FIRSTSERVICE CORP. $43.10 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $1.6 billion; Dividend yield: 1.2%) completed the spinoff of its Colliers International subsidiary (see below) on June 2, 2015, by handing out Colliers shares to its investors. Shareholders only become 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 operations. In the three months ended June 30, 2015, First- Service’s revenue gained 11.7%, to $326.3 million from $292.2 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 37.9%, to $0.40 from $0.29. These results exclude Colliers.
The spinoff adds to FirstService’s appeal. In our experience, and in most academic studies of the subject, both the parent and spinoff generally do better than comparable firms for at least several years after they split.
The company’s outlook remains strong. However, the stock trades at a high 27.3 times the $1.20 U.S. a share that FirstService will likely earn this year. FirstService is a hold.
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