FSV (FirstService Corp) vs S&P TSX Composite Index (Canada) Comparison

FSV

S&P TSX Composite Index (Canada)

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FSV

S&P TSX Composite Index (Canada)

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FSV

S&P TSX Composite Index (Canada)

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S&P TSX Composite Index (Canada)

FSV

CBRE

2423

JLL

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FirstService Corp
Glance View

Economic Moat

None

Market Cap

11.5B CAD

Industry

Real Estate

FirstService Corporation has etched its identity as a vital player in the realm of property services, with roots tracing back to its inception in 1989. This Toronto-based company operates primarily through two segments: FirstService Residential and FirstService Brands. FirstService Residential, as its name suggests, is made up of a sprawling network of community managers and support professionals, taking charge of the governance and maintenance of residential properties. They ensure that everything from the amenities to the aesthetic facets of these properties is running smoothly, thereby enhancing property value and ensuring the satisfaction of residents. By doing so, they have not only cultivated long-lasting relationships with property owners and developers but have also ensured a continuous, stable stream of management fees that fill the company’s coffers. On the other hand, FirstService Brands is a diversified collection of franchise and company-owned businesses that cater to an array of property needs. These operations span from painting and home improvement services, such as through their CertaPro Painters and Paul Davis Restoration brands, to California Closets, which focuses on customized storage solutions. This segment thrives on the heightened consumer demand for home and property improvement solutions, supplying services essential to maintaining and appreciating property assets. Through its brands, FirstService Brands generates revenue by collecting franchise fees and royalties, as well as direct service fees. Together, these segments weave a robust tapestry of property service offerings, positioning FirstService Corporation as a stalwart in the industry with its comprehensive suite of services aiming to improve and maintain property value across North America.

View FSV Analysis

FSV Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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UK		Cushman & Wakefield PLC NYSE:CWK	Select
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CA		Colliers International Group Inc TSX:CIGI	Add
UK		Cushman & Wakefield PLC NYSE:CWK	Add
US	C	Compass Inc NYSE:COMP	Add
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FSV

vs

S&P TSX Composite Index (Canada)

Stocks Performance
FSV vs S&P TSX Composite Index (Canada)

Performance Gap
FSV vs S&P TSX Composite Index (Canada)

Performance By Year
FSV vs S&P TSX Composite Index (Canada)

Competitors Performance
FirstService Corp vs Peers

FirstService Corp
Glance View

Company

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FSV vs S&P TSX Composite Index (Canada)

Stocks Performance FSV vs S&P TSX Composite Index (Canada)

Performance Gap FSV vs S&P TSX Composite Index (Canada)

Performance By Year FSV vs S&P TSX Composite Index (Canada)

Competitors Performance FirstService Corp vs Peers

FirstService Corp Glance View

Company

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Tools

Stocks

FSV

vs

S&P TSX Composite Index (Canada)

Stocks Performance
FSV vs S&P TSX Composite Index (Canada)

Performance Gap
FSV vs S&P TSX Composite Index (Canada)

Performance By Year
FSV vs S&P TSX Composite Index (Canada)

Competitors Performance
FirstService Corp vs Peers

FirstService Corp
Glance View