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Fiera Capital A (TSE:FSZ)
TSX:FSZ
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Fiera Capital A (FSZ) AI Stock Analysis

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TSE:FSZ

Fiera Capital A

(TSX:FSZ)

Rating:67Neutral
Price Target:
C$7.50
▲(10.62% Upside)
Fiera Capital A's overall stock score is driven by strong operational efficiency and a high dividend yield, which are attractive to investors. However, the company faces challenges with declining revenue growth, high leverage, and mixed earnings call sentiment, which temper the overall outlook. Technical indicators suggest a cautiously optimistic view, with the stock showing positive momentum but remaining below the 200-day moving average.
Positive Factors
Leadership and Strategy
The appointment of Maxime Ménard offers leadership succession with a focus on leveraging Fiera's multi-asset solutions.
Net Inflows
In-house public market strategies delivered their best net inflows in two years.
Negative Factors
Financial Flexibility
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 (FSZ) vs. iShares MSCI Canada ETF (EWC)

Fiera Capital A Business Overview & Revenue Model

Company DescriptionFiera 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 MoneyFiera Capital makes money primarily through management fees charged for its investment services. These fees are typically calculated as a percentage of the assets under management (AUM) and vary depending on the type of investment product and client. The firm also earns performance fees, which are based on the investment returns generated above a specified benchmark or hurdle rate. Additionally, Fiera Capital leverages strategic partnerships and acquisitions to expand its product offerings and client base, enhancing its revenue streams. The company's earnings are significantly influenced by market conditions, AUM growth, and its ability to attract and retain clients.

Fiera Capital A Earnings Call Summary

Earnings Call Date:Aug 08, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. While there were significant achievements such as strong new mandate activity and revenue growth in private markets, challenges included flat overall AUM, significant outflows in sub-advised assets, and declines in public market revenues. The sentiment is balanced with both positive and negative aspects noted.
Q2-2025 Updates
Positive Updates
New Mandate Activity
Secured total new mandates of $1.4 billion during the quarter, marking the highest level of new mandate activity in over two years.
Strong Equity Strategy Performance
Canadian equity strategy had top-quartile performance year-to-date, beating its benchmark by 250 basis points.
Private Markets Revenue Growth
Base management fees in private markets increased by 8% year-over-year to $49 million for the quarter.
Adjusted EBITDA Improvement
Adjusted EBITDA for the quarter was $45.7 million, up 1% from the same quarter last year, with an adjusted EBITDA margin increase to 28%.
Private Market Deployment
Deployed $1.1 billion year-to-date in private markets with a robust pipeline of $1.3 billion committed undeployed capital.
Negative Updates
Flat Assets Under Management (AUM)
AUM ended the quarter at $160.5 billion, flat from the prior quarter, with negative net contribution offsetting new mandates and market gains.
Sub-Advised Asset Outflows
Total net outflows of $1.1 billion in sub-advised assets, including $700 million withdrawn by clients with ongoing relationships.
Decline in Public Market Revenues
Base management fees of $98 million in public markets declined by 5% from the same quarter last year.
Private Wealth AUM Decline
Private wealth AUM of $13.7 billion was down 3% during the quarter, impacted by negative net contribution.
Restructuring Costs
Earnings were impacted by a $6.9 million charge due to previously announced restructuring costs related to severance.
Company Guidance
In the second quarter of 2025, Fiera Capital's assets under management (AUM) remained steady at $160.5 billion, despite challenging macroeconomic conditions and the impact of a weaker U.S. dollar. The company reported robust new mandates totaling $1.7 billion, with significant activity in equity strategies contributing to market gains. However, negative net contributions, particularly from lower-fee fixed-income strategies, offset these gains. Public market platforms experienced a slight decrease in AUM to $139.6 billion, while private market platforms saw a minor decline to $20.9 billion due to capital returns and income distribution. Notably, private markets generated 38% of total revenues while comprising only 13% of total AUM, highlighting their growing contribution to Fiera's financial performance. Financial results for the quarter included total revenues of $163 million, a slight decrease from the previous year, with adjusted EBITDA rising to $45.7 million, reflecting a margin of 28%. The company also issued $80 million of debentures to manage its debt structure, ending the quarter with a net debt of $712 million.

