Loading...

We've got a brand new version of Simply Wall St! Try it out

FirstService

BST:1GIA
Snowflake Description

High growth potential with worrying balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1GIA
BST
CA$5B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

FirstService Corporation, together with its subsidiaries, provides residential property services to residential and commercial customers in the United States and Canada. The last earnings update was 9 days ago. More info.


Add to Portfolio Compare Print
1GIA Share Price and Events
7 Day Returns
1.3%
BST:1GIA
0.9%
DE Real Estate
0%
DE Market
1 Year Returns
27.1%
BST:1GIA
-1.1%
DE Real Estate
9.9%
DE Market
1GIA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
FirstService (1GIA) 1.3% -12.4% -12.3% 27.1% - -
DE Real Estate 0.9% -1.1% 4.1% -1.1% 39.2% 87.2%
DE Market 0% 4.4% 13.6% 9.9% 14.6% 18.2%
1 Year Return vs Industry and Market
  • 1GIA outperformed the Real Estate industry which returned -1.1% over the past year.
  • 1GIA outperformed the Market in Germany which returned 9.9% over the past year.
Price Volatility
1GIA
Industry
5yr Volatility vs Market

Value

 Is FirstService undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of FirstService to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for FirstService.

BST:1GIA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BST:1GIA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.051 (1 + (1- 26.5%) (30.05%))
1.19
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.19
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.19 * 5.96%)
7.32%

Discounted Cash Flow Calculation for BST:1GIA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for FirstService is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

BST:1GIA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.32%)
2020 122.70 Analyst x5 114.34
2021 148.70 Analyst x5 129.11
2022 156.00 Analyst x1 126.21
2023 173.00 Analyst x1 130.42
2024 184.64 Est @ 6.73% 129.71
2025 193.46 Est @ 4.78% 126.64
2026 200.06 Est @ 3.41% 122.03
2027 204.98 Est @ 2.46% 116.50
2028 208.65 Est @ 1.79% 110.50
2029 211.40 Est @ 1.32% 104.33
Present value of next 10 years cash flows $1,209.00
BST:1GIA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $211.40 × (1 + 0.23%) ÷ (7.32% – 0.23%)
$2,988.57
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,988.57 ÷ (1 + 7.32%)10
$1,474.85
BST:1GIA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,209.00 + $1,474.85
$2,683.85
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,683.85 / 39.33
$68.24
BST:1GIA Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:FSV)
1.323
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $68.24 x 1.323
CA$90.26
Non-primary Listing Adjustment Factor 1 share in BST:1GIA represents 0.675x of TSX:FSV
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.675x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 90.26 x 0.675
€60.93
Value per share (EUR) From above. €60.93
Current discount Discount to share price of €81.00
= -1 x (€81.00 - €60.93) / €60.93
-32.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of FirstService is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for FirstService's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are FirstService's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:1GIA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $-6.67
TSX:FSV Share Price ** TSX (2019-11-15) in CAD CA$120
TSX:FSV Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.756 $90.72
Germany Real Estate Industry PE Ratio Median Figure of 35 Publicly-Listed Real Estate Companies 12.72x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 19.5x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of FirstService.

BST:1GIA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:FSV Share Price ÷ EPS (both in USD)

= 90.72 ÷ -6.67

-13.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FirstService is loss making, we can't compare its value to the DE Real Estate industry average.
  • FirstService is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does FirstService's expected growth come at a high price?
Raw Data
BST:1GIA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -13.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
114.9%per year
Germany Real Estate Industry PEG Ratio Median Figure of 19 Publicly-Listed Real Estate Companies 0.62x
Germany Market PEG Ratio Median Figure of 253 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for FirstService, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on FirstService's assets?
Raw Data
BST:1GIA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $5.86
TSX:FSV Share Price * TSX (2019-11-15) in CAD CA$120
TSX:FSV Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.756 $90.72
Germany Real Estate Industry PB Ratio Median Figure of 43 Publicly-Listed Real Estate Companies 1.4x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.86x
BST:1GIA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:FSV Share Price ÷ Book Value per Share (both in USD)

