Intrinsic value of Colliers International Group - CIGI

Previous Close

$63.43

  Intrinsic Value

$229.14

stock screener

  Rating & Target

str. buy

+261%

Previous close

$63.43

 
Intrinsic value

$229.14

 
Up/down potential

+261%

 
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 0001), $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
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.00
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
Revenue, $m
  2,730
  3,236
  3,790
  4,394
  5,047
  5,746
  6,491
  7,282
  8,116
  8,993
  9,913
  10,876
  11,880
  12,927
  14,017
  15,151
  16,330
  17,555
  18,828
  20,150
  21,525
  22,955
  24,442
  25,989
  27,599
  29,276
  31,024
  32,846
  34,746
  36,729
Variable operating expenses, $m
  2,507
  2,959
  3,456
  3,997
  4,580
  5,206
  5,873
  6,581
  7,327
  8,112
  8,872
  9,733
  10,632
  11,569
  12,545
  13,559
  14,614
  15,711
  16,850
  18,034
  19,264
  20,544
  21,874
  23,259
  24,700
  26,201
  27,765
  29,395
  31,096
  32,870
Fixed operating expenses, $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
Total operating expenses, $m
  2,507
  2,959
  3,456
  3,997
  4,580
  5,206
  5,873
  6,581
  7,327
  8,112
  8,872
  9,733
  10,632
  11,569
  12,545
  13,559
  14,614
  15,711
  16,850
  18,034
  19,264
  20,544
  21,874
  23,259
  24,700
  26,201
  27,765
  29,395
  31,096
  32,870
Operating income, $m
  223
  276
  334
  398
  466
  540
  618
  701
  789
  881
  1,041
  1,142
  1,248
  1,358
  1,472
  1,592
  1,715
  1,844
  1,978
  2,117
  2,261
  2,411
  2,568
  2,730
  2,899
  3,075
  3,259
  3,450
  3,650
  3,858
EBITDA, $m
  322
  382
  447
  519
  596
  678
  766
  860
  958
  1,062
  1,170
  1,284
  1,402
  1,526
  1,655
  1,789
  1,928
  2,072
  2,223
  2,379
  2,541
  2,710
  2,885
  3,068
  3,258
  3,456
  3,662
  3,877
  4,102
  4,336
Interest expense (income), $m
  8
  13
  26
  40
  55
  71
  89
  108
  129
  150
  173
  197
  222
  249
  276
  305
  335
  366
  398
  431
  466
  502
  540
  579
  620
  662
  706
  752
  800
  849
  901
Earnings before tax, $m
  210
  250
  295
  343
  395
  451
  510
  572
  638
  708
  844
  920
  999
  1,082
  1,168
  1,257
  1,350
  1,446
  1,547
  1,651
  1,759
  1,872
  1,989
  2,110
  2,237
  2,370
  2,507
  2,651
  2,801
  2,957
Tax expense, $m
  57
  68
  80
  93
  107
  122
  138
  155
  172
  191
  228
  248
  270
  292
  315
  339
  364
  391
  418
  446
  475
  505
  537
  570
  604
  640
  677
  716
  756
  798
Net income, $m
  153
  183
  215
  250
  288
  329
  372
  418
  466
  517
  616
  672
  730
  790
  852
  918
  985
  1,056
  1,129
  1,205
  1,284
  1,366
  1,452
  1,541
  1,633
  1,730
  1,830
  1,935
  2,044
  2,159

