Colliers International Group Inc reports 60.6% EBITDA growth and 10.1% Revenue growth
15.02.2017 • About Colliers International Group Inc (
$CIG) • By InTwits
Colliers International Group Inc reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Colliers International Group Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.6%. At the same time it's in pair with industry average of 7.1%.
- CAPEX is quite volatile: 25.0 in 2016, 22.5 in 2015, 52.5 in 2014, 34.8 in 2013, 44.4 in 2012
- The company has highly profitable business model: ROIC is at 26.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Colliers International Group Inc ($CIG) key annual financial indicators
| mln. $ | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,110 | 2,345 | 2,714 | 1,722 | 1,897 | 10.1% |
| Gross Profit | 747 | 821 | 967 | 678 | 717 | 5.8% |
| SG&A | 603 | 650 | 758 | 502 | 522 | 3.9% |
| EBITDA | 134 | 164 | 197 | 119 | 191 | 60.6% |
| Net Income | 6 | -18 | 43 | 23 | 68 | 191.1% |
Balance Sheet
|
|---|
| Cash | 109 | 143 | 157 | 116 | 113 | -2.6% |
| Short Term Debt | 39 | 45 | 36 | 3 | 2 | -38.7% |
| Long Term Debt | 375 | 328 | 457 | 258 | 261 | 1.1% |
Cash flow
|
|---|
| Capex | 44 | 35 | 53 | 23 | 25 | 11.2% |
Ratios
|
|---|
| Revenue growth | -5.1% | 11.1% | 15.8% | -36.6% | 10.1% | |
| EBITDA growth | -10.2% | 22.6% | 20.0% | -39.6% | 60.6% | |
| Gross Margin | 35.4% | 35.0% | 35.6% | 39.3% | 37.8% | -1.5% |
| EBITDA Margin | 6.3% | 7.0% | 7.3% | 6.9% | 10.1% | 3.2% |
| Net Income Margin | 0.3% | -0.8% | 1.6% | 1.4% | 3.6% | 2.2% |
| SG&A, % of revenue | 28.6% | 27.7% | 27.9% | 29.2% | 27.5% | -1.6% |
| CAPEX, % of revenue | 2.1% | 1.5% | 1.9% | 1.3% | 1.3% | 0.0% |
| ROIC | 10.5% | 11.2% | 15.2% | 10.9% | 26.1% | 15.2% |
| ROE | -3.5% | -12.1% | 18.5% | 12.7% | 39.1% | 26.4% |
| Net Debt/EBITDA | 2.3x | 1.4x | 1.7x | 1.2x | 0.8x | -0.4x |
Colliers International Group Inc ($CIG) key quoterly financial indicators
| mln. $ | 16Q1 | 16Q2 | 16Q3 | 16Q4 | YoY change |
|---|
P&L
|
|---|
| Revenue | 376 | 483 | 462 | 576 | 12.0% | 17.7% | 9.9% | 3.6% |
| EBITDA | 20 | 48 | 35 | 88 | 82.0% | | -11.6% | 16.4% |
| Net Income | -7 | 21 | 10 | 44 | -219.1% | | 24.0% | 24.0% |
Balance Sheet
|
|---|
| Cash | 107 | 97 | 109 | 113 | -11.0% | -21.9% | 10.9% | -2.6% |
| Short Term Debt | 3 | 2 | 3 | 2 | -92.8% | -60.2% | -30.9% | -38.7% |
| Long Term Debt | 346 | 337 | 333 | 261 | -33.1% | -10.2% | 5.3% | 1.1% |
Ratios
|
|---|
| Gross Margin | 37.0% | 38.9% | 34.8% | 39.8% | -1.0% | -2.6% | -2.0% | -0.7% |
| EBITDA Margin | 5.3% | 10.0% | 7.6% | 15.3% | 2.0% | 11.7% | -1.8% | 1.7% |
| Net Income Margin | -1.9% | 4.4% | 2.1% | 7.7% | -3.7% | 10.8% | 0.2% | 1.3% |
Revenue and profitability
The company's Revenue surged on 10.1%. Revenue growth showed slow down in 16Q4 - it was 3.6% YoY. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.7 pp from 31.8% to 33.5% in FY2016.
Gross Margin decreased slightly on 1.5 pp from 39.3% to 37.8% in 2016. SG&A as a % of Revenue decreased slightly on 1.6 pp from 29.2% to 27.5% in 2016.
Net Income marign increased on 2.2 pp from 1.4% to 3.6% in 2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 1.3% in 2016. CAPEX/Revenue showed almost no change from 2013 to 2016. It's average CAPEX/Revenue for the last three years was 1.5%.
Return on investment
The company operates at high and attractive ROIC (26.11%) and ROE (39.13%). ROIC surged on 15.2 pp from 10.9% to 26.1% in 2016. ROE surged on 26.4 pp from 12.7% to 39.1% in 2016.
Leverage (Debt)
Debt level is 0.8x Net Debt / EBITDA and 1.4x Debt / EBITDA. Net Debt / EBITDA dropped on 0.4x from 1.2x to 0.8x in 2016. Debt increased slightly on 0.59% while cash decreased on 2.6%.
