Constellation Software Inc.

CSU-T

TSE:CSU

1,349.99
0.01 (0.00%)
Constellation Software is a diversified software company. It is based in Toronto, Canada, is listed on the Toronto Stock Exchange, and is a constituent of the S&P/TSX 60. The company was founded by Mark Leonard, a former venture capitalist, in 1995.
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Analysis and Opinions about CSU-T

Signal
Opinion
Expert
BUY
BUY
November 19, 2015

(Market Call Minute.) One of the best companies in Canada. They have never issued stock in 10 years and they just make money and cash flow.

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(Market Call Minute.) One of the best companies in Canada. They have never issued stock in 10 years and they just make money and cash flow.

COMMENT
COMMENT
November 2, 2015

At some point you get too big and the growth numbers come down. Maybe the pause in the last few months was the market seeing this coming. He is not sure on this one.

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At some point you get too big and the growth numbers come down. Maybe the pause in the last few months was the market seeing this coming. He is not sure on this one.

BUY
BUY
October 19, 2015

Still likes this and would have no problem recommending it. Stock seems to be performing well. An outstanding great buy and hold company.

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Still likes this and would have no problem recommending it. Stock seems to be performing well. An outstanding great buy and hold company.

HOLD
HOLD
September 8, 2015

This stock hits 2 of his biggest metrics, price momentum and value. Scores in the top 10% in momentum and in the top 20% on value. ROE is off the charts at 50%, and has historically had a strong Return on Equity for a long period of time. This doesn’t look expensive on a multiple basis.

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This stock hits 2 of his biggest metrics, price momentum and value. Scores in the top 10% in momentum and in the top 20% on value. ROE is off the charts at 50%, and has historically had a strong Return on Equity for a long period of time. This doesn’t look expensive on a multiple basis.

Jason Mann

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Price
$576.220
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
August 25, 2015

(A Top Pick Oct 24/14. Up 84.82%.) The management team is so good at allocating capital.

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(A Top Pick Oct 24/14. Up 84.82%.) The management team is so good at allocating capital.

COMMENT
COMMENT
August 14, 2015

This continues to see all-time highs. It is really a story of making the right acquisitions and integrating them into their suite of other companies that they have. Have executed extremely well and doesn’t see any reason why that will not continue. The risk is that you are paying such a premium because the stock price has run up so much, but it is a growth name and you could have said that a year or 2 ago and missed out on some good gains. Trading at 26X estimated earnings, which is justified because of the future momentum or the acquisitions being digested.

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This continues to see all-time highs. It is really a story of making the right acquisitions and integrating them into their suite of other companies that they have. Have executed extremely well and doesn’t see any reason why that will not continue. The risk is that you are paying such a premium because the stock price has run up so much, but it is a growth name and you could have said that a year or 2 ago and missed out on some good gains. Trading at 26X estimated earnings, which is justified because of the future momentum or the acquisitions being digested.

COMMENT
COMMENT
July 30, 2015

This has been a great story. The caution for him is that it is growth by acquisition. The growth they have been showing really comes from a number of acquisitions, and most of them have gone extremely well. He prefers to have his technology investments in the US where there is a lot more geographical diversification and a lot more size and scale. He would be very cautious on this.

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This has been a great story. The caution for him is that it is growth by acquisition. The growth they have been showing really comes from a number of acquisitions, and most of them have gone extremely well. He prefers to have his technology investments in the US where there is a lot more geographical diversification and a lot more size and scale. He would be very cautious on this.

TOP PICK
TOP PICK
June 30, 2015

(A Top Pick June 19/14. Up 100.22%.) Currently this is correcting with the rest of the market. A fabulous business model and an extremely competent/astute management team. It has had a big correction, so you are getting in at about $500. They are raising debt right now, presumably to make some acquisitions. They are really smart allocators.

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(A Top Pick June 19/14. Up 100.22%.) Currently this is correcting with the rest of the market. A fabulous business model and an extremely competent/astute management team. It has had a big correction, so you are getting in at about $500. They are raising debt right now, presumably to make some acquisitions. They are really smart allocators.

HOLD
HOLD
June 5, 2015

Looking at the chart, obviously this has been a good stock to own. There are no reasons to Sell. A great looking chart.

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Looking at the chart, obviously this has been a good stock to own. There are no reasons to Sell. A great looking chart.

