Colliers International Group Inc. (CIGI.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-13.8%

CA$125.90

vs CA$146.13 price

Levered DCF

CA$59.51

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.7

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	70.97×	41.93×	88.98×	20.48×	-26.93×	37.67×	22.35×	22.16×
P/B	4.87×	5.16×	6.9×	8.07×	10.99×	6.07×	5.95×	5.51×
P/S	1.32×	1.42×	1.35×	0.89×	1.56×	1.28×	1.01×	0.76×
EV / EBITDA	14.5×	14.09×	15.32×	11.46×	293.26×	15.85×	12.3×	8.96×
Gross margin	30.8%	39.9%	40.1%	38.3%	38.4%	37.5%	35.7%	35.7%
Operating margin	7.2%	8.1%	6.9%	7.5%	-1.4%	5.9%	7.2%	7.1%
Net margin	1.9%	3.4%	1.5%	4.4%	-5.8%	3.4%	4.5%	3.5%
Current ratio	5.75×	1.06×	1.02×	0.9×	1.02×	0.93×	0.78×	0.95×
Debt / equity	1.49×	1.55×	2.52×	4.25×	2.23×	2.14×	1.76×	1.71×
Interest coverage	4.87×	4.54×	3.2×	6.84×	-1.86×	5.32×	7.41×	9.66×
Dividend yield	0.2%	0.2%	0.2%	0.3%	0.1%	0.1%	0.1%	0.2%
Payout ratio	14.5%	9.1%	20.6%	6.7%	-1.8%	4.2%	2.9%	4.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.8%	12.2%	7.7%	39.4%	-40.8%	16.1%	26.6%	24.9%
Return on invested capital	4.4%	6.2%	4.8%	5.8%	-2.3%	4.6%	7.7%	9.1%
Return on assets	1.5%	2.7%	1.2%	3.8%	-6.1%	2.9%	4.8%	4.1%
Free cash flow yield	3.1%	3.8%	1.4%	-0.0%	3.6%	3.5%	8.7%	10.3%
Earnings yield	1.4%	2.4%	1.1%	4.9%	-3.7%	2.7%	4.5%	4.5%
Enterprise value	CA$9.5B	CA$8.7B	CA$7.8B	CA$5.9B	CA$7.3B	CA$4.7B	CA$3.9B	CA$2.7B
Net debt / EBITDA	3.1×	3.04×	3.84×	3.73×	36.19×	3.74×	2.53×	1.8×
Cash conversion cycle (days)	31	13	-12	0	-1	-1	9	25