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 $215.87)
- $215.87 P/E (TTM): 51.91X Cap: $9.97B
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- View Reports on FSV
Boyd Group Services Inc. (BYD $236.35)
- $236.35 P/E (TTM): 225.8X 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 $242.89)
- $242.89 P/E (TTM): 36.56X Cap: $32.09B
- View WSP Profile
- View Questions on WSP
- View Reports on WSP
FirstService Corporation (FSV $215.87)
- $215.87 P/E (TTM): 51.91X Cap: $9.97B
- View FSV Profile
- View Questions on FSV
- View Reports on FSV
Thomson Reuters Corporation (TRI $186.42)
- $186.42 P/E (TTM): 34.77X Cap: $82.95B
- View TRI Profile
- View Questions on TRI
Jacobs Solutions Inc. (J $135.02)
- $135.02 P/E (TTM): 56.64X Cap: $15.77B
- View J Profile
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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 $37.33)
- $37.33 P/E (TTM): 100.08X Cap: $5.91B
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FirstService Corporation (FSV $215.87)
- $215.87 P/E (TTM): 51.91X Cap: $9.97B
- View FSV Profile
- View Questions on FSV
- View Reports on FSV
American Hotel Income Properties REIT LP (HOT.UN $0.32)
- $0.32 Cap: $24M
- View HOT.UN Profile
- View Questions on HOT.UN
Dream Industrial Real Estate Investment Trust (DIR.UN $12.40)
- $12.40 P/E (TTM): 28.98X Cap: $3.64B
- View DIR.UN Profile
- View Questions on DIR.UN
- View Reports on DIR.UN
Real Matters Inc. (REAL $6.29)
- $6.29 Cap: $467M
- View REAL Profile
- View Questions on REAL
- View Reports on REAL
Primaris Real Estate Investment Trust (PMZ.UN $15.09)
- $15.09 P/E (TTM): 46.15X Cap: $1.79B
- View PMZ.UN Profile
- View Questions on PMZ.UN
Brookfield Corporation Class A Limited (BN $46.33)
- $46.33 P/E (TTM): 94.15X Cap: $104.25B
- 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