Stock FSV FIRSTSERVICE CORPORATION
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Financials FirstService Corporation

Equities

FSV

CA33767E2024

Real Estate Services

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
204.8 CAD -1.19% Intraday chart for FirstService Corporation -0.33% -4.57%
Apr. 24 Transcript : FirstService Corporation, Q1 2024 Earnings Call, Apr 24, 2024
Apr. 24 FirstService Q1 Adjusted Earnings Fall, Revenue Rises MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,859 5,960 8,637 5,407 7,226 6,730 - -
Enterprise Value (EV) 1 3,859 5,960 8,637 6,005 8,221 7,654 7,425 6,730
P/E ratio -14.1 x 67.7 x 64.5 x 45 x 72.3 x 55.5 x 42.4 x 33.9 x
Yield 0.65% 0.48% - 0.66% 0.56% 0.66% 0.7% 0.81%
Capitalization / Revenue 1.6 x 2.15 x 2.66 x 1.44 x 1.67 x 1.35 x 1.25 x 1.23 x
EV / Revenue 1.6 x 2.15 x 2.66 x 1.6 x 1.9 x 1.54 x 1.38 x 1.23 x
EV / EBITDA 16.4 x 21 x 26.4 x 17.1 x 19.8 x 16 x 14.1 x 12.3 x
EV / FCF 63.1 x 23.6 x 79.2 x 212 x 43.8 x 47.7 x 30 x 25.8 x
FCF Yield 1.59% 4.23% 1.26% 0.47% 2.28% 2.1% 3.33% 3.88%
Price to Book 8.44 x 9.03 x - 5.96 x 7.06 x 5.84 x 5.25 x -
Nbr of stocks (in thousands) 41,496 43,570 43,930 44,214 44,633 44,977 - -
Reference price 2 93.00 136.8 196.6 122.3 161.9 149.6 149.6 149.6
Announcement Date 2/5/20 2/9/21 2/15/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,407 2,772 3,249 3,746 4,335 4,984 5,368 5,466
EBITDA 1 235.2 283.7 327.4 351.7 415.7 477.8 528.3 547.2
EBIT 1 147.5 169.4 201.6 219 244.9 292.7 342.6 347
Operating Margin 6.13% 6.11% 6.21% 5.85% 5.65% 5.87% 6.38% 6.35%
Earnings before Tax (EBT) 1 -200.5 145.5 209 194 203.3 226.3 273.4 308.5
Net income 1 -251.6 87.26 135.2 121.1 100.4 121.8 158 199.3
Net margin -10.45% 3.15% 4.16% 3.23% 2.32% 2.44% 2.94% 3.65%
EPS 2 -6.580 2.020 3.050 2.720 2.240 2.698 3.530 4.410
Free Cash Flow 1 61.18 252.4 109.1 28.28 187.6 160.4 247.6 261.2
FCF margin 2.54% 9.1% 3.36% 0.76% 4.33% 3.22% 4.61% 4.78%
FCF Conversion (EBITDA) 26.01% 88.94% 33.31% 8.04% 45.13% 33.58% 46.86% 47.74%
FCF Conversion (Net income) - 289.2% 80.66% 23.36% 186.9% 131.71% 156.64% 131.09%
Dividend per Share 2 0.6000 0.6600 - 0.8100 0.9000 0.9856 1.053 1.210
Announcement Date 2/5/20 2/9/21 2/15/22 2/7/23 2/6/24 - - -
1USD in Million2USD
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 2025 Q1
Net sales 1 849.4 856.9 834.6 930.7 960.5 1,020 1,018 1,120 1,117 1,079 1,158 1,273 1,286 1,261 1,244
EBITDA 1 94.2 83.53 62.34 91.35 95.5 102.5 82.1 118.4 111.9 103.3 83.37 126.1 135.3 130.4 95.67
EBIT 1 61.53 44.85 29.05 59.81 62.71 67.46 40.95 82.32 73.56 48.06 38.06 87.4 90.54 81.75 -
Operating Margin 7.24% 5.23% 3.48% 6.43% 6.53% 6.61% 4.02% 7.35% 6.58% 4.45% 3.29% 6.86% 7.04% 6.48% -
Earnings before Tax (EBT) 1 70.19 48.95 25.22 54.45 55.17 59.14 30.58 74.62 62.3 35.83 20.91 68.04 73.3 67.49 33.32
Net income 1 45.62 31.01 14.08 34.57 34.18 38.25 16.12 45.36 32.65 6.262 6.308 37.14 37.73 37.24 15.19
Net margin 5.37% 3.62% 1.69% 3.71% 3.56% 3.75% 1.58% 4.05% 2.92% 0.58% 0.54% 2.92% 2.93% 2.95% 1.22%
EPS 2 1.030 0.7000 0.3200 0.7800 0.7700 0.8600 0.3600 1.010 0.7300 0.1400 0.1400 0.8223 0.8341 0.8232 0.3367
Dividend per Share 2 - - 0.2025 0.2000 0.2000 0.2025 0.2250 0.2250 - 0.2250 0.2330 0.2451 0.2444 0.2444 0.2444
Announcement Date 10/26/21 2/15/22 4/27/22 7/27/22 10/26/22 2/7/23 4/26/23 7/27/23 10/26/23 2/6/24 4/24/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - 598 994 924 695 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - 1.701 x 2.392 x 1.934 x 1.316 x -
Free Cash Flow 1 61.2 252 109 28.3 188 160 248 261
ROE (net income / shareholders' equity) 35% 27.5% 18.5% 14.2% 10.4% 14% 14.9% -
ROA (Net income/ Total Assets) 7.83% 7.2% - 4.58% 3.13% 3.17% 3.93% -
Assets 1 -3,215 1,213 - 2,642 3,203 3,846 4,026 -
Book Value Per Share 2 11.00 15.20 - 20.50 22.90 25.60 28.50 -
Cash Flow per Share 2 3.490 4.680 5.830 2.380 6.480 6.960 8.040 -
Capex 1 46.6 39.4 58.2 77.6 92.7 109 109 -
Capex / Sales 1.94% 1.42% 1.79% 2.07% 2.14% 2.2% 2.03% -
Announcement Date 2/5/20 2/9/21 2/15/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for FirstService Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
149.6 USD
Average target price
173 USD
Spread / Average Target
+15.62%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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