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Colliers International Group

TSX:CIGI
Snowflake Description

Acceptable track record with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CIGI
TSX
CA$3B
Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

Colliers International Group Inc. provides commercial real estate services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and Asia Pacific. The last earnings update was 44 days ago. More info.


Add to Portfolio Compare Print
  • Colliers International Group has significant price volatility in the past 3 months.
CIGI Share Price and Events
7 Day Returns
-9.6%
TSX:CIGI
-3.9%
CA Real Estate
-0.1%
CA Market
1 Year Returns
-28.3%
TSX:CIGI
-11.8%
CA Real Estate
-24.6%
CA Market
CIGI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Colliers International Group (CIGI) -9.6% -42.3% -36.5% -28.3% 1.1% -26.4%
CA Real Estate -3.9% -26% -22.4% -11.8% 1.5% 4.7%
CA Market -0.1% -21.2% -24.7% -24.6% -22.1% -16.5%
1 Year Return vs Industry and Market
  • CIGI underperformed the Real Estate industry which returned -11.8% over the past year.
  • CIGI underperformed the Market in Canada which returned -24.6% over the past year.
Price Volatility
CIGI
Industry
5yr Volatility vs Market

Value

 Is Colliers International Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Colliers International Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Colliers International Group.

TSX:CIGI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:CIGI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.98
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.98 (1 + (1- 26.5%) (50.36%))
1.229
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.23
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.229 * 5.44%)
8.13%

Discounted Cash Flow Calculation for TSX:CIGI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Colliers International Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSX:CIGI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.13%)
2020 252.25 Analyst x2 233.29
2021 241.93 Analyst x3 206.93
2022 236.47 Est @ -2.26% 187.05
2023 233.75 Est @ -1.15% 171.00
2024 232.88 Est @ -0.37% 157.56
2025 233.28 Est @ 0.17% 145.97
2026 234.57 Est @ 0.55% 135.74
2027 236.49 Est @ 0.82% 126.56
2028 238.87 Est @ 1% 118.22
2029 241.58 Est @ 1.14% 110.58
Present value of next 10 years cash flows $1,592.00
TSX:CIGI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $241.58 × (1 + 1.44%) ÷ (8.13% – 1.44%)
$3,664.08
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $3,664.08 ÷ (1 + 8.13%)10
$1,677.19
TSX:CIGI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,592.00 + $1,677.19
$3,269.19
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,269.19 / 39.88
$81.97
TSX:CIGI Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:CIGI)
1.421
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $81.97 x 1.421
CA$116.44
Value per share (CAD) From above. CA$116.44
Current discount Discount to share price of CA$64.40
= -1 x (CA$64.40 - CA$116.44) / CA$116.44
44.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Colliers International Group is available for.
Intrinsic value
45%
Share price is CA$64.4 vs Future cash flow value of CA$116.44
Current Discount Checks
For Colliers International Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Colliers International Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Colliers International Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Colliers International Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Colliers International Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:CIGI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $2.60
TSX:CIGI Share Price ** TSX (2020-04-02) in CAD CA$64.4
TSX:CIGI Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.704 $45.33
Canada Real Estate Industry PE Ratio Median Figure of 20 Publicly-Listed Real Estate Companies 10.47x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Colliers International Group.

TSX:CIGI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CIGI Share Price ÷ EPS (both in USD)

= 45.33 ÷ 2.60

17.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Colliers International Group is overvalued based on earnings compared to the CA Real Estate industry average.
  • Colliers International Group is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Colliers International Group's expected growth come at a high price?
Raw Data
TSX:CIGI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.42x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
15.2%per year
North America Real Estate Industry PEG Ratio Median Figure of 14 Publicly-Listed Real Estate Companies 0.58x
Canada Market PEG Ratio Median Figure of 233 Publicly-Listed Companies 0.67x

*Line of best fit is calculated by linear regression .

