Colliers International Group Inc.
CIGIdata completeness 100%17 fiscal years on fileColliers International Group Inc. earns about 2% on invested capital, below its ~9% cost of capital, but has diluted owners by 19% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $39.46 and $265.65 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $4.09B1 | $4.46B2 | $4.34B3 | $4.82B4 | $5.56B4 |
| Net income | −$237.6M5 | $194.5M6 | $144.7M7 | $236.9M8 | $224.6M8 |
| Operating cash flow | $289M9 | $67M10 | $165.7M11 | $326M12 | $330.1M12 |
| Capital expenditure | $58M13 | $67.7M14 | $84.5M15 | $65.1M16 | $78.7M16 |
| Free cash flow (derived) | $231M9 | −$650,00010 | $81.1M11 | $260.9M12 | $251.4M12 |
| Total debt | $531.1M17 | $1.44B18 | $1.5B19 | $1.51B20 | $1.63B21 |
| Cash & equivalents | $396.7M22 | $173.7M23 | $181.1M24 | $176.3M25 | $207.9M25 |
| Diluted shares | 42.9M | 43.9M | 46.3M | 50.2M | 51.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $300.16 of net worth that earned you $43.96 and generated $49.22 of cash last year, against $319.77 of debt.
It earned about 2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 19% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 208% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $39.46 and $265.65 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$251.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$251.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$194.5M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $42.42 |
| Base | 20.0% | $132.57 |
| Bull | 20.0% | $132.57 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
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- 40-F · period ending 2021-12-31 · accession 0001171843-23-001030 (PaymentsToAcquirePropertyPlantAndEquipment)
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- 40-F · period ending 2021-12-31 · accession 0001171843-22-001149 (LongTermDebt)
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- 40-F · period ending 2024-12-31 · accession 0001171843-25-000820 (LongTermDebt)
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- 40-F · period ending 2021-12-31 · accession 0001171843-23-001030 (CashAndCashEquivalentsAtCarryingValue)
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- 40-F · period ending 2023-12-31 · accession 0001171843-25-000820 (CashAndCashEquivalentsAtCarryingValue)
- 40-F · period ending 2024-12-31 · accession 0001171843-26-000984 (CashAndCashEquivalentsAtCarryingValue)