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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:63Neutral
Price Target:
C$215.00
â–²(5.86% Upside)
Colliers International Group's overall stock score reflects strong earnings growth and strategic positioning in key segments, as highlighted in the earnings call. However, financial performance concerns, including declining net profit margins and increased leverage, along with bearish technical indicators and high valuation, weigh down the score.
Positive Factors
Revenue Growth
Strong revenue growth indicates effective market expansion and robust demand for services, supporting long-term business sustainability.
Engineering Segment Expansion
Expansion in the engineering segment demonstrates strategic growth and diversification, enhancing Colliers' competitive position.
Assets Under Management Growth
Growth in assets under management reflects strong investment management capabilities, ensuring steady fee-based income.
Negative Factors
Declining Net Profit Margins
Decreasing net profit margins indicate challenges in converting revenue into profit, potentially impacting long-term profitability.
Increased Leverage
Higher leverage increases financial risk and may limit future investment flexibility, affecting financial stability.
Negative Free Cash Flow Growth
Negative free cash flow growth suggests potential liquidity issues, limiting the company's ability to fund operations and growth.
Colliers International Group (CIGI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$10.26B
Dividend Yield0.21%
Average Volume (3M)47.71K
Price to Earnings (P/E)63.9
Beta (1Y)1.23
Revenue Growth22.85%
EPS Growth-25.32%
CountryCA
Employees23,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)2.31
Shares Outstanding49,615,627
10 Day Avg. Volume38,221
30 Day Avg. Volume47,713
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$245.96Price Target Upside21.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 primarily generates revenue through its service-based model, which includes fees from leasing and sales transactions, property management services, and advisory engagements. Key revenue streams include commission income from leasing and sales, management fees from property management, and advisory fees for consultancy and valuation services. The company also benefits from strategic partnerships with other firms and financial institutions, enhancing its service offerings and market reach. Additionally, the growth of its investment management division, which involves managing client assets and funds, contributes to recurring revenue through management fees.
Colliers International Group Earnings Call Summary
Earnings Call Date:Nov 10, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 05, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong growth across key segments, particularly in Engineering and Real Estate Services, while also acknowledging challenges such as margin pressures and gradual recovery in capital markets. The company remains optimistic about future opportunities and continued expansion, supported by a strong balance sheet and strategic acquisitions.Q3-2025 Updates
Positive Updates
Strong Revenue Growth
Third quarter revenues were $1.46 billion, up 23% year-over-year, with an internal growth rate of 13%.
Engineering Segment Expansion
Engineering segment net revenue increased by 36%, fueled by acquisitions and internal growth of 6%, with a significant presence in infrastructure and transportation.
Investment Management Performance
Assets under management reached $108 billion, a 10% increase from last year, with $9 billion in dry powder, indicating strong fundraising momentum and strategic acquisitions.
Resilient Real Estate Services
Real Estate Services segment revenues increased by 13%, with capital markets up 21% and leasing revenues up 14%, driven by strong performance in the U.S., U.K., Japan, and Canada.
Operational Leverage
Adjusted EBITDA was $191 million, a 24% increase from last year, demonstrating strong operating leverage with a segment net margin of 11.3%, up 180 basis points year-over-year.
Negative Updates
Engineering Margin Pressure
Engineering segment net margin was 15.2%, slightly lower than last year due to service mix, with a small decline in organic growth expected in Q4.
Investment Management Integration Costs
Net margin in Investment Management declined slightly to 42.3% due to additional costs while integrating operations under the Harrison Street Asset Management brand.
Uncertainty in Capital Markets
The capital markets recovery is still gradual, with investor confidence and interest rate stability yet to fully return, impacting overall activity levels.
