TSX:FSZ

Stock Analysis Report

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Executive Summary

Fiera Capital Corporation is an employee owned investment manager. More Details


Snowflake Analysis

Established dividend payer with reasonable growth potential.


Similar Companies

Share Price & News

How has Fiera Capital's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FSZ is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: FSZ's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

-1.1%

FSZ

-0.7%

CA Capital Markets

-0.5%

CA Market


1 Year Return

-10.2%

FSZ

-5.0%

CA Capital Markets

1.6%

CA Market

Return vs Industry: FSZ underperformed the Canadian Capital Markets industry which returned -4.5% over the past year.

Return vs Market: FSZ underperformed the Canadian Market which returned 1.7% over the past year.


Shareholder returns

FSZIndustryMarket
7 Day-1.1%-0.7%-0.5%
30 Day5.7%-1.8%2.9%
90 Day7.1%11.6%12.2%
1 Year-1.3%-10.2%-2.9%-5.0%5.3%1.6%
3 Year7.4%-15.0%30.4%21.2%13.1%2.3%
5 Year49.0%6.7%85.7%61.8%66.1%40.5%

Long-Term Price Volatility Vs. Market

How volatile is Fiera Capital's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fiera Capital undervalued compared to its fair value and its price relative to the market?

1168.12x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate FSZ's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate FSZ's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: FSZ is poor value based on its PE Ratio (1168.1x) compared to the CA Capital Markets industry average (11.5x).

PE vs Market: FSZ is poor value based on its PE Ratio (1168.1x) compared to the Canadian market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: FSZ is poor value based on its PEG Ratio (14.7x)


Price to Book Ratio

PB vs Industry: FSZ is overvalued based on its PB Ratio (2.3x) compared to the CA Capital Markets industry average (1.3x).


Next Steps

Future Growth

How is Fiera Capital forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

79.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSZ's forecast earnings growth (79.7% per year) is above the savings rate (1.5%).

Earnings vs Market: FSZ's earnings (79.7% per year) are forecast to grow faster than the Canadian market (25.9% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FSZ's revenue (3.7% per year) is forecast to grow slower than the Canadian market (7.9% per year).

High Growth Revenue: FSZ's revenue (3.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FSZ's Return on Equity is forecast to be high in 3 years time (36.3%)


Next Steps

Past Performance

How has Fiera Capital performed over the past 5 years?

-66.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FSZ has a large one-off loss of CA$44.9M impacting its September 30 2020 financial results.

Growing Profit Margin: FSZ became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: FSZ's earnings have declined by 66.1% per year over the past 5 years.

Accelerating Growth: FSZ has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: FSZ has become profitable in the last year, making it difficult to compare its past year earnings growth to the Capital Markets industry (20.6%).


Return on Equity

High ROE: FSZ's Return on Equity (1.6%) is considered low.


Next Steps

Financial Health

How is Fiera Capital's financial position?


Financial Position Analysis

Short Term Liabilities: FSZ's short term assets (CA$245.7M) exceed its short term liabilities (CA$164.8M).

Long Term Liabilities: FSZ's short term assets (CA$245.7M) do not cover its long term liabilities (CA$928.3M).


Debt to Equity History and Analysis

Debt Level: FSZ's debt to equity ratio (135%) is considered high.

Reducing Debt: FSZ's debt to equity ratio has increased from 52.6% to 135% over the past 5 years.

Debt Coverage: FSZ's debt is not well covered by operating cash flow (18.4%).

Interest Coverage: FSZ's interest payments on its debt are not well covered by EBIT (2.4x coverage).


Balance Sheet


Next Steps

Dividend

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

7.45%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FSZ's dividend (7.45%) is higher than the bottom 25% of dividend payers in the Canadian market (1.54%).

High Dividend: FSZ's dividend (7.45%) is in the top 25% of dividend payers in the Canadian market (4.99%)


Stability and Growth of Payments

Stable Dividend: FSZ's dividends per share have been stable in the past 10 years.

