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FIERA CAPITAL CORP (FSZ.CA) Stock Fundamental Analysis

TSX:FSZ - Toronto Stock Exchange - CA31660A1030 - Common Stock - Currency: CAD

7.36  -0.01 (-0.14%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to FSZ. FSZ was compared to 83 industry peers in the Capital Markets industry. FSZ has a medium profitability rating, but doesn't score so well on its financial health evaluation. FSZ scores decently on growth, while it is valued quite cheap. This could make an interesting combination. Finally FSZ also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

In the past year FSZ was profitable.
In the past year FSZ had a positive cash flow from operations.
In multiple years FSZ reported negative net income over the last 5 years.
FSZ had a positive operating cash flow in each of the past 5 years.
FSZ.CA Yearly Net Income VS EBIT VS OCF VS FCFFSZ.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M

1.2 Ratios

The Return On Assets of FSZ (5.33%) is better than 72.00% of its industry peers.
The Return On Equity of FSZ (22.33%) is better than 92.00% of its industry peers.
FSZ's Return On Invested Capital of 10.38% is amongst the best of the industry. FSZ outperforms 84.00% of its industry peers.
The Average Return On Invested Capital over the past 3 years for FSZ is in line with the industry average of 9.07%.
The last Return On Invested Capital (10.38%) for FSZ is above the 3 year average (7.97%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 5.33%
ROE 22.33%
ROIC 10.38%
ROA(3y)3.81%
ROA(5y)2.09%
ROE(3y)14.42%
ROE(5y)8.01%
ROIC(3y)7.97%
ROIC(5y)7.14%
FSZ.CA Yearly ROA, ROE, ROICFSZ.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10 15

1.3 Margins

FSZ has a better Profit Margin (9.28%) than 66.67% of its industry peers.
The Operating Margin of FSZ (20.54%) is comparable to the rest of the industry.
FSZ's Operating Margin has improved in the last couple of years.
Industry RankSector Rank
OM 20.54%
PM (TTM) 9.28%
GM N/A
OM growth 3Y-3.5%
OM growth 5Y10.72%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
FSZ.CA Yearly Profit, Operating, Gross MarginsFSZ.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10 15 20

3

2. Health

2.1 Basic Checks

FSZ has more shares outstanding than it did 1 year ago.
FSZ has more shares outstanding than it did 5 years ago.
The debt/assets ratio for FSZ is higher compared to a year ago.
FSZ.CA Yearly Shares OutstandingFSZ.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M
FSZ.CA Yearly Total Debt VS Total AssetsFSZ.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B

2.2 Solvency

Based on the Altman-Z score of 0.80, we must say that FSZ is in the distress zone and has some risk of bankruptcy.
The Altman-Z score of FSZ (0.80) is comparable to the rest of the industry.
The Debt to FCF ratio of FSZ is 5.55, which is a neutral value as it means it would take FSZ, 5.55 years of fcf income to pay off all of its debts.
FSZ's Debt to FCF ratio of 5.55 is fine compared to the rest of the industry. FSZ outperforms 69.33% of its industry peers.
FSZ has a Debt/Equity ratio of 2.57. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 2.57, FSZ is doing worse than 62.67% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 2.57
Debt/FCF 5.55
Altman-Z 0.8
ROIC/WACCN/A
WACCN/A
FSZ.CA Yearly LT Debt VS Equity VS FCFFSZ.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

2.3 Liquidity

FSZ has a Current Ratio of 1.31. This is a normal value and indicates that FSZ is financially healthy and should not expect problems in meeting its short term obligations.
FSZ has a Current ratio of 1.31. This is in the better half of the industry: FSZ outperforms 65.33% of its industry peers.
A Quick Ratio of 1.31 indicates that FSZ should not have too much problems paying its short term obligations.
FSZ's Quick ratio of 1.31 is fine compared to the rest of the industry. FSZ outperforms 65.33% of its industry peers.
Industry RankSector Rank
Current Ratio 1.31
Quick Ratio 1.31
FSZ.CA Yearly Current Assets VS Current LiabilitesFSZ.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M

