COMP <GO>

CIGI vs VAC // EV/EBITDA & P/E VALUATION

Colliers International Group Inc. Subordinate Voting Shares (NASDAQ) VS. Marriott Vacations Worldwide Corporation (NYSE) • 15-METRIC TALLY: CIGI 5 — VAC 2

■ METRIC PARITY

CIGI — Colliers International Group Inc. Subordinate Voting Shares ROARABLE C+ • RQD 69/100

LAST: $96.07 (+2.46%) • MKT CAP: $4.91B

DES <GO> FA <GO> 10-K RED <GO>

valuation

10.7x

VAC — Marriott Vacations Worldwide Corporation ROARABLE D- • RQD 40/100

LAST: $115.75 (+3.17%) • MKT CAP: $3.98B

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CIGI VS. VAC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	CIGI	VAC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	22.10%	-15.50%	+37.60	CIGI	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	10.7x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	5.12%	-0.73%	+5.85	CIGI	/fcf-yield <GO>
Operating Margin	6.70%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-6.60%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	15.30%	1.00%	+14.30	CIGI	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.31%	2.76%	-2.45	VAC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	2/9	+2.00	CIGI	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	58.4	63.6	-5.22	VAC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$4.91B	$3.98B	$928.3M	CIGI	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	CIGI REV	VAC REV	CIGI GROSS %	VAC GROSS %	CIGI FCF	VAC FCF
FY 2025	$5.56B	$4.67B	—	—	$251.4M	-$29.0M
FY 2024	$4.82B	$4.63B	—	—	$260.9M	$148.0M
FY 2023	$4.34B	$4.41B	—	—	$165.7M	$232.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

CIGI // BETA —

VAC // BETA —