= 90.72 ÷ 5.86

15.49x

* Primary Listing of FirstService.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FirstService is overvalued based on assets compared to the DE Real Estate industry average.
X
Value checks
We assess FirstService's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. FirstService has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is FirstService expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
114.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is FirstService expected to grow at an attractive rate?
  • FirstService's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • FirstService's earnings growth is expected to exceed the Germany market average.
  • FirstService's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
BST:1GIA Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:1GIA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 114.9%
BST:1GIA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 12.1%
Germany Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -8%
Germany Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:1GIA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:1GIA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2,995 221 88 6
2020-12-31 2,780 194 73 7
2019-12-31 2,387 173 -244 7
BST:1GIA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 2,235 83 -246
2019-06-30 2,069 96 -240
2019-03-31 1,991 117 62
2018-12-31 1,931 99 66
2018-09-30 1,872 121 69
2018-06-30 1,829 114 58
2018-03-31 1,775 116 53
2017-12-31 1,729 116 51
2017-09-30 1,667 96 44
2017-06-30 1,612 118 45
2017-03-31 1,556 115 40
2016-12-31 1,483 109 34

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • FirstService's earnings are expected to grow significantly at over 20% yearly.
  • FirstService's revenue is expected to grow by 12.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:1GIA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from FirstService Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:1GIA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.21 2.21 2.21 1.00
2020-12-31 1.82 1.82 1.82 2.00
2019-12-31 -6.50 -6.45 -6.54 2.00
BST:1GIA Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 -6.67
2019-06-30 -6.66
2019-03-31 1.73
2018-12-31 1.83
2018-09-30 1.91
2018-06-30 1.61
2018-03-31 1.48
2017-12-31 1.43
2017-09-30 1.23
2017-06-30 1.25
2017-03-31 1.10
2016-12-31 0.93

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • FirstService is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess FirstService's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
FirstService has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has FirstService performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare FirstService's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • FirstService does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare FirstService's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare FirstService's 1-year growth to the DE Real Estate industry average as it is not currently profitable.
Earnings and Revenue History
FirstService's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from FirstService Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:1GIA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 2,235.13 -245.51 494.47
2019-06-30 2,069.23 -239.53 454.40
2019-03-31 1,990.67 62.11 440.52
2018-12-31 1,931.47 65.87 426.38
2018-09-30 1,871.80 68.53 425.09
2018-06-30 1,828.82 57.83 414.58
2018-03-31 1,775.14 53.24 400.19
2017-12-31 1,729.03 51.45 385.04
2017-09-30 1,666.51 44.24 359.92
2017-06-30 1,612.21 44.86 335.90
2017-03-31 1,555.65 39.55 321.25
2016-12-31 1,482.89 33.60 305.22
2016-09-30 1,417.89 30.08 295.85
2016-06-30 1,358.33 28.38 295.14
2016-03-31 1,299.47 23.05 286.34
2015-12-31 1,264.08 21.40 279.24
2015-09-30 1,230.14 14.53 273.88
2015-06-30 1,192.64 9.07 272.26
2015-03-31 1,158.60 10.85 265.57
2014-12-31 1,132.00 12.97 258.68
2013-12-31 1,038.09 3.20 229.83
2012-12-31 939.82 22.40 222.99

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if FirstService has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if FirstService has efficiently used its assets last year compared to the DE Real Estate industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if FirstService improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess FirstService's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
FirstService has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is FirstService's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up FirstService's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • FirstService is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • FirstService's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of FirstService's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from FirstService Company Filings, last reported 1 month ago.

