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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 Feb 24, 2022 1:36pm
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Post# 34458772

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Colliers International Group Inc.

(CIGI-N, CIGI-T) US$140.88 | C$179.57

CBRE Reports Strong Q4/21 and Robust 2022 Outlook Event

Net revenue: $5,566mm, +35% y/y; adjusted EBITDA: $1,124mm, +49% y/y (20% above cons: $937.1mm) reflecting 4.8% higher-than-expected revenues and strong margins (13.1% vs. cons: 11.5%).

Impact: NEUTRAL

Q4 results were strong, led by robust transaction activity with CBRE's global property sales revenue and leasing revenue ~45% and ~14% above the 2019 peaks, respectively. Looking forward, management noted continued momentum in U.S. sales/leasing with revenues trending significantly above prior Q1 peaks. CBRE expects 2022 sales revenue to increase in the low-to-mid teens and leasing revenue to increase at a high-teen to low-twenty percent rate (assuming acceleration of office but deceleration of industrial given shortage of available properties) and high- single digit to low-double digit growth rates across the other advisory businesses (i.e. property management, valuation and loan servicing). Management also highlighted a particularly robust M&A environment.

We view CBRE's outlook as highly encouraging and consistent with the robust market outlook provided by CIGI. Granted, we acknowledge the current geopolitical tensions could temper results versus current guidance.

  • Office recovery: CBRE's global office leasing revenue continued to recover and was nearly flat versus 2019 levels. EMEA and APAC office leasing increased ~7% and 11%, respectively, compared to Q4/19 while U.S. leasing remained ~4% below pre-pandemic levels. Q4/21 U.S. office sales improved sequentially but remain down ~14% versus pre-pandemic levels (Q3/21 was down ~16% vs pre- pandemic).

  • Capital markets: Sales transaction revenue increased 73% y/y, including an 89% increase in the U.S. (Australia, Japan, and the U.K. also notably strong). CBRE's U.S. market share improved 100bps y/y to ~17.5%. Commercial mortgage originations declined 3% y/y reflecting a strong comparable period and lower GSE origination activity.

  • Leasing: Revenue increased 60% y/y and up 14% vs. 2019 (up from ~7% above 2019 levels during Q3/21). All three regions generated leasing revenue above 2019 peak levels: +13% in the Americas; +25% in EMEA; +7% in APAC. Leasing activity was once again led by industrial (up 60% vs Q4/19).

  • IM: Excluding carried interest, IM revenue increased 19% y/y. Asset management fees increased 21% y/y; AUM up 7% q/q to ~$141.9bn (>80% of AUM invested in assets other than office).


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