FirstService Corp (FSV)

Real Estate

Latest Price

$131.40

TTM P/E

41.19

Normalized P/E

41.19

Div Yield

Book Value

P/B Ratio

Valuation metrics

Norm. op. income: $219M (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$15.33

88% downside

Base FCF: $173M (median of recent 5yr)

Growth: 9%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$64.01

51% downside

EPS: $3.17

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$47.55

64% downside

67.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Orbis Allan Gray Ltd	4.04M	$574.0M	8.85%	+76.1K	2026-06-30
MANUFACTURERS LIFE INSURANCE COMPANY, THE	2.06M	$292.0M	4.51%	+148.8K	2026-06-30
1832 Asset Management L.P.	1.68M	$239.0M	3.68%	+1.27M	2026-06-30
Jupiter Topco LLC	1.68M	$238.0M	3.68%	--	2026-06-30
Conestoga Capital Advisors, LLC	1.22M	$172.0M	2.66%	-188.6K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	1.22M	$173.0M	2.66%	--	2026-06-30
NEUBERGER BERMAN GROUP LLC	1.18M	$167.0M	2.58%	-21.4K	2026-06-30
MORGAN STANLEY	873.0K	$124.0M	1.91%	+261.5K	2026-06-30
CIBC Asset Management Inc	861.4K	$122.0M	1.88%	+139.6K	2026-06-30
MACKENZIE FINANCIAL CORP	756.2K	$152.0M	1.65%	-715.1K	2026-06-30