Intrinsic value of Colliers International Group Inc. Subord - CIGI

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$74.03

  Intrinsic Value

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  Value-price divergence*

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$74.03

 
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*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 2.8

 

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
  12.40
  11.66
  10.99
  10.39
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
Revenue, $m
  2,563
  2,881
  3,217
  3,570
  3,941
  4,330
  4,736
  5,159
  5,599
  6,057
  6,534
  7,029
  7,544
  8,079
  8,635
  9,213
  9,814
  10,439
  11,090
  11,767
  12,473
  13,209
  13,977
  14,777
  15,613
  16,486
  17,398
  18,351
  19,347
  20,390
  21,480
Variable operating expenses, $m
 
  1,800
  2,005
  2,220
  2,446
  2,682
  2,929
  3,187
  3,455
  3,734
  4,024
  4,278
  4,592
  4,917
  5,256
  5,607
  5,973
  6,354
  6,750
  7,162
  7,592
  8,040
  8,507
  8,994
  9,503
  10,034
  10,589
  11,170
  11,776
  12,410
  13,074
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
  2,596
  2,821
  3,057
  3,304
  3,561
  3,830
  4,111
  4,402
  4,704
  5,019
  5,297
  5,637
  5,988
  6,354
  6,732
  7,126
  7,536
  7,962
  8,404
  8,865
  9,345
  9,845
  10,365
  10,908
  11,475
  12,066
  12,683
  13,327
  14,000
  14,704
Operating income, $m
  198
  284
  395
  513
  638
  768
  905
  1,048
  1,197
  1,353
  1,515
  1,731
  1,907
  2,090
  2,281
  2,480
  2,687
  2,903
  3,128
  3,363
  3,608
  3,864
  4,132
  4,412
  4,705
  5,011
  5,332
  5,668
  6,020
  6,389
  6,776
EBITDA, $m
  259
  356
  471
  592
  720
  854
  994
  1,141
  1,294
  1,454
  1,620
  1,794
  1,974
  2,162
  2,358
  2,562
  2,774
  2,995
  3,226
  3,467
  3,719
  3,981
  4,256
  4,543
  4,843
  5,157
  5,486
  5,831
  6,192
  6,570
  6,967
Interest expense (income), $m
  11
  12
  17
  23
  30
  36
  43
  51
  58
  66
  74
  83
  92
  101
  111
  121
  131
  142
  153
  165
  177
  190
  203
  217
  231
  246
  262
  278
  295
  313
  332
Earnings before tax, $m
  188
  272
  378
  490
  608
  732
  862
  997
  1,139
  1,287
  1,441
  1,648
  1,815
  1,989
  2,170
  2,359
  2,556
  2,761
  2,975
  3,198
  3,431
  3,675
  3,929
  4,195
  4,474
  4,765
  5,070
  5,390
  5,725
  6,076
  6,444
Tax expense, $m
  64
  73
  102
  132
  164
  198
  233
  269
  308
  347
  389
  445
  490
  537
  586
  637
  690
  745
  803
  863
  926
  992
  1,061
  1,133
  1,208
  1,287
  1,369
  1,455
  1,546
  1,641
  1,740
Net income, $m
  92
  198
  276
  358
  444
  534
  629
  728
  832
  939
  1,052
  1,203
  1,325
  1,452
  1,584
  1,722
  1,866
  2,015
  2,172
  2,335
  2,505
  2,682
  2,868
  3,062
  3,266
  3,478
  3,701
  3,935
  4,179
  4,436
  4,704

