CIGI Stock Forecast & Price: Based on the Colliers International Group Bats stock forecasts from 6 analysts, the average analyst target price for Colliers International Group Bats is CAD 188.73 over the next 12 months. Colliers International Group Bats’s average analyst rating is Strong Buy. Stock Target Advisor’s own stock analysis of Colliers International Group Bats is Neutral, which is based on 6 positive signals and 7 negative signals. At the last closing, Colliers International Group Bats’s stock price was CAD 127.11. Colliers International Group Bats’s stock price has changed by -12.82% over the past week, -19.64% over the past month and -21.29% over the last year.

2. Page 1 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CIGI:CA:TSX (Colliers International Group Inc
Bats)
Real Estate Services | TSX | Common Stock
Values as of 27th Sep, 2022
Stock Target Advisor
Detailed Stock Report
Report Date: 28th September, 2022
Last Close
CAD 127.11
Change
-3.93(-3.00%)
Market Cap
CAD 5.84B
1 Yr Capital Gain
-22.04%
1 Yr Dividend Return
0.12%
1 Yr Total
Return
-21.92%
Earning Growth (5 yr)
-674.32%
Average Target Price
188.73(+48.48% )
Average Analyst
Rating
Strong Buy
Fundamental
Analysis
Neutral
Our view of the stock is Neutral with a score of 4.6 out of 10, where 0 is very bearish and 10 very bullish
What to like
Underpriced on cashflow basis
The stock is trading low compared to its peers on a price to cash flow basis and is in the top quartile. It may be underpriced but do check its financial performance to
make sure there is no specific reason.
Superior return on equity
The company management has delivered better return on equity in the most recent 4 quarters than its peers, placing it in the top quartile.
Superior return on assets
The company management has delivered better return on assets in the most recent 4 quarters than its peers, placing it in the top quartile.
Positive cash flow
The company had positive total cash flow in the most recent four quarters.
Positive free cash flow
The company had positive total free cash flow in the most recent four quarters.
High Gross Profit to Asset Ratio
This stock is in the top quartile compared to its peers on Gross Profit to Asset Ratio. This is a popular measure among value investors for showing superior returns in
the long run.
What to not like
High volatility
The total returns for this company are volatile and above median for its sector over the past 5 years. Make sure you have the risk tolerance for investing in such stock.
Below median total returns
The company has under performed its peers on annual average total returns in the past 5 years.
Overpriced compared to earnings
The stock is trading high compared to its peers on a price to earning basis and is above the sector median.
Overpriced compared to book value
The stock is trading high compared to its peers median on a price to book value basis.
Highly leveraged
The company is in the bottom half compared to its sector peers on debt to equity and is highly leveraged. However, do check the news and look at its sector and
management statements. Sometimes this is high because the company is trying to grow aggressively.
Overpriced on free cash flow basis
The stock is trading high compared to its peers on a price to free cash flow basis. It is priced above the median for its sectors. Proceed with caution if you are
considering to buy.
Low Earnings Growth
This stock has shown below median earnings growth in the previous 5 years compared to its sector

3. Page 2 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CIGI:CA:TSX (Colliers International Group Inc
Bats)
Real Estate Services | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 28th September, 2022
Adjusted Closing Share Volume
Relative Returns Relative Performance (Total Returns)
Security Capital Gain Dividend Return Total Return
CIGI:CA
Colliers International Group
Inc Bats
-21.3% +0.1% -21.2%
XIU:CA
iShares S&P/TSX 60
-9% +2.8% -6.3%
Company Overview
Colliers International Group Inc. provides commercial real estate professional and investment management services to corporate and
institutional clients in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers sales brokerage services, including real
estate sales, debt origination and placement, equity capital raising, market value opinions, acquisition advisory, and transaction
management services; and landlord and tenant representation services. The company provides outsourcing and advisory services, such as
corporate and workplace solutions; valuation and advisory services; workplace strategy services; loan servicing; property marketing;
research services; and engineering design services for property and building, infrastructure, transportation, environmental and
telecommunications end-markets. It also offers property management services comprising building operations and maintenance, facilities
management, lease administration, property accounting and financial reporting, contract management and, construction management; and
project management services, which include bid document review, construction monitoring and delivery management, contract
administration and integrated cost control, development management, facility and engineering functionality, milestone and performance
monitoring, quality assurance, risk management and strategic project consulting. In addition, the company provides investment
management services that consists of asset management advisory and administration, transaction, and incentive services. The company
was founded in 1972 and is headquartered in Toronto, Canada. Address: 1140 Bay Street, Toronto, ON, Canada, M5S 2B4

