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    Daryl Young

    Managing Director and Equity Research Analyst at Stifel

    Daryl Young is a Managing Director and Equity Research Analyst at Stifel, specializing in Diversified Industrials and Special Situations with coverage spanning companies such as Boyd Group Services and other prominent growth-by-acquisition consolidators. Known for his long-standing expertise, he previously spent over 11 years at TD Cowen covering Industrials, Consumer Discretionary, Mining, and Special Situations, following earlier roles at Ernst & Young Audit and CIBC Corporate Development. Having joined Stifel in September 2023 and based in Toronto, he is recognized for his rigorous analytical approach and is a CFA charterholder, Chartered Professional Accountant, and graduate of Wilfrid Laurier University’s HBBA program. Daryl Young’s performance track record includes strong buy-side recommendations and thorough industry analysis, distinguishing him among Canadian equity research professionals.

    Daryl Young's questions to Colliers International Group (CIGI) leadership

    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Daryl Young from Stifel Financial Corp. questioned the strategic focus on Europe for the Investment Management business, highlighted by recent acquisitions. He also asked if there are any remaining capabilities the company wishes to add to scale the platform further.

    Answer

    CEO Jay Hennick described Europe as a "white space" for growth, where the RoundShield acquisition adds valuable credit and vertically integrated student housing capabilities. He stated that while the company is not currently targeting private equity, it is looking to expand its capabilities in credit and mid-market infrastructure to generate better returns for investors.

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    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Daryl Young questioned the strategic focus on Europe for the Investment Management segment, highlighted by recent acquisitions, and asked about other capabilities the company is looking to add to the platform.

    Answer

    CEO Jay Hennick described Europe as a "white space" for growth, noting the RoundShield acquisition adds valuable credit and vertically integrated student housing capabilities. He stated that while traditional private equity is not a near-term target, they are actively looking to expand capabilities in areas like credit and mid-market infrastructure to generate superior investor returns.

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    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Daryl Young asked about the strategic focus on Europe within the investment management segment, given recent acquisitions. He also inquired if the company is still looking to add new capabilities to the platform, such as traditional private equity.

    Answer

    CEO Jay Hennick described Europe as a "white space" with significant growth opportunities. He highlighted that the RoundShield acquisition adds valuable credit and vertically integrated student housing capabilities. He confirmed they are still seeking to add capabilities, particularly in credit and mid-market infrastructure, but private equity is not a near-term focus.

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    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Daryl Young asked about the strategic focus on Europe within the investment management division, questioning if it's a targeted expansion. He also inquired if the company has now acquired all its desired capabilities or if it's looking to add more.

    Answer

    CEO Jay Hennick described Europe as a "white space" for growth, where acquisitions like RoundShield add valuable credit and vertically integrated operational capabilities. He also confirmed they are still looking to add capabilities, particularly in credit and mid-market infrastructure, while reiterating that traditional private equity is not a near-term focus.

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    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Daryl Young asked about the strategic focus on Europe within the investment management segment, given recent acquisitions. He also inquired if the company is still looking to add new capabilities to the platform.

    Answer

    CEO Jay Hennick described Europe as a 'white space' for growth, noting the RoundShield acquisition adds valuable credit and vertically integrated student housing capabilities. He confirmed that Colliers is still looking to expand its capabilities, particularly in credit and mid-market infrastructure, while private equity is not a near-term focus.

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    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q2 2025

    Question

    Daryl Young inquired about the strategic focus on Europe for the Investment Management business and whether the company is seeking additional capabilities beyond its current scope, such as private equity.

    Answer

    CEO Jay Hennick described Europe as a "white space" for growth, where the RoundShield acquisition adds valuable credit and vertically integrated student housing capabilities. He confirmed they are not targeting private equity in the near term but are looking to expand in areas like credit and mid-market infrastructure.

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    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q1 2025

    Question

    Daryl Young asked if the Engineering platform is becoming more centralized than Colliers' historical model and whether this is driving strong results. He also questioned the lighter margins in Real Estate Services and sought details on net hires for talent acquisition.

