<ul>
<li>如果你在想 FirstService 是否正在悄然变成一个便宜的选择，或者仍然被高估，这个分析将帮助你判断当前 FSV 的估值是否合理。</li>
<li>该股票目前交易价格约为 212 加元，过去一周上涨了 0.8%，过去一个月上涨了 0.6%，但年初至今仍下跌了 17.7%，过去 12 个月下跌了 18.6%，尽管在过去三年中上涨了 30.2%，五年内上涨了 25.3%。</li>
<li>最近，投资者对北美房地产和服务市场的动态反应强烈。这改变了与商业和住宅房地产相关公司的市场情绪。同时，FirstService 也受到关注，因为市场重新评估在高利率环境和更谨慎的交易背景下，物业服务业务的韧性。</li>
<li>目前，FirstService 在我们的估值检查中仅得分 0/6，详细信息可以在其估值评分中查看。在接下来的部分中，我们将分析不同的估值方法对该股票的看法，并最后探讨更智能的方式来理解其真实价值。</li>
</ul>
<p>FirstService 在我们的估值检查中仅得分 0/6。查看我们在完整估值分析中发现的其他警示信号。</p>
<h3>方法 1：FirstService 折现现金流（DCF）分析</h3>
<p>折现现金流模型通过预测企业未来能够产生的现金流，并将这些现金流折现回今天，来估算企业的价值。对于 FirstService，该模型采用基于现金流预测的两阶段自由现金流到股权的方法。</p>
<p>FirstService 在过去 12 个月中产生了约 2.962 亿美元的自由现金流。分析师提供了未来几年的详细预测，自由现金流预计到 2027 年将达到约 3.196 亿美元。Simply Wall St 然后将这些估算推算到 2035 年，假设年现金流中等增长。所有这些未来现金流都被折现回一个单一的现值，然后除以股份数量以获得每股内在价值。</p>
<p>该 DCF 模型建议每股公允价值约为 173 加元，低于当前市场价格约 212 加元，意味着仅从这个角度来看，该股票明显被高估。</p>
<p><strong>结果：被高估</strong></p>
<p>我们的折现现金流（DCF）分析表明，FirstService 可能被高估了 22.5%。发现 908 只被低估的股票或创建自己的筛选器以寻找更好的价值机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/dcf"/></p>
<p>截至 2025 年 12 月的 FSV 折现现金流</p>
<p>前往我们公司报告的估值部分，了解我们如何得出 FirstService 的公允价值的更多细节。</p>
<h3>方法 2：FirstService 市盈率</h3>
<p>对于像 FirstService 这样的盈利公司，市盈率（PE）是衡量投资者为每一美元当前收益支付多少的有用方式。一般来说，增长较快且风险较低的企业应享有更高的市盈率，而增长较慢或风险较高的企业则往往交易于较低的倍数。</p>
<p>FirstService 当前的市盈率约为 50.8 倍，超过了房地产行业整体平均的约 14.8 倍，也高于同行平均的约 46.8 倍。为了超越这些粗略的比较，Simply Wall St 使用了一种专有的公允比率，估算在考虑收益增长前景、公司的行业、利润率、市场价值和特定风险特征后，合理的市盈率应该是多少。</p>
<p>FirstService 的公允比率约为 44.2 倍，低于该股票当前的 50.8 倍。由于该框架同时考虑了增长和风险，因此比简单的行业或同行平均值更具针对性，表明市场支付的溢价超出了这些基本面所能证明的范围。</p>
<p><strong>结果：被高估</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月的 TSX:FSV 市盈率</p>
<p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1455 家内部人士正在大举押注于爆炸性增长的公司。</p>
<h3>提升你的决策能力：选择你的 FirstService 故事</h3>
<p>我们之前提到过，有一种更好的方式来理解估值，因此让我们向你介绍 Narratives，这是 Simply Wall St 社区页面上的一个简单框架，将你对公司故事的看法与财务预测和公允价值相连接。这帮助你通过将公允价值与当前价格进行比较来决定是买入还是卖出，并且随着新消息或收益的到来动态更新。对于 FirstService，一位投资者可能会围绕老旧建筑、外包和附加收购构建一个支持接近 305 加元的更高公允价值的故事。另一位可能会关注屋顶阻力、天气风险和较慢的有机增长，以得出更谨慎的公允价值，接近 205 加元。并排查看这些对比鲜明的故事驱动预测，使你更容易选择最符合自己期望和风险承受能力的故事，同时仍然将数字放在首位。</p>
<p>你认为 FirstService 的故事还有更多内容吗？前往我们的社区看看其他人怎么说！</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/quote-price?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/quote-price"/></p>
<p>TSX:FSV 1 年股票价格走势图</p>
<p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们提供的评论基于历史数据和分析师预测，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
<p>国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

FirstService公司

<p>本文评估了 FirstService 最近的股价下跌是否提供了一个合理的估值机会。尽管最近有所小幅上涨，但该股票年初至今下跌了 17.7%。折现现金流分析表明，该股票被高估了 22.5%，合理价值为 173 加元，而当前价格为 212 加元。市盈率也显示出高估，因为 FirstService 的交易市盈率为 50.8 倍，高于行业平均水平。文章建议使用叙事框架来评估该股票的真实价值</p>

<ul>
<li>If you are wondering whether FirstService is quietly turning into a bargain or still priced for perfection, this breakdown will help you decide if the current tag on FSV really makes sense.</li>
<li>The stock now trades around CA$212, up a modest 0.8% over the last week and 0.6% over the past month, but still down 17.7% year to date and 18.6% over the last 12 months despite a solid 30.2% gain over three years and 25.3% over five.</li>
<li>Recently, investors have been reacting to a stream of updates around the broader North American property and services market. This has shifted sentiment on companies tied to commercial and residential real estate. At the same time, FirstService has been in focus as markets reassess how resilient property services businesses can be in a higher rate environment and a more cautious transaction backdrop.</li>
<li>Right now, FirstService only scores 0/6 on our valuation checks, which you can see in detail in its valuation score. In the next sections we will unpack what different valuation methods say about the stock and finish by looking at a smarter way to think about its true worth.</li>