4

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 12.37% over the past year.
The Earnings Per Share has been decreasing by -1.14% on average over the past years.
Looking at the last year, FSZ shows a small growth in Revenue. The Revenue has grown by 6.75% in the last year.
The Revenue has been growing slightly by 4.57% on average over the past years.
EPS 1Y (TTM)12.37%
EPS 3Y-9.8%
EPS 5Y-1.14%
EPS Q2Q%38.89%
Revenue 1Y (TTM)6.75%
Revenue growth 3Y-0.68%
Revenue growth 5Y4.57%
Sales Q2Q%8.17%

3.2 Future

FSZ is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.62% yearly.
The Revenue is expected to grow by 5.15% on average over the next years.
EPS Next Y8.59%
EPS Next 2Y5.23%
EPS Next 3Y5.62%
EPS Next 5YN/A
Revenue Next Year7.33%
Revenue Next 2Y5.43%
Revenue Next 3Y5.15%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
FSZ.CA Yearly Revenue VS EstimatesFSZ.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M
FSZ.CA Yearly EPS VS EstimatesFSZ.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5

8

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 6.75, which indicates a rather cheap valuation of FSZ.
FSZ's Price/Earnings ratio is in line with the industry average.
FSZ's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 29.27.
With a Price/Forward Earnings ratio of 6.52, the valuation of FSZ can be described as very cheap.
68.00% of the companies in the same industry are more expensive than FSZ, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 96.48. FSZ is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 6.75
Fwd PE 6.52
FSZ.CA Price Earnings VS Forward Price EarningsFSZ.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FSZ indicates a rather cheap valuation: FSZ is cheaper than 88.00% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, FSZ is valued cheaply inside the industry as 93.33% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 4.79
EV/EBITDA 7.03
FSZ.CA Per share dataFSZ.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5

4.3 Compensation for Growth

FSZ's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
FSZ has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.79
PEG (5Y)N/A
EPS Next 2Y5.23%
EPS Next 3Y5.62%

7

5. Dividend

5.1 Amount

FSZ has a Yearly Dividend Yield of 11.64%, which is a nice return.
The stock price of FSZ dropped by -26.62% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
FSZ's Dividend Yield is rather good when compared to the industry average which is at 3.31. FSZ pays more dividend than 97.33% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.31, FSZ pays a better dividend.
Industry RankSector Rank
Dividend Yield 11.64%

5.2 History

The dividend of FSZ has a limited annual growth rate of 1.79%.
FSZ has been paying a dividend for at least 10 years, so it has a reliable track record.
FSZ has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)1.79%
Div Incr Years1
Div Non Decr Years4
FSZ.CA Yearly Dividends per shareFSZ.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.2 0.4 0.6 0.8 1

5.3 Sustainability

141.21% of the earnings are spent on dividend by FSZ. This is not a sustainable payout ratio.
The dividend of FSZ is growing, but earnings are growing more, so the dividend growth is sustainable.
DP141.21%
EPS Next 2Y5.23%
EPS Next 3Y5.62%
FSZ.CA Yearly Income VS Free CF VS DividendFSZ.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M 100M 150M
FSZ.CA Dividend Payout.FSZ.CA Dividend Payout, showing the Payout Ratio.FSZ.CA Dividend Payout.PayoutRetained Earnings

FIERA CAPITAL CORP

TSX:FSZ (2/13/2025, 7:00:00 PM)