4. Page 3 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Company Website
https://www.colliers.com
Address
1140 Bay Street, Toronto, ON, Canada, M5S 2B4
Fiscal Year End
December
Employees
17000
Technical Indicators
Value Value
Beta 1.60 52 Week High 200.23
Short Ratio 23.43 52 Week Low 125.80
Shorted Shares 1,557,764 200 Day Moving Average 160.49
Shorted Shares Previous Month 1,558,287 50 Day Moving Average 155.25
Shares Held By Insiders 1,158.70% Short Percentage 3.00%
Shares Held by Institutions 74.60 Dividend Yield 0.29%

5. Page 4 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CIGI:CA:TSX (Colliers International Group Inc
Bats)
Real Estate Services | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 28th September, 2022
Market Performance
Market Performance vs. Industry / Classification (Real Estate Services) Market Performance vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
YTD
Capital Gain -32.45% -22.5% 32% -16.7% 17%
Dividend Return N/A 2.6% N/A 1.8% N/A
Total Return -32.45% -19.6% 32% -15.7% 17%
Trailing 12 Months
Capital Gain -22.04% -17.2% 32% -14.3% 29%
Dividend Return 0.12% 1.7% 17% 2.3% 1%
Total Return -21.92% -14.3% 26% -12.6% 27%
Trailing 5 Years
Capital Gain 105.95% 95.3% 75% -4.1% 90%
Dividend Return 1.03% 9.0% 29% 10.8% 2%
Total Return 106.98% 99.6% 63% 7.5% 90%
Average Annual (5 Year Horizon)
Capital Gain 22.03% 14.9% 79% 3.4% 87%
Dividend Return 0.14% 0.5% 33% 1.8% 4%
Total Return 22.16% 16.4% 74% 5.4% 86%
Risk Return Profile
Volatility (Standard
Deviation)
37.00% 25.4% 16% 18.0% 25%
Risk Adjusted Return 59.91% N/A 58% 32.1% 80%
Market Capitalization 5.84B 3.32B 61% 0.33B 86%

6. Page 5 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Key Financial Ratios
Ratios vs. Industry / Classification (Computer Hardware) Ratios vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
Market Value
peratio 50.7 5.0 12% 12.9 9%
pbratio 8.9 3.8 30% 1.2 6%
pcfratio 20.2 32.6 88% 4.9 9%
pfcfratio 15.0 15.0 55% 4.7 15%
Management Effectiveness
retequity 21.86% 11.3% 94% 8.2% 86%
retinvcap -14.41% 3.5% 8% 4.3% 13%
retass 7.31% 2.5% 95% 2.2% 83%
debtequityratio 128.97% 76.9% 25% 49.5% 19%
Technical Ratios
yield 0.29% 3.4% 13% 3.7% 3%
sratio 23.43 5.70 16% 3.42 9%
spercent 4.13% 1.6% 29% 0.8% 20%
beta 1.60 1.56 5% 1.03 18%