</ul>
<div class="lb-trans"><ul>
<li>如果你在想 FirstService 是否正在悄然变成一个便宜的选择，或者仍然被高估，这个分析将帮助你判断当前 FSV 的估值是否合理。</li>
<li>该股票目前交易价格约为 212 加元，过去一周上涨了 0.8%，过去一个月上涨了 0.6%，但年初至今仍下跌了 17.7%，过去 12 个月下跌了 18.6%，尽管在过去三年中上涨了 30.2%，五年内上涨了 25.3%。</li>
<li>最近，投资者对北美房地产和服务市场的动态反应强烈。这改变了与商业和住宅房地产相关公司的市场情绪。同时，FirstService 也受到关注，因为市场重新评估在高利率环境和更谨慎的交易背景下，物业服务业务的韧性。</li>
<li>目前，FirstService 在我们的估值检查中仅得分 0/6，详细信息可以在其估值评分中查看。在接下来的部分中，我们将分析不同的估值方法对该股票的看法，并最后探讨更智能的方式来理解其真实价值。</li>
</ul>
</div><p>FirstService scores just 0/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.</p>
<div class="lb-trans"><p>FirstService 在我们的估值检查中仅得分 0/6。查看我们在完整估值分析中发现的其他警示信号。</p>
</div><h3>Approach 1: FirstService Discounted Cash Flow (DCF) Analysis</h3>
<div class="lb-trans"><h3>方法 1：FirstService 折现现金流（DCF）分析</h3>
</div><p>A Discounted Cash Flow model estimates what a business is worth by projecting the cash it can generate in the future and then discounting those cash flows back to today. For FirstService, the model uses a 2 Stage Free Cash Flow to Equity approach based on cash flow projections.</p>
<div class="lb-trans"><p>折现现金流模型通过预测企业未来能够产生的现金流，并将这些现金流折现回今天，来估算企业的价值。对于 FirstService，该模型采用基于现金流预测的两阶段自由现金流到股权的方法。</p>
</div><p>FirstService generated about $296.2 Million in free cash flow over the last twelve months. Analysts provide detailed forecasts for the next few years, with free cash flow projected to reach around $319.6 Million by 2027. Simply Wall St then extrapolates these estimates out to 2035, with modest mid single digit growth in annual cash flows. All of these future cash flows are discounted back to a single present value and then divided by the number of shares to get an intrinsic value per share.</p>
<div class="lb-trans"><p>FirstService 在过去 12 个月中产生了约 2.962 亿美元的自由现金流。分析师提供了未来几年的详细预测，自由现金流预计到 2027 年将达到约 3.196 亿美元。Simply Wall St 然后将这些估算推算到 2035 年，假设年现金流中等增长。所有这些未来现金流都被折现回一个单一的现值，然后除以股份数量以获得每股内在价值。</p>
</div><p>This DCF model suggests a fair value of roughly CA$173 per share, which is about 22.5% below the current market price around CA$212, implying that the stock screens as clearly overvalued on this basis alone.</p>
<div class="lb-trans"><p>该 DCF 模型建议每股公允价值约为 173 加元，低于当前市场价格约 212 加元，意味着仅从这个角度来看，该股票明显被高估。</p>
</div><p><strong>Result: OVERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被高估</strong></p>
</div><p>Our Discounted Cash Flow (DCF) analysis suggests FirstService may be overvalued by 22.5%. Discover 908 undervalued stocks or create your own screener to find better value opportunities.</p>
<div class="lb-trans"><p>我们的折现现金流（DCF）分析表明，FirstService 可能被高估了 22.5%。发现 908 只被低估的股票或创建自己的筛选器以寻找更好的价值机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/dcf" alt="" original-src="https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/dcf"/></p>
<p>FSV Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 FSV 折现现金流</p>
</div><p>Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for FirstService.</p>
<div class="lb-trans"><p>前往我们公司报告的估值部分，了解我们如何得出 FirstService 的公允价值的更多细节。</p>
</div><h3>Approach 2: FirstService Price vs Earnings</h3>
<div class="lb-trans"><h3>方法 2：FirstService 市盈率</h3>
</div><p>For profitable companies like FirstService, the price to earnings, or PE, ratio is a useful way to gauge how much investors are paying for each dollar of current earnings. In general, faster growing and lower risk businesses deserve higher PE multiples, while slower growing or riskier ones tend to trade on lower multiples.</p>
<div class="lb-trans"><p>对于像 FirstService 这样的盈利公司，市盈率（PE）是衡量投资者为每一美元当前收益支付多少的有用方式。一般来说，增长较快且风险较低的企业应享有更高的市盈率，而增长较慢或风险较高的企业则往往交易于较低的倍数。</p>
