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Fiera Capital

TSX:FSZ
Snowflake Description

Reasonable growth potential and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FSZ
TSX
CA$1B
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

Fiera Capital Corporation is an employee owned investment manager. The last earnings update was 41 days ago. More info.


Add to Portfolio Compare Print
  • Fiera Capital is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
FSZ Share Price and Events
7 Day Returns
0.8%
TSX:FSZ
0.1%
CA Capital Markets
0.4%
CA Market
1 Year Returns
-3.9%
TSX:FSZ
-3.6%
CA Capital Markets
-3%
CA Market
FSZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fiera Capital (FSZ) 0.8% -2.5% -0.3% -3.9% -7% -6.7%
CA Capital Markets 0.1% 0.8% 6.9% -3.6% 18.1% -11.3%
CA Market 0.4% -1% -0.6% -3% 10.9% 1.6%
1 Year Return vs Industry and Market
Price Volatility
FSZ
Industry
5yr Volatility vs Market

Value

 Is Fiera Capital undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Fiera Capital to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Fiera Capital.

TSX:FSZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= CA$5.89 * 24.8%
CA$1.46
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. CA$5.89
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:FSZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.7
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.696 (1 + (1- 26.5%) (54.73%))
0.984
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.984 * 5.96%)
7.81%

Discounted Cash Flow Calculation for TSX:FSZ using Excess Returns Model Model

The calculations below outline how an intrinsic value for Fiera Capital is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSX:FSZ Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (24.8% – 7.81%) * CA$5.89)
CA$1.00
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$1.00 / (7.81% - 1.95%)
CA$17.05
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$5.89 + CA$17.05
CA$22.93
TSX:FSZ Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$22.93
Current discount Discount to share price of CA$11.90
= -1 x (CA$11.90 - CA$22.93) / CA$22.93
48.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Fiera Capital is available for.
Intrinsic value
48%
Share price is CA$11.9 vs Future cash flow value of CA$22.93
Current Discount Checks
For Fiera Capital to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fiera Capital's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Fiera Capital's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Fiera Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fiera Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:FSZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$-0.10
TSX:FSZ Share Price ** TSX (2019-06-18) in CAD CA$11.9
Canada Capital Markets Industry PE Ratio Median Figure of 21 Publicly-Listed Capital Markets Companies 11.26x
Canada Market PE Ratio Median Figure of 545 Publicly-Listed Companies 15.01x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fiera Capital.

TSX:FSZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:FSZ Share Price ÷ EPS (both in CAD)

= 11.9 ÷ -0.10

-122.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fiera Capital is loss making, we can't compare its value to the CA Capital Markets industry average.
  • Fiera Capital is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Fiera Capital's expected growth come at a high price?
Raw Data
TSX:FSZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -122.42x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
110.6%per year
North America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 2.04x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.14x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Fiera Capital, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Fiera Capital's assets?
Raw Data
TSX:FSZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$6.19
TSX:FSZ Share Price * TSX (2019-06-18) in CAD CA$11.9
Canada Capital Markets Industry PB Ratio Median Figure of 149 Publicly-Listed Capital Markets Companies 1.18x
Canada Market PB Ratio Median Figure of 2,414 Publicly-Listed Companies 1.41x
TSX:FSZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:FSZ Share Price ÷ Book Value per Share (both in CAD)

= 11.9 ÷ 6.19

1.92x

* Primary Listing of Fiera Capital.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fiera Capital is overvalued based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess Fiera Capital's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Fiera Capital has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Fiera Capital expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
110.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fiera Capital expected to grow at an attractive rate?
  • Fiera Capital's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Fiera Capital's earnings growth is expected to exceed the Canada market average.
  • Fiera Capital's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:FSZ Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:FSZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 110.6%
TSX:FSZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 10.4%
Canada Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.6%
Canada Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.6%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:FSZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:FSZ Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 696 166 57 8
2019-12-31 635 127 29 7
TSX:FSZ Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 566 111 -9
2018-12-31 546 106 -5
2018-09-30 526 91 -3
2018-06-30 497 81 1
2018-03-31 477 60 4
2017-12-31 457 93 11
2017-09-30 436 71 15
2017-06-30 412 70 11
2017-03-31 378 70 18
2016-12-31 343 58 21
2016-09-30 297 56 25
2016-06-30 274 64 32