TSX:CIGI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.42x ÷ 15.2%

1.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Colliers International Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Colliers International Group's assets?
Raw Data
TSX:CIGI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $12.87
TSX:CIGI Share Price * TSX (2020-04-02) in CAD CA$64.4
TSX:CIGI Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.704 $45.33
Canada Real Estate Industry PB Ratio Median Figure of 37 Publicly-Listed Real Estate Companies 0.62x
Canada Market PB Ratio Median Figure of 2,356 Publicly-Listed Companies 0.98x
TSX:CIGI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CIGI Share Price ÷ Book Value per Share (both in USD)

= 45.33 ÷ 12.87

3.52x

* Primary Listing of Colliers International Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Colliers International Group is overvalued based on assets compared to the CA Real Estate industry average.
X
Value checks
We assess Colliers International Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Colliers International Group has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Colliers International Group expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Colliers International Group expected to grow at an attractive rate?
  • Colliers International Group's earnings growth is expected to exceed the low risk savings rate of 1.4%.
Growth vs Market Checks
  • Colliers International Group's earnings growth is expected to exceed the Canada market average.
  • Colliers International Group's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CIGI Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CIGI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 15.2%
TSX:CIGI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 6.3%
North America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 21.8%
Canada Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:CIGI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CIGI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 3,467 316 140 5
2020-12-31 3,141 309 144 6
TSX:CIGI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 3,046 311 103
2019-09-30 3,007 312 108
2019-06-30 2,986 324 94
2019-03-31 2,908 231 94
2018-12-31 2,825 257 98
2018-09-30 2,699 213 77
2018-06-30 2,603 204 67
2018-03-31 2,521 214 55
2017-12-31 2,435 213 51
2017-09-30 2,247 176 63
2017-06-30 2,091 151 66
2017-03-31 1,987 118 77

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Colliers International Group's earnings are expected to grow by 15.2% yearly, however this is not considered high growth (20% yearly).
  • Colliers International Group's revenue is expected to grow by 6.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:CIGI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Colliers International Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CIGI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.47 3.85 3.08 2.00
2020-12-31 3.58 3.58 3.58 1.00
TSX:CIGI Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 2.60
2019-09-30 2.73
2019-06-30 2.39
2019-03-31 2.40
2018-12-31 2.49
2018-09-30 1.98
2018-06-30 1.73
2018-03-31 1.41
2017-12-31 1.32
2017-09-30 1.63
2017-06-30 1.72
2017-03-31 1.98

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Colliers International Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Colliers International Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Colliers International Group has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Colliers International Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Colliers International Group's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Colliers International Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Colliers International Group's 1-year earnings growth is less than its 5-year average (5.4% vs 32.6%)
  • Colliers International Group's earnings growth has exceeded the CA Real Estate industry average in the past year (5.4% vs -22.9%).
Earnings and Revenue History
Colliers International Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Colliers International Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CIGI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 3,045.81 102.90 744.87
2019-09-30 3,007.41 107.55 735.97
2019-06-30 2,986.24 94.09 728.58
2019-03-31 2,908.08 94.15 722.55
2018-12-31 2,825.43 97.66 705.80
2018-09-30 2,699.45 77.38 670.92
2018-06-30 2,602.53 67.46 649.92
2018-03-31 2,521.41 54.95 633.28
2017-12-31 2,435.20 51.36 614.04
2017-09-30 2,247.32 63.24 580.79
2017-06-30 2,090.58 66.47 555.14
2017-03-31 1,986.88 76.54 541.11
2016-12-31 1,896.72 67.97 522.30
2016-09-30 1,876.81 59.41 529.08
2016-06-30 1,835.04 57.57 515.97
2016-03-31 1,762.33 7.07 504.91
2015-12-31 1,721.99 22.24 502.48
2015-09-30 1,707.52 2.37 516.49
2015-06-30 1,659.82 4.18 521.68
2015-03-31 1,618.52 31.51 518.82
2014-12-31 1,582.27 19.51 509.85
2014-09-30 1,732.48 7.61 547.19
2014-06-30 1,962.94 1.26 583.83
2014-03-31 2,170.51 -3.85 616.86
2013-12-31 1,306.54 -24.47 429.57
2013-09-30 2,232.89 -14.06 610.16
2013-06-30 2,188.85 -15.95 602.52