</div><p>FirstService currently trades on a PE of about 50.8x, which is more than three times the broader Real Estate industry average of roughly 14.8x and also above the peer group average of around 46.8x. To move beyond these blunt comparisons, Simply Wall St uses a proprietary Fair Ratio, which estimates what a reasonable PE should be after factoring in earnings growth prospects, the company’s industry, profit margins, market value and specific risk profile.</p>
<div class="lb-trans"><p>FirstService 当前的市盈率约为 50.8 倍，超过了房地产行业整体平均的约 14.8 倍，也高于同行平均的约 46.8 倍。为了超越这些粗略的比较，Simply Wall St 使用了一种专有的公允比率，估算在考虑收益增长前景、公司的行业、利润率、市场价值和特定风险特征后，合理的市盈率应该是多少。</p>
</div><p>This Fair Ratio for FirstService comes out at about 44.2x, lower than the stock’s current 50.8x. Because this framework adjusts for both growth and risk, it is a more tailored benchmark than simple industry or peer averages and suggests the market is paying a premium above what those fundamentals justify.</p>
<div class="lb-trans"><p>FirstService 的公允比率约为 44.2 倍，低于该股票当前的 50.8 倍。由于该框架同时考虑了增长和风险，因此比简单的行业或同行平均值更具针对性，表明市场支付的溢价超出了这些基本面所能证明的范围。</p>
</div><p><strong>Result: OVERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被高估</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/pe-multiple-vs-industry"/></p>
<p>TSX:FSV PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 TSX:FSV 市盈率</p>
</div><p>PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1455 companies where insiders are betting big on explosive growth.</p>
<div class="lb-trans"><p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1455 家内部人士正在大举押注于爆炸性增长的公司。</p>
</div><h3>Upgrade Your Decision Making: Choose your FirstService Narrative</h3>
<div class="lb-trans"><h3>提升你的决策能力：选择你的 FirstService 故事</h3>
</div><p>Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives, a simple framework on Simply Wall St’s Community page that connects your view of a company’s story to a financial forecast and then to a fair value. This helps you decide whether to buy or sell by comparing that fair value to the current price, and it updates dynamically as new news or earnings arrive. For FirstService, one investor might build a Narrative around aging buildings, outsourcing and bolt-on acquisitions that supports a higher fair value near CA$305. Another might focus on roofing headwinds, weather risk and slower organic growth to arrive at a more cautious fair value closer to CA$205. Seeing these contrasting story-driven forecasts side by side makes it easier to choose the Narrative that best matches your own expectations and risk tolerance, while still keeping the numbers front and center.</p>
<div class="lb-trans"><p>我们之前提到过，有一种更好的方式来理解估值，因此让我们向你介绍 Narratives，这是 Simply Wall St 社区页面上的一个简单框架，将你对公司故事的看法与财务预测和公允价值相连接。这帮助你通过将公允价值与当前价格进行比较来决定是买入还是卖出，并且随着新消息或收益的到来动态更新。对于 FirstService，一位投资者可能会围绕老旧建筑、外包和附加收购构建一个支持接近 305 加元的更高公允价值的故事。另一位可能会关注屋顶阻力、天气风险和较慢的有机增长，以得出更谨慎的公允价值，接近 205 加元。并排查看这些对比鲜明的故事驱动预测，使你更容易选择最符合自己期望和风险承受能力的故事，同时仍然将数字放在首位。</p>
</div><p>Do you think there's more to the story for FirstService? Head over to our Community to see what others are saying!</p>
<div class="lb-trans"><p>你认为 FirstService 的故事还有更多内容吗？前往我们的社区看看其他人怎么说！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/quote-price" alt="" original-src="https://images.simplywall.st/company/8f08b9ea-e12e-4879-a9fc-6f3a8283e0d4/chart/quote-price"/></p>
<p>TSX:FSV 1-Year Stock Price Chart</p>
<div class="lb-trans"><p>TSX:FSV 1 年股票价格走势图</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们提供的评论基于历史数据和分析师预测，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
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<div class="lb-trans"><p>国防和灾难的移动基础设施</p>
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<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 赞助</p>
</div>

FirstService 最近的股价下跌是否提供了一个合理的估值机会？