Intrinsic value of Colliers International Group - CIGI

Previous Close

$50.60

  Intrinsic Value

$250.57

stock screener

  Rating & Target

str. buy

+395%

  Value-price divergence*

-84%

Previous close

$50.60

 
Intrinsic value

$250.57

 
Up/down potential

+395%

 
Rating

str. buy

 
Value-price divergence*

-84%

Our model is not good at valuating stocks of financial companies, such as CIGI.

*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 1.9

 

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, %
  10.16
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  1,897
  2,134
  2,385
  2,649
  2,926
  3,217
  3,520
  3,836
  4,166
  4,508
  4,865
  5,235
  5,620
  6,020
  6,436
  6,868
  7,318
  7,785
  8,272
  8,779
  9,307
  9,857
  10,431
  11,029
  11,654
  12,306
  12,988
  13,700
  14,445
  15,224
  16,039
Variable operating expenses, $m
 
  1,325
  1,477
  1,637
  1,804
  1,980
  2,163
  2,354
  2,554
  2,761
  2,976
  3,166
  3,398
  3,640
  3,892
  4,153
  4,425
  4,707
  5,002
  5,308
  5,627
  5,960
  6,307
  6,669
  7,047
  7,441
  7,853
  8,284
  8,734
  9,205
  9,698
Fixed operating expenses, $m
 
  597
  611
  627
  642
  658
  675
  692
  709
  727
  745
  764
  783
  802
  822
  843
  864
  886
  908
  930
  954
  978
  1,002
  1,027
  1,053
  1,079
  1,106
  1,134
  1,162
  1,191
  1,221
Total operating expenses, $m
  1,750
  1,922
  2,088
  2,264
  2,446
  2,638
  2,838
  3,046
  3,263
  3,488
  3,721
  3,930
  4,181
  4,442
  4,714
  4,996
  5,289
  5,593
  5,910
  6,238
  6,581
  6,938
  7,309
  7,696
  8,100
  8,520
  8,959
  9,418
  9,896
  10,396
  10,919
Operating income, $m
  147
  212
  297
  386
  480
  578
  682
  790
  903
  1,021
  1,143
  1,306
  1,439
  1,578
  1,722
  1,872
  2,029
  2,192
  2,363
  2,540
  2,726
  2,919
  3,122
  3,333
  3,555
  3,786
  4,029
  4,283
  4,549
  4,828
  5,120
EBITDA, $m
  192
  266
  353
  444
  540
  642
  748
  859
  975
  1,096
  1,221
  1,353
  1,489
  1,631
  1,779
  1,933
  2,094
  2,261
  2,436
  2,618
  2,808
  3,007
  3,214
  3,431
  3,658
  3,895
  4,144
  4,404
  4,677
  4,963
  5,262
Interest expense (income), $m
  8
  9
  13
  17
  22
  27
  32
  38
  44
  49
  56
  62
  69
  76
  83
  90
  98
  106
  114
  123
  132
  142
  152
  162
  173
  184
  196
  208
  221
  234
  248
Earnings before tax, $m
  139
  203
  284
  368
  457
  551
  649
  752
  859
  971
  1,088
  1,244
  1,371
  1,502
  1,639
  1,782
  1,931
  2,086
  2,248
  2,417
  2,593
  2,777
  2,970
  3,171
  3,382
  3,602
  3,833
  4,075
  4,328
  4,594
  4,872
Tax expense, $m
  47
  55
  77
  99
  124
  149
  175
  203
  232
  262
  294
  336
  370
  406
  443
  481
  521
  563
  607
  653
  700
  750
  802
  856
  913
  973
  1,035
  1,100
  1,169
  1,240
  1,315
Net income, $m
  68
  148
  207
  269
  334
  402
  474
  549
  627
  709
  794
  908
  1,000
  1,097
  1,197
  1,301
  1,410
  1,523
  1,641
  1,764
  1,893
  2,028
  2,168
  2,315
  2,469
  2,630
  2,798
  2,975
  3,159
  3,353
  3,557