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fiera Capital's earnings are expected to grow significantly at over 20% yearly.
  • Fiera Capital's revenue is expected to grow by 10.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:FSZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Fiera Capital Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:FSZ Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.60 0.75 0.37 5.00
2019-12-31 0.29 0.34 0.23 4.00
TSX:FSZ Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 -0.10
2018-12-31 -0.05
2018-09-30 -0.03
2018-06-30 0.01
2018-03-31 0.05
2017-12-31 0.13
2017-09-30 0.19
2017-06-30 0.14
2017-03-31 0.23
2016-12-31 0.27
2016-09-30 0.34
2016-06-30 0.44

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Fiera Capital will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Fiera Capital's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Fiera Capital has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Fiera Capital performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Fiera Capital's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Fiera Capital does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Fiera Capital's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Fiera Capital's 1-year growth to the CA Capital Markets industry average as it is not currently profitable.
Earnings and Revenue History
Fiera Capital's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Fiera Capital Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:FSZ Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 566.18 -9.37 437.42
2018-12-31 545.58 -5.01 425.92
2018-09-30 526.13 -2.54 412.94
2018-06-30 496.56 1.07 390.73
2018-03-31 477.40 4.05 378.82
2017-12-31 456.69 10.67 358.45
2017-09-30 435.61 15.11 333.40
2017-06-30 411.89 10.90 306.88
2017-03-31 377.98 17.93 272.83
2016-12-31 342.71 20.78 248.47
2016-09-30 296.75 25.25 213.08
2016-06-30 274.10 31.56 197.85
2016-03-31 265.66 31.20 189.93
2015-12-31 258.42 27.63 177.69
2015-09-30 248.72 30.04 168.83
2015-06-30 240.88 28.40 160.86
2015-03-31 230.46 28.53 150.49
2014-12-31 222.36 27.49 145.97
2014-09-30 213.28 23.88 138.20
2014-06-30 196.02 20.34 126.11
2014-03-31 173.47 16.03 111.82
2013-12-31 153.73 14.94 94.36
2013-09-30 122.58 9.77 77.94
2013-06-30 113.87 11.27 71.54
2013-03-31 106.95 4.44 65.95
2012-12-31 92.26 2.42 59.39
2012-09-30 84.32 -0.06 55.97
2012-06-30 76.61 -1.64 53.04

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Fiera Capital has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Fiera Capital used its assets less efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • It is difficult to establish if Fiera Capital improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Fiera Capital's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Fiera Capital has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Fiera Capital's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Fiera Capital's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fiera Capital is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fiera Capital's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Fiera Capital's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Fiera Capital Company Filings, last reported 2 months ago.

TSX:FSZ Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 604.36 646.29 34.80
2018-12-31 633.73 502.10 58.41
2018-09-30 638.07 495.11 63.31
2018-06-30 645.37 466.31 42.83
2018-03-31 593.18 419.86 57.38
2017-12-31 592.01 371.23 46.98
2017-09-30 539.09 437.16 51.49
2017-06-30 552.22 432.23 38.53
2017-03-31 589.48 434.91 51.21
2016-12-31 596.65 430.70 49.41
2016-09-30 538.52 366.23 25.54
2016-06-30 538.21 358.40 20.24
2016-03-31 451.79 240.06 16.60
2015-12-31 470.03 265.62 30.43
2015-09-30 441.84 232.07 20.59
2015-06-30 436.36 231.91 16.71
2015-03-31 434.45 236.19 19.78
2014-12-31 434.21 223.03 24.87
2014-09-30 426.96 233.16 25.55
2014-06-30 416.24 228.97 24.60
2014-03-31 416.90 231.95 20.56
2013-12-31 417.04 228.91 31.49
2013-09-30 299.49 175.29 10.02
2013-06-30 295.67 178.93 7.98
2013-03-31 294.66 173.79 9.81
2012-12-31 297.74 118.81 12.55
2012-09-30 298.80 108.36 8.34
2012-06-30 315.76 109.73 8.24
  • Fiera Capital's level of debt (85.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (55.6% vs 85.7% today).
  • Debt is well covered by operating cash flow (21.4%, greater than 20% of total debt).
  • Fiera Capital is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Fiera Capital's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Fiera Capital has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Fiera Capital's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.06%
Current annual income from Fiera Capital dividends. Estimated to be 7.41% next year.
If you bought CA$2,000 of Fiera Capital shares you are expected to receive CA$141 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Fiera Capital's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
  • Fiera Capital's dividend is above the markets top 25% of dividend payers in Canada (5.77%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:FSZ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 4.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:FSZ Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.91 8.00
2019-12-31 0.86 8.00
TSX:FSZ Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-09 0.840 7.055
2019-03-22 0.840 6.864
2018-11-09 0.800 6.773
2018-08-10 0.800 6.403
2018-05-11 0.760 6.304
2018-03-23 0.760 6.789
2017-11-10 0.720 5.677
2017-08-11 0.720 4.979
2017-05-10 0.680 4.866
2017-03-23 0.680 4.848
2016-11-10 0.640 4.926
2016-08-05 0.640 5.137
2016-05-05 0.600 4.698
2016-03-17 0.600 4.477
2015-11-11 0.560 5.042
2015-08-05 0.560 4.680
2015-03-19 0.520 3.967
2014-11-13 0.480 3.695
2014-08-13 0.480 3.794
2014-08-12 0.480 3.975
2014-05-06 0.440 3.444
2014-05-05 0.440 3.144
2014-03-19 0.440 3.157
2013-11-08 0.400 2.888
2013-08-13 0.400 3.359
2013-03-22 0.360 3.427
2013-03-21 0.360 3.957
2012-11-13 0.320 3.958
2012-08-14 0.320 4.194
2012-05-11 0.320 4.013
2012-03-13 0.320 3.747
2011-12-15 0.320 4.688
2011-08-10 0.320 5.215
2011-05-11 0.320 4.115
2011-02-08 0.320 3.885
2010-10-06 0.240 2.981

