FirstService
Market Cap
CA$4.8b
Last Updated
2019/12/07 00:50 UTC
Data Sources
Company Financials +
Executive Summary
FirstService Corporation, together with its subsidiaries, provides residential property services to residential and commercial customers in the United States and Canada.
Rewards
Risk Analysis
Snowflake Analysis
High growth potential with worrying balance sheet.
Similar Companies
Share Price & News
How has FirstService's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: FSV has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-2.4%
FSV
-0.05%
CA Real Estate
-0.4%
CA Market
1 Year Return
24.5%
FSV
19.1%
CA Real Estate
10.5%
CA Market
Return vs Industry: FSV exceeded the Canadian Real Estate industry which returned 19.1% over the past year.
Return vs Market: FSV exceeded the Canadian Market which returned 10.5% over the past year.
Shareholder returns
| FSV | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.4% | -0.05% | -0.4% |
| 30 Day | 5.7% | 3.3% | 0.8% |
| 90 Day | -8.3% | 1.3% | 1.7% |
| 1 Year | 25.3%24.5% | 21.4%19.1% | 14.1%10.5% |
| 3 Year | 112.2%107.6% | 56.9%47.0% | 16.1%5.6% |
| 5 Year | n/a | 87.6%50.1% | 41.2%20.4% |
Price Volatility Vs. Market
How volatile is FirstService's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Have Insiders Been Selling FirstService Corporation (TSE:FSV) Shares This Year?3 weeks ago | Simply Wall St
At CA$118, Is It Time To Put FirstService Corporation (TSE:FSV) On Your Watch List?2 months ago | Simply Wall St
Investors Who Bought FirstService (TSE:FSV) Shares Three Years Ago Are Now Up 127%Valuation
Is FirstService undervalued compared to its fair value and its price relative to the market?
16.02x
Price to Book (PB) ratio
Share Price vs. Fair Value
Below Fair Value: FSV (CA$124) is trading above our estimate of fair value (CA$94.17)
Significantly Below Fair Value: FSV is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: FSV is unprofitable, so we can't compare its PE Ratio to the Real Estate industry average.
PE vs Market: FSV 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 FSV's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: FSV is overvalued based on its PB Ratio (16x) compared to the CA Real Estate industry average (0.8x).
Next Steps
Future Growth
How is FirstService forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?
114.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FSV is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.4%).
Earnings vs Market: FSV is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: FSV's is expected to become profitable in the next 3 years.
Revenue vs Market: FSV's revenue (12.1% per year) is forecast to grow faster than the Canadian market (4.9% per year).
High Growth Revenue: FSV's revenue (12.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: FSV's Return on Equity is forecast to be high in 3 years time (35.5%)
Next Steps
Past Performance
How has FirstService performed over the past 5 years?
-34.1%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FSV is currently unprofitable.
Growing Profit Margin: FSV is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: FSV is unprofitable, and losses have increased over the past 5 years at a rate of -34.1% per year.
Accelerating Growth: Unable to compare FSV's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: FSV is unprofitable, making it difficult to compare its past year earnings growth to the Real Estate industry (-29%).
Return on Equity
High ROE: FSV has a negative Return on Equity (-57.2%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is FirstService's financial position?
Financial Position Analysis
Short Term Liabilities: FSV's short term assets ($643.5M) exceed its short term liabilities ($337.0M).
Long Term Liabilities: FSV's short term assets ($643.5M) do not cover its long term liabilities ($1.2B).
Debt to Equity History and Analysis
Debt Level: FSV's debt to equity ratio (242.9%) is considered high.
Reducing Debt: FSV's debt to equity ratio has increased from 97.4% to 242.9% over the past 5 years.
Debt Coverage: FSV's debt is not well covered by operating cash flow (8.8%).
Interest Coverage: FSV is unprofitable, therefore interest payments are not well covered by earnings.
Balance Sheet
Inventory Level: FSV has a low level of unsold assets or inventory.
Debt Coverage by Assets: FSV's debt is not covered by short term assets (assets are 0.7x debt).
Next Steps
Dividend
What is FirstService's current dividend yield, its reliability and sustainability?
0.64%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: FSV's dividend (0.64%) isn’t notable compared to the bottom 25% of dividend payers in the Canadian market (2.02%).
High Dividend: FSV's dividend (0.64%) is low compared to the top 25% of dividend payers in the Canadian market (5.68%).
Stability and Growth of Payments
Stable Dividend: FSV is not paying a notable dividend for the Canadian market, therefore no need to check if payments are stable.
Growing Dividend: FSV is not paying a notable dividend for the Canadian market, therefore no need to check if payments are increasing.