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
  1,614
  1,642
  1,834
  2,036
  2,247
  2,469
  2,700
  2,941
  3,192
  3,454
  3,725
  4,008
  4,301
  4,606
  4,923
  5,252
  5,595
  5,952
  6,323
  6,709
  7,111
  7,531
  7,968
  8,425
  8,901
  9,399
  9,919
  10,462
  11,030
  11,625
  12,246
Adjusted assets (=assets-cash), $m
  1,461
  1,642
  1,834
  2,036
  2,247
  2,469
  2,700
  2,941
  3,192
  3,454
  3,725
  4,008
  4,301
  4,606
  4,923
  5,252
  5,595
  5,952
  6,323
  6,709
  7,111
  7,531
  7,968
  8,425
  8,901
  9,399
  9,919
  10,462
  11,030
  11,625
  12,246
Revenue / Adjusted assets
  1.754
  1.755
  1.754
  1.753
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
  1.754
Average production assets, $m
  262
  294
  328
  364
  402
  442
  483
  526
  571
  618
  666
  717
  769
  824
  881
  940
  1,001
  1,065
  1,131
  1,200
  1,272
  1,347
  1,426
  1,507
  1,593
  1,682
  1,775
  1,872
  1,973
  2,080
  2,191
Working capital, $m
  19
  -147
  -164
  -182
  -201
  -221
  -242
  -263
  -286
  -309
  -333
  -358
  -385
  -412
  -440
  -470
  -500
  -532
  -566
  -600
  -636
  -674
  -713
  -754
  -796
  -841
  -887
  -936
  -987
  -1,040
  -1,095
Total debt, $m
  355
  497
  670
  851
  1,041
  1,241
  1,449
  1,666
  1,892
  2,127
  2,372
  2,626
  2,890
  3,164
  3,450
  3,746
  4,055
  4,375
  4,709
  5,057
  5,419
  5,797
  6,191
  6,601
  7,030
  7,478
  7,946
  8,435
  8,946
  9,481
  10,041
Total liabilities, $m
  1,336
  1,478
  1,651
  1,832
  2,022
  2,222
  2,430
  2,647
  2,873
  3,108
  3,353
  3,607
  3,871
  4,145
  4,431
  4,727
  5,036
  5,356
  5,690
  6,038
  6,400
  6,778
  7,172
  7,582
  8,011
  8,459
  8,927
  9,416
  9,927
  10,462
  11,022
Total equity, $m
  278
  164
  183
  204
  225
  247
  270
  294
  319
  345
  373
  401
  430
  461
  492
  525
  560
  595
  632
  671
  711
  753
  797
  842
  890
  940
  992
  1,046
  1,103
  1,162
  1,225
Total liabilities and equity, $m
  1,614
  1,642
  1,834
  2,036
  2,247
  2,469
  2,700
  2,941
  3,192
  3,453
  3,726
  4,008
  4,301
  4,606
  4,923
  5,252
  5,596
  5,951
  6,322
  6,709
  7,111
  7,531
  7,969
  8,424
  8,901
  9,399
  9,919
  10,462
  11,030
  11,624
  12,247
Debt-to-equity ratio
  1.277
  3.030
  3.650
  4.180
  4.630
  5.030
  5.370
  5.660
  5.930
  6.160
  6.370
  6.550
  6.720
  6.870
  7.010
  7.130
  7.250
  7.350
  7.450
  7.540
  7.620
  7.700
  7.770
  7.840
  7.900
  7.960
  8.010
  8.060
  8.110
  8.160
  8.200
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
  198
  276
  358
  444
  534
  629
  728
  832
  939
  1,052
  1,203
  1,325
  1,452
  1,584
  1,722
  1,866
  2,015
  2,172
  2,335
  2,505
  2,682
  2,868
  3,062
  3,266
  3,478
  3,701
  3,935
  4,179
  4,436
  4,704
Depreciation, amort., depletion, $m
  61
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  62
  67
  72
  77
  82
  87
  93
  98
  104
  111
  117
  124
  131
  138
  146
  154
  163
  172
  181
  191
Funds from operations, $m
  204
  271
  352
  436
  526
  620
  718
  821
  928
  1,040
  1,157
  1,266
  1,392
  1,524
  1,661
  1,804
  1,953
  2,108
  2,270
  2,439
  2,615
  2,800
  2,992
  3,194
  3,404
  3,625
  3,856
  4,097
  4,351
  4,616
  4,895
Change in working capital, $m
  -7
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
Cash from operations, $m
  211
  302
  369
  454
  545
  640
  739
  842
  951
  1,064
  1,181
  1,291
  1,418
  1,551
  1,689
  1,833
  1,983
  2,140
  2,303
  2,474
  2,651
  2,837
  3,031
  3,234
  3,447
  3,669
  3,902
  4,146
  4,402
  4,670
  4,951
Maintenance CAPEX, $m
  0
  -23
  -26
  -29
  -32
  -35
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -67
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -111
  -117
  -124
  -131
  -138
  -146
  -154
  -163
  -172
  -181
New CAPEX, $m
  -34
  -32
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -111
Cash from investing activities, $m
  -181
  -55
  -60
  -65
  -70
  -75
  -79
  -85
  -91
  -97
  -103
  -109
  -114
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -186
  -195
  -206
  -216
  -227
  -239
  -251
  -265
  -278
  -292
Free cash flow, $m
  30
  247
  309
  390
  475
  565
  659
  757
  860
  967
  1,079
  1,182
  1,304
  1,430
  1,561
  1,698
  1,840
  1,989
  2,144
  2,306
  2,475
  2,651
  2,836
  3,029
  3,231
  3,442
  3,663
  3,894
  4,137
  4,392
  4,658
Issuance/(repayment) of debt, $m
  23
  145
  172
  181
  190
  199
  208
  217
  226
  235
  245
  254
  264
  274
  285
  297
  308
  321
  334
  348
  362
  378
  394
  411
  429
  448
  468
  489
  511
  535
  560
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
  145
  172
  181
  190
  199
  208
  217
  226
  235
  245
  254
  264
  274
  285
  297
  308
  321
  334
  348
  362
  378
  394
  411
  429
  448
  468
  489
  511
  535
  560
Total cash flow (excl. dividends), $m
  1
  393
  481
  571
  666
  764
  867
  974
  1,086
  1,202
  1,323
  1,437
  1,568
  1,704
  1,846
  1,994
  2,149
  2,310
  2,478
  2,654
  2,837
  3,029
  3,230
  3,440
  3,659
  3,890
  4,131
  4,383
  4,649
  4,926
  5,218
Retained Cash Flow (-), $m
  -87
  -36
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
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
 
