DB:FSV

Stock Analysis Report

Colliers International Group

Executive Summary

Colliers International Group Inc. provides commercial real estate services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, Asia, Australasia, and internationally.


Snowflake Analysis

Solid track record with mediocre balance sheet.


Similar Companies

Share Price & News

How has Colliers International Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FSV has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

4.2%

FSV

2.0%

DE Real Estate

0.07%

DE Market


1 Year Return

37.7%

FSV

6.6%

DE Real Estate

14.8%

DE Market

Return vs Industry: FSV exceeded the German Real Estate industry which returned 6.2% over the past year.

Return vs Market: FSV exceeded the German Market which returned 17.1% over the past year.


Shareholder returns

FSVIndustryMarket
7 Day4.2%2.0%0.07%
30 Day13.0%3.8%1.4%
90 Day13.0%6.7%6.1%
1 Year37.9%37.7%9.5%6.6%18.4%14.8%
3 Yearn/a54.7%42.9%17.4%7.0%
5 Yearn/a93.4%65.2%27.9%10.4%

Price Volatility Vs. Market

How volatile is Colliers International Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Colliers International Group undervalued compared to its fair value and its price relative to the market?

30.39x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FSV (€71) is trading above our estimate of fair value (€64.37)

Significantly Below Fair Value: FSV is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FSV is poor value based on its PE Ratio (30x) compared to the Real Estate industry average (13.3x).

PE vs Market: FSV is poor value based on its PE Ratio (30x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: FSV is poor value based on its PEG Ratio (3.2x)


Price to Book Ratio

PB vs Industry: FSV is overvalued based on its PB Ratio (7.2x) compared to the DE Real Estate industry average (1.4x).


Next Steps

Future Growth

How is Colliers International Group forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

9.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSV's forecast earnings growth (9.5% per year) is above the savings rate (-0.4%).

Earnings vs Market: FSV's earnings (9.5% per year) are forecast to grow slower than the German market (13.2% per year).

High Growth Earnings: FSV's earnings are forecast to grow, but not significantly.

Revenue vs Market: FSV's revenue (5.8% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: FSV's revenue (5.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FSV's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Colliers International Group performed over the past 5 years?

35.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FSV has high quality earnings.

Growing Profit Margin: FSV's current net profit margins (3.6%) are higher than last year (2.9%).


Past Earnings Growth Analysis

Earnings Trend: FSV's earnings have grown significantly by 35.5% per year over the past 5 years.

Accelerating Growth: FSV's earnings growth over the past year (39%) exceeds its 5-year average (35.5% per year).

Earnings vs Industry: FSV earnings growth over the past year (39%) exceeded the Real Estate industry 6.4%.


Return on Equity

High ROE: FSV's Return on Equity (17.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Colliers International Group's financial position?


Financial Position Analysis

Short Term Liabilities: FSV's short term assets ($604.6M) do not cover its short term liabilities ($716.2M).

Long Term Liabilities: FSV's short term assets ($604.6M) do not cover its long term liabilities ($943.3M).


Debt to Equity History and Analysis

Debt Level: FSV's debt to equity ratio (78.2%) is considered high.

Reducing Debt: FSV's debt to equity ratio has reduced from 102.7% to 78.2% over the past 5 years.

Debt Coverage: FSV's debt is well covered by operating cash flow (51.2%).

Interest Coverage: FSV's interest payments on its debt are well covered by EBIT (8.1x coverage).


Balance Sheet

Inventory Level: FSV has a low level of unsold assets or inventory.

Debt Coverage by Assets: FSV's debt is not covered by short term assets (assets are 1x debt).


Next Steps

Dividend

What is Colliers International Group's current dividend yield, its reliability and sustainability?

0.12%

Current Dividend Yield


Dividend Yield vs Market

company0.1%marketbottom25%1.4%markettop25%3.5%industryaverage2.7%forecastin3Years0.1%

Current dividend yield vs market & industry

Notable Dividend: FSV's dividend (0.12%) isn’t notable compared to the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: FSV's dividend (0.12%) is low compared to the top 25% of dividend payers in the German market (3.53%).


Stability and Growth of Payments

Stable Dividend: FSV is not paying a notable dividend for the German market, therefore no need to check if payments are stable.

Growing Dividend: FSV is not paying a notable dividend for the German market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: FSV is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FSV's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Next Steps

Management

What is the CEO of Colliers International Group's salary, the management and board of directors tenure and is there insider trading?

4.6yrs

Average management tenure


CEO

Jay Hennick (62yo)

4.6yrs

Tenure

US$4,991,963

Compensation

Mr. Jay Steward Hennick was Founded Colliers International Group Inc. in 1989 and has been its Global Chairman and Chief Executive Officer since June 1, 2015 and June 17, 2015 respectively. Pre-Spin-off, M ...


