Is Colliers International Group Inc. (TSE:CIGI) Trading At A 37% Discount?
Oct 29
Canadian (TSX) Real Estate Sector Analysis
UpdatedOct 30, 2023
DataAggregated Company Financials
Companies78
- 7D-2.0%
- 3M-14.1%
- 1Y-12.4%
- YTD-14.0%
Over the last 7 days, the Real Estate industry has dropped 2.0%, driven by a pullback from Granite Real Estate Investment Trust of 4.7%. In contrast, StorageVault Canada has gained 7.0%. The industry has fallen 12% in the last year. As for the next few years, earnings are expected to grow by 36% per annum.
Sector Valuation and Performance
Has the Canadian Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 31 Oct 2023 | CA$87.4b | CA$31.6b | CA$3.2b | 9.2x | 27.3x | 2.8x |
| Thu, 28 Sep 2023 | CA$93.4b | CA$31.0b | CA$3.3b | 9.9x | 28.7x | 3x |
| Sat, 26 Aug 2023 | CA$99.4b | CA$31.1b | CA$3.3b | 9.2x | 30.5x | 3.2x |
| Mon, 24 Jul 2023 | CA$103.2b | CA$31.3b | CA$4.8b | 7.1x | 21.4x | 3.3x |
| Wed, 21 Jun 2023 | CA$98.6b | CA$31.2b | CA$4.3b | 6.8x | 22.9x | 3.2x |
| Fri, 19 May 2023 | CA$106.9b | CA$31.5b | CA$4.4b | 6.9x | 24.5x | 3.4x |
| Sun, 16 Apr 2023 | CA$110.1b | CA$30.9b | CA$8.3b | 6.2x | 13.3x | 3.6x |
| Tue, 14 Mar 2023 | CA$111.5b | CA$31.3b | CA$8.8b | 6.9x | 12.7x | 3.6x |
| Thu, 09 Feb 2023 | CA$115.9b | CA$31.2b | CA$13.5b | 6.1x | 8.6x | 3.7x |
| Sat, 07 Jan 2023 | CA$108.1b | CA$31.2b | CA$13.8b | 5.6x | 7.8x | 3.5x |
| Mon, 05 Dec 2022 | CA$108.7b | CA$31.2b | CA$13.8b | 5.6x | 7.9x | 3.5x |
| Wed, 02 Nov 2022 | CA$103.2b | CA$30.9b | CA$15.7b | 5x | 6.6x | 3.3x |
| Fri, 30 Sep 2022 | CA$98.2b | CA$30.8b | CA$15.9b | 4.6x | 6.2x | 3.2x |
| Sun, 28 Aug 2022 | CA$112.2b | CA$30.0b | CA$15.8b | 5.1x | 7.1x | 3.7x |
| Tue, 26 Jul 2022 | CA$112.8b | CA$29.0b | CA$16.0b | 5.5x | 7x | 3.9x |
| Thu, 23 Jun 2022 | CA$107.4b | CA$29.0b | CA$16.1b | 5.7x | 6.7x | 3.7x |
| Sat, 21 May 2022 | CA$118.2b | CA$28.9b | CA$16.1b | 6.4x | 7.3x | 4.1x |
| Mon, 18 Apr 2022 | CA$129.2b | CA$27.9b | CA$12.7b | 8.5x | 10.2x | 4.6x |
| Wed, 16 Mar 2022 | CA$132.0b | CA$28.7b | CA$12.6b | 8.6x | 10.5x | 4.6x |
| Fri, 11 Feb 2022 | CA$132.2b | CA$27.5b | CA$10.2b | 9.3x | 12.9x | 4.8x |
| Sun, 09 Jan 2022 | CA$133.6b | CA$27.2b | CA$9.8b | 9.3x | 13.6x | 4.9x |
| Tue, 07 Dec 2021 | CA$131.6b | CA$27.4b | CA$9.8b | 9.6x | 13.4x | 4.8x |
| Thu, 04 Nov 2021 | CA$135.7b | CA$27.1b | CA$8.7b | 10.5x | 15.7x | 5x |
| Sat, 02 Oct 2021 | CA$127.5b | CA$26.7b | CA$8.2b | 10.1x | 15.5x | 4.8x |
| Mon, 30 Aug 2021 | CA$120.5b | CA$26.4b | CA$8.2b | 10.6x | 14.7x | 4.6x |
| Tue, 06 Jul 2021 | CA$113.0b | CA$26.4b | CA$8.2b | 10.1x | 13.8x | 4.3x |
| Fri, 09 Apr 2021 | CA$100.2b | CA$25.3b | CA$4.3b | 10.6x | 23.1x | 4x |
| Thu, 31 Dec 2020 | CA$92.1b | CA$25.0b | CA$3.4b | 11.8x | 27x | 3.7x |
Price to Earnings Ratio
14.9x
Current Industry PE
- Investors are optimistic on the Canadian Real Estate industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 27.3x which is higher than its 3-year average PE of 16.0x.
- The 3-year average PS ratio of 3.9x is higher than the industry's current PS ratio of 2.8x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have declined 17% per year over the last three years.
- Meanwhile revenues for these companies have grown 7.4% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Industry Trends
Which industries have driven the changes within the Canadian Real Estate sector?
| CA Market | -1.70% | |
| Real Estate | -1.97% | |
| Real Estate | 0.018% | |
| Specialized REITs | -0.20% | |
| REITS | -0.65% | |
| Retail REITs | -2.98% | |
| Industrial REITs | -2.99% | |
| Residential REITs | -3.07% | |
| Office REITs | -4.86% | |
| Health Care REITs | -5.42% | |
| Hotel and Resort REITs | -11.31% | |
Industry PE
- Investors are most optimistic about the Industrial REITs industry even though it's trading below its 3-year average PE ratio of 216x.
- Analysts are expecting annual earnings growth of 20.9%, which is higher than its past year's earnings decline of 52.1% per year.
Forecasted Growth
- Analysts are most optimistic on the Health Care REITs industry, expecting annual earnings growth of 105% over the next 5 years.
- In contrast, the Industrial REITs industry is expected to see its earnings grow by 21% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| CIGI Colliers International Group | CA$124.03 | 3.3% +CA$188.9m | -3.0% | PE562.7x | |
| FSV FirstService | CA$196.21 | 1.9% +CA$163.8m | 15.2% | PE47.9x | |
| SVI StorageVault Canada | CA$4.39 | 9.2% +CA$136.4m | -29.8% | PE584x | |
| AP.UN Allied Properties Real Estate Investment Trust | CA$16.38 | 4.9% +CA$106.2m | -37.9% | PB0.3x | |
| ISV Information Services | CA$21.28 | 6.4% +CA$22.7m | -9.0% | PE14.1x |