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Colliers International Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Colliers International Group used its assets more efficiently than the CA Real Estate industry average last year based on Return on Assets.
  • Colliers International Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Colliers International Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Colliers International Group has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Colliers International Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Colliers International Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Colliers International Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Colliers International Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Colliers International Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Colliers International Group Company Filings, last reported 3 months ago.

TSX:CIGI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 876.45 610.55 114.99
2019-09-30 780.44 609.95 101.68
2019-06-30 767.24 696.30 102.09
2019-03-31 750.00 802.53 117.35
2018-12-31 735.33 670.65 127.03
2018-09-30 678.53 818.55 114.74
2018-06-30 486.82 418.32 104.25
2018-03-31 473.66 434.86 111.65
2017-12-31 448.50 249.89 108.52
2017-09-30 390.54 369.93 109.82
2017-06-30 373.72 425.48 122.98
2017-03-31 344.35 403.03 97.70
2016-12-31 347.32 262.50 113.15
2016-09-30 317.59 334.19 108.91
2016-06-30 309.19 337.85 96.68
2016-03-31 298.68 346.96 107.47
2015-12-31 289.09 260.95 116.15
2015-09-30 243.62 318.36 98.17
2015-06-30 242.12 379.14 123.72
2015-03-31 430.97 551.94 120.70
2014-12-31 383.28 253.99 90.00
2014-09-30 461.29 475.46 130.01
2014-06-30 467.83 515.87 134.94
2014-03-31 454.36 483.09 119.40
2013-12-31 471.12 372.79 142.70
2013-09-30 450.30 465.29 167.12
2013-06-30 364.63 550.18 90.84
  • Colliers International Group's level of debt (69.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (66.1% vs 69.7% today).
  • Debt is well covered by operating cash flow (50.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.4x coverage).
X
Financial health checks
We assess Colliers International Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Colliers International Group has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Colliers International Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.22%
Current annual income from Colliers International Group dividends. Estimated to be 0.22% next year.
If you bought CA$2,000 of Colliers International Group shares you are expected to receive CA$4 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Colliers International Group's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.7%).
  • Colliers International Group's dividend is below the markets top 25% of dividend payers in Canada (8.68%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:CIGI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Canada Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 1.8%
Canada Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 4.7%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.4%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:CIGI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.10 1.00
2020-12-31 0.10 1.00
TSX:CIGI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-12-11 0.100 0.142
2019-11-01 0.100 0.141
2019-10-29 0.100 0.150
2019-05-16 0.100 0.144
2018-12-06 0.100 0.159
2018-10-30 0.100 0.154
2018-05-10 0.100 0.132
2017-12-07 0.100 0.156
2017-11-02 0.100 0.166
2017-10-31 0.100 0.169
2017-05-18 0.100 0.190
2016-12-08 0.100 0.232
2016-11-02 0.100 0.281
2016-10-28 0.100 0.281
2016-08-02 0.100 0.238
2016-07-26 0.100 0.247
2015-12-09 0.080 0.212
2015-11-03 0.080 0.177
2015-08-11 0.080 0.183
2015-08-05 0.080 0.172
2015-02-10 0.400 0.769
2014-12-11 0.400 0.771
2014-09-22 0.400 0.755
2014-05-15 0.400 0.764
2014-02-11 0.400 0.842
2013-12-12 0.400 0.963
2013-09-18 0.400 0.983
2013-04-03 0.400 1.199

