Investment Q&A

Q: Should I be concerned about the declines in office usage as reported in US and Canada. What does this portend for Colliers going forward through this rocky landscape

Q: earnings didn't look great. Thoughts? What does future look like? Is this a one off?

Q: Hi

BN is 3.6% of our portfolio.

Financials are 19% of or portfolio and our Real Estate is at .50%.

Thinking of selling half of our BN and buying CIGI to reduce our financials and increase our Real Estate.

Does this make sense?

Thank you

Mike

Q: cigi just out with earnings. Not are what to make of quarter. How do you see it and what lies ahead. Add to position?

Q: HI,
sorry for the long list. could you just rate these as a buy, sell, or hold right now. I am a long term investor.

Q: I have REAL in both my TSFA and non-registered accounts. I would like to get rid of it from my non-registered account. Could you suggest a replacement (I do not plan to repurchase it? Do you suggest selling it from the TFSA or waiting for it to turn around a bit?

Q: Hi 5i Team,
Pls comment on 3rd qtr earning and this company going forward.
Thank you for your help.

Q: Hi 5i,

I am calculating a fcf yield for go easy,
and Trisura as being 18% and 23.5% respectively ($20/$111 and $7.38/31.36). Both these companies are compounders with more revenue and earnings quarterly. How are they not table pounding buys here? Can you please provide your thoughts and comments.

Q: Could I have your assessment of Collier's earnings. Stock down about 4.5 % at time this is being written.
Thank-you.

Q: I think you would consider these two as being solid companies. Both have pulled back in recent months. Are they different enough to own both. If only one, which one, with a brief explanation please.

Thanks

Q: What is your opinion of the latest acquisition of versus by collier …. Would you be buyers of shares of collier at the moment and your prognostic for a 5 years hold. Thanks !

Q: Hi 5i,
I would like an update on which horse you might bet on between these three.
Please rank #1 as the horse that is likely to be the marathon race winner. Can you please also give a higher preference to the horse that has the best balance sheet and stability in this challenging economic environment. High level reasons would also be greatly appreciated so I can understand your thought process. thanks

Q: Hi 5i,

The CEO of CIGI recently purchased $17M dollars worth of stock. Is this significant relative to his holdings? Would you consider this a very strong vote of confidence for this stock by the CEO? What do you think an attractive purchase price would be for the stock assuming you think it is a good long term investment? thanks

Q: I see the EPS for Colliers is -$10.96 .
Has this company ever had a positive EPS and is there an estimated timeline now to achieve a positive EPS in the future?

Q: I am interested in opening a position in either stocks mentioned or potentially another company in the real estate industry. Is there one you guys are favouring at the moment, and why?

Thanks!

Q: Hello Team,

Given your past responses it does not seem like you are fans of Colliers or at least would allocate capital to other names first (and don’t like the amount of debt they carry).

I don’t understand this and look at the company as a smaller, younger BAM for the following reasons:

- Their IM is growing by over 50% yoy.
- revenue has compounded over the last decade while ebitda margins have improved from 9.3% to 14%.
- their acquisitions of Harrison st, basalt, antirion have diversified their offering to be more infrastructure than only RE.
- they have already proven to successfully expanded into engineering serivcies.
- Their goal is to have over 65% reoccurring revenue by 2025
- Jay Hennick has proven track record with the stock providing compounded annually return of +20% for 20 years.


I could go on and on but given the tailwinds for alternative asset managers (similar to BAM) and proven track record. I don’t understand how this isn’t in your core stable of beloved Canadian names with the likes of BAM, CSU, TOI, ECN, ATD, GSY, etc.

I would love to hear your expanded feedback on the name

Q: Any idea why CIGI is dropping so much and so quickly?

Q: Can you comment on CIGI's Basalt investment and your opinion on their outlook? In light of this, which would you prefer between CIGI and FSV? Thanks.

Q: Do you think CIGI or BAM could be affected by the Evergrande debacle?

Q: Hi 5i
REAL reported today and stock continues to slide...How were the earnings and what do you think this companys future looks like going forward?

At a -60% loss would you continue to hold or sell and move on?

If sell what would suggest for replacement in similar space with better expected upside.

Thx
Jim