Thoughts on FirstService?

I do like the company but valuation a concern for me at this point. The business model is great. Margins are a little lower than I would typically look for in a company but still very reasonable.

However, at 43x trailing free cash flows and 33x forward earnings, I do believe it's a bit frothy here valuation wise Considering earnings are only expected to grow at a 12-13% pace. Plenty of companies with better margin profiles growing earnings at a faster pace and trading at lower valuations.

Great company, but little margin of safety for me here.