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FirstService (FSV TSX)
FirstService is North America’s largest property manager for condos and multi-family buildings. It is a growth-by-acquisition story and still has a small market share of property management. This is a sticky business, condo boards don’t like to change managers and usually sign up for multiple-year contracts with inflation escalators. As FirstService grows bigger it can save condo boards money with its economies of scale – buying power for equipment and services to run a condo. It is also building a national company to provide restoration in N.A. When there is a terrible weather event, like ice storms, fires, floodings, and tornadoes; it hopes by creating a market leader it can offer insurance companies the best service and price. Owned
