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    Himanshu Gupta

    Director and Equity Research Analyst specializing in REITs at Scotiabank

    Himanshu Gupta is a Director and Equity Research Analyst specializing in REITs at Scotiabank, based in Toronto. He provides coverage of companies such as FirstService Corporation, consistently delivering thorough fundamental analysis and maintaining active ratings, including a Hold with a $220 price target on FirstService. Gupta's investment recommendations reflect both sector expertise and quantitative rigor, evidenced by his CFA accreditation and a performance track record recognized by industry platforms. His professional journey includes board experience at Mainstreet and several years at Scotiabank, where he leverages his credentials and sector insight to drive accurate coverage and credible investment calls.

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

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

    Question

    Himanshu Gupta of Scotiabank Global Banking and Markets asked about the drivers of the strong Q2 capital markets performance and the outlook for the second half. He also inquired about the guidance for leasing revenue, expected margin expansion in real estate, the performance of the EnGlobe acquisition, and the organic growth forecast for engineering.

    Answer

    CFO Christian Mayer attributed strong capital markets growth to the U.S. and Western Europe, expecting the trend to continue in Q3. He reiterated a full-year mid-single-digit leasing growth target, implying a strong second half, and expects year-over-year margin enhancement in real estate services. 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 (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 (CIGI) leadership • Q2 2025

    Question

    Himanshu Gupta asked about the drivers of the strong capital markets performance and the outlook for the second half. He also inquired about leasing growth assumptions in the guidance, Q3 real estate margin expectations, the performance of the EnGlobe acquisition, and the organic growth outlook for engineering.

    Answer

    CFO Christian Mayer attributed the 16% capital markets growth to the U.S. and Western Europe and expects similar or better growth in Q3. He confirmed the full-year leasing guidance implies a healthy second-half rebound and expects year-over-year margin enhancement in real estate services in Q3 and Q4. He noted the EnGlobe acquisition has performed well and expects mid-to-high single-digit organic growth for engineering in the second half.

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

    Question

    Himanshu Gupta asked a series of questions covering capital markets performance drivers and outlook, leasing growth expectations for H2, real estate margin expansion in Q3, the performance of the EnGlobe acquisition after one year, and the organic growth forecast for the engineering segment.

    Answer

    CFO Christian Mayer addressed the questions, noting that capital markets growth was led by the U.S. and Western Europe and should continue in Q3. He confirmed that the full-year guidance implies a healthy H2 uptick in leasing and that some margin enhancement is expected in real estate services. He described the EnGlobe acquisition as a great success 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 (CIGI) leadership • Q2 2025

    Question

    Himanshu Gupta asked about the drivers of Q2 capital markets outperformance and the H2 outlook, the leasing growth assumptions in guidance, Q3 real estate margin expectations, the performance of the EnGlobe acquisition, and the H2 organic growth forecast for engineering.

    Answer

    CFO Christian Mayer attributed strong capital markets growth to the U.S. and Western Europe, expecting similar or better growth in Q3. He confirmed H2 leasing is expected to see a healthy uptick to meet full-year guidance and that real estate margins should improve year-over-year. He praised the EnGlobe acquisition's performance and projected mid-to-high single-digit organic growth for engineering in H2.

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

    Question

    Himanshu Gupta asked about the drivers of Q2 capital markets performance, the leasing growth assumed in guidance, Q3 margin expectations for real estate services, the performance of the EnGlobe acquisition, and the H2 organic growth outlook for engineering.

    Answer

    CFO Christian Mayer cited strong performance in the U.S. and Western Europe for the 16% capital markets growth and expects similar growth in Q3. He noted that full-year guidance implies a healthy H2 leasing rebound and expects year-over-year margin enhancement in real estate services. He praised the EnGlobe acquisition's performance and projected mid-to-high single-digit organic growth for engineering in H2.

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

    Himanshu Gupta's questions to FirstService (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 (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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