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Investing.com - Citizens JMP initiated coverage on Colliers International (NASDAQ:CIGI), a $7 billion market cap real estate services company with a beta of 1.53, with a Market Perform rating on Monday.
The research firm cited Colliers’ durable revenue streams and fair valuation as key factors in its assessment of the real estate services company.
Citizens JMP highlighted that Colliers has deployed capital toward both engineering and investment management, creating "a significantly more durable revenue stream that is contractual based and cycle resistant."
The firm noted that almost two-thirds of Colliers’ revenues are resilient in nature, making them resistant to market cycles, while margins remain "at the high end of the sector average."
Despite these positive attributes, Citizens JMP indicated that shares are "trading at a premium to the sector average, at almost 21x NTM EPS," which suggests "limited potential for multiple expansion and fair valuation."
In other recent news, Colliers International reported first-quarter earnings and revenue that missed analyst expectations. The company posted adjusted earnings per share of $0.87, slightly below the consensus estimate of $0.89, while revenue came in at $1.14 billion, just under the projected $1.15 billion. Despite this, Colliers experienced a 14% year-over-year revenue increase, with its Engineering segment showing a notable 59% growth. Additionally, Colliers declared a semi-annual dividend of $0.15 per share, consistent with its dividend policy. RBC Capital maintained its Outperform rating and a $175 price target for Colliers, citing its unique position in the commercial real estate sector. The firm highlighted Colliers’ focus on growth in its Engineering and Investment Management segments. RBC noted potential strategic outcomes for the Investment Management segment, such as a spin-off, to enhance its value. Colliers has also maintained its revenue growth expectations in the high-single-digit to low-teens range.
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