CEO Compensation Analysis

Compensation vs Market: Jay's total compensation ($USD4.99M) is above average for companies of similar size in the German market ($USD2.07M).

Compensation vs Earnings: Jay's compensation has been consistent with company performance over the past year.


Management Age and Tenure

4.6yrs

Average Tenure

51yo

Average Age

Experienced Management: FSV's management team is considered experienced (4.6 years average tenure).


Board Age and Tenure

4.6yrs

Average Tenure

64yo

Average Age

Experienced Board: FSV's board of directors are considered experienced (4.6 years average tenure).


Insider Trading

Insider Buying: FSV insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Sell€699,92031 Dec 19
John Friedrichsen
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares10,000
Max Price€69.99
Sell€702,46927 Dec 19
John Friedrichsen
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares10,000
Max Price€70.27
Sell€687,98924 Dec 19
John Friedrichsen
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares10,000
Max Price€69.06
Sell€655,95620 Dec 19
John Friedrichsen
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares10,000
Max Price€65.67
Sell€2,310,07320 Dec 19
Christopher McLernon
EntityIndividual
Role
Senior Key Executive
Chief Executive Officer of EMEA
Shares35,000
Max Price€66.86
Sell€1,920,51720 Dec 19
Zachary Michaud
EntityIndividual
Shares30,000
Max Price€64.80
Sell€646,95917 Dec 19
Christopher McLernon
EntityIndividual
Role
Senior Key Executive
Chief Executive Officer of EMEA
Shares10,000
Max Price€64.70
Buy€6711 Dec 19
Spruce House Capital LLC
EntityCompany
Shares1
Max Price€66.60
Sell€2,940,32127 Nov 19
Elias Mulamoottil
EntityIndividual
Role
Head of Corporate Development
Head of Strategic Investments & Corporate Development
Shares45,000
Max Price€65.70
Sell€485,74226 Nov 19
Robert Hemming
EntityIndividual
Role
Chief Accounting Officer
Senior VP & Chief Accounting Officer
Shares7,480
Max Price€65.35
Sell€1,442,10625 Nov 19
Robert Hemming
EntityIndividual
Role
Chief Accounting Officer
Senior VP & Chief Accounting Officer
Shares22,520
Max Price€64.95
Sell€326,18002 Aug 19
Christopher McLernon
EntityIndividual
Role
Senior Key Executive
Chief Executive Officer of EMEA
Shares4,990
Max Price€65.37
Sell€309,32902 Jul 19
Christopher McLernon
EntityIndividual
Role
Senior Key Executive
Chief Executive Officer of EMEA
Shares4,990
Max Price€61.99
Sell€10,810,29114 Jun 19
Dylan Taylor
EntityIndividual
Shares180,000
Max Price€61.15
Sell€291,81010 Jun 19
Christopher McLernon
EntityIndividual
Role
Senior Key Executive
Chief Executive Officer of EMEA
Shares4,990
Max Price€58.48
Sell€276,98622 May 19
Christian Mayer
EntityIndividual
Shares5,000
Max Price€55.40
Sell€1,719,19302 Apr 19
Dylan Taylor
EntityIndividual
Shares29,000
Max Price€59.52
Sell€1,414,31601 Apr 19
Dylan Taylor
EntityIndividual
Shares24,000
Max Price€59.03
Sell€5,374,40829 Mar 19
Dylan Taylor
EntityIndividual
Shares93,842
Max Price€58.34
Sell€1,705,76226 Mar 19
Elias Mulamoottil
EntityIndividual
Role
Head of Corporate Development
Head of Strategic Investments & Corporate Development
Shares30,000
Max Price€56.86
Sell€238,74025 Mar 19
Dylan Taylor
EntityIndividual
Shares4,148
Max Price€57.56
Sell€1,749,90022 Mar 19
Dylan Taylor
EntityIndividual
Shares30,540
Max Price€57.79
Sell€2,059,46515 Mar 19
Dylan Taylor
EntityIndividual
Shares35,132
Max Price€58.87
Sell€285,98807 Mar 19
Dylan Taylor
EntityIndividual
Shares4,795
Max Price€59.64
Sell€1,042,79906 Mar 19
Dylan Taylor
EntityIndividual
Shares17,147
Max Price€61.07
Sell€299,50506 Mar 19
Stephen Harper
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares4,950
Max Price€60.60
Sell€409,34804 Mar 19
Dylan Taylor
EntityIndividual
Shares6,750
Max Price€60.64

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Jay Hennick (62yo)