COMMENT
COMMENT
May 20, 2015

This has done a phenomenal job. Probably one of the highest compound return stocks in the last 3-4 years. They can probably continue to do what they are doing, but not at the same rate. He is happy to continue holding this.

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This has done a phenomenal job. Probably one of the highest compound return stocks in the last 3-4 years. They can probably continue to do what they are doing, but not at the same rate. He is happy to continue holding this.

HOLD
HOLD
May 6, 2015

When he originally recommended this, it was on 7 or 8 times earnings, but is now on about 28 times earnings. Considers this management to be the best capital allocators in Canada. They are raising debt right now, and why would they be doing this if they were not going to be doing big acquisitions. You won’t know about these until the morning the press release comes out, and the stock will pop.

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When he originally recommended this, it was on 7 or 8 times earnings, but is now on about 28 times earnings. Considers this management to be the best capital allocators in Canada. They are raising debt right now, and why would they be doing this if they were not going to be doing big acquisitions. You won’t know about these until the morning the press release comes out, and the stock will pop.

SELL
SELL
May 4, 2015

Bought at the IPO and he kept selling half as it has had a fabulous run. He finally sold the rest of it. It is a growth by acquisition story and when you keep adding verticals you eventually run out of critical mass. Prefers OTC-T.

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Bought at the IPO and he kept selling half as it has had a fabulous run. He finally sold the rest of it. It is a growth by acquisition story and when you keep adding verticals you eventually run out of critical mass. Prefers OTC-T.

BUY
BUY
April 29, 2015

They go out and buy software companies and let them do their thing. It is like a private equity company. It is an acquisition story.

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They go out and buy software companies and let them do their thing. It is like a private equity company. It is an acquisition story.

TOP PICK
TOP PICK
March 19, 2015

Record high today. Has had an incredible run. Growth is still impressive. Organic and growth by acquisition. 3% free cash flow yield and 19% return on assets. The stock is less volatility than others on the market. 20% growth expected this year and 22% next year. 1.14% dividend yield.

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Record high today. Has had an incredible run. Growth is still impressive. Organic and growth by acquisition. 3% free cash flow yield and 19% return on assets. The stock is less volatility than others on the market. 20% growth expected this year and 22% next year. 1.14% dividend yield.

TOP PICK
TOP PICK
February 5, 2015

(A Top Pick March 18/14. Up 44.13%.) Still buying today. The risk is that at some point the growth slows down, but in this case, it won’t be like a hay stack where it rolls over, but will just slow down because they got to a certain size. Did a bond issue last fall indicating they could be making an acquisition. They are brilliant capital allocators.

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(A Top Pick March 18/14. Up 44.13%.) Still buying today. The risk is that at some point the growth slows down, but in this case, it won’t be like a hay stack where it rolls over, but will just slow down because they got to a certain size. Did a bond issue last fall indicating they could be making an acquisition. They are brilliant capital allocators.

COMMENT
COMMENT
January 27, 2015

This is a growth by acquisition. There is going to come a point where there is compression in the earnings, but the whole sector is not experiencing this right now. The whole sector’s in a bull market and it is going to stay there.

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This is a growth by acquisition. There is going to come a point where there is compression in the earnings, but the whole sector is not experiencing this right now. The whole sector’s in a bull market and it is going to stay there.

PAST TOP PICK
PAST TOP PICK
December 24, 2014

(A Top Pick Dec 24/13. Up 56.36%.) There has been no technical analyst that has pounded the table on this over the last 5 years, and yet it keeps going up and up and up.

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(A Top Pick Dec 24/13. Up 56.36%.) There has been no technical analyst that has pounded the table on this over the last 5 years, and yet it keeps going up and up and up.

COMMENT
COMMENT
December 19, 2014

Chart shows a strong uptrend from 2011. Anything technology driven tends to do quite well over the earlier part of the winter. He is very long on the tech stocks right now. It may be a tiny bit ahead of itself, but generally speaking up is good and down is bad.

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Chart shows a strong uptrend from 2011. Anything technology driven tends to do quite well over the earlier part of the winter. He is very long on the tech stocks right now. It may be a tiny bit ahead of itself, but generally speaking up is good and down is bad.

PAST TOP PICK
PAST TOP PICK
November 28, 2014

(A Top Pick Oct 18/13. Up 81.67%.) Showing a lot of vitality. The current year’s growth rate is something like 35%-40%, and is expecting them to grow by at least 20% next year.

