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FSRV FirstService's odd mix works - WSJ column (14.99 )
The WSJ's "Heard on the Street" column highlights FirstService, which has morphed into an eclectic mix of shopping-mall landlords in Hong Kong, pest controllers in Florida and installers of security cameras in New York. Its model as a conglomerate of service businesses may seem out of sync with a mkt that pays $175 a share for Google, but its earnings and share-price growth have been beyond the ordinary. "It's a complex co," says Matt Litfin, an analyst at William Blair. "But that complexity is where the opportunity lies if you're willing to do the work to understand the various platforms," says Mr. Litfin. FirstService's shares have risen 151% in the past 5 years. Some fund managers and analysts expect FirstService will continue to show double-digit income growth in the long term, even excluding future acquisitions. They say the co is still undervalued, relative to some of its peers, particularly in the US. "It's viewed, unfortunately, as a Canadian co," says Jon DeVos, a analyst at Raymond James.
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