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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 12:54pm
98 Views
Post# 34077963

TD

TDAnother flash report so there's potential for them to raise their current US$170 target. GLTA

Colliers International Group Inc.

(CIGI-N, CIGI-T) US$144.28 | C$178.43

Q3/21 First Look: Strong Beat, FY2021 Guidance Raised, Again Event

Colliers reported Q3/21 adj. EBITDA of $123.6mm, 21% above consensus $102.5mm and 12% above TD's $110.7mm, reflecting stronger-than-expected revenue partially offset by weaker-than-expected margins (12.1% vs. TD's 13.1%). CC: 11:00 a.m. ET (877-402-8911) (ID: #8998982).

Impact: POSITIVE

Q3 was another blow-out quarter with all business lines/geographies beating revenue expectations and full-year 2021 guidance increased above the high- end of the previous range for 25-35% EBITDA growth. Brokerage continued to be a highlight, with capital markets 34% above pre-pandemic (organic, excluding F/X) and leasing 8% above pre-pandemic (industry leader CBRE reported leasing ~7% above pre-pandemic). IM was also very strong with EBITDA increasing 82% y/y to $27.8mm (TD: $19.5mm), reflecting management fee growth from increased AUM. YTD, IM raised a record $4.9bn (AUM: $46.1bn, +27% y/y). In our view, the release was decidedly positive. However, the share price reaction may be somewhat tempered given the recent strong performance, with CIGI shares up >10% over the past few weeks.

  • Revenue increased 48% y/y (45% organic, 1% M&A, and 2% F/X) to $1,022.8mm, 21% above TD's estimate of $844.9mm (cons: $810.5mm). Capital Markets revenue rose 88% y/y to $310.6mm (TD: $201.1mm) reflecting continued robust sales environment. We believe that CIGI continues to outperform the market with sales transactions up 34% vs. the Q3/19 pre-pandemic peak (organic, excluding F/X) while Commercial Real Estate transactions were up ~20%.

  • EBITDA margins of 12.1% were 101bps below TD at 13.1% reflecting weaker- than-expected margins in the Americas (10.7% vs. TD: 12.5%). However, we understand that this reflects accruals for incentive compensation after the very strong results, combined with the return of other variable/discretionary costs deferred at the onset of the pandemic. Management had previously indicated that margins could dip y/y but that ultimately they expect margins to continue grinding higher in the years ahead.

  • FCF: $69.7mm ($180.7mm after w/c). Leverage declined to ~0.5x ND/EBITDA, positioning CIGI well to execute on its new five-year growth plan to double the business by 2025.

  • 2021 guidance increased for the third time: expect revenue and adj. EBITDA to exceed the top end of previous guidance ranges: Rev: +20-30% & adj. EBITDA: +25-35%.


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