Fiera Capital A Financial Statement Overview

Summary
Fiera Capital A shows strong operational efficiency with high gross profit margins and healthy EBIT/EBITDA margins. However, challenges include declining revenue growth and high leverage, which could impact financial stability. Cash flow metrics indicate efficient cash generation, but the recent decline in free cash flow growth is concerning.
Income Statement
65
Positive
Fiera Capital A's income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) gross profit margin is exceptionally high at 98.14%, indicating strong cost management. However, the net profit margin is relatively low at 5.78%, suggesting challenges in converting revenue into net income. The revenue growth rate has declined significantly by 24.23% in the TTM, reflecting potential market or operational challenges. EBIT and EBITDA margins are healthy, showing operational efficiency, but the declining revenue growth is a concern.
Balance Sheet
55
Neutral
The balance sheet reveals a high debt-to-equity ratio of 2.80 in the TTM, indicating significant leverage and potential financial risk. Return on equity is moderate at 13.50%, showing decent profitability relative to shareholder equity. The equity ratio is not explicitly calculated, but the high leverage suggests a lower proportion of equity in the capital structure, which could pose risks in volatile markets.
Cash Flow
60
Neutral
Cash flow analysis shows a decline in free cash flow growth by 8.53% in the TTM, which could impact future investments and debt servicing. The operating cash flow to net income ratio is 0.86, indicating that operating cash flow is relatively aligned with net income. The free cash flow to net income ratio is strong at 0.98, suggesting efficient cash generation relative to net income, despite the recent decline in growth.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue513.29M676.20M675.53M664.89M737.85M689.48M
Gross Profit501.23M430.91M444.04M425.29M385.53M340.11M
EBITDA158.75M149.50M189.96M139.49M199.00M130.09M
Net Income37.99M24.99M58.45M25.35M73.53M-3.38M
Balance Sheet
Total Assets1.21B1.25B1.29B1.33B1.47B1.51B
Cash, Cash Equivalents and Short-Term Investments33.04M44.56M75.22M68.21M111.98M72.37M
Total Debt793.74M768.51M732.54M746.30M709.54M767.07M
Total Liabilities932.69M957.75M960.74M982.45M1.05B1.04B
Stockholders Equity267.18M285.06M322.63M341.05M415.31M467.98M
Cash Flow
Free Cash Flow126.71M130.98M135.12M108.39M155.15M133.60M
Operating Cash Flow130.68M134.00M137.97M113.31M171.29M145.38M
Investing Cash Flow-3.61M9.39M3.29M-6.34M43.55M-13.42M
Financing Cash Flow-135.36M-175.23M-137.30M-148.15M-179.35M-159.85M

Fiera Capital A Technical Analysis

Technical Analysis Sentiment
Positive
Last Price6.78
Price Trends
50DMA
6.62
Positive
100DMA
6.26
Positive
200DMA
6.80
Negative
Market Momentum
MACD
0.06
Negative
RSI
59.34
Neutral
STOCH
86.04
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FSZ, the sentiment is Positive. The current price of 6.78 is above the 20-day moving average (MA) of 6.66, above the 50-day MA of 6.62, and below the 200-day MA of 6.80, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 59.34 is Neutral, neither overbought nor oversold. The STOCH value of 86.04 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FSZ.

Fiera Capital A Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
77
Outperform
C$988.90M8.369.77%0.14%132.11%5511.22%
75
Outperform
C$830.73M7.959.24%3.76%16.93%17.52%
74
Outperform
C$1.64B10.5911.80%2.90%96.56%158.06%
71
Outperform
C$870.56M5.119.91%14.62%
69
Neutral
C$1.64B10.5711.80%2.91%96.56%158.06%
68
Neutral
$17.80B11.8710.23%3.74%9.69%1.18%
67
Neutral
C$722.90M19.2513.48%9.56%-1.64%-40.68%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:FSZ
Fiera Capital A
6.78
0.02
0.30%
TSE:AGF.B
AGF Management B NV
12.78
5.39
72.94%
TSE:CVG
Clairvest
69.81
-3.29
-4.50%
TSE:GCG
Guardian Capital
66.75
27.99
72.21%
TSE:GCG.A
Guardian Cap Cl A NV
66.90
28.35
73.54%
TSE:SEC
Senvest Capital
358.25
28.25
8.56%

