free cash flow is positive, it is efficiently supporting net income.58
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.17B | 4.82B | 4.34B | 4.46B | 4.09B | 2.79B |
| Gross Profit | 2.08B | 1.92B | 1.74B | 1.71B | 1.57B | 1.05B |
| EBITDA | 624.48M | 618.49M | 509.39M | 613.89M | 24.87M | 302.56M |
| Net Income | 112.09M | 161.72M | 65.54M | 194.54M | -237.56M | 94.49M |
Balance Sheet | ||||||
| Total Assets | 6.46B | 6.10B | 5.48B | 5.10B | 3.87B | 3.29B |
| Cash, Cash Equivalents and Short-Term Investments | 183.34M | 224.83M | 204.66M | 173.66M | 396.75M | 156.61M |
| Total Debt | 2.32B | 2.06B | 2.14B | 2.10B | 1.30B | 1.25B |
| Total Liabilities | 3.92B | 3.62B | 3.56B | 4.60B | 2.75B | 2.71B |
| Stockholders Equity | 1.39B | 1.32B | 847.99M | 493.37M | 581.60M | 586.11M |
Cash Flow | ||||||
| Free Cash Flow | -103.54M | 260.92M | 81.14M | -650.00K | 231.03M | 126.13M |
| Operating Cash Flow | 282.52M | 326.01M | 165.66M | 67.03M | 288.98M | 166.48M |
| Investing Cash Flow | -677.18M | -783.10M | -133.98M | -872.84M | -49.41M | -113.46M |
| Financing Cash Flow | 395.48M | 452.21M | -7.81M | 612.92M | 18.60M | 1.05M |
Colliers International Group Technical Analysis
Positive
226.83
Price Trends
213.70
Positive
193.11
Positive
189.73
Positive
Market Momentum
3.99
Positive
59.44
Neutral
33.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CIGI, the sentiment is Positive. The current price of 226.83 is below the 20-day moving average (MA) of 228.94, above the 50-day MA of 213.70, and above the 200-day MA of 189.73, indicating a bullish trend. The MACD of 3.99 indicates Positive momentum. The RSI at 59.44 is Neutral, neither overbought nor oversold. The STOCH value of 33.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CIGI.
Colliers International Group Peers Comparison
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | 12.72B | 64.92 | 11.40% | 0.53% | 20.02% | 78.29% | |
75 Outperform | 1.79B | 5.80 | 17.98% | 0.08% | 14.29% | 144.57% | |
68 Neutral | $11.58B | 74.78 | 8.69% | 0.19% | 20.00% | -23.17% | |
68 Neutral | 2.57B | -43.80 | 48.71% | 1.02% | -33.01% | -2201.72% | |
58 Neutral | 1.76B | -57.82 | -32.46% | 0.24% | 7.94% | -12.23% | |
49 Neutral | 142.45M | -7.27 | 21.32% | 9.16% | 184.78% | -222.63% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
Performance Comparison
TSE:CIGI
Colliers International Group
226.83
25.18
12.49%
FSV
FirstService
201.59
21.67
12.04%
TSE:AIF
Altus Group
58.19
5.14
9.69%
TSE:MEQ
Mainstreet Equity
192.55
0.01
<0.01%
TSE:SVI
Storagevault Canada
4.88
-0.12
-2.40%
BREUF
Bridgemarq Real Estate Services
11.04
1.72
18.45%
Colliers International Group Corporate Events
Executive/Board ChangesShareholder Meetings
Colliers International Group Announces Director Elections and Shareholder Approvals
Positive
Apr 1, 2025
Colliers International Group Inc. announced the election of ten directors at its virtual annual shareholders meeting. The shareholders also approved the appointment of PricewaterhouseCoopers LLP as the auditor and a non-binding advisory resolution on executive compensation. These decisions reflect Colliers’ commitment to strong governance and strategic growth, reinforcing its position in the professional services and investment management industry.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.