TSX:FSZ

Stock Analysis Report

Executive Summary

Fiera Capital Corporation is an employee owned investment manager.

Rewards


Snowflake Analysis


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's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

25.2%

FSZ

2.8%

CA Capital Markets

7.1%

CA Market


1 Year Return

-46.4%

FSZ

-18.5%

CA Capital Markets

-25.3%

CA Market

Return vs Industry: FSZ underperformed the Canadian Capital Markets industry which returned -18.5% over the past year.

Return vs Market: FSZ underperformed the Canadian Market which returned -25.3% over the past year.


Shareholder returns

FSZIndustryMarket
7 Day25.2%2.8%7.1%
30 Day-43.1%-24.6%-24.1%
90 Day-41.9%-26.7%-26.7%
1 Year-42.3%-46.4%-15.6%-18.5%-22.9%-25.3%
3 Year-41.8%-51.3%-8.6%-19.3%-15.6%-23.4%
5 Year-35.2%-50.7%0.4%-20.5%-3.2%-17.5%

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?

1.25x

Price to Book (PB) 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 unprofitable, so we can't compare its PE Ratio to the Capital Markets industry average.

PE vs Market: FSZ is unprofitable, so we can't compare its PE Ratio to the Canadian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FSZ's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FSZ is overvalued based on its PB Ratio (1.2x) compared to the CA Capital Markets industry average (0.8x).

Future Growth

How is Fiera Capital forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

118.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSZ is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.4%).

Earnings vs Market: FSZ is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: FSZ's is expected to become profitable in the next 3 years.

Revenue vs Market: FSZ's revenue (0.2% per year) is forecast to grow slower than the Canadian market (3.9% per year).

High Growth Revenue: FSZ's revenue (0.2% 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 (27.9%)

Past Performance

How has Fiera Capital performed over the past 5 years?

-58.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FSZ is currently unprofitable.

Growing Profit Margin: FSZ is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: FSZ is unprofitable, and losses have increased over the past 5 years at a rate of -58.9% per year.

Accelerating Growth: Unable to compare FSZ's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: FSZ is unprofitable, making it difficult to compare its past year earnings growth to the Capital Markets industry (-9.4%).


Return on Equity

High ROE: FSZ has a negative Return on Equity (-1.97%), as it is currently unprofitable.

Financial Health

How is Fiera Capital's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: FSZ has a low level of unsold assets or inventory.

Debt Coverage by Assets: FSZ's debt is not covered by short term assets (assets are 0.5x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: FSZ has been profitable on average in the past, therefore cash runway is not a concern.

Forecast Cash Runway: FSZ has been profitable on average in the past, therefore cash runway is not a concern.


Financial Institutions Analysis

Asset Level: FSZ's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if FSZ has a sufficient allowance for bad loans.

Low Risk Liabilities: FSZ reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if FSZ has an acceptable proportion of non-loan assets held.

Low Risk Deposits: FSZ has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if FSZ has an appropriate level of bad loans.

Dividend

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

12.52%

Current Dividend Yield


Upcoming Dividend Payment

TodayMar 28 2020Ex Dividend DateMar 30 2020Dividend Pay DateApr 28 202029 days from Ex DividendBuy in the next 1 day to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: FSZ's dividend (12.52%) is higher than the bottom 25% of dividend payers in the Canadian market (2.75%).

High Dividend: FSZ's dividend (12.52%) is in the top 25% of dividend payers in the Canadian market (8.79%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, FSZ has been paying a dividend for less than 10 years.

Growing Dividend: FSZ's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: FSZ is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: FSZ's dividends in 3 years are forecast to be covered by earnings (66.5% payout ratio).

Management

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

2.3yrs

Average management tenure


CEO

Jean-Guy Desjardins (75yo)

no data

Tenure

CA$4,616,072

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 Fiera Infrastructure  ...


CEO Compensation Analysis

Compensation vs Market: Jean-Guy's total compensation ($USD3.28M) is above average for companies of similar size in the Canadian market ($USD1.23M).

Compensation vs Earnings: Jean-Guy's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Jean-Guy Desjardins
Chairman & CEOno dataCA$4.62m0.12% CA$770.5k
Vincent Duhamel
Vice Chairman of the Boardno dataCA$5.63m0.14% CA$940.4k
Lucas Pontillo
Executive VP & Global CFO1.42yrsCA$383.70kno data
John Valentini
President & CEO of Private Alternative Investmentsno dataCA$10.36m0.050% CA$329.5k
Richard Nino
Executive Vice President of Business Developmentno dataCA$2.89mno data
David Sadkin
President of Bel Air Investment Advisors LLC3.17yrsCA$2.14mno data
Jean-Philippe Lemay
Global President & COOno dataCA$1.78m0.0036% CA$24.2k
François Bourdon
Global Chief Investment Officerno dataCA$1.24m0.071% CA$473.6k
Sebastian Blandizzi
Global Chief Technology & Operations Officerno datano datano data
Mariem Elsayed
Director of Investor Relations & Public Affairsno datano datano data

2.3yrs

Average Tenure

Experienced Management: FSZ's management team is considered experienced (2.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jean-Guy Desjardins
Chairman & CEOno dataCA$4.62m0.12% CA$770.5k
Vincent Duhamel
Vice Chairman of the Boardno dataCA$5.63m0.14% CA$940.4k
Jean Monty
Independent Director9.5yrsno datano data
William Beattie
Independent Director1.75yrsCA$30.00kno data
Nitin Kumbhani
Director2.75yrsCA$2.30m3.95% CA$26.3m
David Shaw
Lead Directorno dataCA$104.52kno data
Raymond Laurin
Independent Director6.83yrsCA$87.00kno data
Gary Collins
Independent Director1.75yrsCA$34.00kno data
Réal Bellemare
Independent Director3.83yrsno datano data
Lise Pistono
Director6.83yrsno datano data

3.8yrs

Average Tenure

65yo

Average Age

Experienced Board: FSZ's board of directors are considered experienced (3.8 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold 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 4.6%.


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$664.107m
  • Shares outstanding: 100.78m
  • 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 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/28 03:51
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
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.