Intrinsic value of Colliers International Group - CIGI

Previous Close

$59.55

  Intrinsic Value

$257.60

stock screener

  Rating & Target

str. buy

+333%

Previous close

$59.55

 
Intrinsic value

$257.60

 
Up/down potential

+333%

 
Rating

str. buy

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

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 2.3

 

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
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
Revenue, $m
  1,897
  2,136
  2,389
  2,655
  2,935
  3,228
  3,535
  3,854
  4,187
  4,533
  4,894
  5,268
  5,657
  6,061
  6,481
  6,918
  7,372
  7,845
  8,336
  8,848
  9,382
  9,937
  10,517
  11,121
  11,752
  12,411
  13,100
  13,819
  14,571
  15,357
  16,180
Variable operating expenses, $m
 
  1,326
  1,479
  1,640
  1,810
  1,987
  2,172
  2,365
  2,567
  2,776
  2,994
  3,185
  3,421
  3,665
  3,919
  4,183
  4,458
  4,743
  5,041
  5,350
  5,673
  6,009
  6,359
  6,725
  7,106
  7,505
  7,921
  8,356
  8,810
  9,286
  9,783
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
  1,923
  2,090
  2,267
  2,452
  2,645
  2,847
  3,057
  3,276
  3,503
  3,739
  3,949
  4,204
  4,467
  4,741
  5,026
  5,322
  5,629
  5,949
  6,280
  6,627
  6,987
  7,361
  7,752
  8,159
  8,584
  9,027
  9,490
  9,972
  10,477
  11,004
Operating income, $m
  147
  213
  298
  388
  483
  583
  688
  797
  911
  1,031
  1,155
  1,319
  1,454
  1,594
  1,740
  1,892
  2,051
  2,216
  2,388
  2,568
  2,755
  2,951
  3,156
  3,370
  3,594
  3,828
  4,073
  4,330
  4,599
  4,880
  5,176
EBITDA, $m
  192
  265
  352
  444
  541
  643
  750
  862
  979
  1,101
  1,228
  1,360
  1,498
  1,641
  1,791
  1,946
  2,108
  2,277
  2,453
  2,637
  2,828
  3,029
  3,238
  3,457
  3,685
  3,925
  4,175
  4,437
  4,712
  5,000
  5,302
Interest expense (income), $m
  8
  9
  13
  17
  22
  27
  33
  38
  44
  50
  56
  62
  69
  76
  83
  91
  99
  107
  115
  124
  133
  143
  153
  163
  174
  185
  197
  209
  222
  235
  249
Earnings before tax, $m
  139
  204
  285
  371
  461
  556
  655
  759
  868
  981
  1,099
  1,257
  1,385
  1,518
  1,657
  1,801
  1,952
  2,109
  2,273
  2,444
  2,622
  2,809
  3,003
  3,207
  3,420
  3,643
  3,876
  4,121
  4,377
  4,645
  4,927
Tax expense, $m
  47
  55
  77
  100
  124
  150
  177
  205
  234
  265
  297
  339
  374
  410
  447
  486
  527
  569
  614
  660
  708
  758
  811
  866
  923
  984
  1,047
  1,113
  1,182
  1,254
  1,330
Net income, $m
  68
  149
  208
  271
  337
  406
  478
  554
  633
  716
  802
  917
  1,011
  1,108
  1,210
  1,315
  1,425
  1,540
  1,659
  1,784
  1,914
  2,050
  2,192
  2,341
  2,497
  2,659
  2,830
  3,008
  3,195
  3,391
  3,596

