Financials Fiera Capital Corporation

Equities

FSZ

CA31660A1030

Investment Management & Fund Operators

Market Closed - Toronto S.E. 04:00:00 2024-04-26 pm EDT 5-day change 1st Jan Change
7.02 CAD +0.57% Intraday chart for Fiera Capital Corporation -4.23% +15.27%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,180 1,109 1,086 890.9 640.1 743.2 - -
Enterprise Value (EV) 1 1,716 1,673 1,086 1,480 640.1 1,347 1,330 1,304
P/E ratio -83.6 x -356 x 15.4 x 36.2 x 12.2 x 15 x 13.1 x 9.36 x
Yield 7.17% 7.87% 8.06% 9.91% - 12.3% 12.4% 12.8%
Capitalization / Revenue 1.8 x 1.59 x 1.45 x 1.31 x 0.93 x 1.06 x 1.03 x 0.99 x
EV / Revenue 2.61 x 2.41 x 1.45 x 2.17 x 0.93 x 1.92 x 1.84 x 1.74 x
EV / EBITDA 8.89 x 7.98 x 4.39 x 7.72 x 3.11 x 6.48 x 6.08 x 5.84 x
EV / FCF 12.8 x - - 13.7 x - 14.5 x 11.1 x 9.96 x
FCF Yield 7.79% - - 7.32% - 6.9% 9.02% 10%
Price to Book 2.17 x 2.37 x 2.62 x 2.61 x - 2.36 x 2.42 x -
Nbr of stocks (in thousands) 100,755 103,801 103,569 102,640 105,107 105,863 - -
Reference price 2 11.71 10.68 10.49 8.680 6.090 7.020 7.020 7.020
Announcement Date 3/19/20 3/18/21 2/25/22 2/24/23 2/28/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 657.2 695.1 749.9 681.4 686.6 700.6 724.8 749
EBITDA 1 193 209.7 247.7 191.8 205.9 208 218.8 223.2
EBIT 1 76.04 49.86 130.9 94.32 119.5 127 134.9 -
Operating Margin 11.57% 7.17% 17.46% 13.84% 17.41% 18.13% 18.61% -
Earnings before Tax (EBT) -1.014 9.646 - 41.64 - - - -
Net income 1 -13.42 -3.379 73.53 25.35 58.45 62 69 -
Net margin -2.04% -0.49% 9.81% 3.72% 8.51% 8.85% 9.52% -
EPS 2 -0.1400 -0.0300 0.6800 0.2400 0.5000 0.4680 0.5340 0.7500
Free Cash Flow 1 133.8 - - 108.4 - 93 120 131
FCF margin 20.35% - - 15.91% - 13.27% 16.56% 17.49%
FCF Conversion (EBITDA) 69.32% - - 56.5% - 44.71% 54.84% 58.69%
FCF Conversion (Net income) - - - 427.52% - 150% 173.91% -
Dividend per Share 2 0.8400 0.8400 0.8450 0.8600 - 0.8617 0.8717 0.9000
Announcement Date 3/19/20 3/18/21 2/25/22 2/24/23 2/28/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 174.9 241.9 172.3 163.8 160.6 184.7 157.1 159.8 158.7 211 164.7 163 162.6 202
EBITDA 1 55.36 92.15 47.33 46.44 45.25 52.82 38.82 45.47 43.94 77.62 45.23 45.83 46.7 68.43
EBIT 26.75 56.29 - 22.96 30.61 27.96 9.992 32.03 23.33 62.96 - - - -
Operating Margin 15.29% 23.27% - 14.01% 19.07% 15.14% 6.36% 20.04% 14.7% 29.84% - - - -
Earnings before Tax (EBT) 6.801 - - - - 6.142 - - - - - - - -
Net income 1 2.333 35.66 - - - 2.509 -2.517 10.48 8.666 39.42 10 - - -
Net margin 1.33% 14.74% - - - 1.36% -1.6% 6.56% 5.46% 18.68% 6.07% - - -
EPS 2 0.0200 0.3100 0.0300 0.1000 0.0800 0.0200 -0.0200 0.0900 0.1000 0.3000 0.0775 0.1100 0.1100 0.2700
Dividend per Share 2 0.2100 0.2150 0.2150 0.2150 0.2150 0.2150 0.3400 0.2150 0.2150 - 0.2200 0.2200 0.2200 0.2200
Announcement Date 11/11/21 2/25/22 5/4/22 8/11/22 11/9/22 2/24/23 5/10/23 8/10/23 11/8/23 2/28/24 - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 536 564 - 589 - 604 587 561
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.779 x 2.691 x - 3.072 x - 2.904 x 2.682 x 2.513 x
Free Cash Flow 1 134 - - 108 - 93 120 131
ROE (net income / shareholders' equity) 22.6% 28.9% 41.9% 32.2% - 37.4% 41.1% -
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 5.390 4.510 4.000 3.320 - 2.980 2.900 -
Cash Flow per Share 1.510 1.400 1.470 - - - - -
Capex - - - 4.92 - - - -
Capex / Sales - - - 0.72% - - - -
Announcement Date 3/19/20 3/18/21 2/25/22 2/24/23 2/28/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
7
Last Close Price
7.02 CAD
Average target price
7.643 CAD
Spread / Average Target
+8.87%
Consensus
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