Fiera Capital is one of the Fastest growing Financials Period

  

Fiera Capital has been analyzed in a couple of  my other posts on Workathon (see 10/23/2017).It has grown since that blog so that now it has $139 billion in assets under management (AUM) which is an 11% increase over it's AUM in the last blog.This is a very substantial growth rate for a Canadian financial institution.In addition, quarterly revenues grew 15% over Q2 in 2017.Although adjusted EBITDA per share remained constant at $.35 per share.The increases came from the acquisition of CGOV Asset Management and Clearwater Capital.

6 Month Performance

              Fiera had a good second quarter with revenues up 15%;the main factor causing the increase was the acquisition of CGOV and Clearwater Capital.It also renegotiated the terms of it's credit agreement so that now it's  capacity is $600 million.Revenues for the 6 month period were $350 million up 22% over 2017.Earnings were ahead also by 20%.
                         Comparison of Junior Financials
   In a previous blog on Blogdaleupsome (Sept. 22,2017) 3 junior financials are compared,that is, AGF Management,Guardian Capital and Fiera Capital.Later we took a quick look at Goeasy Financial.All 3  have dropped in price from a year ago.Fiera Capital showed the biggest increase in AUM from less than $125 billion to almost $140 billion.But it issues shares to make it's acquisitions and this dilutes earnings.So adjusted EBITDA per share was  flat  since Q2 of 2017 and adjusted net earnings per share was actually down slightly.The other two showed slight increases in earnings but nowhere near the same growth.A company just recently included with this group is Goeasy Financial.It is smaller in market capitalization but has a growth rate even surpassing Fiera Capital.Down the road there may be some consolidation and Fiera and Goeasy will likely remain
      This appears to be a tough market for junior financials.AGF's price has withered as has Guardian Capital.Fiera Capital's price has also stalled.But there can be no doubt that Fiera has had the largest growth in AUM  and revenues.Fiera's problem is that e.p.s. has remained flat.In comparison, Goeasy Financial has had  good growth in revenues and earnings and it's price has flourished.
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