Fiera Capital A (FSZ) AI Stock Analysis

• Market Cap: C$634.20M
• Dividend Yield: 7.37%
• Average Volume (3M): 515.06K
• Price to Earnings (P/E): 16.1
• Beta (1Y): 1.34
• Revenue Growth: 3.59%
• EPS Growth: -43.99%
• Country: CA
• Employees: 863
• Sector: Financial
• Sector Strength: 79
• Industry: Asset Management
• EPS (TTM): 0.20
• Shares Outstanding: 88,812,454
• 10 Day Avg. Volume: 689,293
• 30 Day Avg. Volume: 515,059
• PEG Ratio: -0.54
• Price to Book (P/B): 2.61
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 8.20
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$6.92
• Price Target Upside: 17.09% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3

• Rating: 71 Outperform
• Price Target: C$6.50 ▲(9.98%Upside)

Fiera Capital A demonstrates strong profitability and cash generation, supported by a high dividend yield. Despite challenges such as increased leverage and reduced AUM, strategic initiatives and leadership changes indicate potential for future growth. Technical indicators suggest caution, but the overall outlook is moderately positive.

Positive Factors

Capital Deployment

The reduced dividend payout provides enhanced capital deployment flexibility.

Leadership

The appointment of Maxime Ménard offers leadership succession with a focus on leveraging Fiera's multi-asset solutions.

Negative Factors

Asset Under Management

Fiera received a termination notice from Canoe regarding funds sub-advised by Fiera and PineStone; Canoe is withdrawing $5.5B in AUM in Q1/25.

Leverage

Financial flexibility is limited, and there is rising leverage in volatile markets.

Net Flows

There remains limited visibility into a sustained improvement of net flows, a key driver of multiple expansion.

Fiera Capital A Business Overview & Revenue Model

Company Description

Fiera Capital Corporation is an employee owned investment manager. The firm primarily provides its services to institutional investors, mutual funds, charitable organizations, and private clients. It manages separate client-focused equity, fixed income, and balanced portfolios. The firm also launches and manages equity, fixed income, and balanced mutual funds and income trusts for its clients. It invests in the public equity and fixed income markets across the globe with a focus on Canada. The firm primarily invests in growth and value stocks of small-cap companies. It also invests in G.A.R.P. and value stocks of large-cap companies. The firm also makes investments in income trusts and preferred shares. It also applies exclusions to be fossil fuel free, integrates environmental, social, and governance considerations, and applies an ethical filter while making its investments. The firm employs fundamental and quantitative analysis along with bottom-up stock picking approach to create its equity portfolios. It employs a top-down macro-economic research to make its fixed income investments. The firm also makes alternative investments, including the use of long/short equity strategy. It benchmarks the performance of its portfolio against the S&P/TSX Index, MSCI ACWI Index, S&P/TSX Composite FFF Index, and S&P 500 indices. The firm conducts in-house research to make its investments. It makes investments in social infrastructure with a focus on affordable housing and community health care facilities and also makes investment in solar and wind power generation, transport, and mid-market assets. It typically invests in Canada. It was formerly known as Fiera Sceptre Inc. Fiera Capital Corporation was founded in 2002 and is based in Montréal, Canada with an additional office in Toronto, Canada, Calgary, Canada, and Vancouver, Canada.

How the Company Makes Money

Fiera Capital generates revenue primarily through management fees, which are charged as a percentage of assets under management (AUM). These fees are collected from clients for managing their investment portfolios. The company also earns performance-based fees, which are contingent on achieving specific investment performance benchmarks. Additionally, Fiera Capital benefits from significant partnerships with financial institutions and access to global markets, enhancing its distribution network and enabling revenue growth.

Fiera Capital A Financial Statement Overview

Summary

Fiera Capital A's financial statements show a solid performance with strong profitability and cash generation. The company maintains high margins and a healthy cash flow, though revenue growth is modest. The balance sheet reveals increased leverage, which could pose risks if not managed carefully.

Income Statement

Fiera Capital A has demonstrated a stable revenue trajectory with a slight growth in Total Revenue from $676.2M in 2024 to $677.4M in TTM (Trailing-Twelve-Months), representing a modest revenue growth. The Gross Profit Margin is robust at 98.14% for TTM. However, Net Profit Margin decreased from 3.69% in 2024 to 5.78% in TTM, indicating improved profitability. The EBIT Margin improved significantly in TTM at 53.76%, reflecting operational efficiency. EBITDA Margin also improved to 24.05% in TTM. Overall, the income statement shows positive trends with strong margins, though revenue growth is modest.

Balance Sheet

The Debt-to-Equity Ratio increased from 2.70 in 2024 to 2.80 in TTM, indicating a higher leverage which might pose a risk. The Return on Equity (ROE) is relatively moderate, improving from 8.76% in 2024 to 13.57% in TTM, suggesting better utilization of equity. The Equity Ratio decreased slightly to 22.74% in TTM, pointing to a lower proportion of equity financing. While there is a strong ROE, the increased leverage and lower equity ratio indicate potential financial risks.