Company Guidance
During the third quarter conference call, Colliers International delivered robust results, with revenues rising to $1.46 billion, a 23% increase year-over-year, led by their Engineering and Real Estate Services segments. The Engineering business, which now generates over $1.7 billion in annualized revenue, achieved 36% revenue growth, driven by acquisitions and a 6% internal growth rate. In Real Estate Services, revenues increased by 13%, with capital markets transactions up 21% and leasing revenues growing by 14%. Assets under management reached $108 billion, reflecting a 10% increase from the previous year. Despite some margin pressures due to integration costs, the company remains optimistic about exceeding full-year guidance in Real Estate Services and Engineering, while Investment Management is expected to slightly miss due to timing of fundraising. Colliers has $9 billion in dry powder, positioning it well for future growth opportunities.Colliers International Group Financial Statement Overview
Summary
Colliers International Group shows strong revenue growth and gross profit margins, indicating effective revenue generation and cost management. However, declining net profit margins, increased leverage, and negative free cash flow growth highlight potential profitability and financial stability challenges.Income Statement
Colliers International Group shows a consistent revenue growth trend, with a 5.5% increase in the latest TTM period. The gross profit margin remains strong at 40.2%, indicating efficient cost management. However, the net profit margin has decreased to 2.2%, reflecting challenges in converting revenue into profit. EBIT and EBITDA margins are stable but slightly below industry averages, suggesting room for operational improvements.Balance Sheet
The company's debt-to-equity ratio has increased to 1.68, indicating higher leverage, which could pose financial risk. Return on equity has decreased to 8.4%, showing reduced efficiency in generating returns for shareholders. The equity ratio is moderate, suggesting a balanced asset structure but highlighting the need for careful debt management.Cash Flow
The free cash flow has turned negative, indicating potential liquidity challenges. The operating cash flow to net income ratio is low at 0.19, suggesting limited cash generation relative to net income. While the free cash flow to net income ratio is relatively healthy, the negative growth in free cash flow is a concern.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.45B | 4.82B | 4.34B | 4.46B | 4.09B | 2.79B |
| Gross Profit | 2.18B | 1.92B | 1.74B | 1.71B | 1.57B | 1.05B |
| EBITDA | 625.91M | 618.49M | 509.39M | 515.56M | 24.87M | 293.39M |
| Net Income | 117.10M | 161.72M | 65.54M | 194.54M | -237.56M | 94.49M |
Balance Sheet | ||||||
| Total Assets | 6.81B | 6.10B | 5.48B | 5.10B | 3.87B | 3.29B |
| Cash, Cash Equivalents and Short-Term Investments | 212.45M | 224.83M | 204.66M | 173.66M | 396.75M | 156.61M |
| Total Debt | 2.50B | 2.06B | 2.14B | 2.10B | 1.30B | 1.25B |
| Total Liabilities | 4.09B | 3.62B | 3.56B | 4.60B | 2.75B | 2.71B |
| Stockholders Equity | 1.44B | 1.32B | 847.99M | 493.37M | 581.60M | 586.11M |
Cash Flow | ||||||
| Free Cash Flow | -101.52M | 260.92M | 81.14M | -650.00K | 231.03M | 126.13M |
| Operating Cash Flow | 284.98M | 326.01M | 165.66M | 67.03M | 288.98M | 166.48M |
| Investing Cash Flow | -399.18M | -783.10M | -133.98M | -872.84M | -49.41M | -113.46M |
| Financing Cash Flow | 131.04M | 452.21M | -7.81M | 612.92M | 18.60M | 1.05M |
Colliers International Group Technical Analysis
Positive
203.10
Price Trends
204.95
Negative
214.57
Negative
196.14
Positive
Market Momentum
-0.33
Negative
50.82
Neutral
52.23
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 203.1 is above the 20-day moving average (MA) of 201.58, below the 50-day MA of 204.95, and above the 200-day MA of 196.14, indicating a neutral trend. The MACD of -0.33 indicates Negative momentum. The RSI at 50.82 is Neutral, neither overbought nor oversold. The STOCH value of 52.23 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$1.67B | 5.82 | 17.29% | 0.09% | 10.61% | 43.64% | |
69 Neutral | C$2.42B | -41.72 | 3.63% | 1.07% | -27.10% | -2415.77% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | C$10.26B | 63.90 | 8.68% | 0.21% | 22.85% | -25.32% | |
61 Neutral | C$9.77B | 51.62 | 11.14% | 0.71% | 14.10% | 28.82% | |
43 Neutral | C$1.86B | -537.50 | -2.63% | 0.25% | 9.98% | 93.01% |
* 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.