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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:
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.
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.
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 | 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 | 6.00 | 6.00 | 7.00 | 7.00 | 6.00 |
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.
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.
Thank you for viewing the detailed overview of Colliers International Group's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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 |
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