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    Himanshu Gupta • Scotiabank

    Himanshu Gupta's questions to Colliers International Group Inc (CIGI) leadership

    Himanshu Gupta's questions to Colliers International Group Inc (CIGI) leadership • Q2 2025

    Question

    Himanshu Gupta asked a series of questions covering the drivers of Q2 capital markets outperformance, the leasing growth outlook for H2, Q3 real estate margin expectations, a one-year review of the EnGlobe acquisition, and H2 engineering organic growth projections.

    Answer

    CFO Christian Mayer attributed strong capital markets growth to the U.S. and Western Europe, expecting the trend to continue in Q3. He reaffirmed mid-single-digit full-year leasing growth, implying a strong H2, and guided for year-over-year margin expansion in real estate services in Q3 and Q4. He praised the EnGlobe acquisition's performance and integration and projected mid-to-high single-digit organic growth for the engineering segment in H2.

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    Himanshu Gupta's questions to Colliers International Group Inc (CIGI) leadership • Q4 2024

    Question

    Himanshu Gupta asked if the Real Estate Services growth guidance for 2025 is net of the negative FX impact. He also inquired if the Capital Markets recovery is expected to be a second-half story, if end-of-life funds would offset new capital raising, and about private market valuation trends for M&A in the Investment Management space.

    Answer

    CFO Christian Mayer confirmed the guidance is net of a 2-3% FX headwind and that both Real Estate Services and Engineering are similarly impacted. He noted that while Capital Markets is seasonally skewed to Q4, they expect growth throughout the year. He also stated that overall AUM is expected to grow, with fundraising outweighing modest redemptions. CEO Jay Hennick commented that M&A valuations in the IM segment are very competitive and buoyant, making them selective.

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    Himanshu Gupta's questions to Colliers International Group Inc (CIGI) leadership • Q2 2024

    Question

    Himanshu Gupta asked for details on industrial leasing strength, the intra-quarter timing of the Capital Markets improvement, the definition of a 'normal' market, and the cause of lower Investment Management EBITDA margins.

    Answer

    CEO of Real Estate Services Christopher McLernon confirmed global industrial leasing was up 11% and that the Capital Markets recovery is gradual, with a 'normal' market reflecting the 10-year average volume. CFO Christian Mayer explained that Investment Management margins were impacted by investments in fundraising staff and new strategies, with a rebound expected as fundraising accelerates.

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    Himanshu Gupta's questions to FirstService Corp (FSV) leadership

    Himanshu Gupta's questions to FirstService Corp (FSV) leadership • Q4 2024

    Question

    Himanshu Gupta from Scotiabank asked about the potential impact of tariffs on margins, the growth drivers for Century Fire, and how Roofing Corp's first year performed against underwriting expectations.

    Answer

    Jeremy Rakusin (executive) stated that tariff impacts should be modest and insignificant to margins, as most suppliers are domestic and costs would be passed through. D. Patterson (executive) explained Century Fire's growth is balanced between new construction and service. He also confirmed Roofing Corp hit its year-one forecast and successfully expanded its footprint, with long-term organic growth expected to be in the high single-digits.

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    Himanshu Gupta's questions to FirstService Corp (FSV) leadership • Q3 2024

    Question

    Himanshu Gupta requested a breakdown of the residential organic growth slowdown between pricing pressure and reduced scope of work, and asked if the issue was primarily confined to Florida. He also inquired about the expected EBITDA margin on storm-related revenues and the potential revenue cadence from recent hurricanes into 2025.

    Answer

    D. Patterson (executive) attributed the residential growth slowdown to the timing of contract concessions and flat seasonal services, confirming the impact is 'focused on Florida' due to legislation, though rising insurance costs create some pressure elsewhere. Jeremy Rakusin (executive) estimated the incremental EBITDA margin on storm-related work to be 'in and around 20%,' with variability. D. Patterson stated he could not yet predict the revenue cadence from hurricanes into 2025.

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