FIRSTSERVICE CORP. $49.52 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.3 million; Market cap: $1.8 billion; Dividend yield: 0.9%) serves the following areas of the real estate market: commercial real estate, residential property management and property improvement. FirstService has more than 24,000 employees worldwide.
In the quarter ended December 31, 2013, the company’s revenue rose 14.5%, to $691.7 million from $604.1 million a year earlier (all figures except share prices in U.S. dollars). Excluding one-time items, earnings per share rose 26.0%, to $0.97 from $0.77.
Revenue rose at all three of FirstService’s divisions: Colliers International (commercial real estate), up 21%; FirstService Residential (residential property management), up 9%; and FirstService Brands (property services), up 8%.
U.K. acquisition is a good fit
FirstService continues to grow by acquisition. Its latest is U.K.-based retail property specialist Briant Champion Long, which it bought for an undisclosed price in February 2014.
Over the past year, Briant completed 800 transactions worth over 425 million pounds ($778.7 million Canadian). The company also manages the leasing of more than four million square feet of retail space for its clients. Briant had $9.0 million of revenue in 2013.
The stock needs a continued recovery in global real estate markets to keep rising. Meanwhile, it trades at 20.7 times the $2.39 a share that FirstService will likely earn this year.
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