BST:1GIA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 387.11 940.10 106.28
2019-06-30 367.20 915.17 89.83
2019-03-31 378.87 377.32 69.63
2018-12-31 387.81 331.83 66.34
2018-09-30 376.08 326.51 75.52
2018-06-30 347.85 309.48 57.69
2018-03-31 319.32 317.24 58.70
2017-12-31 309.99 269.63 57.19
2017-09-30 303.44 292.34 62.21
2017-06-30 297.91 279.07 63.09
2017-03-31 279.10 282.86 45.68
2016-12-31 283.38 250.91 43.38
2016-09-30 280.44 242.47 49.18
2016-06-30 261.89 259.67 36.29
2016-03-31 244.65 210.09 37.08
2015-12-31 244.59 201.20 45.56
2015-09-30 244.75 198.60 49.61
2015-06-30 221.78 222.09 51.84
2015-03-31 197.84 246.97 45.14
2014-12-31 239.68 239.36 66.79
2013-12-31 250.07 225.43 86.37
2012-12-31
  • FirstService's level of debt (242.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (97.4% vs 242.9% today).
  • Debt is not well covered by operating cash flow (8.8%, less than 20% of total debt).
  • FirstService is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess FirstService's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. FirstService has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is FirstService's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.66%
Current annual income from FirstService dividends. Estimated to be 0.71% next year.
If you bought €2,000 of FirstService shares you are expected to receive €13 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • FirstService's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.33%).
  • FirstService's dividend is below the markets top 25% of dividend payers in Germany (3.66%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:1GIA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Germany Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 2.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 333 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:1GIA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.70 2.00
2020-12-31 0.65 2.00
2019-12-31 0.60 2.00
BST:1GIA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-09-11 0.600 0.620
2019-05-22 0.600 0.607
2019-02-05 0.600 0.691
2018-12-04 0.540 0.736
2018-09-12 0.540 0.692
2018-05-15 0.540 0.691
2018-02-06 0.540 0.769
2017-12-06 0.490 0.720
2017-09-12 0.490 0.718
2017-05-15 0.490 0.764
2017-02-09 0.490 0.834
2016-12-06 0.440 0.913
2016-09-16 0.440 1.014
2016-05-17 0.440 0.937
2016-02-09 0.440 1.068
2015-12-10 0.400 1.072
2015-09-18 0.400 1.131
2015-06-18 0.400 1.339

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • FirstService is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
  • FirstService is not paying a notable dividend for Germany, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of FirstService's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of FirstService's dividends as it is not paying a notable one for Germany.
Future Payout to shareholders
  • No need to calculate the sustainability of FirstService's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess FirstService's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can FirstService afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. FirstService has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of FirstService's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
D. Patterson
COMPENSATION $3,989,600
AGE 58
TENURE AS CEO 4.4 years
CEO Bio

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 responsible for the execution of the FirstService operating strategy and manages the strategic planning process, operating management effectiveness and best practices, all focused on driving internal growth in the business units. He joined FirstService in 1994 as Vice President of Corporate Development and was responsible for executing the acquisition strategy. Mr. Patterson served as the President of FirstService Corporation since September 2003 until June 1, 2015 and served as its Chief Operating Officer from September 2003 to June 1, 2015. He served as an Executive Vice President of FirstService Corporation from 1995 to September 2005 and served as its President of the Business Services Group Division from September 2002 to September 2005. He served as Senior Vice President and Chief Financial Officer of FirstService Corp. from 1995 to 2003. Prior to FirstService, he served as a Vice President of Bankers Trust, where he involved in the execution of merger, acquisition, divestiture and financing transactions in Toronto. Mr. Patterson joined Old FSV in 1994 as Vice President of Corporate Development and soon thereafter became Chief Financial Officer from February 1995 until September 2003. He has been a Non-Independent Director of FirstService Corporation since June 1, 2015. He has been an Independent Director of Laramide Resources Ltd. since June 21, 1995. He serves as a Member of Advisory Board at ShiftCentral Inc. He achieved his designation as a Chartered Professional Accountant in 1985 and began his career at PriceWaterhouse. In 2008, he designated as a LEED AP. In 2007, he was named as Chief Operating Officer of the year by Canadian Business Magazine. He has a BA in Business Administration from the University Of Western Ontario in Business Administration.

CEO Compensation
  • D.'s compensation has increased whilst company is loss making.
  • D.'s remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the FirstService management team in years:

4.4
Average Tenure
58
Average Age
  • The tenure for the FirstService management team is about average.
Management Team

Jay Hennick

TITLE
Founder & Chairman of the Board
COMPENSATION
$2M
AGE
62
TENURE
31.8 yrs

D. Patterson

TITLE
President
COMPENSATION
$4M
AGE
58
TENURE
4.4 yrs

Jeremy Rakusin

TITLE
Chief Financial Officer
COMPENSATION
$2M
AGE
50
TENURE
4.4 yrs

Alex Nguyen

TITLE
Senior Vice President of Strategy & Corporate Development
COMPENSATION
$1M
AGE
36
TENURE
4.4 yrs

Doug Cooke

TITLE
Senior VP
COMPENSATION
$1M
AGE
59
TENURE
4.4 yrs

Charlie Chase

TITLE
CEO & President of FirstService Brands
AGE
58
TENURE
9.8 yrs

Chuck Fallon

TITLE
Chief Executive Officer of FirstService Residential
COMPENSATION
$2M
AGE
56
TENURE
6.6 yrs
Board of Directors Tenure