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  1,730
  2,050
  2,402
  2,785
  3,198
  3,641
  4,114
  4,614
  5,143
  5,699
  6,282
  6,892
  7,529
  8,192
  8,883
  9,601
  10,348
  11,125
  11,931
  12,770
  13,641
  14,547
  15,489
  16,469
  17,490
  18,553
  19,660
  20,815
  22,019
  23,275
Adjusted assets (=assets-cash), $m
  1,730
  2,050
  2,402
  2,785
  3,198
  3,641
  4,114
  4,614
  5,143
  5,699
  6,282
  6,892
  7,529
  8,192
  8,883
  9,601
  10,348
  11,125
  11,931
  12,770
  13,641
  14,547
  15,489
  16,469
  17,490
  18,553
  19,660
  20,815
  22,019
  23,275
Revenue / Adjusted assets
  1.578
  1.579
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
  1.578
Average production assets, $m
  426
  505
  591
  686
  787
  896
  1,013
  1,136
  1,266
  1,403
  1,546
  1,697
  1,853
  2,017
  2,187
  2,364
  2,547
  2,739
  2,937
  3,143
  3,358
  3,581
  3,813
  4,054
  4,305
  4,567
  4,840
  5,124
  5,420
  5,730
Working capital, $m
  -213
  -252
  -296
  -343
  -394
  -448
  -506
  -568
  -633
  -701
  -773
  -848
  -927
  -1,008
  -1,093
  -1,182
  -1,274
  -1,369
  -1,469
  -1,572
  -1,679
  -1,790
  -1,906
  -2,027
  -2,153
  -2,284
  -2,420
  -2,562
  -2,710
  -2,865
Total debt, $m
  480
  736
  1,017
  1,323
  1,653
  2,007
  2,384
  2,784
  3,207
  3,651
  4,117
  4,604
  5,113
  5,643
  6,195
  6,769
  7,366
  7,986
  8,631
  9,300
  9,997
  10,720
  11,473
  12,257
  13,072
  13,921
  14,806
  15,728
  16,691
  17,694
Total liabilities, $m
  1,383
  1,638
  1,919
  2,225
  2,555
  2,909
  3,287
  3,687
  4,109
  4,554
  5,020
  5,507
  6,015
  6,546
  7,097
  7,671
  8,268
  8,889
  9,533
  10,203
  10,899
  11,623
  12,376
  13,159
  13,975
  14,824
  15,709
  16,631
  17,593
  18,597
Total equity, $m
  348
  412
  483
  560
  643
  732
  827
  928
  1,034
  1,146
  1,263
  1,385
  1,513
  1,647
  1,785
  1,930
  2,080
  2,236
  2,398
  2,567
  2,742
  2,924
  3,113
  3,310
  3,515
  3,729
  3,952
  4,184
  4,426
  4,678
Total liabilities and equity, $m
  1,731
  2,050
  2,402
  2,785
  3,198
  3,641
  4,114
  4,615
  5,143
  5,700
  6,283
  6,892
  7,528
  8,193
  8,882
  9,601
  10,348
  11,125
  11,931
  12,770
  13,641
  14,547
  15,489
  16,469
  17,490
  18,553
  19,661
  20,815
  22,019
  23,275
Debt-to-equity ratio
  1.380
  1.790
  2.110
  2.360
  2.570
  2.740
  2.880
  3.000
  3.100
  3.190
  3.260
  3.320
  3.380
  3.430
  3.470
  3.510
  3.540
  3.570
  3.600
  3.620
  3.650
  3.670
  3.690
  3.700
  3.720
  3.730
  3.750
  3.760
  3.770
  3.780
Adjusted equity ratio
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  153
  183
  215
  250
  288
  329
  372
  418
  466
  517
  616
  672
  730
  790
  852
  918
  985
  1,056
  1,129
  1,205
  1,284
  1,366
  1,452
  1,541
  1,633
  1,730
  1,830
  1,935
  2,044
  2,159
Depreciation, amort., depletion, $m
  99
  106
  113
  121
  129
  139
  148
  158
  169
  181
  129
  141
  154
  168
  182
  197
  212
  228
  245
  262
  280
  298
  318
  338
  359
  381
  403
  427
  452
  477
Funds from operations, $m
  252
  288
  328
  371
  418
  467
  520
  576
  635
  697
  745
  813
  884
  958
  1,035
  1,115
  1,198
  1,284
  1,374
  1,467
  1,564
  1,665
  1,769
  1,879
  1,992
  2,110
  2,234
  2,362
  2,496
  2,636
Change in working capital, $m
  -35
  -39
  -43
  -47
  -51
  -55
  -58
  -62