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Colliers International Group is not paying a notable dividend for Canada, therefore no need to check if the payments are stable.
  • Colliers International Group is not paying a notable dividend for Canada, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Colliers International Group's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Colliers International Group's dividends as it is not paying a notable one for Canada.
Future Payout to shareholders
  • No need to calculate the sustainability of Colliers International Group's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess Colliers International Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Colliers International Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Colliers International Group has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Colliers International Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jay Hennick
COMPENSATION $3,166,485
AGE 62
TENURE AS CEO 4.8 years
CEO Bio

Mr. Jay Steward Hennick was Founded Colliers International Group Inc. in 1989 and has been its Global Chairman and Chief Executive Officer since June 1, 2015 and June 17, 2015 respectively. Pre-Spin-off, Mr. Hennick was the CEO of Old FSV from 1988 to 2015. Mr. Hennick founded FirstService Corporation in 1988 and has been its Chairman since June 1, 2015. He serves as Executive Chairman and Chief Executive Officer at Colliers International Property Consultants, Inc. He serves as Executive Chairman at Colliers International (Washington). He serves as an Executive Chairman and Chief Executive Officer of Colliers International (Washington). Mr. Hennick served as the Chief Executive Officer of Colliers International Group Inc. since May 30, 1988 until June 1, 2015 and served as its President until October 12, 2005. He served as Treasurer of Mount Sinai Hospital. He served as the Chairman and President of FirstService Corporation until May 18, 2005 and October 12, 2005 respectively. He was a Partner with a large Toronto law firm Fogler, Rubinoff LLP since 1995. He founded endowments at The Mount Sinai Hospital in Toronto. Mr. Hennick served as Chairman of the Sinai Health System, in Toronto. He served as Chairman of Colliers International Group Inc until May 2005. Mr. Hennick served as Chairman of Mount Sinai Hospital (The Mount Sinai Hospital). Mr. Hennick serves as Vice Chairman of Mount Sinai Hospital. He has been a Non-Independent Director of FirstService Corporation June 1, 2015 and Colliers International Group Inc. since May 30, 1988. In 1998, Mr. Hennick was awarded Canada's Entrepreneur of the Year and in 2001, he was named Canada's Chief Executive Officer of the Year by Canadian Business Magazine. He co-established The Jay and Barbara Hennick Foundation which contributes to many charitable causes in health care and education: The Hennick Family Wellness Gallery at The Mount Sinai Hospital and The Everyone Gives Program one of the first global social giving campaigns, an initiative established by Colliers International. He is a Lawyer. In 2011, he received an honorary Doctorate of Laws from York University and the University of Ottawa in 2014. Mr. Hennick has endowed the Jay S. Hennick JD-MBA Program at the Faculty of Law and School of Management at the University of Ottawa Law School, his alma mater, and The Hennick Centre for Business and Law, a joint program of the Osgoode Hall Law School and the Schulich School of Business at York University. Mr. Hennick holds a Bachelor of Arts degree from York University in Toronto and a Doctorate of Laws from the University of Ottawa.

CEO Compensation
  • Jay's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jay's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Colliers International Group management team in years:

3.8
Average Tenure
50
Average Age
  • The tenure for the Colliers International Group management team is about average.
Management Team

Jay Hennick

TITLE
Founder
COMPENSATION
$3M
AGE
62
TENURE
4.8 yrs

John Friedrichsen

TITLE
Chief Operating Officer
COMPENSATION
$3M
AGE
57
TENURE
0.3 yrs

Bob Hemming

TITLE
Senior VP & Chief Accounting Officer
COMPENSATION
$2M
AGE
51
TENURE
12.3 yrs

Elias Mulamoottil

TITLE
Head of Strategic Investments & Corporate Development
COMPENSATION
$2M
AGE
49
TENURE
9.1 yrs

Becky Finley

TITLE
Senior Vice President of Brand & People
COMPENSATION
$2M
AGE
43
TENURE
2.3 yrs

