Firstservice Corp

FSV-T

Analysis and Opinions about FSV-T

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TOP PICK
TOP PICK
April 26, 2018

Great Canadian company. California Closets, College Pro Painters are some of their brands. They are also in 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. Very good story in the US. (Analysts’ price target is $94.75)

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Great Canadian company. California Closets, College Pro Painters are some of their brands. They are also in 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. Very good story in the US. (Analysts’ price target is $94.75)

HOLD
HOLD
April 6, 2018

He has a large holding in this. Operationally the company has done well, but the multiple is not cheap. He will continue to hold.

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He has a large holding in this. Operationally the company has done well, but the multiple is not cheap. He will continue to hold.

TOP PICK
TOP PICK
March 12, 2018

They run gated communities and apartment buildings in the U.S. Trades at 24x earnings, so expensive, but their growth justifies that. It's capital-lite (few expenditures) business which is good. They've been growing at double-digits, growing organically at 7%, making acqusitioning along the way to further add to earnings. They occupy only 20% of the market (as the largest player), so there's lots of room to expand. Strong earnings growth in past quarters. (Analysts’ target: $91.25)

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They run gated communities and apartment buildings in the U.S. Trades at 24x earnings, so expensive, but their growth justifies that. It's capital-lite (few expenditures) business which is good. They've been growing at double-digits, growing organically at 7%, making acqusitioning along the way to further add to earnings. They occupy only 20% of the market (as the largest player), so there's lots of room to expand. Strong earnings growth in past quarters. (Analysts’ target: $91.25)

TOP PICK
TOP PICK
February 1, 2018

Canadian company that is in the property management services business. Great growth capitalizing on concentration in the space. They own franchise business like California Closets. High multiple but growth justifies it. They are the largest player in the space but they are only 10% of the market. Exposure in the States as well. Very unique company in Canada. Great brand. (Analysts' price target is $ 86.73)

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Firstservice Corp (FSV-T)
February 1, 2018

Canadian company that is in the property management services business. Great growth capitalizing on concentration in the space. They own franchise business like California Closets. High multiple but growth justifies it. They are the largest player in the space but they are only 10% of the market. Exposure in the States as well. Very unique company in Canada. Great brand. (Analysts' price target is $ 86.73)

PAST TOP PICK
PAST TOP PICK
October 3, 2017

(A Top Pick July 7/16. Up 48%.) Had thought the stock was undervalued and was quickly growing. Although listed in Toronto, 90% of revenue comes from the US. They do everything from cutting grass to painting houses to providing security services, primarily for gated communities. There is a big runway for growth, because it is a very fragmented industry. Well-managed.

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(A Top Pick July 7/16. Up 48%.) Had thought the stock was undervalued and was quickly growing. Although listed in Toronto, 90% of revenue comes from the US. They do everything from cutting grass to painting houses to providing security services, primarily for gated communities. There is a big runway for growth, because it is a very fragmented industry. Well-managed.

HOLD
HOLD
July 27, 2017

You are better off holding on to this stock. It is highly unlikely it will correct to its past lows. What they are doing is very smart and very interesting. They are adding a lot of value to their clients. They generate predictable and consistent cash flow.

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You are better off holding on to this stock. It is highly unlikely it will correct to its past lows. What they are doing is very smart and very interesting. They are adding a lot of value to their clients. They generate predictable and consistent cash flow.

PAST TOP PICK
PAST TOP PICK
April 13, 2017

(A Top Pick, May 5/16. Up 39%.) A great story and a great Canadian company. They maintain properties, gated communities and apartments. Also, owns College Pro Painters. He likes that they have a large US presence. When they sign contracts, it is for quite a long time. There is a lot of capacity to make acquisitions from mom and pop type businesses at a reasonable price.

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(A Top Pick, May 5/16. Up 39%.) A great story and a great Canadian company. They maintain properties, gated communities and apartments. Also, owns College Pro Painters. He likes that they have a large US presence. When they sign contracts, it is for quite a long time. There is a lot of capacity to make acquisitions from mom and pop type businesses at a reasonable price.

PAST TOP PICK
PAST TOP PICK
March 8, 2017

(A Top Pick March 24/16. Up 40.87%.) They own College Pro Painters and California Closets. They also have a property management business, taking care of apartment buildings and gated communities in the US. They have a great way of growing their business, and there is lots of room to grow. When they start a contract with somebody, it is for a couple of years. It has run up a lot, so wait for a pullback before buying.

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(A Top Pick March 24/16. Up 40.87%.) They own College Pro Painters and California Closets. They also have a property management business, taking care of apartment buildings and gated communities in the US. They have a great way of growing their business, and there is lots of room to grow. When they start a contract with somebody, it is for a couple of years. It has run up a lot, so wait for a pullback before buying.

PAST TOP PICK
PAST TOP PICK
February 13, 2017

(Top Pick Feb 11/16, Up 45.62%) A lot of their assets are in the US. They manage gated communities. They also have brands like College Pro Painters. A great Canadian company.

