DDM Analysis: CIGI

Valuation Snapshot

Stable Growth	$449.40 - $529.47	$496.19
Multi-Stage	$111.30 - $122.02	$116.56
Blended Fair Value	$306.38
Current Price	$130.54
Upside	134.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.08%	0.22%	0.33	0.31	0.30	0.10	0.09	0.09	0.09	0.09	0.08	0.16
YoY Growth	-	-	8.56%	3.18%	211.24%	5.44%	1.32%	0.87%	0.80%	11.64%	-51.64%	-50.02%
Dividend Yield	-	-	0.28%	0.26%	0.28%	0.07%	0.09%	0.19%	0.13%	0.13%	0.17%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	117.10
(-) Cash Dividends Paid (M)	15.18
(=) Cash Retained (M)	101.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.42	14.64	8.78
Cash Retained (M)	101.92	101.92	101.92
(-) Cash Required (M)	-23.42	-14.64	-8.78
(=) Excess Retained (M)	78.50	87.28	93.14
(/) Shares Outstanding (M)	43.98	43.98	43.98
(=) Excess Retained per Share	1.78	1.98	2.12
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	1.78	1.98	2.12
(=) Adjusted Dividend	2.13	2.33	2.46
WACC / Discount Rate	5.46%	5.46%	5.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$449.40	$496.19	$529.47
Upside / Downside	244.26%	280.11%	305.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	117.10	124.71	132.82	141.45	150.65	160.44	165.25
Payout Ratio	12.97%	28.37%	43.78%	59.19%	74.59%	90.00%	92.50%
Projected Dividends (M)	15.18	35.38	58.15	83.72	112.37	144.39	152.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.46%	5.46%	5.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33.24	33.55	33.87
Year 2 PV (M)	51.31	52.28	53.27
Year 3 PV (M)	69.39	71.38	73.41
Year 4 PV (M)	87.49	90.85	94.31
Year 5 PV (M)	105.60	110.70	116.00
PV of Terminal Value (M)	4,548.40	4,768.09	4,996.18
Equity Value (M)	4,895.42	5,126.86	5,367.05
Shares Outstanding (M)	43.98	43.98	43.98
Fair Value	$111.30	$116.56	$122.02
Upside / Downside	-14.74%	-10.71%	-6.53%

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Colliers International Group Inc. (CIGI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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