Colliers International Group (TSE:CIGI)
TSX:CIGI
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Colliers International Group
(TSX:CIGI)
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Rating:54Neutral
Price Target:
C$147.00
▼(-3.64% Downside)
Action:ReiteratedDate:03/03/26
The score is driven primarily by middling financial fundamentals (profitability and growth but thin margins, elevated leverage, and cash-flow volatility). Technicals are notably weak with the stock below key moving averages and negative MACD. Valuation is a headwind (high P/E, minimal yield), partially offset by upbeat 2026 guidance and segment momentum outlined on the earnings call despite integration and leverage risks.
Positive Factors
Investment management AUM and fundraising
Large, stable AUM and successful fundraising create durable recurring fee revenue and reduce reliance on transaction cycles. Sustained fundraisings and a $108B AUM base support predictable management fees and provide a structural earnings floor across real estate cycles.
Negative Factors
Elevated financial leverage (pro forma rise)
The Ayesa deal meaningfully increases leverage to pro‑forma ~2.7x, reducing balance‑sheet flexibility and raising interest and refinancing risk. Deleveraging depends on organic EBITDA growth and cash conversion, exposing the company to cycle swings while integration progresses.
Read all positive and negative factors
Positive Factors
Negative Factors
Investment management AUM and fundraising
Large, stable AUM and successful fundraising create durable recurring fee revenue and reduce reliance on transaction cycles. Sustained fundraisings and a $108B AUM base support predictable management fees and provide a structural earnings floor across real estate cycles.
Read all positive factors
Colliers International Group (CIGI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$7.80B
Dividend Yield0.21%
Average Volume (3M)47.71K
Price to Earnings (P/E)30.2
Beta (1Y)1.18
Revenue Growth22.85%
EPS Growth-25.32%
CountryCA
Employees23,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)3.19
Shares Outstanding49,778,126
10 Day Avg. Volume38,221
30 Day Avg. Volume47,713
Financial Highlights & Ratios
PEG Ratio-1.97
Price to Book (P/B)4.87
Price to Sales (P/S)1.32
P/FCF Ratio32.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$235.12Price Target Upside54.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)10.31
Revenue Forecast (FY)C$8.75B
Colliers International Group Business Overview & Revenue Model
Company Description
Colliers 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 broker...
How the Company Makes Money
Colliers makes money primarily by charging fees and earning commissions for professional services tied to commercial real estate transactions and ongoing property-related outsourcing, plus management fees from its investment management business.
...
Colliers International Group Earnings Call Summary
Earnings Call Date:Feb 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive outlook: broad-based revenue and EBITDA growth, strong fundraising and AUM performance, a substantial strategic acquisition (Ayesa) that materially expands engineering scale and geography, and a constructive multi-segment 2026 outlook (mid-teens growth). Offsetting risks include near-term margin pressure in engineering and investment management from integration and productivity issues, a temporary flat quarter of internal growth, a pro forma increase in leverage from Ayesa, and industry-wide talent constraints. Management provided clear plans to integrate acquisitions, invest in AI and systems, and delever via organic cash flow, supporting a favorable longer-term view.Positive Updates
Company-wide revenue and EBITDA growth
Q4 revenue of $1,600,000,000, up 5% year over year (local currency); Q4 adjusted EBITDA of $245,000,000, up 6% YoY, in line with revenue growth.
Negative Updates
Flat internal growth in the quarter
Overall internal growth for the quarter was essentially flat (impacted by tough prior-year comparisons) despite year-over-year revenue gains.
Read all updates
Q4-2025 Updates
Positive
Negative
Company-wide revenue and EBITDA growth
Q4 revenue of $1,600,000,000, up 5% year over year (local currency); Q4 adjusted EBITDA of $245,000,000, up 6% YoY, in line with revenue growth.
Read all positive updates
Company Guidance
Colliers guided to mid‑teens growth across its three key operating metrics for 2026, with segment-level detail calling for low‑teens top‑line growth in Commercial Real Estate (capital markets expected to grow high‑teens; leasing mid‑ to high‑single digits) and a modest increase in CRE net margin; Engineering is expected to deliver mid‑single‑digit internal growth and, with acquisitions including Ayesa, total top‑line growth of >25%; Investment Management net revenue is expected to grow in the low‑teens with a 2026 fundraising target of $6–9 billion (Harrison Street raised $2.1B in Q4 and $5.3B for FY2025) and year‑end AUM of $108B, while IM net margin is forecast to dip to the high‑30s in 2026 before returning to the mid‑40s in 2027. Key recent metrics and balance‑sheet items cited: Q4 revenue $1.6B (+5% y/y), adjusted EBITDA $245M (+6%), CRE Q4 segment net margin 15.8% (+50 bps), Engineering Q4 net margin 12.4%, company leverage 2.0x as of Dec‑31 (Ayesa’s ~$700M purchase price to add ~0.7 turns to ~2.7x pro‑forma, financed from a Euro revolver with >$1.1B capacity at ~4%).Colliers International Group Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
52
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.66B | 4.82B | 4.34B | 4.46B | 4.09B |
| Gross Profit | 1.74B | 1.92B | 1.74B | 1.71B | 1.57B |
| EBITDA | 654.35M | 618.49M | 509.39M | 515.56M | 24.87M |
| Net Income | 104.90M | 161.72M | 65.54M | 194.54M | -237.56M |
Balance Sheet | |||||
| Total Assets | 6.78B | 6.10B | 5.48B | 5.10B | 3.87B |
| Cash, Cash Equivalents and Short-Term Investments | 256.42M | 224.83M | 204.66M | 173.66M | 396.75M |
| Total Debt | 2.29B | 2.06B | 2.14B | 2.10B | 1.30B |
| Total Liabilities | 3.96B | 3.62B | 3.56B | 4.60B | 2.75B |
| Stockholders Equity | 1.53B | 1.32B | 847.99M | 493.37M | 581.60M |
Cash Flow | |||||
| Free Cash Flow | 232.34M | 260.92M | 81.14M | -650.00K | 231.03M |
| Operating Cash Flow | 312.42M | 326.01M | 165.66M | 67.03M | 288.98M |
| Investing Cash Flow | -385.12M | -783.10M | -133.98M | -872.84M | -49.41M |
| Financing Cash Flow | 143.49M | 452.21M | -7.81M | 612.92M | 18.60M |
Colliers International Group Technical Analysis
Neutral
152.55
Price Trends
159.80
Negative
180.03
Negative
195.94
Negative
Market Momentum
-2.68
Negative
52.34
Neutral
87.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CIGI, the sentiment is Neutral. The current price of 152.55 is above the 20-day moving average (MA) of 145.24, below the 50-day MA of 159.80, and below the 200-day MA of 195.94, indicating a neutral trend. The MACD of -2.68 indicates Negative momentum. The RSI at 52.34 is Neutral, neither overbought nor oversold. The STOCH value of 87.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:CIGI.
Colliers International Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$1.69B | 8.83 | 17.29% | 0.09% | 10.61% | 43.64% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$9.21B | 47.95 | 11.26% | 0.71% | 14.10% | 28.82% | |
61 Neutral | C$127.70M | 4.79 | 9.18% | ― | ― | ― | |
57 Neutral | C$1.97B | -157.22 | 3.63% | 1.07% | -27.10% | -2415.77% | |
54 Neutral | C$7.80B | 30.18 | 8.68% | 0.21% | 22.85% | -25.32% | |
53 Neutral | C$1.61B | -136.04 | -2.63% | 0.25% | 9.98% | 93.01% |
* Real Estate Sector Average
TSE:CIGI
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152.55
-10.12
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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.