Christian Mayer

TITLE
Chief Financial Officer
AGE
46
TENURE
0.3 yrs

Matt Hawkins

TITLE
VP, Legal Counsel & Corporate Secretary
AGE
36
TENURE
3.8 yrs

Charlotte Williams

TITLE
Head of Public Relations

Chris McLernon

TITLE
Chief Executive Officer of EMEA
AGE
54

David Bowden

TITLE
Chief Executive Officer of Colliers Real Estate Strategy & Consulting
Board of Directors Tenure

Average tenure and age of the Colliers International Group board of directors in years:

4.8
Average Tenure
64
Average Age
  • The tenure for the Colliers International Group board of directors is about average.
Board of Directors

Peter Cohen

TITLE
Independent Vice Chairman & Lead Director
COMPENSATION
$441K
AGE
66
TENURE
4.8 yrs

Jay Hennick

TITLE
Founder
COMPENSATION
$3M
AGE
62
TENURE
4.8 yrs

Christopher Merrill

TITLE
Co-Founder
AGE
48
TENURE
1.3 yrs

Jack Curtin

TITLE
Independent Director
COMPENSATION
$399K
AGE
68
TENURE
5.2 yrs

Fred Sutherland

TITLE
Independent Director
COMPENSATION
$411K
AGE
66
TENURE
4.8 yrs

Stephen Harper

TITLE
Independent Director
COMPENSATION
$405K
AGE
59
TENURE
3.6 yrs

Mike Harris

TITLE
Independent Director
COMPENSATION
$387K
AGE
74
TENURE
13.8 yrs

Katherine Lee

TITLE
Independent Director
COMPENSATION
$389K
AGE
55
TENURE
4.8 yrs

Ben Stein

TITLE
Independent Director
COMPENSATION
$389K
AGE
33
TENURE
2.6 yrs

Chris Galvin

TITLE
Independent Director
COMPENSATION
$383K
AGE
68
TENURE
1.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Colliers International Group individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
24. Mar 20 Sell Spruce House Investment Management LLC Company 20. Mar 20 20. Mar 20 -260,100 CA$66.88 CA$-17,396,478
20. Mar 20 Buy Lewis Sutherland Individual 18. Mar 20 18. Mar 20 10,500 CA$55.41 CA$572,694
17. Mar 20 Sell David Bowden Individual 09. Mar 20 10. Mar 20 -6,200 CA$104.10 CA$-643,820
06. Mar 20 Sell Jay & Barbara Hennick Foundation, Endownment Arm Company 04. Mar 20 04. Mar 20 -238,215 CA$110.00 CA$-26,203,650
25. Feb 20 Buy Lewis Sutherland Individual 24. Feb 20 24. Feb 20 10,000 CA$117.84 CA$1,178,408
24. Feb 20 Sell Christian Mayer Individual 20. Feb 20 24. Feb 20 -10,000 CA$120.11 CA$-1,190,873
20. Feb 20 Sell Christian Mayer Individual 19. Feb 20 19. Feb 20 -2,500 CA$120.50 CA$-301,250
31. Dec 19 Sell John Friedrichsen Individual 30. Dec 19 30. Dec 19 -10,000 CA$102.50 CA$-1,025,000
27. Dec 19 Sell John Friedrichsen Individual 24. Dec 19 24. Dec 19 -10,000 CA$102.54 CA$-1,025,023
24. Dec 19 Sell John Friedrichsen Individual 23. Dec 19 23. Dec 19 -10,000 CA$100.89 CA$-1,005,083
20. Dec 19 Sell Zachary Michaud Individual 16. Dec 19 17. Dec 19 -30,000 CA$95.06 CA$-2,817,308
20. Dec 19 Sell Christopher McLernon Individual 18. Dec 19 20. Dec 19 -35,000 CA$97.50 CA$-3,368,796
20. Dec 19 Sell John Friedrichsen Individual 18. Dec 19 18. Dec 19 -10,000 CA$95.75 CA$-956,345
17. Dec 19 Sell Christopher McLernon Individual 13. Dec 19 13. Dec 19 -10,000 CA$95.00 CA$-950,000
11. Dec 19 Buy Spruce House Investment Management LLC Company 09. Dec 19 09. Dec 19 1 CA$97.54 CA$98
27. Nov 19 Sell Elias Mulamoottil Individual 26. Nov 19 27. Nov 19 -45,000 CA$95.97 CA$-4,294,840
26. Nov 19 Sell Robert Hemming Individual 25. Nov 19 25. Nov 19 -7,480 CA$95.76 CA$-711,786
25. Nov 19 Sell Robert Hemming Individual 21. Nov 19 22. Nov 19 -22,520 CA$95.24 CA$-2,114,448
02. Aug 19 Sell Christopher McLernon Individual 01. Aug 19 01. Aug 19 -4,990 CA$95.50 CA$-476,545
02. Jul 19 Sell Christopher McLernon Individual 28. Jun 19 28. Jun 19 -4,990 CA$92.27 CA$-460,427
14. Jun 19 Sell Dylan Taylor Individual 10. Jun 19 12. Jun 19 -180,000 CA$91.94 CA$-16,252,265
10. Jun 19 Sell Christopher McLernon Individual 06. Jun 19 06. Jun 19 -4,990 CA$88.25 CA$-440,368
22. May 19 Sell Christian Mayer Individual 21. May 19 21. May 19 -5,000 CA$83.00 CA$-415,000
X
Management checks
We assess Colliers International Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Colliers International Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Colliers International Group (TSE:CIGI) Using Too Much Debt?