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Fiera Capital has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Fiera Capital only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Fiera Capital's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Fiera Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Fiera Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fiera Capital has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Fiera Capital's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jean-Guy Desjardins
COMPENSATION CA$4,616,072
AGE 74
CEO Bio

Mr. Jean-Guy Desjardins, C.M., L.SC. COMM., CFA is a Director of Fiera Comox Partners Inc. Mr. Desjardins has been Chairman and President at Fiera Capital Corporation since May 2017 and serves as its Chief Executive Officer. He served as an Interim Chief Operating Officer at Fiera Capital Corporation since April 13, 2017. He served as Interim Global President at Fiera Capital Corporation since April 13, 2017 until September 6, 2017. He has served as a Director at Fiera Capital Corporation since September 1, 2010. Previously, Mr. Desjardins served as Global Chief Executive Officer and Chief Investment Officer. He co-founded the firm in 2003. Mr. Desjardins serves as the Chief Executive Officer, Chairman and Director of DJM Capital Inc. Previously, he co-founded TAL Global Asset Management in 1972. Mr. Desjardins began his career at Sun Life Insurance Company as a Financial Analyst and Portfolio Manager. He serves as the Chairman of Board of Fiera Properties Limited. Mr. Desjardins is a Member of the Council of Governors of Centraide of Greater Montréal. He serves as a Member of the Board of Directors of the Société De Services Financiers Fonds FMOQ Inc., The Canadian Institute for Advanced Research, HEC Montréal, Centria Inc., Fiera Axium Infrastructure Inc. and Orchestre Symphonique de Montréal. Mr. Desjardins also serves as a Director of Fiera Sceptre Inc. Previously, he served as a Member of the Board of Directors of Bank of Canada for five years and was elected Lead Director in 2007. Previously, Mr. Desjardins served as a Director of Gaz Métro inc. since 2002, BELLUS Health Inc. from 2004 to April 2008, MEGA Brands Inc. from May 08, 2002 to May 01, 2008 and Laurentian Bank of Canada from August 2002 to March 2003. Previously, he was appointed to Order of Canada in December 2014. Mr. Desjardins has received the CFA Institute Award for Excellence in 2015. He holds a Chartered Financial Analyst designation. Mr. Desjardins earned an L.Sc.Comm. (Finance) from the Ecole des Hautes Etudes Commerciales de Montreal in 1969 and a Bachelor of Arts Degree from Collège Mont-Saint-Louis in 1966.

