FirstService Corp.
Toronto symbol FSV, operates in the real estate services market, providing services in the following areas: commercial real estate; residential property management; and property improvement.
FIRSTSERVICE CORP. $58.14 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.7 million; Market cap: $2.1 billion; Dividend yield: 1.0%) completed the spinoff of its commercial real estate business—Colliers International Group—on June 2, 2015. Now that the split is complete, FirstService is carrying on with its residential property management and its commercial and residential property-improvement services. In the first quarter ended March 31, 2016, the company’s revenue rose 13.0%, to $307.6 million from $272.2 million a year earlier (all figures except share price in U.S. dollars)....
FIRSTSERVICE CORP. $55.15 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $2.0 billion; Dividend yield: 1.1%) has bought Century Fire Protection, one of the largest full-service fire protection companies in the Southeastern U.S. Century installs, maintains and repairs the fire protection systems that it creates for commercial and residential clients. It employs 600 workers, operating from 12 offices throughout Georgia, Alabama, North Carolina, South Carolina, Tennessee and Texas. FirstService will be able to sell Century’s services to its existing property management clients....
FIRSTSERVICE CORP. $55.15 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $2.0 billion; Dividend yield: 1.1%) has bought Century Fire Protection, one of the largest full-service fire protection companies in the Southeastern U.S. Century installs, maintains and repairs the fire protection systems that it creates for commercial and residential clients. It employs 600 workers, operating from 12 offices throughout Georgia, Alabama, North Carolina, South Carolina, Tennessee and Texas. FirstService will be able to sell Century’s services to its existing property management clients....
WESTJET AIRLINES, $20.49, symbol WJA on Toronto, carried a record 5.3 million passengers in March 2016, up 8.4% from 4.9 million a year earlier. The company’s load factor rose to 83.2% from 81.3%. Load factor is the percentage of available seats that are occupied by paying passengers. Revenue passenger miles (the total number of paying passengers on each plane multiplied by the distance travelled in miles) rose 7.2% in the latest quarter....
FIRSTSERVICE CORP. $53.00 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $1.9 billion; Dividend yield: 1.1%) provides residential property management and property improvement services. In the three months ended December 31, 2015, the company’s revenue gained 12.0%, to $316.1 million from $282.2 million a year earlier (all figures except share price in U.S. dollars). Excluding one-time items, earnings per share more than doubled, to $0.28 from $0.13. The higher earnings came from the increased revenue, cost cuts and a focus on more profitable business units. FirstService is raising its quarterly dividend by 10.0% with the April 2016 payment, to $0.11 U.S. from $0.10 U.S. The stock now yields 1.1%....
FIRSTSERVICE CORP. $53.00 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $1.9 billion; Dividend yield: 1.1%) provides residential property management and property improvement services. In the three months ended December 31, 2015, the company’s revenue gained 12.0%, to $316.1 million from $282.2 million a year earlier (all figures except share price in U.S. dollars). Excluding one-time items, earnings per share more than doubled, to $0.28 from $0.13. The higher earnings came from the increased revenue, cost cuts and a focus on more profitable business units. FirstService is raising its quarterly dividend by 10.0% with the April 2016 payment, to $0.11 U.S. from $0.10 U.S. The stock now yields 1.1%....
TOROMONT INDUSTRIES LTD., $28.56, symbol TIH on Toronto, distributes a range of industrial equipment, including machinery made by Caterpillar Inc. It also makes refrigeration systems through its CIMCO division. In the three months ended December 31, 2015, the company’s revenue rose 1.4%, to $472.0 million from $465.7 million a year earlier. However, earnings fell 2.8%, to $44.4 million, or $0.57 a share, from $45.7 million, or $0.59. Toromont saw weaker demand from customers in construction and mining. The company had to cut its prices to compete, and that lowered its profit margins and earnings....
FIRSTSERVICE CORP. $50.53 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.7 million; Market cap: $1.8 billion; Dividend yield: 1.1%) spun off its Colliers International subsidiary (see below) on June 2, 2015, when it handed out Colliers shares to its investors. Shareholders are only liable for capital gains taxes on the transaction when they sell their FirstService or Colliers shares. Now that the spinoff is complete, FirstService is carrying on with its residential property management and property-improvement businesses. In the three months ended September 30, 2015, the company’s revenue gained 12.0%, to $349.5 million from $312.0 million a year earlier (all figures except share price and market cap in U.S. dollars). If you set aside one-time items, earnings per share jumped 28.2%, to $0.50 from $0.39. The second and third quarters are FirstService’s busiest....
WYNDHAM WORLDWIDE $77.38 (New York symbol WYN; TSINetwork Rating: Extra Risk) (973- 753-6000; www.wyndhamworldwide.com; Shares outstanding: 116.1 million; Market cap: $8.9 billion; Dividend yield: 2.2%) has now added all of its hotel rooms to the TripAdvisor Instant Booking platform. With Instant Booking, travellers click on the “Book on TripAdvisor” button to set up a reservation. TripAdvisor is the world’s largest travel site. It reaches over 340 million unique visitors a month and has more than 225 million traveller reviews and opinions. It launched its Instant Booking platform in the U.S. in June 2014 and has since expanded it to the U.K., with other international markets to follow. Wyndham Worldwide is a hold....
FIRSTSERVICE CORP. $48.83 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $1.8 billion; Dividend yield: 1.1%) is a leading North American provider of residential property management and property improvement services.
In the three months ended September 30, 2015, the company’s revenue gained 12.0%, to $349.5 million from $312.0 million a year earlier (all figures except share price and market cap in U.S. dollars). Excluding one-time items, earnings per share jumped 28.2%, to $0.50 from $0.39. The second and third quarters are FirstService’s busiest.
The company’s outlook remains strong. However, the stock trades at a high 30.5 times the $1.20 a share FirstService will likely earn this year.
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In the three months ended September 30, 2015, the company’s revenue gained 12.0%, to $349.5 million from $312.0 million a year earlier (all figures except share price and market cap in U.S. dollars). Excluding one-time items, earnings per share jumped 28.2%, to $0.50 from $0.39. The second and third quarters are FirstService’s busiest.
The company’s outlook remains strong. However, the stock trades at a high 30.5 times the $1.20 a share FirstService will likely earn this year.
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