    Founder

    • Tenure: 4.6yrs
    • Compensation: US$4.99m
  • John Friedrichsen (57yo)

    Chief Financial Officer

    • Tenure: 4.6yrs
    • Compensation: US$2.41m
  • Elias Mulamoottil (49yo)

    Head of Strategic Investments & Corporate Development

    • Tenure: 8.8yrs
    • Compensation: US$1.56m
  • Chris McLernon (54yo)

    Chief Executive Officer of EMEA

    • David Bowden

      Chief Executive Officer of Canada

      • John Kenny

        Chief Executive Officer of Australia & New Zealand

        • Matt Hawkins (36yo)

          VP, Legal Counsel & Corporate Secretary

          • Tenure: 3.6yrs
        • Bob Hemming (51yo)

          Senior VP & Chief Accounting Officer

          • Tenure: 12yrs
          • Compensation: US$1.24m
        • Becky Finley (43yo)

          Senior Vice President of Brand & People

          • Tenure: 2yrs
        • Charlotte Williams

          Head of PR


          Board Members

          • Chris Galvin (68yo)

            Independent Director

            • Tenure: 1.3yrs
            • Compensation: US$243.18k
          • Jay Hennick (62yo)

            Founder

            • Tenure: 4.6yrs
            • Compensation: US$4.99m
          • Fred Sutherland (67yo)

            Independent Director

            • Tenure: 4.6yrs
            • Compensation: US$250.90k
          • Peter Cohen (66yo)

            Vice Chairman & Lead Director

            • Tenure: 4.6yrs
            • Compensation: US$280.90k
          • Jack Curtin (68yo)

            Independent Director

            • Tenure: 4.9yrs
            • Compensation: US$240.90k
          • Mike Harris (74yo)

            Independent Director

            • Tenure: 13.6yrs
            • Compensation: US$229.65k
          • Katherine Lee (55yo)

            Independent Director

            • Tenure: 4.6yrs
            • Compensation: US$230.90k
          • Christopher Merrill (48yo)

            Co-Founder

            • Tenure: 1yrs
          • Stephen Harper (59yo)

            Independent Director

            • Tenure: 3.3yrs
            • Compensation: US$238.43k
          • Ben Stein (33yo)

            Independent Director

            • Tenure: 2.3yrs
            • Compensation: US$229.65k

          Company Information

          Colliers International Group Inc.'s company bio, employee growth, exchange listings and data sources


          Key Information

          • Name: Colliers International Group Inc.
          • Ticker: FSV
          • Exchange: DB
          • Founded: 1972
          • Industry: Real Estate Services
          • Sector: Real Estate
          • Market Cap: CA$4.350b
          • Listing Market Cap: CA$3.006b
          • Shares outstanding: 39.78m
          • Website: https://www.colliers.com

          Number of Employees


          Location

          • Colliers International Group Inc.
          • 1140 Bay Street
          • Suite 4000
          • Toronto
          • Ontario
          • M5S 2B4
          • Canada

          Listings

          TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
          CIGINasdaqGS (Nasdaq Global Select)YesSubordinate Voting SharesUSUSDJun 1993
          CIGITSX (The Toronto Stock Exchange)YesSubordinate Voting SharesCACADJun 1993
          FSVDB (Deutsche Boerse AG)YesSubordinate Voting SharesDEEURJun 1993

          Biography

          Colliers International Group Inc. provides commercial real estate services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, Asia, Australasia, and internationally. The company offers sales brokerage services, which include purchases and sales, debt placement, equity capital raising, market value opinions, acquisition advisory, and transaction management services; and lease brokerage services comprising landlord and tenant representation services. It also provides outsourcing and advisory services that consist of property management and valuation services; and project management services, such as planning and advisory, development management, project and program management, and commissioning and energy services to academic, corporate, cultural and nonprofit, healthcare, hospitality, residential, and retail sectors, as well as federal, state, and municipal markets. In addition, the company offers capital market services comprising debt and equity finance, investment management, and valuation and appraisal services; property marketing services; and property research services. Further, it provides business and portfolio, supply chain and logistics, data center and digital, and workplace consulting services, as well as technology services. Additionally, the company offers services for various properties, including office, land, healthcare, industrial, retail, multi-family, hospitality, and special purpose properties. The company was founded in 1972 and is headquartered in Toronto, Canada. 


          Company Analysis and Financial Data Status

          All financial data provided by Standard & Poor's Capital IQ.
          DataLast Updated (UTC time)
          Company Analysis2020/01/20 22:58
          End of Day Share Price2020/01/20 00:00
          Earnings2019/09/30
          Annual Earnings2018/12/31


          Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.