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  113
  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
  1,195
  1,217
  1,360
  1,511
  1,669
  1,835
  2,008
  2,188
  2,376
  2,572
  2,775
  2,986
  3,206
  3,434
  3,671
  3,918
  4,174
  4,441
  4,719
  5,008
  5,309
  5,623
  5,950
  6,292
  6,648
  7,020
  7,409
  7,815
  8,240
  8,684
  9,149
Adjusted assets (=assets-cash), $m
  1,082
  1,217
  1,360
  1,511
  1,669
  1,835
  2,008
  2,188
  2,376
  2,572
  2,775
  2,986
  3,206
  3,434
  3,671
  3,918
  4,174
  4,441
  4,719
  5,008
  5,309
  5,623
  5,950
  6,292
  6,648
  7,020
  7,409
  7,815
  8,240
  8,684
  9,149
Revenue / Adjusted assets
  1.753
  1.753
  1.754
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
  1.753
Average production assets, $m
  195
  220
  246
  273
  301
  331
  363
  395
  429
  464
  501
  539
  579
  620
  663
  707
  754
  802
  852
  904
  959
  1,015
  1,074
  1,136
  1,200
  1,268
  1,338
  1,411
  1,488
  1,568
  1,652
Working capital, $m
  14
  -109
  -122
  -135
  -149
  -164
  -180
  -196
  -212
  -230
  -248
  -267
  -287
  -307
  -328
  -350
  -373
  -397
  -422
  -448
  -475
  -503
  -532
  -562
  -594
  -628
  -662
  -699
  -737
  -776
  -818
Total debt, $m
  263
  370
  498
  634
  776
  925
  1,081
  1,244
  1,413
  1,589
  1,772
  1,962
  2,159
  2,365
  2,578
  2,800
  3,031
  3,271
  3,521
  3,781
  4,052
  4,335
  4,629
  4,936
  5,257
  5,592
  5,942
  6,308
  6,690
  7,090
  7,508
Total liabilities, $m
  989
  1,096
  1,224
  1,360
  1,502
  1,651
  1,807
  1,970
  2,139
  2,315
  2,498
  2,688
  2,885
  3,091
  3,304
  3,526
  3,757
  3,997
  4,247
  4,507
  4,778
  5,061
  5,355
  5,662
  5,983
  6,318
  6,668
  7,034
  7,416
  7,816
  8,234
Total equity, $m
  206
  122
  136
  151
  167
  183
  201
  219
  238
  257
  278
  299
  321
  343
  367
  392
  417
  444
  472
  501
  531
  562
  595
  629
  665
  702
  741
  782
  824
  868
  915
Total liabilities and equity, $m
  1,195
  1,218
  1,360
  1,511
  1,669
  1,834
  2,008
  2,189
  2,377
  2,572
  2,776
  2,987
  3,206
  3,434
  3,671
  3,918
  4,174
  4,441
  4,719
  5,008
  5,309
  5,623
  5,950
  6,291
  6,648
  7,020
  7,409
  7,816
  8,240
  8,684
  9,149
Debt-to-equity ratio
  1.277
  3.040
  3.660
  4.200
  4.650
  5.040
  5.380
  5.680
  5.940
  6.180
  6.380
  6.570
  6.740
  6.890
  7.020
  7.150
  7.260
  7.370
  7.460
  7.550
  7.630
  7.710
  7.780
  7.850
  7.910
  7.970
  8.020
  8.070
  8.120
  8.160
  8.210
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
  68
  148
  207
  269
  334
  402
  474
  549
  627
  709
  794
  908
  1,000
  1,097
  1,197
  1,301
  1,410
  1,523
  1,641
  1,764
  1,893
  2,028
  2,168
  2,315
  2,469
  2,630
  2,798
  2,975
  3,159
  3,353
  3,557
Depreciation, amort., depletion, $m
  45
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  46
  50
  53
  57
  61
  65
  69
  73
  78
  83
  88
  93
  98
  103
  109
  115
  122
  128
  135
  142
Funds from operations, $m
  151
  202
  263
  327
  395
  466
  540
  618
  699
  784
  872
  955
  1,050
  1,150
  1,254
  1,362
  1,475
  1,592
  1,715
  1,842
  1,976
  2,115
  2,261
  2,413
  2,572
  2,739
  2,913
  3,096
  3,288
  3,488
  3,699
Change in working capital, $m
  -5
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
Cash from operations, $m
  156
  214
  276
  341
  409
  481
  556
  634
  716
  801
  890
  974
  1,070
  1,170
  1,275
  1,384
  1,498
  1,616
  1,739
  1,868
  2,003
  2,143
  2,290
  2,443
  2,604
  2,772
  2,948
  3,133
  3,326
  3,528
  3,740
Maintenance CAPEX, $m
  0
  -17
  -19
  -21
  -24
  -26
  -29
  -31
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -122
  -128
  -135
New CAPEX, $m
  -25
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
Cash from investing activities, $m
  -134
  -42
  -45
  -48
  -53
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -132
  -140
  -147
  -155
  -162
  -170
  -179
  -188
  -199
  -208
  -219
Free cash flow, $m
  22
  173
  231
  292
  357
  425
  496
  570
  648
  729
  814
  892
  984
  1,079
  1,179
  1,282
  1,390
  1,503
  1,620
  1,743
  1,870
  2,004
  2,143
  2,289
  2,442
  2,601
  2,769
  2,944
  3,127
  3,320
  3,521
Issuance/(repayment) of debt, $m
  17
  109
  129
  136
  142
  149
  156
  162
  169
  176
  183
  190
  198
  205
  213
  222
  231
  240
  250
  260
  271
  282
  295
  307
  321
  335
  350
  366
  382
  400
  418
Issuance/(repurchase) of shares, $m
  3
  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  
  -12
  109
  129
  136
  142
  149
  156
  162
  169
  176
  183
  190
  198
  205
  213
  222
  231
  240
  250
  260
  271
  282
  295
  307
  321
  335
  350
  366
  382
  400
  418
Total cash flow (excl. dividends), $m
  0
  281
  360
  428
  499
  574
  652
  733
  817
  905
  997
  1,082
  1,182
  1,285
  1,392
  1,504
  1,621
  1,743
  1,870
  2,003
  2,141
  2,286
  2,438
  2,597
  2,763
  2,936
  3,119
  3,310
  3,510
  3,720
  3,940
Retained Cash Flow (-), $m
  -64
  -27
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
Prev. year cash balance distribution, $m
 