See our latest analysis for Colliers International Group What Is Colliers International Group's Debt? … TSX:CIGI Historical Debt, August 26th 2019 A Look At Colliers International Group's Liabilities Zooming in on the latest balance sheet data, we can see that Colliers International Group had liabilities of US$687.2m due within 12 months and liabilities of US$1.04b due beyond that. … With a debt to EBITDA ratio of 1.8, Colliers International Group uses debt artfully but responsibly.

Simply Wall St -

Are Insiders Selling Colliers International Group Inc. (TSE:CIGI) Stock?

So we'll take a look at whether insiders have been buying or selling shares in Colliers International Group Inc. … In the last year Colliers International Group insiders didn't buy any company stock. … TSX:CIGI Recent Insider Trading, August 17th 2019 Colliers International Group Insiders Are Selling The Stock Over the last three months, we've seen significant insider selling at Colliers International Group.

Simply Wall St -

Calculating The Fair Value Of Colliers International Group Inc. (TSE:CIGI)

(TSE:CIGI) by estimating the company's future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF ($, Millions) $217.3m $225.9m $233.6m $240.4m $246.8m $252.8m $258.6m $264.2m $269.8m $275.4m Growth Rate Estimate Source Analyst x2 Est @ 3.98% Est @ 3.37% Est @ 2.94% Est @ 2.64% Est @ 2.44% Est @ 2.29% Est @ 2.19% Est @ 2.11% Est @ 2.06% Present Value ($, Millions) Discounted @ 9.2% $199.0 $189.5 $179.4 $169.1 $158.9 $149.1 $139.7 $130.7 $122.2 $114.2 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= $1.6b We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … TSX:CIGI Intrinsic value, August 8th 2019 The assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

Update: Colliers International Group (TSE:CIGI) Stock Gained 99% In The Last Three Years

During three years of share price growth, Colliers International Group achieved compound earnings per share growth of 134% per year. … Investors should note that there's a difference between Colliers International Group's total shareholder return (TSR) and its share price change, which we've covered above. … Dividends have been really beneficial for Colliers International Group shareholders, and that cash payout contributed to why its TSR of 100%, over the last 3 years, is better than the share price return.

Simply Wall St -

Is Colliers International Group Inc.'s (TSE:CIGI) 17% ROE Better Than Average?