Cash Flow

The company shows a positive Free Cash Flow Growth Rate of 5.75% from 2024 to TTM, indicating strong cash generation. The Operating Cash Flow to Net Income Ratio is healthy at 3.62 in TTM, showing effective cash conversion. The Free Cash Flow to Net Income Ratio is exceptionally strong at 3.54, indicating excellent cash profitability. Overall, the cash flow statement reflects strong cash generation and management, despite a slight decrease in cash holdings.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
677.40M	676.20M	675.53M	664.89M	737.85M	689.48M
	Gross Profit
664.79M	430.91M	444.04M	425.29M	385.53M	340.11M
	EBIT
364.19M	112.77M	139.56M	98.29M	146.84M	108.86M
	EBITDA
162.94M	149.50M	189.96M	139.49M	199.00M	130.09M
	Net Income Common Stockholders
39.13M	24.99M	58.45M	25.35M	73.53M	-3.38M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
45.57M	44.56M	75.22M	68.21M	111.98M	72.37M
	Total Assets
1.27B	1.25B	1.29B	1.33B	1.47B	1.51B
	Total Debt
808.39M	768.51M	732.54M	746.30M	709.54M	767.07M
	Net Debt
771.86M	733.15M	666.94M	684.10M	606.95M	698.22M
	Total Liabilities
972.77M	957.75M	960.74M	982.45M	1.05B	1.04B
	Stockholders Equity
288.38M	285.06M	322.63M	341.05M	415.31M	467.98M
Cash Flow		Free Cash Flow
138.52M	130.98M	135.12M	108.39M	155.15M	133.60M
	Operating Cash Flow
141.77M	134.00M	137.97M	113.31M	171.29M	145.38M
	Investing Cash Flow
-2.10M	9.39M	3.29M	-6.34M	43.55M	-13.42M
	Financing Cash Flow
-141.11M	-175.23M	-137.30M	-148.15M	-179.35M	-159.85M

Fiera Capital A Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 5.91
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FSZ, the sentiment is Neutral. The current price of 5.91 is above the 20-day moving average (MA) of 5.82, below the 50-day MA of 5.95, and below the 200-day MA of 7.32, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 51.65 is Neutral, neither overbought nor oversold. The STOCH value of 82.41 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:FSZ.

Fiera Capital A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AGF.B	80 Outperform	C$788.25M	7.96	8.68%	4.14%	20.65%	-2.36%
CVG	77 Outperform	C$1.04B	8.24	10.69%	1.10%	120.44%	―
GCG.A	71 Outperform	C$1.04B	14.42	5.62%	3.67%	35.78%	-24.67%
FSZ	71 Outperform	C$634.20M	16.13	13.09%	7.37%	3.59%	-43.99%
GCG	70 Neutral	C$1.04B	14.27	5.62%	3.71%	35.78%	-24.67%
SEC	69 Neutral	C$730.33M	2.95	-7.43%	―	-8.45%	211.31%
Sector *	64 Neutral	$12.85B	9.81	7.79%	78.20%	12.23%	-7.93%

Fiera Capital A Corporate Events

Fiera Capital to Manage ATB US Large Cap Equity Fund

Fiera Capital has been selected by ATB Investment Management Inc. to manage the ATB US Large Cap Equity Fund, highlighting a shared commitment to disciplined, research-driven investment solutions. This partnership aims to enhance client outcomes by leveraging Fiera’s expertise and aligns with Fiera’s strategy to expand its institutional-quality investment platform in intermediary channels.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Expands Debenture Offering by $10 Million

Fiera Capital Corporation has announced the successful issuance of an additional $10 million in senior subordinated unsecured debentures, following the exercise of an over-allotment option related to a previous public offering. The proceeds from this issuance will be used to redeem existing debentures and reduce indebtedness, which may enhance the company’s financial flexibility and market positioning.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$8.00 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Chosen to Manage New Canadian Equities Strategy

Fiera Capital Corporation has been selected by Independent Advisor Solutions Inc., a subsidiary of Wellington-Altus Financial Inc., to manage its new MiBLOX strategy, Canadian High Conviction Equities. This collaboration will provide Wellington-Altus advisors and their clients access to Fiera’s Canadian Equity strategy, focusing on high-quality Canadian companies. The partnership underscores Fiera Capital’s commitment to expanding access to institutional-quality strategies through independent wealth channels, potentially enhancing its industry positioning and offering significant benefits to stakeholders.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$6.25 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Completes $70 Million Debenture Offering

Fiera Capital Corporation has successfully completed a $70 million public offering of 7.75% senior subordinated unsecured debentures, which will trade on the Toronto Stock Exchange. The proceeds from this offering will be used to redeem the company’s existing 8.25% debentures due in 2026 and for general corporate purposes, enhancing Fiera Capital’s financial flexibility and positioning within the industry.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Files Prospectus for $70 Million Debenture Offering