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
  1,190
  1,213
  1,357
  1,508
  1,667
  1,833
  2,007
  2,189
  2,378
  2,574
  2,779
  2,991
  3,212
  3,442
  3,681
  3,929
  4,186
  4,455
  4,734
  5,025
  5,327
  5,643
  5,972
  6,315
  6,674
  7,048
  7,439
  7,847
  8,274
  8,721
  9,188
Adjusted assets (=assets-cash), $m
  1,077
  1,213
  1,357
  1,508
  1,667
  1,833
  2,007
  2,189
  2,378
  2,574
  2,779
  2,991
  3,212
  3,442
  3,681
  3,929
  4,186
  4,455
  4,734
  5,025
  5,327
  5,643
  5,972
  6,315
  6,674
  7,048
  7,439
  7,847
  8,274
  8,721
  9,188
Revenue / Adjusted assets
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
  1.761
Average production assets, $m
  162
  182
  203
  226
  250
  274
  300
  328
  356
  385
  416
  448
  481
  515
  551
  588
  627
  667
  709
  752
  797
  845
  894
  945
  999
  1,055
  1,113
  1,175
  1,239
  1,305
  1,375
Working capital, $m
  -4
  -130
  -146
  -162
  -179
  -197
  -216
  -235
  -255
  -277
  -299
  -321
  -345
  -370
  -395
  -422
  -450
  -479
  -509
  -540
  -572
  -606
  -642
  -678
  -717
  -757
  -799
  -843
  -889
  -937
  -987
Total debt, $m
  263
  371
  500
  636
  779
  929
  1,086
  1,249
  1,419
  1,596
  1,780
  1,971
  2,170
  2,377
  2,591
  2,815
  3,047
  3,288
  3,540
  3,801
  4,074
  4,358
  4,654
  4,963
  5,285
  5,622
  5,974
  6,341
  6,726
  7,128
  7,548
Total liabilities, $m
  985
  1,092
  1,221
  1,357
  1,500
  1,650
  1,807
  1,970
  2,140
  2,317
  2,501
  2,692
  2,891
  3,098
  3,312
  3,536
  3,768
  4,009
  4,261
  4,522
  4,795
  5,079
  5,375
  5,684
  6,006
  6,343
  6,695
  7,062
  7,447
  7,849
  8,269
Total equity, $m
  206
  121
  136
  151
  167
  183
  201
  219
  238
  257
  278
  299
  321
  344
  368
  393
  419
  445
  473
  502
  533
  564
  597
  632
  667
  705
  744
  785
  827
  872
  919
Total liabilities and equity, $m
  1,191
  1,213
  1,357
  1,508
  1,667
  1,833
  2,008
  2,189
  2,378
  2,574
  2,779
  2,991
  3,212
  3,442
  3,680
  3,929
  4,187
  4,454
  4,734
  5,024
  5,328
  5,643
  5,972
  6,316
  6,673
  7,048
  7,439
  7,847
  8,274
  8,721
  9,188
Debt-to-equity ratio
  1.277
  3.060
  3.690
  4.220
  4.670
  5.070
  5.410
  5.710
  5.970
  6.200
  6.410
  6.590
  6.760
  6.910
  7.040
  7.160
  7.280
  7.380
  7.480
  7.570
  7.650
  7.720
  7.790
  7.860
  7.920
  7.980
  8.030
  8.080
  8.130
  8.170
  8.220
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
  149
  208
  271
  337
  406
  478
  554
  633
  716
  802
  917
  1,011
  1,108
  1,210
  1,315
  1,425
  1,540
  1,659
  1,784
  1,914
  2,050
  2,192
  2,341
  2,497
  2,659
  2,830
  3,008
  3,195
  3,391
  3,596
Depreciation, amort., depletion, $m
  45
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  41
  44
  47
  51
  54
  57
  61
  65
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  126
Funds from operations, $m
  151
  200
  262
  326
  394
  466
  541
  619
  701
  786
  875
  958
  1,055
  1,155
  1,260
  1,369
  1,483
  1,601
  1,724
  1,853
  1,987
  2,128
  2,274
  2,428
  2,588
  2,756
  2,932
  3,116
  3,309
  3,511
  3,723
Change in working capital, $m
  -5
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
Cash from operations, $m
  156
  215
  277
  342
  411
  484
  559
  639
  721
  807
  897
  981
  1,079
  1,180
  1,286
  1,396
  1,510
  1,630
  1,754
  1,884
  2,020
  2,162
  2,310
  2,465
  2,627
  2,796
  2,974
  3,160
  3,354
  3,559
  3,773
Maintenance CAPEX, $m
  0
  -15
  -17
  -19
  -21
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
New CAPEX, $m
  -25
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
Cash from investing activities, $m
  -134
  -35
  -38
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -97
  -103
  -109
  -114
  -120
  -126
  -133
  -141
  -148
  -156
  -163
  -172
  -181
  -190
Free cash flow, $m
  22
  181
  239
  301
  367
  436
  508
  584
  663
  745
  831
  911
  1,005
  1,102
  1,203
  1,308
  1,418
  1,532
  1,651
  1,776
  1,906
  2,041
  2,183
  2,331
  2,486
  2,649
  2,818
  2,996
  3,183
  3,378
  3,583
Issuance/(repayment) of debt, $m
  17
  110
  129
  136
  143
  150
  157
  163
  170
  177
  184
  191
  199
  207
  215
  223
  232
  241
  251
  262
  273
  284
  296
  309
  322
  337
  352
  368
  384
  402
  421
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
  110
  129
  136
  143
  150
  157
  163
  170
  177
  184
  191
  199
  207
  215
  223
  232
  241
  251
  262
  273
  284
  296
  309
  322
  337
  352
  368
  384
  402
  421
Total cash flow (excl. dividends), $m
  0
  290
  368
  437
  510
  586
  665
  747
  833
  922
  1,015
  1,103
  1,203
  1,308
  1,417
  1,531
  1,650
  1,773
  1,903
  2,037
  2,178
  2,325
  2,479
  2,640
  2,809
  2,985
  3,170
  3,364
  3,567
  3,780
  4,004
Retained Cash Flow (-), $m
  -64
  -26
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
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
 
  375
  354
  422
  494
  569
  647
  729
  814
  903
  995
  1,081
  1,181
  1,285
  1,394
  1,506
  1,624
  1,747
  1,875
  2,008
  2,148
  2,294
  2,446
  2,606
  2,773
  2,948
  3,131
  3,323
  3,524
  3,735
  3,957
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
 
  359
  324
  367
  407
  441
  470
  492
  509
  519
  522
  514
  504
  489
  468
  442
  413
  380
  345
  309
  273
  237
  203
  171
  141
  115
  91
  71
  55
  41
  30
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 (CIGI)

Valuation Ratios
P/E Ratio 33.8
Price to Sales 1.2
Price to Book 11.2
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow 17.6
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 12.6% 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 8.5%.

Life of production assets of 10.9 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 -6.1%. 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 37.902 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 $2.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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BAM Brookfield Ass 44.01 341.02  str.buy

COMPANY NEWS

▶ Colliers International posts 3Q profit   [Oct-31-17 08:46AM  Associated Press]
▶ Colliers International Bolsters Leadership Team   [Oct-26-17 05:34PM  GlobeNewswire]
▶ Chart of the Day: Private housing land supply rose to 2,840 units in H2   [Oct-19-17 08:15PM  Singapore Business Review]
▶ Colliers International acquires one of Greater Washington's largest tenant-rep firms   [Oct-18-17 06:54PM  American City Business Journals]
▶ Colliers International Group Expands in Japan   [Sep-05-17 04:16PM  GlobeNewswire]
▶ Colliers International brings on managing director for Northeast Florida office   [Aug-18-17 07:21AM  American City Business Journals]
▶ 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]
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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