  506
  462
  551
  644
  742
  844
  950
  1,061
  1,176
  1,296
  1,408
  1,538
  1,674
  1,815
  1,961
  2,115
  2,274
  2,441
  2,615
  2,797
  2,987
  3,186
  3,394
  3,612
  3,840
  4,079
  4,329
  4,592
  4,867
  5,156
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
 
  485
  423
  480
  531
  575
  613
  642
  663
  676
  680
  669
  656
  636
  609
  576
  537
  495
  450
  403
  355
  309
  264
  222
  184
  149
  119
  93
  71
  53
  39
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. provides commercial real estate services to real estate occupiers, owners, and investors worldwide. The company’s Sales and Lease Brokerage Division offers transaction brokerage services, including landlord representation, tenant representation, and capital markets and investment services, as well as property management, leasing, and valuations. This division provides its services for various asset classes, including office, industrial, retail, multi-family, hotel and mixed-use properties. Its Outsourcing & Advisory Services Division offers corporate solutions, such as portfolio management, transaction management, project management, workplace solutions, strategic consulting, property and asset management, and other corporate real estate services, as well as lease administration and facilities management systems; valuation and advisory services comprising valuation and appraisal review and management, portfolio or single asset valuation, arbitration and consulting, various studies, tax appeals, and litigation support; property and asset management services consisting of property level accounting, tenant service/relations and bidding, awarding and administering subcontracts for management and maintenance, landscaping, security, parking, capital, and tenant improvements. This division also provides project management services, including bid document review, construction monitoring and delivery management, contract administration and integrated cost control, facility and engineering functionality, milestone and performance monitoring, quality assurance, risk management, and strategic project consulting; workplace solutions, such as visioning, change management, and strategic consulting services; property marketing services for commercial and residential projects; and research services for owners and landlords. The company was founded in 1972 and is headquartered in Toronto, Canada.

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

Valuation Ratios
P/E Ratio 31.1
Price to Sales 1.1
Price to Book 10.3
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 16.2
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 12.4% 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 10.2%.

Life of production assets of 11.5 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 -5.1%. 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 38.205 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 $2.8 billion.


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