Company Valuation: FirstService Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,630 5,417 7,254 8,191 7,116 5,949 - -
Change - -37.23% 33.93% 12.91% -13.12% -16.41% - -
Enterprise Value (EV) 1 8,630 6,015 8,249 9,246 8,045 7,359 7,235 7,131
Change - -30.3% 37.14% 12.09% -13% -8.52% -1.68% -1.45%
P/E 64.4x 45x 72.6x 60.9x 49.1x 35.9x 30.4x 27x
PBR - 5.97x 7.09x 6.9x 5.18x 5.76x 5.17x 6.74x
PEG - -4.2x -4.1x 1.9x 7.29x 1.9x 1.7x 2.1x
Capitalization / Revenue 2.66x 1.45x 1.67x 1.57x 1.29x 1.04x 0.98x 0.94x
EV / Revenue 2.66x 1.61x 1.9x 1.77x 1.46x 1.28x 1.19x 1.13x
EV / EBITDA 26.4x 17.1x 19.8x 18x 14.3x 12.5x 11.5x 10.9x
EV / EBIT 42.8x 27.5x 33.7x 27.4x 23.8x 20.7x 17.8x 16.3x
EV / FCF 79.1x 213x 44x 53.5x 25.3x 24.3x 24.2x 19.1x
FCF Yield 1.26% 0.47% 2.27% 1.87% 3.96% 4.11% 4.13% 5.24%
Dividend per Share 2 - 0.81 0.9 1 1.1 1.222 1.408 1.565
Rate of return - 0.66% 0.55% 0.55% 0.71% 0.9% 1.04% 1.16%
EPS 2 3.05 2.72 2.24 2.97 3.17 3.777 4.459 5.023
Distribution rate - 29.8% 40.2% 33.7% 34.7% 32.4% 31.6% 31.2%
Net sales 1 3,249 3,746 4,335 5,217 5,498 5,730 6,065 6,306
EBITDA 1 327.4 351.7 415.7 513.7 562.8 587.3 626.9 655
EBIT 1 201.6 219 244.9 337.5 338.1 356 405.8 438.5
Net income 1 135.2 121.1 100.4 134.4 145 168.9 194.6 212.1
Net Debt 1 - 598.2 994.5 1,055 928.3 1,411 1,287 1,182
Reference price 2 196.45 122.51 162.54 180.97 155.68 135.43 135.43 135.43
Nbr of stocks (in thousands) 43,930 44,214 44,633 45,262 45,712 43,923 - -
Announcement Date 15/02/22 07/02/23 06/02/24 05/02/25 04/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.86x1.28x12.53x0.9% 5.95B
23.54x0.95x11.46x-.--% 40.8B
18.55x0.83x6.78x2.47% 19.08B
14.29x0.58x9.51x-.--% 15.81B
17.03x3.5x11.43x5.84% 11.15B
21.01x8.64x17.1x4.57% 10.41B
62.85x2.43x9.59x-.--% 7.49B
35.31x1.09x8.38x0.33% 4.8B
30.73x12.12x - 1.88% 4.24B
11.94x0.44x6.69x-.--% 2.98B
Average 27.11x 3.19x 10.39x 1.6% 12.27B
Weighted average by Cap. 24.19x 2.25x 10.63x 1.42%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation FirstService Corporation
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