Fiera Capital A Corporate Events

Business Operations and StrategyFinancial Disclosures
Fiera Capital Reports Slight Decline in Q2 2025 AUM
Neutral
Jul 22, 2025

Fiera Capital Corporation reported a slight decrease in its assets under management (AUM) to C$160.5 billion as of June 30, 2025, down from C$161.6 billion at the end of the previous quarter. This decline was attributed to the wind down of its Canadian Equity Small and Micro Cap strategies, unfavorable foreign exchange impacts, and net outflows from lower-fee Fixed Income strategies. Despite these challenges, the company’s public markets AUM, excluding certain factors, saw a modest increase driven by higher equity markets. The company is set to release its Q2 2025 financial results on August 8, 2025.

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.

Executive/Board Changes
Fiera Capital Appoints Sandro Muzzo as Global Chief Legal Officer
Positive
Jul 15, 2025

Fiera Capital Corporation has appointed Sandro Muzzo as its Global Chief Legal Officer. With over 15 years of legal experience, including significant roles within Fiera Capital, Muzzo will lead the firm’s legal functions, providing strategic counsel to its investment platforms and corporate operations. This appointment underscores Fiera Capital’s commitment to legal excellence and highlights Muzzo’s expertise in corporate and securities law, which is expected to support the company’s growth ambitions and strengthen its global operations.

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.

Product-Related AnnouncementsBusiness Operations and Strategy
Fiera Capital to Terminate Two imaxx Funds by November 2025
Neutral
Jul 14, 2025

Fiera Capital Corporation announced its decision to terminate the imaxx Canadian Fixed Pay Fund and the imaxx Short Term Bond Fund by November 28, 2025. Unitholders can redeem their units without fees until the termination date, after which they will receive proceeds based on the net asset value of their units. This move reflects a strategic adjustment in Fiera Capital’s fund offerings, potentially impacting stakeholders who are invested in these funds.

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.

Product-Related AnnouncementsBusiness Operations and Strategy
QIA and Fiera Capital Launch USD 200m Qatar Equity Strategy
Positive
Jun 25, 2025

Qatar Investment Authority (QIA) and Fiera Capital have launched the Fiera Qatar Equity Strategy, a USD 200 million initiative aimed at delivering superior risk-adjusted returns by investing in equities listed on the Qatar Stock Exchange. This strategy is part of QIA’s Active Asset Management Initiative and reflects its commitment to enhancing Qatar’s financial landscape by partnering with global and local asset managers. QIA acts as the anchor investor, contributing capital in cash and stock, which is expected to boost market participation and liquidity. The strategy is structured as a daily-dealing mutual strategy available to both international and local institutions seeking actively-managed exposure to Qatar’s equity 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.

Business Operations and Strategy
Fiera Capital to Manage ATB US Large Cap Equity Fund
Positive
Jun 11, 2025

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.

Private Placements and Financing
Fiera Capital Expands Debenture Offering by $10 Million
Positive
Jun 6, 2025

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.

Product-Related AnnouncementsBusiness Operations and Strategy
Fiera Capital Chosen to Manage New Canadian Equities Strategy
Positive
Jun 5, 2025

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.

Private Placements and Financing
Fiera Capital Completes $70 Million Debenture Offering
Positive
Jun 3, 2025

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.

Private Placements and FinancingBusiness Operations and Strategy
Fiera Capital Files Prospectus for $70 Million Debenture Offering
Positive
May 29, 2025

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.

Private Placements and FinancingBusiness Operations and Strategy
Fiera Capital Files Prospectus for $70 Million Debenture Offering
Positive
May 28, 2025

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.

Executive/Board ChangesShareholder Meetings
Fiera Capital Elects New Board of Directors
Neutral
May 22, 2025

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.

Shareholder Meetings
Fiera Capital Announces Upcoming Shareholder Meeting in Montreal
Neutral
May 16, 2025

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.

Private Placements and FinancingBusiness Operations and Strategy
Fiera Capital Upsizes Debenture Offering to $70 Million Amid Strong Demand
Positive
May 14, 2025

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.

Private Placements and FinancingBusiness Operations and Strategy
Fiera Capital Announces $60 Million Debenture Offering
Positive
May 14, 2025

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.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Aug 20, 2025