  111
  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
 
  366
  345
  413
  483
  557
  634
  715
  798
  885
  976
  1,061
  1,160
  1,262
  1,369
  1,480
  1,595
  1,716
  1,842
  1,974
  2,111
  2,255
  2,405
  2,562
  2,727
  2,899
  3,080
  3,269
  3,467
  3,675
  3,893
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
 
  350
  316
  359
  398
  432
  460
  483
  499
  509
  512
  504
  495
  480
  459
  434
  405
  373
  339
  304
  268
  233
  200
  168
  139
  113
  90
  70
  54
  40
  29
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 (CIGI)

Valuation Ratios
P/E Ratio 28.8
Price to Sales 1
Price to Book 9.5
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 14.9
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.7%
Cap. Spend. - 3 Yr. Gr. Rate -6.5%
Financial Strength
Quick Ratio 57
Current Ratio 0
LT Debt to Equity 126.7%
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. 9.6%
Return On Equity 39.1%
Return On Equity - 3 Yr. Avg. 23.3%
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. 8.1%
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. 2.5%
Effective Tax Rate 33.8%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 4.4%

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 $1897 million for the last fiscal year's total revenue generated by Colliers International Group. The default revenue input number comes from 2016 income statement of Colliers International Group. 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 12.5% 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, 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.
    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 62.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $582 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.

Corporate tax rate of 27% is the nominal tax rate for Colliers International Group. 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 10.3%.

Life of production assets of 11.6 years is the average useful life of capital assets used in Colliers International Group 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 - $206 million for Colliers International Group - 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 38.227 million for Colliers International Group 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 at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Colliers International posts 2Q profit   [Aug-01-17 10:58PM  Associated Press]
▶ BY THE NUMBERS: Is Columbus apartment building boom finally satisfying demand?   [May-16-17 05:01PM  American City Business Journals]
▶ Colliers International posts 1Q profit   [May-02-17 08:51AM  Associated Press]
▶ Colliers International Announces Election of Directors   [Apr-12-17 09:00AM  GlobeNewswire]
▶ St. Pete pier details revealed as Colliers is tapped for management   [Apr-06-17 03:00PM  American City Business Journals]
▶ Colliers International Expands in Minnesota   [Apr-03-17 04:00PM  GlobeNewswire]
▶ Tesla seals the deal on East Bay's largest industrial lease ever   [Mar-24-17 03:39PM  at bizjournals.com]
▶ Is Colliers (CIGI) a Great Growth Stock?   [Mar-16-17 08:35AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for March 9th   [Mar-09-17 09:21AM  Zacks]
▶ Software firm to move regional headquarters to downtown Dallas   [Feb-27-17 03:50PM  at bizjournals.com]
▶ Colliers International Expands in Denmark   [Jan-12-17 07:01AM  GlobeNewswire]
▶ Colliers International Expands in Denmark   [07:00AM  GlobeNewswire]
▶ Local CRE brokerage acquires The Walker Cos.   [07:40AM  at bizjournals.com]
▶ Colliers International Completes Merger   [Jan-03-17 04:02PM  GlobeNewswire]
▶ Colliers International Completes Merger   [04:00PM  GlobeNewswire]
▶ Bert Mathews: CBRE is trying to put me out of business   [Dec-19-16 09:15AM  at bizjournals.com]
▶ Peabody strikes new deal for downtown HQ   [Dec-16-16 04:00PM  at bizjournals.com]
▶ Hedge Funds Are Powering Up On Nextera Energy Partners LP (NEP)   [Nov-28-16 11:10PM  at Insider Monkey]
▶ Amazon leases new 21-story Seattle office tower   [Nov-14-16 02:20PM  at bizjournals.com]
▶ The Woodlands office market shows vacancy increase in Q3   [Oct-27-16 02:25PM  at bizjournals.com]
Stock chart of CIGI 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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