7. Page 6 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CIGI:CA:TSX (Colliers International Group Inc
Bats)
Real Estate Services | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 28th September, 2022
Recent Analyst Ratings
Price Action Rating Action Analyst Rating Price date
Maintains Scotiabank Capital Sector Perform CAD 164 2022-09-27
Maintains STA Research Hold CAD 135 2022-09-27
Maintains Scotiabank Capital Outperform CAD 212 2022-08-04
Downgrades STA Research Hold CAD 135 2022-07-05
Maintains Scotiabank Capital Outperform CAD 214 2022-07-05
Target Down Scotiabank Capital Buy CAD 201 2022-06-07
Maintains Scotiabank Capital Outperform CAD 216 2022-05-27
Assigns STA Research Buy CAD 165 2022-05-27
Target Up Scotiabank Capital Outperform CAD 214.5 2022-05-05
Target Down Raymond James Capital Strong Buy CAD 231 2022-05-04
Target Down
National Bank of Canada
Financial
Outperform CAD 210 2022-05-04
Target Down TD Research Buy CAD 211 2022-04-27
Initiated by Goldman Sachs Hold CAD 145 2022-04-05
Target Up TD Research Buy CAD 235 2022-02-11
Maintains Scotiabank Capital Outperform CAD 228 2022-02-11
Target BMO Financial Outperform CAD 177 2022-01-25
Target Up Scotiabank Capital Outperform CAD 219 2022-01-25
Target TD Research Buy CAD 180 2022-01-24
Target Up Raymond James Capital Strong Buy CAD 228 2022-01-24
Target
National Bank of Canada
Financial
Outperform CAD 217 2021-12-13
Target Up Raymond James Capital Outperform CAD 199 2021-11-03
Target Up RBC Royalbank Outperform CAD 229 2021-10-26
Target Up TD Research Buy CAD 210 2021-10-26
Target Up Raymond James Capital Outperform CAD 192 2021-10-18
Target Scotiabank Capital Outperform CAD 187 2021-10-14

8. Page 7 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CIGI:CA:TSX (Colliers International Group Inc
Bats)
Real Estate Services | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 28th September, 2022
Annual Financial (CAD)

9. Page 8 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CIGI:CA:TSX (Colliers International Group Inc
Bats)
Real Estate Services | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 28th September, 2022
Quarterly Financial (CAD)

10. Page 9 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
CIGI:CA:TSX (Colliers International Group Inc
Bats)
Real Estate Services | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 28th September, 2022
Largest Industry Peers for Real Estate Services
Symbol Company Name Price(Change) Market Cap
BPY-UN:CA Brookfield Property Partners L.. N/A CAD 21.73B
BPO-PC:CA Brookfield Office Properties I.. +0.01 (+0.0%) CAD 10.48B
BPO-PS:CA Brookfield Office Properties I.. N/A CAD 9.57B
BPO-PA:CA Brookfield Office Properties I.. -0.20 (-1.3%) CAD 7.61B
BPO-PP:CA Brookfield Offi Pro Cl Aaa P P.. -0.30 (-2.0%) CAD 7.27B
BPO-PN:CA Brookfield Offi Pro Cl Aaa N P.. +0.03 (+0.2%) CAD 6.94B
FSV:CA FirstService Corp +3.76 (+2.4%) CAD 6.88B
BPO-PW:CA Brookfield Office Properties I.. N/A CAD 5.87B
BPO-PX:CA Brookfield Office Properties I.. N/A CAD 5.86B
BPO-PY:CA Brookfield Office Properties I.. -0.51 (-4.1%) CAD 5.81B
ETFs Containing CIGI:CA
Symbol Company Name Weight Mer Price(Change) Market Cap
VRE:CA Vanguard FTSE Canadian Capped .. 0.00 % 0.39 % -0.07 (0.0%) CAD 0.28B
IDR:CA Middlefield Real Estate Divide.. 0.00 % 1.42 % N/A CAD 0.09B
The Stock Target Advisor platform run millions of calculations every day on over 30,000 Canadian and American stocks, comparing and
ranking their financial and market performance against their sectors and exchange.
We represent the percentile ranking using the following grading system.
Letter Grade Percentage Letter Grade Percentage Letter Grade Percentage
A+ 97%-100% A 93%-96% A- 90%-92%
B+ 97%-89% B 83%-86% B- 80%-82%
C+ 77%-79% C 73%-76% C- 70%-72%
D+ 67%-69% D 63%-66% D- 60%-62%
F 0%-59%