Intrinsic value of Colliers International Group Inc. Subord - CIGI

Previous Close

$76.11

  Intrinsic Value

$905.30

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  Rating & Target

str. buy

+999%

Previous close

$76.11

 
Intrinsic value

$905.30

 
Up/down potential

+999%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CIGI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.14
  24.40
  22.46
  20.71
  19.14
  17.73
  16.46
  15.31
  14.28
  13.35
  12.52
  11.76
  11.09
  10.48
  9.93
  9.44
  8.99
  8.59
  8.24
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.02
  5.91
Revenue, $m
  2,563
  3,188
  3,904
  4,713
  5,615
  6,611
  7,699
  8,878
  10,145
  11,500
  12,939
  14,461
  16,065
  17,748
  19,511
  21,352
  23,273
  25,273
  27,354
  29,518
  31,768
  34,106
  36,535
  39,060
  41,684
  44,413
  47,253
  50,208
  53,284
  56,490
  59,830
Variable operating expenses, $m
 
  1,988
  2,424
  2,916
  3,465
  4,071
  4,733
  5,450
  6,222
  7,046
  7,922
  8,802
  9,778
  10,803
  11,875
  12,996
  14,165
  15,383
  16,649
  17,967
  19,336
  20,759
  22,237
  23,774
  25,372
  27,033
  28,761
  30,559
  32,432
  34,383
  36,416
Fixed operating expenses, $m
 
  796
  816
  837
  858
  879
  901
  924
  947
  970
  995
  1,019
  1,045
  1,071
  1,098
  1,125
  1,153
  1,182
  1,212
  1,242
  1,273
  1,305
  1,338
  1,371
  1,405
  1,441
  1,477
  1,513
  1,551
  1,590
  1,630
Total operating expenses, $m
  2,365
  2,784
  3,240
  3,753
  4,323
  4,950
  5,634
  6,374
  7,169
  8,016
  8,917
  9,821
  10,823
  11,874
  12,973
  14,121
  15,318
  16,565
  17,861
  19,209
  20,609
  22,064
  23,575
  25,145
  26,777
  28,474
  30,238
  32,072
  33,983
  35,973
  38,046
Operating income, $m
  198
  404
  665
  961
  1,293
  1,661
  2,065
  2,504
  2,977
  3,483
  4,022
  4,640
  5,242
  5,874
  6,537
  7,231
  7,954
  8,708
  9,493
  10,310
  11,159
  12,042
  12,960
  13,914
  14,907
  15,940
  17,015
  18,135
  19,301
  20,516
  21,784
EBITDA, $m
  259
  476
  742
  1,045
  1,384
  1,760
  2,172
  2,620
  3,103
  3,620
  4,171
  4,754
  5,368
  6,014
  6,691
  7,399
  8,137
  8,907
  9,708
  10,542
  11,409
  12,310
  13,247
  14,222
  15,235
  16,290
  17,387
  18,530
  19,720
  20,961
  22,255
Interest expense (income), $m
  11
  12
  23
  36
  50
  66
  84
  104
  125
  147
  171
  197
  224
  253
  283
  315
  348
  382
  418
  455
  494
  534
  576
  619
  664
  711
  760
  811
  863
  918
  976
Earnings before tax, $m
  188
  392
  642
  925
  1,243
  1,595
  1,981
  2,400
  2,852
  3,336
  3,850
  4,443
  5,017
  5,621
  6,254
  6,916
  7,606
  8,326
  9,075
  9,855
  10,665
  11,508
  12,384
  13,295
  14,243
  15,229
  16,255
  17,324
  18,437
  19,598
  20,808
Tax expense, $m
  64
  106
  173
  250
  336
  431
  535
  648
  770
  901
  1,040
  1,199
  1,355
  1,518
  1,689
  1,867
  2,054
  2,248
  2,450
  2,661
  2,880
  3,107
  3,344
  3,590
  3,846
  4,112
  4,389
  4,677
  4,978
  5,291
  5,618
Net income, $m
  92
  286
  468
  675
  907
  1,164
  1,446
  1,752
  2,082
  2,435
  2,811
  3,243
  3,663
  4,104
  4,566
  5,049
  5,553
  6,078
  6,625
  7,194
  7,786
  8,401
  9,040
  9,706
  10,397
  11,117
  11,866
  12,647
  13,459
  14,307
  15,190