    Answer

    Chairman and CEO Jay Hennick clarified that the investment model remains decentralized, but operations are centralized country-by-country, creating synergies and enhancing the brand's stature. He highlighted significant growth potential in the segment. CFO Christian Mayer explained that the company targets a 4-5% net annual growth rate in producers for Real Estate Services, focusing on both recruiting and increasing productivity.

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    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q4 2024

    Question

    Daryl Young asked about the recent MG2 architectural design acquisition, inquiring if it was a tuck-in to augment engineering services or a potential new platform. He also asked about the competitive differentiators for Colliers' mid-tier Investment Management platform in a fundraising environment dominated by super-majors.

    Answer

    CEO Jay Hennick clarified that the MG2 acquisition augments existing Engineering services, particularly in project management for logistics, and fits the vision of a widening, multidisciplinary professional services segment. Regarding Investment Management, Mr. Hennick highlighted their mid-market focus and the significant competitive advantage they expect to gain by unifying disparate fundraising efforts under one streamlined brand, which will better position them against larger players.

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    Daryl Young's questions to Colliers International Group (CIGI) leadership • Q2 2024

    Question

    Daryl Young inquired about the cross-border potential of the Englobe acquisition, particularly leveraging its capabilities in the U.S., and the strategy for organically growing the engineering platform from its new scale.

    Answer

    Chairman and CEO Jay Hennick highlighted the opportunity to merge Englobe with Colliers' leading Canadian project management business and noted significant U.S.-Canada cross-border potential. CFO Christian Mayer added that a significant pipeline of Canadian tuck-in acquisition opportunities for Englobe is already being actively pursued to build further scale and add practice areas.

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    Daryl Young's questions to FirstService (FSV) leadership

    Daryl Young's questions to FirstService (FSV) leadership • Q2 2025

    Question

    Daryl Young of Stifel Financial inquired about the home improvement segment's market positioning with high-income versus low-income consumers and asked if the recent volatility in the roofing business was an expected characteristic or a result of the current unique economic environment.

    Answer

    CEO D. Scott Patterson confirmed that California Closets, a key brand, caters to a broad spectrum but its strength with more affluent customers has helped increase the average job size and support results in the current environment. Regarding roofing, he stated that the current slowdown is macro-driven and not indicative of inherent volatility, emphasizing that the long-term demand drivers for the business remain very compelling and that activity is beginning to pick up.

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    Daryl Young's questions to FirstService (FSV) leadership • Q1 2025

    Question

    Daryl Young questioned if the quarter's top-line miss and margin beat signaled a strategic shift toward margin focus, asked about potential pricing pressure in the residential business during a downturn, and requested the organic growth rate excluding FX impacts.

    Answer

    Executive D. Patterson clarified there is no strategic shift, attributing the top-line result to timing-related project delays and a ~$10 million FX impact, while margin improvement is an ongoing effort. He stated that significant pricing pressure in the residential segment has been present for 18 months and is not expected to escalate. Executive Jeremy Rakusin added that the $10 million FX impact represented about a 1% headwind to consolidated revenue growth.

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    Daryl Young's questions to FirstService (FSV) leadership • Q4 2024

    Question

    Daryl Young from Stifel asked how evolving insurance market dynamics are affecting growth plans for the residential and restoration businesses and if there is potential upside to the 2025 margin guidance.

    Answer

    D. Patterson (executive) explained that rising insurance costs are leading to more self-insured properties, creating an opportunity for the Paul Davis brand to target homeowners directly. Jeremy Rakusin (executive) acknowledged potential for modest margin upside but advised against over-speculation, stating it's too early to count on a strong home improvement recovery and that recent gains are already factored into the outlook.

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    Daryl Young's questions to FirstService (FSV) leadership • Q3 2024

    Question

    Daryl Young asked if increased competition from private equity-backed firms is impacting organic growth. He also questioned if current residential headwinds could lead to long-term competitive rationalization and whether recent labor productivity gains in home improvement are sustainable.

    Answer

    D. Patterson (executive) stated that competition is not impacting their organic growth opportunities, as their focus remains on customer service. He added that he does not foresee competitive rationalization in the residential segment, noting the resilience of smaller management companies. Jeremy Rakusin (executive) confirmed that the labor productivity gains in home improvement are 'sustainable,' resulting from improved processes like reconfiguring teams and reducing overtime, not from temporarily 'running lean.'

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