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CIGI (Colliers International Group) Piotroski F-Score : 6 (As of Oct. 31, 2024)


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What is Colliers International Group Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Colliers International Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Colliers International Group's Piotroski F-Score or its related term are showing as below:

CIGI' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 5   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of Colliers International Group was 7. The lowest was 4. And the median was 5.


Colliers International Group Piotroski F-Score Historical Data

The historical data trend for Colliers International Group's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Colliers International Group Piotroski F-Score Chart

Colliers International Group Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 6.00 5.00 6.00 7.00

Colliers International Group Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 7.00 7.00 6.00

Competitive Comparison of Colliers International Group's Piotroski F-Score

For the Real Estate Services subindustry, Colliers International Group's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Colliers International Group's Piotroski F-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Colliers International Group's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Colliers International Group's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun24) TTM:Last Year (Jun23) TTM:
Net Income was 25.113 + 67.433 + 12.657 + 36.724 = $142 Mil.
Cash Flow from Operations was 42.153 + 157.103 + -137.615 + 141.189 = $203 Mil.
Revenue was 1056.032 + 1235.168 + 1001.98 + 1139.368 = $4,433 Mil.
Gross Profit was 417.373 + 503.914 + 395.735 + 452.306 = $1,769 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Jun24) was
(5298.375 + 5239.89 + 5482.126 + 5272.314 + 5671.766) / 5 = $5392.8942 Mil.
Total Assets at the begining of this year (Jun23) was $5,298 Mil.
Long-Term Debt & Capital Lease Obligation was $1,726 Mil.
Total Current Assets was $1,484 Mil.
Total Current Liabilities was $1,441 Mil.
Net Income was 12.028 + 22.504 + -20.152 + -6.851 = $8 Mil.

Revenue was 1108.324 + 1222.405 + 965.903 + 1078.038 = $4,375 Mil.
Gross Profit was 425.739 + 490.36 + 379.643 + 437.388 = $1,733 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(4182.146 + 4561.649 + 5098.177 + 5208.709 + 5298.375) / 5 = $4869.8112 Mil.
Total Assets at the begining of last year (Jun22) was $4,182 Mil.
Long-Term Debt & Capital Lease Obligation was $2,008 Mil.
Total Current Assets was $1,333 Mil.
Total Current Liabilities was $1,277 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Colliers International Group's current Net Income (TTM) was 142. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Colliers International Group's current Cash Flow from Operations (TTM) was 203. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun23)
=141.927/5298.375
=0.02678689

ROA (Last Year)=Net Income/Total Assets (Jun22)
=7.529/4182.146
=0.00180027

Colliers International Group's return on assets of this year was 0.02678689. Colliers International Group's return on assets of last year was 0.00180027. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Colliers International Group's current Net Income (TTM) was 142. Colliers International Group's current Cash Flow from Operations (TTM) was 203. ==> 203 > 142 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=1725.859/5392.8942
=0.32002464

Gearing (Last Year: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=2008.168/4869.8112
=0.41237081

Colliers International Group's gearing of this year was 0.32002464. Colliers International Group's gearing of last year was 0.41237081. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun24)=Total Current Assets/Total Current Liabilities
=1484.191/1441.313
=1.02974926

Current Ratio (Last Year: Jun23)=Total Current Assets/Total Current Liabilities
=1332.906/1277.474
=1.04339188

Colliers International Group's current ratio of this year was 1.02974926. Colliers International Group's current ratio of last year was 1.04339188. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Colliers International Group's number of shares in issue this year was 50.479. Colliers International Group's number of shares in issue last year was 45.362. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1769.328/4432.548
=0.39916725

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1733.13/4374.67
=0.39617388

Colliers International Group's gross margin of this year was 0.39916725. Colliers International Group's gross margin of last year was 0.39617388. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun23)
=4432.548/5298.375
=0.83658631

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun22)
=4374.67/4182.146
=1.04603474

Colliers International Group's asset turnover of this year was 0.83658631. Colliers International Group's asset turnover of last year was 1.04603474. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+0+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Colliers International Group has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Colliers International Group  (NAS:CIGI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Colliers International Group Piotroski F-Score Related Terms

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Colliers International Group Business Description

Traded in Other Exchanges
Address
1140 Bay Street, Suite 4000, Toronto, ON, CAN, M5S 2B4
Colliers International Group Inc is a real estate services and investment management company. The company provides commercial real estate professional services and investment management to corporate and institutional clients around the world. It's primary service lines are Outsourcing & Advisory, Investment Management, Leasing and Capital Markets. Operationally, company is organized into four distinct segments: Americas; Europe, Middle East and Africa, Asia and Australasia and Investment Management.
Executives
Spruce House Partnership Llc 10 percent owner 435 HUDSON STREET, 8TH FLOOR, NEW YORK NY 10014
Spruce House Partnership (qp) Lp 10 percent owner 435 HUDSON ST #804, NEW YORK NY 10014
Spruce House Partnership (ai) Lp 10 percent owner 435 HUDSON STREET, 8TH FLOOR, NEW YORK NY 10014
Spruce House Capital Llc 10 percent owner 435 HUDSON STREET, SUITE 804, NEW YORK NY 10014
Spruce House Investment Management Llc 10 percent owner 435 HUDSON STREET, 8TH FLOOR, NEW YORK NY 10014
Zachary Sternberg 10 percent owner 435 HUDSON STREET, SUITE 804, NEW YORK NY 10014
Benjamin Forester Stein 10 percent owner 435 HUDSON STREET, SUITE 804, NEW YORK NY 10014