Recent acquisitions have helped drive revenue higher by 19.0% in the most recent quarter. Earnings should lift in the coming fiscal year.
We feel the company’s strong brands and market share justify the valuation, despite the stock trading at 28.8 times the company’s 2023 earnings forecast.
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FIRSTSERVICE CORP. (Toronto symbol FSV; www.firstservice.com) has two main businesses: FirstService Residential provides property management services such as collecting monthly condominium fees and maintenance services; and FirstService Brands offers a wide variety of property management services through several franchised businesses, including Paul Davis Restoration and CertaPro Painters.
The company has two main businesses: FirstService Residential provides property management services, such as collecting monthly condominium maintenance fees, preparing financial statements, on-site security and property cleaning/maintenance services; and FirstService Brands offers a wide variety of property management services through several franchised businesses, including Paul Davis Restoration, CertaPro Painters, California Closets, Post Home Inspectors, Floor Coverings International and College Pro Painters.
FirstService operates in a highly fragmented industry, so it tends to fuel its growth with acquisitions. It cuts the risk of this strategy by focusing on smaller businesses that expand its market share and geographic reach.
Under that strategy, FirstService recently completed two small acquisitions in New York City: Charles H. Greenthal & Co. manages more than 250 condominium and rental properties; and Tudor Realty Services Corp. provides residential property management and brokerage services to 100 properties. The company has not yet said how much it paid for those businesses.
Growth Stocks: Revenue rises sharply and earnings should follow soon
Revenue in the three months ended December 31, 2022, rose 19.0%, to $1.02 billion from $856.9 million a year earlier (all amounts except share price and market cap in U.S. dollars). If you factor out the contribution from acquisitions, revenue still gained 15%. Partly due to higher interest costs and taxes, earnings before one-time items rose just 0.8%, to $1.22 a share from $1.21.
For 2023, FirstService’s earnings will probably improve 13% to $4.79 U.S. a share. The stock trades at 28.8 times that forecast. While high, that’s still an acceptable multiple considering the company’s strong brands and market share. FirstService is also raising the quarterly dividend by 11.1%; the new annual rate of $0.90 yields 0.7%.
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