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Colliers International Group Inc T.CIGI

Alternate Symbol(s):  CIGI

Colliers International Group Inc. is a diversified professional services company. It provides commercial real estate services, engineering consultancy and investment management with operations in 70 countries. Its segment includes Real Estate Services, Engineering and Investment Management. Its primary service lines are outsourcing, engineering, investment management, leasing and capital markets. Its services for landlords and investors include landlord representation, project management, capital market, valuation and advisory, real estate management, engineering and design services, and others. Its services for occupiers and tenants include occupier services, tenant representation, project management, technology services, and others. It offers services to various properties-including hospitality, industrial, land, multifamily, office, retail healthcare, and special purpose. It provides its services to a range of industries, such as education, self-storage, life science, and others.


TSX:CIGI - Post by User

Post by retiredcfon Nov 02, 2021 9:12am
102 Views
Post# 34076464

CIBC

CIBCEQUITY RESEARCH 
November 2, 2021 Flash Research 
COLLIERS INTERNATIONAL GROUP INC. 

Q3/21 First Look: Not Missing A Beat 
Our Conclusion 

CIGI kept its beat strike alive in Q3/21; it has now exceeded consensus estimates for every quarter since the pandemic began. Adjusted EBITDA of $124MM came in above our Street-high $120MM estimate and $103MM consensus. There was an Investment Management carried interest of $19MM, up from $2MM a year ago; this is a recurring part of the business and shows how Investment Management has increased its importance as a recurring-revenue growth driver. Even if we exclude the $17MM variance (and assuming no incremental expenses), it puts adjusted EBITDA at $107MM, still a beat vs. the Street. See revenue and adjusted EBITDA variance table in Exhibit 1 on following page. 

Key Points 
The Q3 beat by CBRE US last week was driven by robust capital markets and suggested CIGI's results would be good. CIGI’s revenues of $1.02B  were well above our $895MM estimate and $811MM consensus. Adjusted EPS of $1.27 beat our $1.11 estimate and $1.05 consensus. CIGI drove strong 48% revenue growth (up 46% ex-FX) across service lines, particularly Capital Markets (up 88%, 85% ex-FX) and Investment Management (up 88%, 50% ex-carried interest). Regions that stood out were the Americas (up 46%, 45% ex-FX) and Asia Pacific (up 56%, 45% ex-FX). 

CIGI increased its financial outlook for the remainder of 2021 on signs of ongoing momentum. Management now expects full-year results to exceed the previously stated range outlooks for both revenues (up 20%-30%) and adjusted EBITDA (up 25%-35%).
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