7.36

-0.01 (-0.14%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)11-07 2024-11-07/bmo
Earnings (Next)02-26 2025-02-26/amc
Inst Owners19.01%
Inst Owner ChangeN/A
Ins Owners1.46%
Ins Owner ChangeN/A
Market Cap653.49M
Analysts50
Price Target10.33 (40.35%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 11.64%
Yearly Dividend0.86
Dividend Growth(5Y)1.79%
DP141.21%
Div Incr Years1
Div Non Decr Years4
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)12.23%
Min EPS beat(2)8.44%
Max EPS beat(2)16.03%
EPS beat(4)4
Avg EPS beat(4)17.41%
Min EPS beat(4)8.44%
Max EPS beat(4)28.86%
EPS beat(8)4
Avg EPS beat(8)3.98%
EPS beat(12)7
Avg EPS beat(12)6.29%
EPS beat(16)11
Avg EPS beat(16)7.11%
Revenue beat(2)1
Avg Revenue beat(2)1.46%
Min Revenue beat(2)-1.84%
Max Revenue beat(2)4.76%
Revenue beat(4)2
Avg Revenue beat(4)0.8%
Min Revenue beat(4)-2.07%
Max Revenue beat(4)4.76%
Revenue beat(8)2
Avg Revenue beat(8)-1.44%
Revenue beat(12)3
Avg Revenue beat(12)-0.34%
Revenue beat(16)6
Avg Revenue beat(16)-0.27%
PT rev (1m)0%
PT rev (3m)20.9%
EPS NQ rev (1m)0.45%
EPS NQ rev (3m)7.62%
EPS NY rev (1m)0%
EPS NY rev (3m)4.94%
Revenue NQ rev (1m)-0.5%
Revenue NQ rev (3m)0.37%
Revenue NY rev (1m)0.01%
Revenue NY rev (3m)1.68%
Valuation
Industry RankSector Rank
PE 6.75
Fwd PE 6.52
P/S 0.94
P/FCF 4.79
P/OCF 4.68
P/B 2.26
P/tB N/A
EV/EBITDA 7.03
EPS(TTM)1.09
EY14.81%
EPS(NY)1.13
Fwd EY15.35%
FCF(TTM)1.54
FCFY20.87%
OCF(TTM)1.57
OCFY21.37%
SpS7.84
BVpS3.26
TBVpS-6.37
PEG (NY)0.79
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 5.33%
ROE 22.33%
ROCE 13.57%
ROIC 10.38%
ROICexc 10.79%
ROICexgc 69.29%
OM 20.54%
PM (TTM) 9.28%
GM N/A
FCFM 19.59%
ROA(3y)3.81%
ROA(5y)2.09%
ROE(3y)14.42%
ROE(5y)8.01%
ROIC(3y)7.97%
ROIC(5y)7.14%
ROICexc(3y)8.64%
ROICexc(5y)7.69%
ROICexgc(3y)73.59%
ROICexgc(5y)60.39%
ROCE(3y)10.42%
ROCE(5y)9.34%
ROICexcg growth 3Y21.34%
ROICexcg growth 5Y-0.85%
ROICexc growth 3Y2.78%
ROICexc growth 5Y20.72%
OM growth 3Y-3.5%
OM growth 5Y10.72%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score8
Asset Turnover0.57
Health
Industry RankSector Rank
Debt/Equity 2.57
Debt/FCF 5.55
Debt/EBITDA 3.84
Cap/Depr 6.42%
Cap/Sales 0.47%
Interest Coverage 3.23
Cash Conversion 72.12%
Profit Quality 211.11%
Current Ratio 1.31
Quick Ratio 1.31
Altman-Z 0.8
F-Score8
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)12.53%
Cap/Depr(5y)18.36%
Cap/Sales(3y)1.11%
Cap/Sales(5y)1.97%
Profit Quality(3y)289.7%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)12.37%
EPS 3Y-9.8%
EPS 5Y-1.14%
EPS Q2Q%38.89%
EPS Next Y8.59%
EPS Next 2Y5.23%
EPS Next 3Y5.62%
EPS Next 5YN/A
Revenue 1Y (TTM)6.75%
Revenue growth 3Y-0.68%
Revenue growth 5Y4.57%
Sales Q2Q%8.17%
Revenue Next Year7.33%
Revenue Next 2Y5.43%
Revenue Next 3Y5.15%
Revenue Next 5YN/A
EBIT growth 1Y55.57%
EBIT growth 3Y-4.16%
EBIT growth 5Y15.78%
EBIT Next Year78.94%
EBIT Next 3Y26.22%
EBIT Next 5YN/A
FCF growth 1Y-2.17%
FCF growth 3Y0.38%
FCF growth 5Y7.87%
OCF growth 1Y-2.91%
OCF growth 3Y-1.73%
OCF growth 5Y5.35%