Current Payout to Shareholders
Dividend Coverage: FSV is not paying a notable dividend for the Canadian market.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of FSV's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.
Next Steps
Management
What is the CEO of FirstService's salary, the management and board of directors tenure and is there insider trading?
4.5yrs
Average management tenure
CEO
D. Patterson (58yo)
4.5yrs
Tenure
US$3,989,600
Compensation
Mr. D. Scott Patterson has been the Chief Executive Officer of FirstService Corporation since June 1, 2015 and served as its President and Chief Operating Officer from 2003 to 2015. Mr. Patterson is respon ...
CEO Compensation Analysis
Compensation vs Market: D.'s total compensation ($USD3.99M) is above average for companies of similar size in the Canadian market ($USD2.87M).
Compensation vs Earnings: D.'s compensation has increased whilst the company is unprofitable.
Management Age and Tenure
4.5yrs
Average Tenure
58yo
Average Age
Experienced Management: FSV's management team is considered experienced (4.5 years average tenure).
Board Age and Tenure
4.5yrs
Average Tenure
64.5yo
Average Age
Experienced Board: FSV's board of directors are considered experienced (4.5 years average tenure).
Insider Trading
Insider Buying: FSV insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 400 |
| Max Price | US$135.47 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 1,800 |
| Max Price | US$135.92 |
| Entity | Individual |
| Shares | 500 |
| Max Price | US$138.50 |
| Entity | Individual |
| Shares | 2,000 |
| Max Price | US$125.00 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 6,300 |
| Max Price | US$115.11 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 5,800 |
| Max Price | US$132.81 |
| Entity | Individual |
| Role | Controller Senior VP |
| Shares | 18,750 |
| Max Price | US$112.02 |
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.5%.
Management Team
Jay Hennick (62yo)
Founder & Chairman of the Board
- Tenure: 4.5yrs
- Compensation: US$1.91m
D. Patterson (58yo)
President
- Tenure: 4.5yrs
- Compensation: US$3.99m
Doug Cooke (59yo)
Senior VP
- Tenure: 4.5yrs
- Compensation: US$1.09m
Chuck Fallon (56yo)
Chief Executive Officer of FirstService Residential
- Tenure: 6.7yrs
- Compensation: US$1.85m
Jeremy Rakusin (50yo)
Chief Financial Officer
- Tenure: 4.5yrs
- Compensation: US$1.90m
Charlie Chase (58yo)
CEO & President of FirstService Brands
- Tenure: 9.9yrs
Alex Nguyen (36yo)
Senior Vice President of Strategy & Corporate Development
- Tenure: 4.5yrs
- Compensation: US$1.06m
Board Members
Jay Hennick (62yo)
Founder & Chairman of the Board
- Tenure: 4.5yrs
- Compensation: US$1.91m
D. Patterson (58yo)
President
- Tenure: 4.5yrs
- Compensation: US$3.99m
Brendan Calder (72yo)
Independent Director
- Tenure: 4.5yrs
- Compensation: US$231.00k
Michael Stein (68yo)
Independent Director
- Tenure: 4.5yrs
- Compensation: US$233.00k
Fred Reichheld (67yo)
Independent Director
- Tenure: 4.5yrs
- Compensation: US$226.00k
Bernard Ghert (79yo)
Lead Director
- Tenure: 4.5yrs
- Compensation: US$260.00k
Erin Wallace (59yo)
Independent Director
- Tenure: 4.2yrs
- Compensation: US$227.00k
Joan Sproul (62yo)
Independent Director
- Tenure: 1.6yrs
- Compensation: US$209.25k
Company Information
FirstService Corporation's company bio, employee growth, exchange listings and data sources
Key Information
- Name: FirstService Corporation
- Ticker: FSV
- Exchange: TSX
- Founded: 1988
- Industry: Real Estate Services
- Sector: Real Estate
- Market Cap: CA$4.757b
- Shares outstanding: 39.33m
- Website: https://www.firstservice.com
Number of Employees
Location
- FirstService Corporation
- 1140 Bay Street
- Suite 4000
- Toronto
- Ontario
- M5S 2B4
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| FSV | TSX (The Toronto Stock Exchange) | Yes | Common Shares | CA | CAD | Jun 2015 |
| FSV | NasdaqGS (Nasdaq Global Select) | Yes | Common Shares | US | USD | Jun 2015 |
| 1GIA | BST (Boerse-Stuttgart) | Yes | Common Shares | DE | EUR | Jun 2015 |
Biography
FirstService Corporation, together with its subsidiaries, provides residential property services to residential and commercial customers in the United States and Canada. The company operates through two se ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/12/07 00:50 |
| End of Day Share Price | 2019/12/06 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.