Growing Dividend: FSZ's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (8706.5%), FSZ's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FSZ's dividends in 3 years are forecast to be covered by earnings (54% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.1yrs

Average management tenure


CEO

Jean-Guy Desjardins (76 yo)

no data

Tenure

CA$4,741,300

Compensation

Mr. Jean-Guy Desjardins, C.M., L.SC. COMM., CFA is a Director of Fiera Comox Partners Inc. Mr. Desjardins has been Chairman and Chief Executive Officer of Fiera Capital Corporation at Aquila Infrastructure...


CEO Compensation Analysis

Compensation vs Market: Jean-Guy's total compensation ($USD3.72M) is above average for companies of similar size in the Canadian market ($USD1.16M).

Compensation vs Earnings: Jean-Guy's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Jean-Guy Desjardins
Chairman & CEOno dataCA$4.74m0.26%
CA$ 3.0m
Jean-Philippe Lemay
Global President & COO0.83yrCA$2.07m0.036%
CA$ 426.1k
Lucas Pontillo
Executive VP & Global CFO2.25yrsCA$1.52m0.017%
CA$ 194.9k
John Valentini
President & CEO of Private Alternative Investmentsno dataCA$1.69m0.14%
CA$ 1.6m
Sebastian Blandizzi
Global Chief Technology & Operations Officerno datano data0.0094%
CA$ 110.4k
Mariem Elsayed
Director of Investor Relations & Public Affairsno datano datano data
Gabriel Castiglio
Executive VP1.08yrsno data0.0053%
CA$ 62.0k
Thomas Stefano
Interim Chief Compliance Officer1.08yrsno datano data
Daniel Richard
Senior VP of Global HR & Corporate Communications and Chief HR Officerno datano data0%
CA$ 0
Donald Conner
Senior VP & Investment Counsellorno datano datano data
Louis Bourassa
Senior VP and Senior Investment Counsellor of National Network Head & Private Wealth Canadano datano datano data
Pierre Blanchette
Executive VP & Head of Finance10.33yrsCA$446.44kno data

1.1yrs

Average Tenure

Experienced Management: FSZ's management team is not considered experienced ( 1.1 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Jean-Guy Desjardins
Chairman & CEOno dataCA$4.74m0.26%
CA$ 3.0m
Jean Monty
Independent Director10.33yrsno data0.58%
CA$ 6.8m
William Beattie
Independent Director2.58yrsCA$63.50k0.0096%
CA$ 112.7k
Nitin Kumbhani
Director3.58yrsCA$1.80m3.72%
CA$ 43.5m
David Shaw
Independent Lead Directorno dataCA$102.95k0.047%
CA$ 553.0k
Raymond Laurin
Independent Director7.67yrsCA$88.25kno data
Jean Raby
Independent Director1.67yrsno datano data
Gary Collins
Independent Director2.58yrsCA$69.25kno data
Norman Steinberg
Independent Director1.67yrsCA$36.42k0.0096%
CA$ 112.7k
Réal Bellemare
Independent Director4.67yrsno datano data
Lise Pistono
Director7.67yrsno datano data

3.6yrs

Average Tenure

67.5yo

Average Age

Experienced Board: FSZ's board of directors are considered experienced (3.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FSZ insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3%.


Top Shareholders

Company Information

Fiera Capital Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fiera Capital Corporation
  • Ticker: FSZ
  • Exchange: TSX
  • Founded: 2002
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: CA$1.170b
  • Shares outstanding: 103.80m
  • Website: https://www.fieracapital.com

Number of Employees


Location

  • Fiera Capital Corporation
  • 1501 McGill College Avenue
  • Suite 800
  • Montreal
  • Quebec
  • H3A 3M8
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FSZTSX (The Toronto Stock Exchange)YesClass A Subordinate Voting SharesCACADSep 2010
ZFSDB (Deutsche Boerse AG)YesClass A Subordinate Voting SharesDEEURSep 2010
FRRP.FOTCPK (Pink Sheets LLC)YesClass A Subordinate Voting SharesUSUSDSep 2010

Biography

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 manag...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/16 23:38
End of Day Share Price2021/01/15 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.