Review of FirstService Corp

SEP 11, 2025 - FSV's business model is highly sticky and durable over time. Customers tend to have long-duration contracts with FSV that allow them to have strong and sustainable organic growth. FSV is a high quality dividend growth name in the making with a solid track record of sustained dividend growth. For instance, the most recent dividend increase in 2024 marks the tenth consecutive year of a dividend hike of at least 10%. FSV also runs a moderately leveraged but conservative balance sheet. FSV has a proven business model with a track record of consistent growth and solid shareholder returns over the last 30 years, and the company continues to execute well amid a challenging macro environment. We are upgrading our rating by one notch to ‘A-‘.

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FirstService Corporation (FSV $214.32)
- $214.32 P/E (TTM): 50.63X Cap: $9.79B
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- View Reports on FSV
Boyd Group Services Inc. (BYD $235.46)
- $235.46 P/E (TTM): 227.02X Cap: $6.55B
- View BYD Profile
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Q: I see you have removed FSV from your recommended list - if one wanted growth and small dividend would you replace with BYD? Are they both play on the consumer across North America? Does one have a more reliable rev model?

Read Answer Asked by Scott on November 28, 2025

WSP Global Inc. (WSP $241.70)
- $241.70 P/E (TTM): 36.15X Cap: $31.56B
- View WSP Profile
- View Questions on WSP
- View Reports on WSP
FirstService Corporation (FSV $214.32)
- $214.32 P/E (TTM): 50.63X Cap: $9.79B
- View FSV Profile
- View Questions on FSV
- View Reports on FSV
Thomson Reuters Corporation (TRI $184.66)
- $184.66 P/E (TTM): 33.87X Cap: $82.14B
- View TRI Profile
- View Questions on TRI
Jacobs Solutions Inc. (J $140.22)
- $140.22 P/E (TTM): 58.92X Cap: $16.65B
- View J Profile
- View Questions on J

Q: Looking at the question by Michael on Jacobs today I see a company having 2026 net revenue growth of 6-10 % but a PE of 54 ! Sure it’s a fine company in a good sector but does it really deserve a PE of 54 ? Other solid companies in Canada with historically high PE ‘s such as TRI , WSP , and FSV etc., seem to be going through a valuation revision downward. The question is will the revised valuation remain or will the premium valuation return ? Your thoughts. Thanks. Derek.

Read Answer Asked by Derek on November 25, 2025

Canadian Apartment Properties Real Estate Investment Trust (CAR.UN $36.46)
- $36.46 P/E (TTM): 95.95X Cap: $5.75B
- View CAR.UN Profile
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FirstService Corporation (FSV $214.32)
- $214.32 P/E (TTM): 50.63X Cap: $9.79B
- View FSV Profile
- View Questions on FSV
- View Reports on FSV
American Hotel Income Properties REIT LP (HOT.UN $0.32)
- $0.32 Cap: $23M
- View HOT.UN Profile
- View Questions on HOT.UN
Dream Industrial Real Estate Investment Trust (DIR.UN $11.99)
- $11.99 P/E (TTM): 27.88X Cap: $3.51B
- View DIR.UN Profile
- View Questions on DIR.UN
- View Reports on DIR.UN
Real Matters Inc. (REAL $6.30)
- $6.30 Cap: $467M
- View REAL Profile
- View Questions on REAL
- View Reports on REAL
Primaris Real Estate Investment Trust (PMZ.UN $14.95)
- $14.95 P/E (TTM): 45.3X Cap: $1.77B
- View PMZ.UN Profile
- View Questions on PMZ.UN
Brookfield Corporation Class A Limited (BN $46.71)
- $46.71 P/E (TTM): 92.1X Cap: $104.78B
- View BN Profile
- View Questions on BN

Q: Reviewing recent questions on these coys Considering tax loss sale of car.un and replacing it with more supposedly growthy fsv. Alternatively could add more dir.un which is a keeper for me now. Other name's also in total portfolio but only bn is a keeper. Your views?

Read Answer Asked by William Ross on November 21, 2025