FirstService Valuation

Is FSV undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FSV when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FSV (CA$263.29) is trading above our estimate of fair value (CA$204.32)

Significantly Below Fair Value: FSV is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FSV?

Key metric: As FSV is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FSV. This is calculated by dividing FSV's market cap by their current earnings.
What is FSV's PE Ratio?
PE Ratio	78.6x
Earnings	US$108.16m
Market Cap	US$8.39b

FSV key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.1x
Enterprise Value/EBITDA	22.2x
PEG Ratio	3.3x

Price to Earnings Ratio vs Peers

How does FSV's PE Ratio compare to its peers?

The above table shows the PE ratio for FSV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	28.8x
CIGI Colliers International Group	46.6x	14.9%	CA$10.1b
ISV Information Services	24.6x	28.4%	CA$507.8m
TCN Tricon Residential	29.1x	4.7%	CA$4.6b
MEQ Mainstreet Equity	14.9x	-34.8%	CA$1.8b
FSV FirstService	78.6x	23.6%	CA$11.7b

Price-To-Earnings vs Peers: FSV is expensive based on its Price-To-Earnings Ratio (78.6x) compared to the peer average (28.8x).

Price to Earnings Ratio vs Industry

How does FSV's PE Ratio compare vs other companies in the CA Real Estate Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap
IMPT Impact Development Group	1.3x	n/a	US$19.04m
CMU Comet Industries	2.7x	n/a	US$14.69m
EMER Emergia	0.3x	n/a	US$7.49m

No more companies available in this PE range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: FSV is expensive based on its Price-To-Earnings Ratio (78.6x) compared to the North American Real Estate industry average (24.4x).

Price to Earnings Ratio vs Fair Ratio

What is FSV's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FSV PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	78.6x
Fair PE Ratio	47.5x

Price-To-Earnings vs Fair Ratio: FSV is expensive based on its Price-To-Earnings Ratio (78.6x) compared to the estimated Fair Price-To-Earnings Ratio (47.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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