DDM Analysis: FSV

Valuation Snapshot

Stable Growth	$594.33 - $700.22	$656.21
Multi-Stage	$152.41 - $167.12	$159.63
Blended Fair Value	$407.92
Current Price	$190.49
Upside	114.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.73%	7.50%	1.11	0.99	0.89	0.79	0.70	0.56	0.48	0.44	0.39	0.18
YoY Growth	-	-	12.22%	11.96%	11.78%	13.69%	24.51%	17.38%	9.56%	10.79%	114.99%	-66.17%
Dividend Yield	-	-	0.67%	0.60%	0.63%	0.55%	0.47%	0.73%	0.53%	0.61%	0.65%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.55
(-) Cash Dividends Paid (M)	12.25
(=) Cash Retained (M)	126.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.71	17.32	10.39
Cash Retained (M)	126.30	126.30	126.30
(-) Cash Required (M)	-27.71	-17.32	-10.39
(=) Excess Retained (M)	98.59	108.98	115.90
(/) Shares Outstanding (M)	39.35	39.35	39.35
(=) Excess Retained per Share	2.51	2.77	2.95
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	2.51	2.77	2.95
(=) Adjusted Dividend	2.82	3.08	3.26
WACC / Discount Rate	5.37%	5.37%	5.37%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$594.33	$656.21	$700.22
Upside / Downside	212.00%	244.48%	267.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.55	147.55	157.14	167.36	178.23	189.82	195.51
Payout Ratio	8.84%	25.07%	41.31%	57.54%	73.77%	90.00%	92.50%
Projected Dividends (M)	12.25	37.00	64.91	96.29	131.48	170.84	180.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.37%	5.37%	5.37%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34.78	35.11	35.44
Year 2 PV (M)	57.36	58.46	59.56
Year 3 PV (M)	80.00	82.30	84.64
Year 4 PV (M)	102.70	106.65	110.71
Year 5 PV (M)	125.45	131.50	137.80
PV of Terminal Value (M)	5,596.94	5,867.27	6,147.95
Equity Value (M)	5,997.23	6,281.29	6,576.10
Shares Outstanding (M)	39.35	39.35	39.35
Fair Value	$152.41	$159.63	$167.12
Upside / Downside	-19.99%	-16.20%	-12.27%

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FirstService Corporation (FSV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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