CEO Compensation
  • Jean-Guy's compensation has increased whilst company is loss making.
  • Jean-Guy's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Fiera Capital management team in years:

1.6
Average Tenure
71
Average Age
  • The average tenure for the Fiera Capital management team is less than 2 years, this suggests a new team.
Management Team

Jean-Guy Desjardins

TITLE
Chairman & CEO
COMPENSATION
CA$5M
AGE
74

Vincent Duhamel

TITLE
Global President & COO
COMPENSATION
CA$6M
AGE
53
TENURE
1.6 yrs

Lucas Pontillo

TITLE
Executive VP & Global CFO
COMPENSATION
CA$384K
TENURE
0.7 yrs

Todd Morgan

TITLE
Director
COMPENSATION
CA$4M

John Valentini

TITLE
President & CEO of Private Alternative Investments
COMPENSATION
CA$10M

Nick Kumbhani

TITLE
Director
COMPENSATION
CA$2M
AGE
71

Nick Nino

TITLE
Executive VP & Global Head of Distribution
COMPENSATION
CA$3M

David Sadkin

TITLE
President of Bel Air Investment Advisors LLC
COMPENSATION
CA$2M
TENURE
2.4 yrs

François Bourdon

TITLE
Global Chief Investment Officer
COMPENSATION
CA$1M

Sebastian Blandizzi

TITLE
Global Chief Technology & Operations Officer
Board of Directors Tenure

Average tenure and age of the Fiera Capital board of directors in years:

5.1
Average Tenure
67.5
Average Age
  • The tenure for the Fiera Capital board of directors is about average.
Board of Directors

Jean-Guy Desjardins

TITLE
Chairman & CEO
COMPENSATION
CA$5M
AGE
74

Todd Morgan

TITLE
Director
COMPENSATION
CA$4M
TENURE
5.1 yrs

Nick Kumbhani

TITLE
Director
COMPENSATION
CA$2M
AGE
71

Jean Monty

TITLE
Director
AGE
71
TENURE
8.8 yrs

Raymond Laurin

TITLE
Director
COMPENSATION
CA$87K
TENURE
6.1 yrs

David Shaw

TITLE
Lead Director
COMPENSATION
CA$105K
AGE
64

Lise Pistono

TITLE
Director
TENURE
6.1 yrs

Réal Bellemare

TITLE
Director
TENURE
3.1 yrs

Geoff Beattie

TITLE
Director
COMPENSATION
CA$30K
AGE
58
TENURE
1 yrs

Gary Collins

TITLE
Director
COMPENSATION
CA$34K
AGE
54
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • Fiera Capital insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
29. May 19 Buy Vincent Duhamel Individual 27. May 19 28. May 19 15,000 CA$11.78 CA$175,925
15. May 19 Sell Todd Morgan Individual 15. May 19 15. May 19 -73,574 CA$12.14 CA$-892,887
14. May 19 Sell DJM Capital Inc. Company 09. May 19 09. May 19 -2,450,000 CA$12.00 CA$-29,400,000
09. May 19 Sell National Bank of Canada Company 09. May 19 09. May 19 -10,680,000 CA$12.00 CA$-128,160,000
27. Aug 18 Buy Vincent Duhamel Individual 24. Aug 18 24. Aug 18 9,000 CA$12.75 CA$114,750
15. Aug 18 Buy Vincent Duhamel Individual 14. Aug 18 14. Aug 18 6,000 CA$12.81 CA$76,746
X
Management checks
We assess Fiera Capital's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Fiera Capital has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should Fiera Capital Corporation (TSE:FSZ) Be Part Of Your Portfolio?

Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. … Over the past 8 years, Fiera Capital Corporation (TSE:FSZ) has returned an average of 4.00% per year to shareholders in terms of dividend yield. … Let's dig deeper into whether Fiera Capital should have a place in your portfolio.

Simply Wall St -

Fiera Capital Corporation (TSE:FSZ): Dividend Is Coming In 3 Days, Should You Buy?

Fiera Capital Corporation (TSX:FSZ) will be distributing its dividend of CA$0.19 per share on the 20 June 2018, and will start trading ex-dividend in 3 days time on the 22 May 2018. … See our latest analysis for Fiera Capital How I analyze a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Does it pay an annual yield higher than 75% of dividend payers? … Next Steps: After digging a little deeper into Fiera Capital's yield, it's easy to see why you should be cautious investing in the company just for the dividend.

Simply Wall St -

Fiera Capital Corporation's (TSE:FSZ) Earnings Dropped -48.64%, How Did It Fare Against The Industry?

Below, I will run you through a simple sense check to build perspective on how Fiera Capital is doing by comparing its most recent earnings with its historical trend, in addition to the performance of its capital markets industry peers. … View our latest analysis for Fiera Capital Was FSZ's recent earnings decline worse than the long-term trend and the industry? … For Fiera Capital, its most recent earnings (trailing twelve month) is CA$10.67M, which, relative to last year’s level, has sunken by a significant -48.64%.