Appendix 1: Peers in Consumer, Non-cyclical
Below you can find Colliers International Group Inc benchmarking vs. other companies in Consumer, Non-cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($CXR) | | | 159.5% | 275.7% | 107.0% |
| Heritage Global Inc ($HGP) | | -37.0% | 76.2% | 11.2% | 80.8% |
| EnerCare Inc ($ECI) | | 8.6% | 21.1% | 55.7% | 76.6% |
| CRH Medical Corp ($CRH) | | 12.5% | 56.0% | 284.2% | 70.2% |
| Nuvo Research Inc ($NRI) | | -25.3% | -29.1% | 57.0% | 31.9% |
| |
|---|
| Median (40 companies) | | 8.5% | 13.7% | 15.6% | 12.8% |
|---|
| Colliers International Group Inc ($CIG) | | 11.1% | 15.8% | -36.6% | 10.1% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cipher Pharmaceuticals Inc ($CPH) | | 99.5% | 98.3% | 92.7% | |
| Ritchie Bros Auctioneers Inc ($RBA) | 88.7% | 88.4% | 88.0% | 89.1% | 88.3% |
| Information Services Corp ($ISV) | 77.5% | 80.4% | 80.9% | 87.6% | 85.1% |
| Biosyent Inc ($RX) | 79.3% | 79.2% | 78.1% | 78.7% | |
| Concordia Healthcare Corp ($CXR) | | 79.4% | 86.0% | 76.1% | 72.9% |
| |
|---|
| Median (34 companies) | 29.5% | 39.2% | 35.8% | 33.4% | 28.9% |
|---|
| Colliers International Group Inc ($CIG) | 35.4% | 35.0% | 35.6% | 39.3% | 37.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CRH Medical Corp ($CRH) | 21.0% | 24.5% | 29.1% | 44.1% | |
| Valeant Pharmaceuticals International Inc ($VRX) | 30.6% | 27.8% | 45.6% | 39.8% | 23.8% |
| Concordia Healthcare Corp ($CXR) | | 43.7% | 37.0% | 39.8% | -92.8% |
| Ritchie Bros Auctioneers Inc ($RBA) | 36.8% | 36.3% | 36.4% | 39.7% | 31.4% |
| EnerCare Inc ($ECI) | 52.8% | 51.0% | 45.5% | 39.3% | 26.6% |
| |
|---|
| Median (43 companies) | 9.9% | 12.8% | 14.1% | 12.7% | 10.6% |
|---|
| Colliers International Group Inc ($CIG) | 6.3% | 7.0% | 7.3% | 6.9% | 10.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| ProMetic Life Sciences Inc ($PLI) | 2.1% | 33.6% | 34.6% | 23.3% | |
| EnerCare Inc ($ECI) | 25.7% | 26.5% | 23.6% | 20.7% | 15.5% |
| Black Diamond Group Ltd ($BDI) | 61.9% | 27.5% | 31.0% | 17.6% | |
| easyhome Ltd ($EH) | 32.2% | 25.6% | 21.6% | 16.9% | 12.7% |
| K-Bro Linen Inc ($KBL) | 10.0% | 19.0% | 11.4% | 16.6% | |
| |
|---|
| Median (42 companies) | 3.1% | 2.8% | 2.4% | 2.4% | 2.2% |
|---|
| Colliers International Group Inc ($CIG) | 2.1% | 1.5% | 1.9% | 1.3% | 1.3% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Information Services Corp ($ISV) | 71.8% | 72.8% | 58.9% | 38.1% | 27.6% |
| Nuvo Research Inc ($NRI) | -11.6% | -17.4% | -37.9% | 12.9% | 20.8% |
| International Road Dynamics Inc ($IRD) | 0.9% | 6.7% | 4.4% | 10.6% | 16.5% |
| Premium Brands Holdings Corp ($PBH) | 10.3% | 9.9% | 6.9% | 12.6% | 15.3% |
| easyhome Ltd ($EH) | | 14.6% | 14.4% | 14.7% | 14.9% |
| |
|---|
| Median (43 companies) | 8.6% | 7.5% | 8.4% | 6.3% | 8.0% |
|---|
| Colliers International Group Inc ($CIG) | 10.5% | 11.2% | 15.2% | 10.9% | 26.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Concordia Healthcare Corp ($CXR) | | -1.3x | 5.6x | 20.2x | |
| SunOpta Inc ($SOY) | 2.9x | 3.5x | 1.3x | 16.9x | 140.8x |
| Centric Health Corp ($CHH) | 5.6x | 10.2x | 11.2x | 15.6x | |
| Sienna Senior Living Inc ($SIA) | 9.5x | 11.8x | 9.2x | 9.1x | 9.1x |
| Valeant Pharmaceuticals International Inc ($VRX) | 9.5x | 10.4x | 4.0x | 7.3x | 12.7x |
| |
|---|
| Median (37 companies) | 2.9x | 2.3x | 3.5x | 2.8x | 2.9x |
|---|
| Colliers International Group Inc ($CIG) | 2.3x | 1.4x | 1.7x | 1.2x | 0.8x |
