Colliers International Group (TSE:CIGI)
TSX:CIGI
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Colliers International Group
(TSX:CIGI)
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Rating:58Neutral
Price Target:
C$141.00
▼(-11.97% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak technical momentum (price below key moving averages with negative MACD) and mixed financial quality (thin net margins and deteriorating recent free-cash-flow conversion). These are partially offset by a positive earnings-call outlook, with maintained mid-teens growth guidance and strong segment momentum, while valuation metrics (negative P/E and low yield) provide limited support.
Positive Factors
Diversified, resilient revenue mix
Colliers' earnings are concentrated in higher-resilience lines (Engineering, PM, IM, Property Management) and Q1 revenue rose 12%. This diversified fee and recurring-service mix reduces cyclicality, supporting durable cashflows and steadier growth through CRE cycles and market swings.
Negative Factors
Very thin net margins
Despite decent operating and EBITDA margins, net margin compression limits retained earnings and shareholder returns. Low net profitability heightens sensitivity to tax, interest and integration costs, making EPS and ROE vulnerable if operating hurdles or unexpected charges recur.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified, resilient revenue mix
Colliers' earnings are concentrated in higher-resilience lines (Engineering, PM, IM, Property Management) and Q1 revenue rose 12%. This diversified fee and recurring-service mix reduces cyclicality, supporting durable cashflows and steadier growth through CRE cycles and market swings.
Read all positive factors
Colliers International Group (CIGI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.48B
Dividend Yield0.21%
Average Volume (3M)47.71K
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth14.75%
EPS Growth-42.56%
CountryCA
Employees23,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)1.66
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$202.22Price Target Upside26.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)10.2
Revenue Forecast (FY)C$8.71B
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:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presented a broad set of positive operational and financial developments: double-digit revenue growth (12%), strong transaction momentum in Commercial Real Estate (capital markets +43%, transactions ~25%), Engineering growth and a robust backlog, and clear fundraising traction (just under $1B in Q1 with a $6B–$9B target). Management reinforced a constructive full-year outlook and strengthened liquidity with new financing. Offsetting items are largely temporary or execution-related: higher-than-expected European tax drag, margin pressure in Engineering from short-term utilization dips, IM margin compression from integration costs, slower outsourcing growth, and regional softness in EMEA/APAC. Overall, the favorable top-line performance, balance sheet actions, strategic M&A (Ayesa) and fundraising momentum outweigh the transitory challenges.Positive Updates
Consolidated Revenue and Earnings Growth
Consolidated revenues up 12% (net revenues $1.15B). Adjusted EBITDA $125M, up 8%. Adjusted EPS $0.91, up 5% (tempered by a higher-than-expected European tax rate). Management maintained full-year outlook for mid-teens revenue, EBITDA and EPS growth.
Negative Updates
Higher-than-Expected Tax Rate Impacting EPS
Adjusted EPS growth was tempered by a higher-than-expected tax rate related to certain European operations; management expects the tax rate to moderate in coming quarters.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue and Earnings Growth
Consolidated revenues up 12% (net revenues $1.15B). Adjusted EBITDA $125M, up 8%. Adjusted EPS $0.91, up 5% (tempered by a higher-than-expected European tax rate). Management maintained full-year outlook for mid-teens revenue, EBITDA and EPS growth.
Read all positive updates
Company Guidance
Colliers maintained full‑year 2026 guidance for mid‑teens revenue, EBITDA and EPS growth, supported by a strong Q1 baseline: consolidated revenues +12% to $1.15B, net revenues +12%, adjusted EBITDA $125M (+8%) and adjusted EPS $0.91 (+5%, though impacted by a higher tax rate expected to moderate). Segment callouts include CRE net revenue +13% (capital markets +43%, leasing +9%, CRE net margin 6.3% up 20 bps) with full‑year CRE tempo guided to roughly capital markets +25%, leasing +8% and outsourcing +5%; Engineering net revenue +13% with a 9.5% net margin and a robust backlog; Investment Management AUM +9% y/y to almost $1.9B, IM net revenues +8%, Q1 fundraising just under $1B, IM net margin 37.4% (expected to return to the low‑40s after integration costs) and a 2026 fundraising target of $6–9B. Balance sheet metrics: leverage 2.3x at March 31 with $1.5B credit availability, a $400M long‑term debt raise, and the Ayesa acquisition expected to close this quarter (pushing pro‑forma Q2 leverage to ~2.9–3.0x before meaningful reduction in Q3/Q4).Colliers International Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.73B | 5.66B | 4.82B | 4.34B | 4.46B | 4.09B |
| Gross Profit | 2.03B | 1.74B | 1.92B | 1.74B | 1.71B | 1.57B |
| EBITDA | 654.78M | 654.35M | 618.49M | 509.39M | 515.56M | 24.87M |
| Net Income | 84.66M | 104.90M | 161.72M | 65.54M | 194.54M | -237.56M |
Balance Sheet | ||||||
| Total Assets | 6.93B | 6.78B | 6.10B | 5.48B | 5.10B | 3.87B |
| Cash, Cash Equivalents and Short-Term Investments | 248.77M | 256.42M | 224.83M | 204.66M | 173.66M | 396.75M |
| Total Debt | 787.86M | 2.29B | 2.06B | 2.14B | 2.10B | 1.30B |
| Total Liabilities | 4.12B | 3.96B | 3.62B | 3.56B | 4.60B | 2.75B |
| Stockholders Equity | 1.52B | 1.53B | 1.32B | 847.99M | 493.37M | 581.60M |
Cash Flow | ||||||
| Free Cash Flow | 134.25M | 232.34M | 260.92M | 81.14M | -650.00K | 231.03M |
| Operating Cash Flow | 216.63M | 312.42M | 326.01M | 165.66M | 67.03M | 288.98M |
| Investing Cash Flow | -423.72M | -385.12M | -783.10M | -133.98M | -872.84M | -49.41M |
| Financing Cash Flow | 233.40M | 143.49M | 452.21M | -7.81M | 612.92M | 18.60M |
Colliers International Group Technical Analysis
Negative
160.17
Price Trends
146.22
Negative
165.52
Negative
190.69
Negative
Market Momentum
-6.00
Positive
32.85
Neutral
17.89
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CIGI, the sentiment is Negative. The current price of 160.17 is above the 20-day moving average (MA) of 142.06, above the 50-day MA of 146.22, and below the 200-day MA of 190.69, indicating a bearish trend. The MACD of -6.00 indicates Positive momentum. The RSI at 32.85 is Neutral, neither overbought nor oversold. The STOCH value of 17.89 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$1.49B | -51.32 | -2.76% | 1.07% | -15.83% | 72.51% | |
62 Neutral | C$1.56B | 3,070.92 | 10.42% | 0.09% | 6.33% | -23.45% | |
61 Neutral | C$8.21B | 81.14 | 12.07% | 0.71% | 4.15% | 23.20% | |
61 Neutral | C$134.09M | -23.02 | 9.18% | ― | -4.57% | ― | |
58 Neutral | C$6.48B | -57.80 | 5.79% | 0.21% | 14.75% | -42.56% | |
50 Neutral | C$1.52B | -29.67 | -14.88% | 0.25% | 11.12% | 55.62% |
* Real Estate Sector Average
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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.