CIGI (Colliers International Group Inc) vs S&P TSX Composite Index (Canada) Comparison

CIGI

S&P TSX Composite Index (Canada)

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CIGI

S&P TSX Composite Index (Canada)

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CIGI

S&P TSX Composite Index (Canada)

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S&P TSX Composite Index (Canada)

CIGI

CBRE

2423

JLL

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Colliers International Group Inc
Glance View

Economic Moat

None

Market Cap

9.8B CAD

Industry

Real Estate

In the bustling world of global real estate services, Colliers International Group Inc. stands as a dynamic force, weaving together expertise and innovation. With its roots tracing back to 1976, the Toronto-based company has emerged as a significant player in the commercial real estate landscape. Colliers provides a comprehensive suite of services that include sales and leasing, property and project management, as well as valuation and consulting. It operates on a unique model that combines local leadership with global expertise, enabling it to customize solutions that adhere to the specific market dynamics of over 60 countries. This approach not only leverages deep market insights but also fosters strong client relationships, ensuring enduring growth in the ever-evolving real estate sector. Colliers' business model is multifaceted, driving revenue through diversified channels. At its core, the company thrives on transaction fees earned from facilitating commercial real estate deals – be it a lease in a bustling urban area or the sale of a sprawling industrial park. Additionally, Colliers generates steady income through recurring service fees from property management and consultancy services, ensuring a balance between project-driven revenue and consistent long-term earnings. By investing in technology and data analytics, Colliers enhances its adaptive strategies, aligning perfectly with the industry's shifts towards sustainability and digital transformation. Through this blend of heritage, innovation, and global reach, Colliers continuously refines how it operates, positioning itself not just to compete but to lead in the competitive world of real estate services.

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CIGI Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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CA		FirstService Corp TSX:FSV	Add
UK		Cushman & Wakefield PLC NYSE:CWK	Add
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CIGI

vs

S&P TSX Composite Index (Canada)

Stocks Performance
CIGI vs S&P TSX Composite Index (Canada)

Performance Gap
CIGI vs S&P TSX Composite Index (Canada)

Performance By Year
CIGI vs S&P TSX Composite Index (Canada)

Competitors Performance
Colliers International Group Inc vs Peers

Colliers International Group Inc
Glance View

Company

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CIGI vs S&P TSX Composite Index (Canada)

Stocks Performance CIGI vs S&P TSX Composite Index (Canada)

Performance Gap CIGI vs S&P TSX Composite Index (Canada)

Performance By Year CIGI vs S&P TSX Composite Index (Canada)

Competitors Performance Colliers International Group Inc vs Peers

Colliers International Group Inc Glance View

Company

Help

Tools

Stocks

CIGI

vs

S&P TSX Composite Index (Canada)

Stocks Performance
CIGI vs S&P TSX Composite Index (Canada)

Performance Gap
CIGI vs S&P TSX Composite Index (Canada)

Performance By Year
CIGI vs S&P TSX Composite Index (Canada)

Competitors Performance
Colliers International Group Inc vs Peers

Colliers International Group Inc
Glance View