Q: Seeking your view on FSV valuation and momentum prospects for next 18 to 36 months.
5i Research Answer:
We continue to like FSV a lot. While not cheap at 35X earnings, its cash flow is solid and steady and its business mix provides regular cash flow in most economic conditions. It has a very solid multi-decade history of growth and success. The last quarter was good and nicely ahead of expectations. Consensus calls for EPS to more than double for all of 2025 and then rise 10%+ next year. We think it is worth owning.