  -65
  -68
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -155
Cash from operations, $m
  288
  328
  371
  418
  469
  522
  578
  638
  700
  766
  817
  888
  962
  1,039
  1,120
  1,203
  1,290
  1,380
  1,473
  1,570
  1,671
  1,776
  1,885
  1,999
  2,118
  2,241
  2,370
  2,504
  2,644
  2,791
Maintenance CAPEX, $m
  -30
  -35
  -42
  -49
  -57
  -66
  -75
  -84
  -95
  -106
  -117
  -129
  -141
  -154
  -168
  -182
  -197
  -212
  -228
  -245
  -262
  -280
  -298
  -318
  -338
  -359
  -381
  -403
  -427
  -452
New CAPEX, $m
  -70
  -79
  -87
  -94
  -102
  -109
  -116
  -123
  -130
  -137
  -144
  -150
  -157
  -163
  -170
  -177
  -184
  -191
  -199
  -206
  -214
  -223
  -232
  -241
  -251
  -262
  -273
  -284
  -296
  -309
Cash from investing activities, $m
  -100
  -114
  -129
  -143
  -159
  -175
  -191
  -207
  -225
  -243
  -261
  -279
  -298
  -317
  -338
  -359
  -381
  -403
  -427
  -451
  -476
  -503
  -530
  -559
  -589
  -621
  -654
  -687
  -723
  -761
Free cash flow, $m
  188
  214
  243
  275
  310
  347
  387
  430
  476
  523
  556
  609
  664
  722
  782
  844
  909
  976
  1,046
  1,119
  1,195
  1,273
  1,355
  1,440
  1,529
  1,621
  1,717
  1,817
  1,921
  2,030
Issuance/(repayment) of debt, $m
  230
  256
  281
  306
  330
  354
  377
  400
  422
  444
  466
  487
  509
  530
  552
  574
  597
  620
  645
  670
  696
  724
  753
  783
  815
  849
  885
  922
  962
  1,004
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  230
  256
  281
  306
  330
  354
  377
  400
  422
  444
  466
  487
  509
  530
  552
  574
  597
  620
  645
  670
  696
  724
  753
  783
  815
  849
  885
  922
  962
  1,004
Total cash flow (excl. dividends), $m
  418
  469
  524
  581
  640
  701
  765
  830
  898
  968
  1,022
  1,096
  1,173
  1,252
  1,333
  1,418
  1,506
  1,596
  1,691
  1,789
  1,891
  1,997
  2,108
  2,223
  2,344
  2,470
  2,602
  2,739
  2,883
  3,034
Retained Cash Flow (-), $m
  -58
  -64
  -71
  -77
  -83
  -89
  -95
  -101
  -106
  -112
  -117
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -214
  -223
  -232
  -242
  -253
Prev. year cash balance distribution, $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 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
  360
  405
  453
  504
  557
  612
  670
  730
  792
  856
  905
  974
  1,045
  1,118
  1,195
  1,274
  1,355
  1,440
  1,529
  1,620
  1,716
  1,815
  1,919
  2,026
  2,139
  2,256
  2,379
  2,507
  2,641
  2,781
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
  345
  371
  394
  415
  432
  444
  453
  456
  455
  449
  430
  416
  397
  375
  351
  324
  295
  265
  235
  206
  177
  151
  126
  103
  83
  66
  51
  39
  29
  21
Current shareholders' claim on cash, %
  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 36.1
Price to Sales 1.3
Price to Book 11.9
Price to Tangible Book
Price to Cash Flow 15.7
Price to Free Cash Flow 18.7
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 $2275.362 million for the last fiscal year's total revenue generated by Colliers International Group. The default revenue input number comes from 0001 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 20% 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 92.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.4% 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 15.6%.