Simply Wall St -

Only 3 Days Left To Cash In On Fiera Capital Corporation (TSE:FSZ) Dividend, Should Investors Buy?

Check out our latest analysis for Fiera Capital 5 checks you should do on a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is their annual yield among the top 25% of dividend payers? … TSX:FSZ Historical Dividend Yield Mar 30th 18 How well does Fiera Capital fit our criteria? … Fiera Capital has a trailing twelve-month payout ratio of more than 200% of earnings, meaning that the dividend is predominantly funded by retained earnings.

Simply Wall St -

When Should You Buy Fiera Capital Corporation (TSE:FSZ)?

What does the future of Fiera Capital look like? … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. … FSZ’s optimistic future growth appears to have been factored into the current share price, with shares trading above its fair value.

Simply Wall St -

Is Now The Right Time To Buy Fiera Capital Corporation (TSX:FSZ)?

Fiera Capital Corporation (TSX:FSZ) is a stock well positioned for future growth, but many investors are wondering whether its last closing price of CA$13.5 is based on unrealistic expectations. … Fiera Capital is trading at price-to-earnings (PE) ratio of 72.64x, this also tells us the stock is overvalued based on current earnings compared to the capital markets industry average of 12.82x , and overvalued compared to the CA market average ratio of 17.4x. … But, to properly examine the value of a high-growth stock such as Fiera Capital, we must reflect its earnings growth into the valuation.

Simply Wall St -

Is Buying Fiera Capital Corporation (TSX:FSZ) For Its Upcoming $0.18 Dividend A Good Choice?

Check out our latest analysis for Fiera Capital 5 questions to ask before buying a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Does it pay an annual yield higher than 75% of dividend payers? … TSX:FSZ Historical Dividend Yield Nov 17th 17 How does Fiera Capital fare? … In terms of its peers, Fiera Capital produces a yield of 5.43%, which is high for capital markets stocks.

Simply Wall St -

Company Info

Description

Fiera Capital Corporation is an employee owned investment manager. The firm primarily provides its services to institutional investors, mutual funds, charitable organizations, and private clients. It manages separate client-focused equity, fixed income, and balanced portfolios. The firm also launches and manages equity, fixed income, and balanced mutual funds and income trusts for its clients. It invests in the public equity and fixed income markets across the globe with a focus on Canada. The firm primarily invests in growth and value stocks of small-cap companies. It also invests in G.A.R.P. and value stocks of large-cap companies. The firm also makes investments in income trusts and preferred shares. It also applies exclusions to be fossil fuel free, integrates environmental, social, and governance considerations, and applies an ethical filter while making its investments. The firm employs fundamental and quantitative analysis along with bottom-up stock picking approach to create its equity portfolios. It employs a top-down macro-economic research to make its fixed income investments. The firm also makes alternative investments, including the use of long/short equity strategy. It benchmarks the performance of its portfolio against the S&P/TSX Index, MSCI ACWI Index, S&P/TSX Composite FFF Index, and S&P 500 indices. The firm conducts in-house research to make its investments. It makes investments in social infrastructure with a focus on affordable housing and community health care facilities and also makes investment in solar and wind power generation, transport, and mid-market assets. It typically invests in Canada. It was formerly known as Fiera Sceptre Inc. Fiera Capital Corporation was founded in 2002 and is based in Montréal, Canada with an additional office in Toronto, Canada, Calgary, Canada, and Vancouver, Canada.

Details
Name: Fiera Capital Corporation
FSZ
Exchange: TSX
Founded: 2002
CA$1,180,968,506
99,241,051
Website: http://www.fieracapital.com
Address: Fiera Capital Corporation
1501 McGill College Avenue,
Suite 800,
Montreal,
Quebec, H3A 3M8,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX FSZ Class A Subordinate Voting Shares The Toronto Stock Exchange CA CAD 02. Sep 2010
OTCPK FRRP.F Class A Subordinate Voting Shares Pink Sheets LLC US USD 02. Sep 2010
DB ZFS Class A Subordinate Voting Shares Deutsche Boerse AG DE EUR 02. Sep 2010
Number of employees
Current staff
Staff numbers
770
Fiera Capital employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 00:27
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/06/15
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.