Fiera Capital Corporation, a Montreal-based company, has announced the filing of a final short form prospectus for its $70 million public offering of 7.75% senior subordinated unsecured debentures due in 2030. This offering, expected to close around June 3, 2025, is part of Fiera Capital’s strategy to strengthen its financial position and expand its market presence. The debentures are not registered under the U.S. Securities Act, and the offering is limited to Canadian provinces, highlighting the company’s focus on the Canadian market.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Files Prospectus for $70 Million Debenture Offering

Fiera Capital Corporation has announced the filing of a final short form prospectus for its $70 million public offering of 7.75% senior subordinated unsecured debentures, expected to close on June 3, 2025. This move is part of the company’s strategy to strengthen its financial position and enhance its market offerings, potentially impacting its operations and stakeholder interests positively.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Elects New Board of Directors

Fiera Capital Corporation announced the election of its board of directors during the annual and special meeting of shareholders held on May 22, 2025. All nominees listed in the management information circular were successfully elected, with class A directors receiving a majority of votes from class A subordinate voting shareholders, and class B directors being elected unanimously by the sole holder of class B special voting shares. This election reinforces Fiera Capital’s governance structure and supports its strategic objectives in the asset management industry.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Announces Upcoming Shareholder Meeting in Montreal

Fiera Capital Corporation has announced its Annual and Special Meeting of Shareholders, scheduled for May 22, 2025, in Montreal. The meeting will be held in person and is open to the public on a listen-only basis. This event is significant for stakeholders as it provides an opportunity for shareholders to engage with the company’s leadership and discuss strategic directions, potentially impacting Fiera Capital’s operations and market positioning.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Upsizes Debenture Offering to $70 Million Amid Strong Demand

Fiera Capital Corporation has increased its previously announced offering of 7.75% senior subordinated unsecured debentures to $70 million due to strong demand. The proceeds from this offering will be used to redeem the company’s existing 8.25% debentures due in 2026 and for general corporate purposes, reflecting a strategic move to manage its debt obligations and optimize its financial structure.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Announces $60 Million Debenture Offering

Fiera Capital Corporation has announced a $60 million bought deal offering of 7.75% senior subordinated unsecured debentures due June 30, 2030. The offering, led by a syndicate of underwriters, is expected to close on or about June 3, 2025. The proceeds will be used to fund the redemption of the company’s existing 8.25% debentures due December 31, 2026, and for general corporate purposes. This strategic financial move aims to optimize Fiera Capital’s debt structure by replacing higher interest debt with lower interest obligations, potentially improving the company’s financial flexibility and cost of capital.

The most recent analyst rating on (TSE:FSZ) stock is a Hold with a C$7.50 price target. To see the full list of analyst forecasts on Fiera Capital A stock, see the TSE:FSZ Stock Forecast page.

Fiera Capital Reports Q1 2025 Results with Strategic Adjustments

Fiera Capital reported a decrease in Assets Under Management (AUM) by $5.5 billion or 3.3% for the first quarter of 2025, primarily due to negative net organic growth in public markets. Despite this, the company achieved positive net organic growth in its public markets excluding PineStone-related assets and increased its private markets AUM by $1.4 billion, driven by strategic acquisitions and favorable market impacts. The company has also decided to reduce its quarterly dividend to maintain financial flexibility for strategic growth initiatives and operational efficiency improvements.

Fiera Capital Announces Leadership Transition to Drive Global Growth

Fiera Capital has announced a leadership transition with Maxime Ménard appointed as Global President and CEO, effective July 1, 2025. This change is part of the firm’s ongoing transformation into a regionally empowered organization, aiming to enhance investment capabilities and operational discipline. The leadership changes, including the appointments of Gabriel Castiglio as Global COO and Lucas Pontillo as Head of Corporate Strategy, are expected to strengthen Fiera Capital’s strategic direction and growth potential, reinforcing its commitment to delivering long-term value for clients and shareholders.

Fiera Capital to Wind Down Canadian Equity Strategies

Fiera Capital announced the wind down of its Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies, which together managed approximately C$1.2 billion in assets. The decision aligns with the company’s strategic goals and is not expected to significantly impact its financial standing. Fiera Capital continues to focus on high-conviction strategies and reported preliminary assets under management of approximately C$161.6 billion as of March 31, 2025.

Fiera Capital Reports Decline in Q1 2025 Assets Under Management

Fiera Capital Corporation announced a decrease in its assets under management (AUM) to approximately C$161.6 billion as of March 31, 2025, down from C$167.1 billion at the end of 2024. This decline was primarily due to previously announced outflows of C$5.7 billion in equity mandates by Canoe Financial LP, which transferred to PineStone. Despite this, the company reported net organic growth in both public markets (excluding PineStone) and private markets, with the latter showing consistent growth driven by new subscriptions and acquisitions. The company’s Q1 2025 financial results will be released on May 9, 2025.