Trading the Spread
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FirstService: Global Real Estate Trends Support Further Upside Potential As Growth Story Remains Intact

In a previous PRO article published last August, I laid out for Seeking Alpha readers my investment rationale for FirstService Corporation (NASDAQ:FSRV), a small-cap global commercial real estate services firm flying under the radar of many institutional and retail investors. At the time, FSRV was trading around $35 and was in the midst of restructuring its balance sheet to optimize its capital structure. I viewed management's plans to eliminate preferred shares, retire an outstanding convertible bond issuance and initiate a common stock dividend as potential catalysts to drive valuation higher as the company de-levered and began returning capital to shareholders.

Based on my conviction that management would deliver on it's earnings projections and belief that shares would fetch a higher...

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