Firstservice Corp (FSV)

Great Canadian company. California Closets, College Pro Painters are some of their brands. The other business is the property management business. Stock trades at 28 times earnings but it is a very capital light business with no fixed assets. Generate very high free cash flows. They can grow. Very good exposure to the US. (Analysts’ price target is $94.75)

This focuses on property management for condos and other multifamily units. It also has a brands division, owning California Closets and Paul Davis Restoration. The exciting part is the property management. 95% of all condos are run by themselves, and there is a big opportunity to outsource to companies like this. Feels that in 5 years this could be a double. Dividend yield of 0.7%. (Analysts' price target is $69.)

(A Top Pick Oct 24/14. Up 82.49%.) When he first recommended this, it was one business. They recently split and it now also does property management. A great little business that he thinks is going to continue to chug along.

(A Top Pick Oct 24/14. Up 71.57%.) They split up their real estate division from their residential services division. This is a great rollup type strategy that is in a very stable and growing business. He likes both companies and continues to hold both of them.

(Top Pick Oct 24/14, Up 53.79%) He did not predict the spin out. He felt they would continue to grow by acquisition. It is even better now. It was a great way for them to create value. He holds both companies now.

(A Top Pick Sept 12/14. Up 37%.) Split into 2 companies at the beginning of June and he continues to hold both. Both of them are growing by acquisition.

He bought on strong price momentum. They are now splitting into two companies and recently had a tax ruling that allows them to do that as of June 1. He needs to see some track record of the two new companies in order to judge valuation. He would stick with this one.

It is splitting into two at the beginning of June. Fair value of the two separately is about $90. More people will do due diligence on the two companies and realize they are cheap. He will hold both when they are split.

(Top Pick Oct 25/13, Up 44.76%) One of the best run companies he looks at right now. It is real estate services and they don’t need a lot of capital.

Considers this as an anchor in financial services. Huge amount of recurring revenue from a lot of their brands. They manage residential buildings as well as owning a lot of interesting businesses. The crown jewel for them is their Colliers brand, which is selling businesses, but also managing portfolios of commercial buildings. This business has been growing in the low double-digits, and he expects it to continue. Margins have been growing. Dividend yield of 0.72%. A company that you can hold for many years and be rewarded.

Property management. The beauty of the business is that it is an essential service. Have been growing by acquisition globally. The organic growth has been outstanding as well. There is also the residential business where they are getting more and more scale. When you have scale in this business, you can get everything you need for less.

A residential management company. They operate residential services, manage condos and look after things like security, concierges, etc. Just reported earnings showing a 16% revenue boost, 32% EBITDA boost. Instituted a dividend a couple of years ago. Still run by the founder who still owns lots of stock. Nobody talks about it, but just a very solid company. Yield of 0.73%.

(Top Pick Apr 4/13, Up 61.95%) Big US real estate exposure by providing services. Started paying a dividend a couple of years ago. This is a great, great sign. Nothing to complain about at all.