View our latest analysis for Colliers International Group How Do I Calculate Return On Equity? … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Colliers International Group: 17% = US$94m ÷ US$750m (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Combining Colliers International Group's Debt And Its 17% Return On Equity Colliers International Group clearly uses a significant amount of debt to boost returns, as it has a debt to equity ratio of 1.07.

Simply Wall St -

How Colliers International Group Inc. (TSE:CIGI) Can Impact Your Portfolio Volatility

(TSE:CIGI), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … What this means for you: Beta only tells us that the Colliers International Group share price is sensitive to broader market movements.

Simply Wall St -

Should We Worry About Colliers International Group Inc.'s (TSE:CIGI) P/E Ratio?

We'll apply a basic P/E ratio analysis to Colliers International Group Inc.'s (TSE:CIGI), to help you decide if the stock is worth further research. … Check out our latest analysis for Colliers International Group How Do You Calculate A P/E Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Price per Share (in the reporting currency) ÷ Earnings per Share (EPS) Or for Colliers International Group: P/E of 27.38 = $65.73 (Note: this is the share price in the reporting currency, namely, USD ) ÷ $2.4 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good?

Simply Wall St -

What Does Colliers International Group Inc.'s (TSE:CIGI) Share Price Indicate?

Let’s take a look at Colliers International Group’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … However, given that Colliers International Group’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. … If you are no longer interested in Colliers International Group, you can use our free platform to see my list of over 50 other stocks with a high growth potential.

Simply Wall St -

Could The Colliers International Group Inc. (TSE:CIGI) Ownership Structure Tell Us Something Useful?

View our latest analysis for Colliers International Group TSX:CIGI Ownership Summary, May 10th 2019 What Does The Institutional Ownership Tell Us About Colliers International Group? … Insider Ownership Of Colliers International Group The definition of company insiders can be subjective, and does vary between jurisdictions. … Our most recent data indicates that insiders own some shares in Colliers International Group Inc..

Simply Wall St -

Are Investors Undervaluing Colliers International Group Inc. (TSE:CIGI) By 44%?

In this article we are going to estimate the intrinsic value of Colliers International Group Inc. … by projecting its future cash flows and then discounting them to today's value. … We generally believe that a company's value is the present value of all of the cash it will generate in the future.

Simply Wall St -

Company Info

Description

Colliers International Group Inc. provides commercial real estate services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and Asia Pacific. It offers sales brokerage services, which include purchases and sales, debt placement, equity capital raising, market value opinions, acquisition advisory, and transaction management services; and lease brokerage services comprising landlord and tenant representation services. The company also provides outsourcing and advisory services that consist of property management, valuation, property marketing, and research services; and project management services, such as planning and advisory, development management, project and program management, and commissioning and energy services to academic, corporate, cultural and non-profit, healthcare, hospitality, residential, and retail sectors, as well as federal, state, and municipal markets. In addition, it offers capital market services comprising debt and equity finance, investment management, and valuation and appraisal services. Further, the company provides corporate solutions, such as business and portfolio, supply chain and logistics, data center and digital, and workplace consulting services, as well as technology services. Additionally, it offers services for various properties, including office, land, healthcare, industrial, retail, multi-family, hospitality, and special purpose properties. The company was founded in 1972 and is headquartered in Toronto, Canada.

Details
Name: Colliers International Group Inc.
CIGI
Exchange: TSX
Founded: 1972
CA$2,568,581,828
39,884,811
Website: http://www.colliers.com
Address: Colliers International Group Inc.
1140 Bay Street,
Suite 4000,
Toronto,
Ontario, M5S 2B4,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CIGI Subordinate Voting Shares The Toronto Stock Exchange CA CAD 22. Jun 1993
NasdaqGS CIGI Subordinate Voting Shares Nasdaq Global Select US USD 22. Jun 1993
DB FSV Subordinate Voting Shares Deutsche Boerse AG DE EUR 22. Jun 1993
Number of employees
Current staff
Staff numbers
15,250
Colliers International Group employees.
Industry
Real Estate Services
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 10:21
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/02/19
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.