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Firstservice Corp (FSV-T)
February 13, 2017

(Top Pick Feb 11/16, Up 45.62%) A lot of their assets are in the US. They manage gated communities. They also have brands like College Pro Painters. A great Canadian company.

PAST TOP PICK
PAST TOP PICK
January 16, 2017

(A Top Pick Feb 11/16. Up 32.48%.) A real estate management company, but also do a lot of other things. They have a large business in the US. Also, have a lot of branded businesses like California Closets, College Pro Painting, etc. Still a fragmented industry, and a lot of it is still “mom and pop”, so every year they make bolt-on acquisitions, so have done a very good job of slowly growing their business. Not a cheap stock, so you have to be careful getting into it. Buy it on weakness.

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Firstservice Corp (FSV-T)
January 16, 2017

(A Top Pick Feb 11/16. Up 32.48%.) A real estate management company, but also do a lot of other things. They have a large business in the US. Also, have a lot of branded businesses like California Closets, College Pro Painting, etc. Still a fragmented industry, and a lot of it is still “mom and pop”, so every year they make bolt-on acquisitions, so have done a very good job of slowly growing their business. Not a cheap stock, so you have to be careful getting into it. Buy it on weakness.

PAST TOP PICK
PAST TOP PICK
November 29, 2016

(A Top Pick Nov 9/15. Up 25.2%.) There are 2 parts to this business. They manage gated communities and apartment buildings in the US. The other business is a brand business where they own things like California Closets, College Pro painters, etc. A nice simple story. Most of its revenues come from the US.

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Firstservice Corp (FSV-T)
November 29, 2016

(A Top Pick Nov 9/15. Up 25.2%.) There are 2 parts to this business. They manage gated communities and apartment buildings in the US. The other business is a brand business where they own things like California Closets, College Pro painters, etc. A nice simple story. Most of its revenues come from the US.

STRONG BUY
STRONG BUY
November 3, 2016

This manages condominiums and multifamily residential units. He recently added this to his accounts. This is pretty attractive because they are able to consolidate the industry. The only reason he can think of as to why they are down is that they have stated they are trying to improve the quality of their relationship that they have, so are culling some of their contracts.

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Firstservice Corp (FSV-T)
November 3, 2016

This manages condominiums and multifamily residential units. He recently added this to his accounts. This is pretty attractive because they are able to consolidate the industry. The only reason he can think of as to why they are down is that they have stated they are trying to improve the quality of their relationship that they have, so are culling some of their contracts.

PAST TOP PICK
PAST TOP PICK
October 27, 2016

(Top Pick Oct 1/15, Up 29%) They are property managers for condos and gated communities in Canada and the US. They have a brand business as well. He likes the annuity business on the property management side, and that they are the largest but still a Mom and Pop business. They have organic and acquisition growth. They have great management. He continues to like it. Their largest cost is labour. They have done a very good job over the years.

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Firstservice Corp (FSV-T)
October 27, 2016

(Top Pick Oct 1/15, Up 29%) They are property managers for condos and gated communities in Canada and the US. They have a brand business as well. He likes the annuity business on the property management side, and that they are the largest but still a Mom and Pop business. They have organic and acquisition growth. They have great management. He continues to like it. Their largest cost is labour. They have done a very good job over the years.

PAST TOP PICK
PAST TOP PICK
September 15, 2016

(A Top Pick Oct 1/15. Up 40.69%.) They manage gated communities and apartment buildings. Also, have ancillary industries they own such as College Pro Painters. It’s a “mom and pop” industry, so they can do a lot of tuck-in acquisitions, so you should see some good growth. Also, there is good organic growth.

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Firstservice Corp (FSV-T)
September 15, 2016

(A Top Pick Oct 1/15. Up 40.69%.) They manage gated communities and apartment buildings. Also, have ancillary industries they own such as College Pro Painters. It’s a “mom and pop” industry, so they can do a lot of tuck-in acquisitions, so you should see some good growth. Also, there is good organic growth.

TOP PICK
TOP PICK
August 23, 2016

The more he gets to know the company, the more he gets to like their story. It is a high recurring revenue model. They do a lot of property management. They are able to bring services together from all over the US, and offer it at a higher margin. They then start to get into other businesses like Sentry Fire, California Closets, and they do some restoration businesses as well. They are taking some of these businesses private, which is quite accretive to the company. The company has a long runway. A very steady type business. Dividend yield of 0.9%.

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The more he gets to know the company, the more he gets to like their story. It is a high recurring revenue model. They do a lot of property management. They are able to bring services together from all over the US, and offer it at a higher margin. They then start to get into other businesses like Sentry Fire, California Closets, and they do some restoration businesses as well. They are taking some of these businesses private, which is quite accretive to the company. The company has a long runway. A very steady type business. Dividend yield of 0.9%.

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