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  153
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,608
  1,810
  2,216
  2,675
  3,187
  3,752
  4,369
  5,038
  5,758
  6,527
  7,343
  8,207
  9,117
  10,073
  11,073
  12,118
  13,208
  14,343
  15,525
  16,753
  18,029
  19,356
  20,735
  22,168
  23,657
  25,206
  26,818
  28,495
  30,241
  32,060
  33,956
Adjusted assets (=assets-cash), $m
  1,455
  1,810
  2,216
  2,675
  3,187
  3,752
  4,369
  5,038
  5,758
  6,527
  7,343
  8,207
  9,117
  10,073
  11,073
  12,118
  13,208
  14,343
  15,525
  16,753
  18,029
  19,356
  20,735
  22,168
  23,657
  25,206
  26,818
  28,495
  30,241
  32,060
  33,956
Revenue / Adjusted assets
  1.762
  1.761
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
  1.762
Average production assets, $m
  218
  271
  332
  401
  477
  562
  654
  755
  862
  977
  1,100
  1,229
  1,365
  1,509
  1,658
  1,815
  1,978
  2,148
  2,325
  2,509
  2,700
  2,899
  3,105
  3,320
  3,543
  3,775
  4,016
  4,268
  4,529
  4,802
  5,086
Working capital, $m
  -5
  -191
  -234
  -283
  -337
  -397
  -462
  -533
  -609
  -690
  -776
  -868
  -964
  -1,065
  -1,171
  -1,281
  -1,396
  -1,516
  -1,641
  -1,771
  -1,906
  -2,046
  -2,192
  -2,344
  -2,501
  -2,665
  -2,835
  -3,012
  -3,197
  -3,389
  -3,590
Total debt, $m
  355
  654
  1,019
  1,432
  1,893
  2,402
  2,957
  3,560
  4,207
  4,899
  5,634
  6,412
  7,231
  8,090
  8,991
  9,931
  10,912
  11,934
  12,997
  14,103
  15,252
  16,446
  17,686
  18,976
  20,317
  21,711
  23,161
  24,670
  26,242
  27,879
  29,585
Total liabilities, $m
  1,330
  1,629
  1,994
  2,407
  2,868
  3,377
  3,932
  4,535
  5,182
  5,874
  6,609
  7,387
  8,206
  9,065
  9,966
  10,906
  11,887
  12,909
  13,972
  15,078
  16,227
  17,421
  18,661
  19,951
  21,292
  22,686
  24,136
  25,645
  27,217
  28,854
  30,560
Total equity, $m
  278
  181
  222
  267
  319
  375
  437
  504
  576
  653
  734
  821
  912
  1,007
  1,107
  1,212
  1,321
  1,434
  1,552
  1,675
  1,803
  1,936
  2,073
  2,217
  2,366
  2,521
  2,682
  2,849
  3,024
  3,206
  3,396
Total liabilities and equity, $m
  1,608
  1,810
  2,216
  2,674
  3,187
  3,752
  4,369
  5,039
  5,758
  6,527
  7,343
  8,208
  9,118
  10,072
  11,073
  12,118
  13,208
  14,343
  15,524
  16,753
  18,030
  19,357
  20,734
  22,168
  23,658
  25,207
  26,818
  28,494
  30,241
  32,060
  33,956
Debt-to-equity ratio
  1.277
  3.610
  4.600
  5.360
  5.940
  6.400
  6.770
  7.060
  7.310
  7.510
  7.670
  7.810
  7.930
  8.030
  8.120
  8.200
  8.260
  8.320
  8.370
  8.420
  8.460
  8.500
  8.530
  8.560
  8.590
  8.610
  8.640
  8.660
  8.680
  8.700
  8.710
Adjusted equity ratio
  0.086
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  92
  286
  468
  675
  907
  1,164
  1,446
  1,752
  2,082
  2,435
  2,811
  3,243
  3,663
  4,104
  4,566
  5,049
  5,553
  6,078
  6,625
  7,194
  7,786
  8,401
  9,040
  9,706
  10,397
  11,117
  11,866
  12,647
  13,459
  14,307
  15,190
Depreciation, amort., depletion, $m
  61
  72
  78
  84
  91
  99
  108
  117
  127
  138
  149
  114
  126
  140
  154
  168
  183
  199
  215
  232
  250
  268
  288
  307
  328
  350
  372
  395
  419
  445
  471
Funds from operations, $m
  204
  358
  546
  759
  998
  1,263
  1,554
  1,869
  2,209
  2,573
  2,960
  3,357
  3,789
  4,243
  4,719
  5,217
  5,736
  6,277
  6,840
  7,426
  8,036
  8,669
  9,328
  10,013
  10,725
  11,467
  12,238
  13,042
  13,879
  14,751
  15,661
Change in working capital, $m
  -7
  -38
  -43
  -49
  -54
  -60
  -65
  -71
  -76
  -81
  -86
  -91
  -96
  -101
  -106
  -110
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -151
  -157
  -164
  -170
  -177
  -185
  -192
  -200
Cash from operations, $m
  211
  396
  589
  808
  1,053
  1,323
  1,619
  1,940
  2,285
  2,654
  3,046
  3,448
  3,885
  4,344
  4,825
  5,327
  5,851
  6,397
  6,965
  7,556
  8,171
  8,810
  9,474
  10,165
  10,883
  11,631
  12,409
  13,219
  14,063
  14,943
  15,861
Maintenance CAPEX, $m
  0
  -20
  -25
  -31
  -37
  -44
  -52
  -61
  -70
  -80
  -91
  -102
  -114
  -126
  -140
  -154
  -168
  -183
  -199
  -215
  -232
  -250
  -268
  -288
  -307
  -328
  -350
  -372
  -395
  -419
  -445
New CAPEX, $m
  -34
  -53
  -61
  -69
  -77
  -85
  -92
  -100
  -108
  -115
  -122
  -129
  -136
  -143
  -150
  -157
  -163
  -170
  -177
  -184
  -191
  -199
  -206
  -215
  -223
  -232
  -241
  -251
  -262
  -272
  -284
Cash from investing activities, $m
  -181
  -73
  -86
  -100
  -114
  -129
  -144
  -161
  -178
  -195
  -213
  -231
  -250
  -269
  -290
  -311
  -331
  -353
  -376
  -399
  -423
  -449
  -474
  -503
  -530
  -560
  -591
  -623
  -657
  -691
  -729
Free cash flow, $m
  30
  323
  503
  708
  939
  1,194
  1,474
  1,779
  2,107
  2,459
  2,833
  3,217
  3,635
  4,075
  4,535
  5,017
  5,520
  6,044
  6,589
  7,157
  7,747
  8,361
  8,999
  9,662
  10,352
  11,070
  11,818
  12,596
  13,407
  14,252
  15,133
Issuance/(repayment) of debt, $m
  23
  302
  366
  413
  461
  509
  556
  602
  647
  692
  735
  778
  819
  860
  900
  941
  981
  1,022
  1,063
  1,105
  1,149
  1,194
  1,241
  1,290
  1,341
  1,394
  1,450
  1,509
  1,572
  1,637
  1,706
Issuance/(repurchase) of shares, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -15
  302
  366
  413
  461
  509
  556
  602
  647
  692
  735
  778
  819
  860
  900
  941
  981
  1,022
  1,063
  1,105
  1,149
  1,194
  1,241
  1,290
  1,341
  1,394
  1,450
  1,509
  1,572
  1,637
  1,706
Total cash flow (excl. dividends), $m
  1
  624
  869
  1,122
  1,400
  1,703
  2,030
  2,381
  2,755
  3,151
  3,568
  3,994
  4,454
  4,935
  5,436
  5,958
  6,501
  7,065
  7,652
  8,262
  8,896
  9,555
  10,240
  10,952
  11,693
  12,465
  13,268
  14,105
  14,978
  15,889
  16,839
Retained Cash Flow (-), $m
  -87
  -53
  -41
  -46
  -51
  -57
  -62
  -67
  -72
  -77
  -82
  -86
  -91
  -96
  -100
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
Prev. year cash balance distribution, $m
 
