FIRSTSERVICE CORP. $28.69 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 28.7 million; Market cap: $823.4 million; No dividends paid) provides services to the real estate industry. It sells and manages commercial real estate, manages residential buildings such as condos and rental apartments and provides property services like inspections, maintenance and repairs.
The company’s revenue rose slightly in the three months ended September 30, 2012, to $589.8 million from $585.4 million a year earlier (all figures except share price in U.S. dollars). Excluding one-time items, earnings per share fell 1.6%, to $0.60 from $0.61.
Revenue rose at two of FirstService’s three divisions: commercial real estate (up 17%) and residential property management (up 9%).
Property services revenue fell 46%. That’s because increased U.S. government regulations continue to slow the rate at which banks and other mortgage providers can foreclose on homeowners who are behind on their payments. As a result, there were fewer newly foreclosed houses for the property services division to manage in the latest quarter.
The company’s $396.0-million debt is a somewhat high 48.1% of its $823.4-million market cap.
FirstService needs a sustained recovery in global real estate markets for its shares to keep moving higher. Meanwhile, the stock trades at 17.4 times this year’s forecast earnings of $1.65 a share.
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