Average tenure and age of the FirstService board of directors in years:

4.4
Average Tenure
64.5
Average Age
  • The tenure for the FirstService board of directors is about average.
Board of Directors

D. Patterson

TITLE
President
COMPENSATION
$4M
AGE
58
TENURE
4.4 yrs

Brendan Calder

TITLE
Independent Director
COMPENSATION
$231K
AGE
72
TENURE
4.4 yrs

Jay Hennick

TITLE
Founder & Chairman of the Board
COMPENSATION
$2M
AGE
62
TENURE
4.4 yrs

Bernard Ghert

TITLE
Lead Director
COMPENSATION
$260K
AGE
79
TENURE
4.4 yrs

Michael Stein

TITLE
Independent Director
COMPENSATION
$233K
AGE
68
TENURE
4.4 yrs

Fred Reichheld

TITLE
Independent Director
COMPENSATION
$226K
AGE
67
TENURE
4.4 yrs

Erin Wallace

TITLE
Independent Director
COMPENSATION
$227K
AGE
59
TENURE
4.1 yrs

Joan Sproul

TITLE
Independent Director
COMPENSATION
$209K
AGE
62
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • FirstService individual insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
30. Sep 19 Buy Erin Wallace Individual 18. Sep 19 18. Sep 19 400 €92.27 €36,908
22. Aug 19 Sell Brendan Calder Individual 22. Aug 19 22. Aug 19 -1,800 €92.15 €-165,863
29. Jul 19 Sell Michael Natale Individual 29. Jul 19 29. Jul 19 -500 €94.48 €-47,241
06. Jun 19 Sell Kevin Roy Individual 05. Jun 19 05. Jun 19 -2,000 €83.00 €-165,665
20. Feb 19 Sell Frederick Reichheld Individual 20. Feb 19 20. Feb 19 -6,300 €77.02 €-485,210
11. Feb 19 Sell Frederick Reichheld Individual 08. Feb 19 08. Feb 19 -5,800 €88.30 €-433,408
08. Feb 19 Sell Douglas Cooke Individual 08. Feb 19 08. Feb 19 -18,750 €74.48 €-1,394,036
03. Dec 18 Sell Frederick Reichheld Individual 30. Nov 18 30. Nov 18 -2,000 €66.24 €-132,480
X
Management checks
We assess FirstService's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. FirstService has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

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 segments, FirstService Residential and FirstService Brands. The FirstService Residential segment provides property management services for private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments. This segment also offers a range of ancillary services, including on-site staffing for building engineering and maintenance, full-service amenity management, security and concierge/front desk, and landscaping; and financial services comprising cash management, other banking transaction-related services, and specialized property insurance brokerage. In addition, this segment provides energy management solutions and advisory services, and resale processing services. The FirstService Brands segment offers property services through 6 franchise networks; and company-owned locations, including 18 California Closets locations and 9 Paul Davis Restoration locations. It offers residential and commercial restoration, painting, and floor coverings design and installation services; custom-designed and installed closet, and home storage solutions; home inspection services; exterior residential painting and window cleaning services; fire protection services; and heating, ventilation, and air conditioning services, as well as related services. This segment provides its services primarily under the Paul Davis Restoration, CertaPro Painters, California Closets, Pillar to Post Home Inspectors, Floor Coverings International, College Pro Painters, and Century Fire Protection brand names. FirstService Corporation was founded in 1988 and is headquartered in Toronto, Canada.

Details
Name: FirstService Corporation
1GIA
Exchange: BST
Founded: 1988
CA$3,229,851,350
39,330,957
Website: http://www.firstservice.com
Address: FirstService Corporation
1140 Bay Street,
Suite 4000,
Toronto,
Ontario, M5S 2B4,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX FSV Common Shares The Toronto Stock Exchange CA CAD 02. Jun 2015
NasdaqGS FSV Common Shares Nasdaq Global Select US USD 02. Jun 2015
BST 1GIA Common Shares Boerse-Stuttgart DE EUR 02. Jun 2015
Number of employees
Current staff
Staff numbers
20,000
FirstService employees.
Industry
Real Estate Services
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/17 22:20
End of day share price update: 2019/11/15 00:00
Last estimates confirmation: 2019/10/24
Last earnings filing: 2019/11/08
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.