Life of production assets of 12 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 -7.8%. 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 - $289.457 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 36.643 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.

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COMPANY NEWS

▶ How Class A office rates are evolving in the Triangle   [Nov-07-18 08:26AM  American City Business Journals]
▶ Colliers International: 3Q Earnings Snapshot   [07:24AM  Associated Press]
▶ Phoenix a top secondary market for office absorption   [Oct-24-18 03:40PM  American City Business Journals]
▶ Here are OBJ's 2018 40 Under 40 honorees Part 3   [Oct-22-18 04:36PM  American City Business Journals]
▶ Atlanta: 2 million square feet of new office buildings underway   [Oct-18-18 07:21AM  American City Business Journals]
▶ Homebuilder made some of September's biggest land purchases   [Oct-17-18 02:44PM  American City Business Journals]
▶ Industrial sales slow, but Valley property prices rise in third quarter   [Oct-05-18 05:34PM  American City Business Journals]
▶ WeWork leases four floors in new Madison Centre tower in Seattle   [Oct-02-18 02:44PM  American City Business Journals]
▶ Big industrial purchase in Goodyear dominates August land sales   [Sep-13-18 10:05AM  American City Business Journals]
▶ Land sales, prices slow in first half of 2018 except for one key sector   [Sep-04-18 05:54PM  American City Business Journals]
▶ See how this developer wants to remake Winter Park's gateway (PHOTOS)   [Aug-30-18 12:08PM  American City Business Journals]
▶ Industrial team joins Colliers International   [Aug-20-18 04:47PM  American City Business Journals]
▶ WeWork signed Seattle's two largest leases this spring   [Aug-15-18 02:11PM  American City Business Journals]
▶ Dallas only major U.S. office market to lose ground in Q2, study says   [Aug-14-18 03:57PM  American City Business Journals]
▶ Tenderloin apartments hit the market for $50 million   [Aug-08-18 09:20AM  American City Business Journals]
▶ Colliers International: 2Q Earnings Snapshot   [09:05AM  Associated Press]
▶ Phoenix-area industrial vacancies dip in second quarter   [Jul-23-18 05:14PM  American City Business Journals]
▶ One of Contra Costa County's tallest office towers could land at Pleasant Hill BART   [Jul-17-18 05:16PM  American City Business Journals]
▶ 10 A-Rated Financial Stocks to Consider   [Jul-13-18 01:02PM  InvestorPlace]
▶ Location is key for multifamily developers in Phoenix   [03:01AM  American City Business Journals]
▶ Downtown property sales show growing strength in submarket   [Jul-03-18 07:45PM  American City Business Journals]
▶ Prologis breaks ground on second phase of huge Oakland industrial project   [Jul-02-18 03:36PM  American City Business Journals]
▶ Cincinnati's largest landlord breaks ground on massive warehouse space   [05:50AM  American City Business Journals]
▶ Valley land sales hit $203 million in May   [Jun-24-18 03:34PM  American City Business Journals]
▶ Study: Cincinnati CBD has less vacant land than NYC   [May-25-18 01:00PM  American City Business Journals]
▶ Colliers International Issues 210 Million of Senior Notes   [May-17-18 12:00PM  GlobeNewswire]
▶ Colliers International Expands in Pittsburgh   [May-09-18 07:30AM  GlobeNewswire]
▶ Why spec projects are back in the pipeline across Phoenix   [May-01-18 07:30PM  American City Business Journals]
▶ Colliers International: 1Q Earnings Snapshot   [10:11AM  Associated Press]
▶ Managing Director Appointed to Lead Proptech Accelerator   [Apr-23-18 09:15AM  PR Newswire]
▶ Financially Strong And High Growth Stocks   [Apr-21-18 12:02PM  Simply Wall St.]
▶ This behavioral health operator overcomes hurdles to build hospital in Gilbert   [Apr-18-18 03:11PM  American City Business Journals]
▶ Colliers International Acquires Market Leader in Winnipeg   [Apr-17-18 04:00PM  GlobeNewswire]
▶ Colliers International Announces Election of Directors   [Apr-11-18 01:00PM  GlobeNewswire]
▶ Law firms' real estate costs per worker hits $39,982   [Apr-10-18 11:07PM  Singapore Business Review]
▶ Colliers is expanding, ramping up retail services   [08:24AM  American City Business Journals]
▶ Top Growth Stocks This Week   [Mar-13-18 12:02PM  Simply Wall St.]
▶ Colliers International Strengthens U.S. Leadership Team   [Mar-08-18 03:00PM  GlobeNewswire]
▶ Colliers International Creates Top Tier Player in Spain   [Feb-27-18 07:30AM  GlobeNewswire]
▶ Colliers International posts 4Q profit   [09:27AM  Associated Press]
▶ Colliers International Strengthens Global Leadership Team   [Jan-09-18 07:30AM  GlobeNewswire]

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