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 $214.56)
- $214.56 P/E (TTM): 51.05X Cap: $9.94B
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- View Reports on FSV
Boyd Group Services Inc. (BYD $221.62)
- $221.62 P/E (TTM): 217.31X Cap: $6.20B
- 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 $245.14)
- $245.14 P/E (TTM): 36.44X Cap: $32.10B
- View WSP Profile
- View Questions on WSP
- View Reports on WSP
FirstService Corporation (FSV $214.56)
- $214.56 P/E (TTM): 51.05X Cap: $9.94B
- View FSV Profile
- View Questions on FSV
- View Reports on FSV
Thomson Reuters Corporation (TRI $181.64)
- $181.64 P/E (TTM): 34.03X Cap: $80.61B
- View TRI Profile
- View Questions on TRI
Jacobs Solutions Inc. (J $133.30)
- $133.30 P/E (TTM): 55.62X Cap: $15.75B
- 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 $37.52)
- $37.52 P/E (TTM): 98.34X Cap: $5.94B
- View CAR.UN Profile
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FirstService Corporation (FSV $214.56)
- $214.56 P/E (TTM): 51.05X Cap: $9.94B
- View FSV Profile
- View Questions on FSV
- View Reports on FSV
American Hotel Income Properties REIT LP (HOT.UN $0.38)
- $0.38 Cap: $28M
- View HOT.UN Profile
- View Questions on HOT.UN
Dream Industrial Real Estate Investment Trust (DIR.UN $12.64)
- $12.64 P/E (TTM): 29.23X Cap: $3.70B
- View DIR.UN Profile
- View Questions on DIR.UN
- View Reports on DIR.UN
Real Matters Inc. (REAL $5.86)
- $5.86 Cap: $439M
- View REAL Profile
- View Questions on REAL
- View Reports on REAL
Primaris Real Estate Investment Trust (PMZ.UN $15.70)
- $15.70 P/E (TTM): 46.73X Cap: $1.85B
- View PMZ.UN Profile
- View Questions on PMZ.UN
Brookfield Corporation Class A Limited (BN $45.14)
- $45.14 P/E (TTM): 89.2X Cap: $100.53B
- 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