1445 ET - Colliers International appears to be moving past the worst of its Investment Management margin pressure, with signs of improvement ahead. National Bank of Canada's Maxim Sytchev says that the market's aversion to these businesses has pushed valuations to overly compressed levels, creating a more attractive risk-reward profile for patient investors. While near-term catalysts are limited, Colliers sees operational improvements in IM on the horizon and believes current sentiment is close to washed out. "Obvious catalysts are not easy to identify, but valuation compression does present a much better risk / reward skew," Sytchev says. The company also expects free-cash-flow inflection in 2H26, which should support deleveraging. Scihares are down 5.8% to C$131.90. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

May 05, 2026 14:45 ET (18:45 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.