  150
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  721
  828
  1,076
  1,348
  1,646
  1,968
  2,314
  2,683
  3,074
  3,487
  3,908
  4,363
  4,839
  5,336
  5,853
  6,392
  6,952
  7,534
  8,139
  8,768
  9,422
  10,102
  10,809
  11,544
  12,310
  13,107
  13,938
  14,804
  15,707
  16,650
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  691
  758
  936
  1,110
  1,276
  1,428
  1,563
  1,677
  1,766
  1,828
  1,856
  1,862
  1,840
  1,791
  1,718
  1,624
  1,513
  1,387
  1,253
  1,114
  975
  838
  708
  588
  479
  382
  299
  229
  171
  125
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Colliers International Group Inc. is engaged in the provision of commercial real estate services. The Company offers services, including outsourcing and advisory services, lease brokerage and sales brokerage. Its segments include Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and Corporate. It is engaged in the transaction brokerage business, which provides services in sales and leasing for commercial clients. The Sales and Lease Brokerage Division executes transactions across a client base, including corporations, financial institutions, governments and individuals. It provides services for sales, leases and mortgages in various areas, such as landlord representation, tenant representation, and capital markets and investment services. The Outsourcing and Advisory Services Division provides appraisal and valuation services; facility, property and asset management services; project management services, and research for commercial real estate clients.

FINANCIAL RATIOS  of  Colliers International Group Inc. Subord (CIGI)

Valuation Ratios
P/E Ratio 32
Price to Sales 1.1
Price to Book 10.6
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 16.6
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.3%
Cap. Spend. - 3 Yr. Gr. Rate -6.3%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 126.6%
Total Debt to Equity 127.7%
Interest Coverage 18
Management Effectiveness
Return On Assets 6.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 15.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 39.2%
Return On Equity - 3 Yr. Avg. 23.6%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 39.1%
EBITDA Margin 10.1%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 34%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 5.4%

CIGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIGI stock intrinsic value calculation we used $2563 million for the last fiscal year's total revenue generated by Colliers International Group Inc. Subord. The default revenue input number comes from 2016 income statement of Colliers International Group Inc. Subord. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CIGI stock valuation model: a) initial revenue growth rate of 24.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CIGI is calculated based on our internal credit rating of Colliers International Group Inc. Subord, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Colliers International Group Inc. Subord.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CIGI stock the variable cost ratio is equal to 62.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $777 million in the base year in the intrinsic value calculation for CIGI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Colliers International Group Inc. Subord.

Corporate tax rate of 27% is the nominal tax rate for Colliers International Group Inc. Subord. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CIGI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CIGI are equal to 8.5%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Colliers International Group Inc. Subord operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CIGI is equal to -6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $278 million for Colliers International Group Inc. Subord - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 37.616 million for Colliers International Group Inc. Subord is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Colliers International Group Inc. Subord at the current share price and the inputted number of shares is $2.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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Financial statements of CIGI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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