FIRSTSERVICE CORP. $18.58 (Toronto symbol FSV; SI Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 28.1 million; Market cap: $522.3 million) operates in the following areas of the real-estate services market: commercial real estate; residential property management; and property services. FirstService has more than 17,000 employees.
In the three months ended June 30, 2009, FirstService’s revenue fell 6.5%, to $425.3 million from $454.8 million a year earlier. (All figures except share price in U.S. dollars.) Earnings per share fell 17.9% to $0.46 from $0.56.
FirstService’s overall revenue was held back by a 32% drop at its commercial real-estate division. However, that was partially offset by a 42% revenue gain at its property-services division, which helps maintain foreclosed houses in the U.S. As well, residential property management posted a 3% rise.
FirstService continues to buy other firms in the fragmented markets it operates in. In 2008, it made six acquisitions at a cost of $31.8 million.
The company’s acquisitions have increased its goodwill to $527.1 million, or 100.9% of market cap. But FirstService cuts risk by buying small, profitable firms that are a good fit with its current operations. That significantly lowers the chance of a big charge to earnings from a write-off of goodwill.
FirstService is still a buy.
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