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FSV

FirstService

$95.44

-0.43 (-0.45%)

16:43
12/02/19
12/02
16:43
12/02/19
16:43

FirstService announces $200M bought deal financing

FirstService has announced that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and TD Securities, under which the underwriters have agreed to buy on a bought deal basis 2,165,000 common shares of FirstService, at a price of $92.50 per Common Share for gross proceeds of approximately $200M. FirstService has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected to close on or about December 13, and is subject to receipt of all necessary regulatory approvals.

FSV FirstService
$95.44

-0.43 (-0.45%)

05/28/19
RBCM
05/28/19
NO CHANGE
Target $102
RBCM
Sector Perform
FirstService price target raised to $102 from $94 at RBC Capital
RBC Capital analyst Matt Logan raised his price target on FirstService to $102 after its decision to acquire Global Restoration Holdings for $505M last week. The analyst believes that the deal represents a "complementary acquisition", driving growth in recurring revenue from "essential property services" while complementing the company's Paul Davis Restoration business. Logan also raises his FY19 and FY20 earnings forecasts for FirstService by 11c and 28c to $2.99 and $3.42 respectively but keeps his Sector Perform rating on the stock based on valuation.
09/25/19
TDSI
09/25/19
INITIATION
Target $110
TDSI
Hold
FirstService initiated with a Hold at TD Securities
TD Securities analyst Daryl Young initiated FirstService with a Hold and $110 price target citing limited multiple expansion from here and exposure to cyclical drivers in a late cycle.
09/25/19
09/25/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Wayfair (W) initiated with a Neutral at UBS. 2. Comcast (CMCSA) initiated with a Buy at Benchmark. 3. FirstService (FSV) initiated with a Hold at TD Securities. 4. Momenta (MNTA) initiated with a Buy at H.C. Wainwright. 5. uniQure (QURE) initiated with an Outperform at Bernstein. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/23/19
WBLR
10/23/19
NO CHANGE
WBLR
Market Perform
FirstService estimates lowered at William Blair after earnings
William Blair analyst Stephen Sheldon said FirstService reported slightly weaker than expected third quarter revenue, adjusted EBITDA and adjusted EPS, calling organic revenue growth in the residential segment the "positive highlight" of the quarter. However, FirstService will now face tougher comparisons, so he expects organic revenue growth to moderate in the residential segment. Following the report, Sheldon lowered his adjusted EPS forecasts for 2019, 2020 and 2021 and also tempered his margin expansion expectations. He keeps a Market Perform rating on FirstService shares.

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