On the Canadian TSX market, the share prices of two high-quality companies are quietly hovering near multi-year lows. Eldorado Gold (TSX:ELD) and FirstService (TSX:FSV) are down approximately 35% from their respective 52-week highs. Both stocks are currently facing short-term headwinds, but their fundamentals remain intact. Once the clouds clear, early buyers often reap substantial rewards.
Eldorado Gold has been a closely watched company in the Canadian gold sector over the past few months. It operates gold mines in Turkey, Canada, and Greece, and holds the Skouries development project in Greece. In February of this year, the company announced a planned acquisition of Foran Mining for C$3.8 billion, which would create a gold-copper mining complex. Foran’s flagship asset is the McIlvenna Bay copper-zinc project in Saskatchewan, expected to achieve commercial production by mid-2026. The shareholder vote is scheduled for April 7.
Investors buying ELD stock today are essentially buying into a company in transition, rather than a pure-play gold asset. This adds complexity, but also offers potential upside if copper and gold prices remain strong and the combined company meets its growth targets. Additionally, CEO George Burns announced his retirement for the third quarter of 2026, adding a leadership transition factor in the near term.
Currently, Eldorado has a market capitalization of approximately C$8.9 billion, with its share price trading near C$45 and a trailing price-to-earnings ratio of about 3x. If the Foran deal closes smoothly and integration goes well, this valuation could become even more attractive to value investors.
The company’s previous financial results showed full-year 2025 revenue of approximately US$1.82 billion and adjusted EBITDA of US$836.2 million. In the fourth quarter of 2025, revenue was US$577.2 million and adjusted EBITDA was US$265.2 million. In the first quarter of 2026, Eldorado reported revenue of US$532 million, a 50% increase year-over-year, mainly driven by higher gold prices; net income was US$136 million, up from US$72 million in the same period last year.
The Skouries project is approximately 94% complete, and McIlvenna Bay has entered the hot commissioning phase. Once both mines are in production, the company will no longer be a pure gold producer but will gain significant exposure to copper assets. The capital budget for Skouries has been increased to US$1.315 billion, and the company has hired additional European contractors to accelerate electrical and instrumentation work, while maintaining the third-quarter startup timeline.
FirstService is neither a bank nor a utility, but it has built a very durable business through residential property management and a wide array of home services brands. This makes it relevant in uncertain markets, because many of its services are essential even when consumer confidence is shaky.
In full-year 2025, the company’s revenue grew 5% to US$5.5 billion, adjusted EBITDA grew 10% to US$562.8 million, and adjusted earnings per share grew 15% to US$5.75. In the first quarter of 2026, revenue grew another 5% to US$1.3 billion, adjusted EBITDA increased 2% to US$105.7 million, and adjusted EPS reached US$0.95.
FirstService currently trades at a P/E ratio of 47x, with a quarterly dividend of US$0.305. The company continues to grow, consistently gains market share, and keeps expanding through small acquisitions. Management has stated that even as some brands face competitive pressures and softer consumer demand, the company remains focused on building growth momentum through the remainder of 2026.
Eldorado Gold is only weeks away from a production inflection point, which could fundamentally reprice the stock. FirstService is digesting short-term macro noise while its core business continues to grow. Both stocks have fallen 35% from their highs, and both have the fundamentals in place for a recovery. Buying before the recovery becomes obvious is a way to build long-term wealth on the TSX market.
