I like the company and the business model. I especially like the fact that this is almost a US pure-play despite it being Canadian listed. Nearly 90% of its revenue comes from the United States. The company has a ridiculously sticky retention rate, north of 90%. I don't think there is ever going to be a slowdown for its management based services.
It has some of the leading market brands in a very fragmented industry. For example, their Certa Pro Painters brand is one of the leading painting companies in the United States and it has only 1% market share. This allows for large scale acquisition based growth.
The only reason I've never added this one to my portfolio, or even the low yield high dividend growth model portfolio here, is primarily valuation. The company has low single digit earnings and free cash flow yields, and I would expect earnings to somewhat normalize coming out of the pandemic. We can already see this as trailing twelve month operating cash flows are nowhere even close to levels witnessed during the pandemic.
Its dividend does look sporadic, but this is primarily because it is paid in USD. So, currency fluctuations have an impact.
IMO, I think it's a solid company that's just always a little too expensive for me to pull the trigger.