FirstService has been dead money for five years.
In a great bull market:
That's strange when you look at the business. FirstService is the largest property manager in North America. It runs more than 9,500 community associations under multi-year contracts, which means a lot of recurring revenue. Its FirstService Brands division sells plumbing, closets, maintenance, restoration and roofing to the same communities.
The dividend triangle:
Revenue: up 12% a year over five years
Dividend: up more than 10% a year
Earnings per share: up about 4% a year, almost flat between 2022 and 2026
The share price is flat over the past 12 months, after a bounce on its third-quarter results. I don't own it. It looks worth a closer look.
Which leg of the triangle would you watch?