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(A Top Pick Oct 18/13. Up 81.67%.) Showing a lot of vitality. The current year’s growth rate is something like 35%-40%, and is expecting them to grow by at least 20% next year.

COMMENT
COMMENT
November 10, 2014

Growth by acquisition. Have done a very good job historically of buying companies. Ranks in the top 25% of his quantitative database. On a price to cash flow basis, it is trading about 14X 2015 earnings estimates, which is above the typical company. There is about a 13% cash flow growth forecast for 2015. He thinks they will continue to have organic growth as well as growth by acquisition.

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Growth by acquisition. Have done a very good job historically of buying companies. Ranks in the top 25% of his quantitative database. On a price to cash flow basis, it is trading about 14X 2015 earnings estimates, which is above the typical company. There is about a 13% cash flow growth forecast for 2015. He thinks they will continue to have organic growth as well as growth by acquisition.

DON'T BUY
DON'T BUY
November 6, 2014

Does not own it, but it is a hard company to bet against. Very high return on invested capital. They’re acquiring smaller companies. Their valuation allows them to do very accretive deals. It is expensive for his taste. Over the long term this is probably a good bet, however. The PE is over 20 today and he would get more interested at 15 times. It has been a great winner for growth investors.

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Does not own it, but it is a hard company to bet against. Very high return on invested capital. They’re acquiring smaller companies. Their valuation allows them to do very accretive deals. It is expensive for his taste. Over the long term this is probably a good bet, however. The PE is over 20 today and he would get more interested at 15 times. It has been a great winner for growth investors.

TOP PICK
TOP PICK
October 24, 2014

(A Top Pick Oct 18/13. Up 61.96%.) His target price for the end of 2015 is $400. They are the best allocators. Have a strong balance sheet. If you are only going to own one stock in Canada right now, this would be it. Trading at 16.5X 2015 earnings, and is growing at 30% a year.

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(A Top Pick Oct 18/13. Up 61.96%.) His target price for the end of 2015 is $400. They are the best allocators. Have a strong balance sheet. If you are only going to own one stock in Canada right now, this would be it. Trading at 16.5X 2015 earnings, and is growing at 30% a year.

HOLD
HOLD
September 26, 2014

There is no sign of a top. He sees no reason to sell. Technology is a very good sector to be in.

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There is no sign of a top. He sees no reason to sell. Technology is a very good sector to be in.

BUY
BUY
September 11, 2014

The outlook is positive. They buy small software companies that give them a good return on their investment. They are an organic grower.

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The outlook is positive. They buy small software companies that give them a good return on their investment. They are an organic grower.

Teal Linde

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Price
$273.500
Owned
Unknown
HOLD
HOLD
August 13, 2014

He was really impressed with the big spike in growth but exited in the March swoon, when anything that was highflying got hurt. Would like to get back in at some point. He would still be absolutely behind this name.

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He was really impressed with the big spike in growth but exited in the March swoon, when anything that was highflying got hurt. Would like to get back in at some point. He would still be absolutely behind this name.

HOLD
HOLD
August 6, 2014

(Market Call Minute.) Great execution.

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(Market Call Minute.) Great execution.

STRONG BUY
STRONG BUY
July 29, 2014

This has been a great stock performer. Even though revenue has gone from about $200 million to billions, the number of shares outstanding has been unchanged for 10 years. When you can grow without diluting your shareholders, it is brilliant. CEO owns $300-$400 million in stock. Now starting to do larger acquisitions. They have the ability to do third-party financing, where other people take the risk and they share in the profits. This is one of those great companies that you buy and 5 years later you will be happy.

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This has been a great stock performer. Even though revenue has gone from about $200 million to billions, the number of shares outstanding has been unchanged for 10 years. When you can grow without diluting your shareholders, it is brilliant. CEO owns $300-$400 million in stock. Now starting to do larger acquisitions. They have the ability to do third-party financing, where other people take the risk and they share in the profits. This is one of those great companies that you buy and 5 years later you will be happy.

DON'T BUY
DON'T BUY
June 20, 2014

The CEO is trying to be one of the few guys that actually can make an acquisition story work long term. They are going through trials right now because they issued a dividend and are now talking about possibly re-tracking it back if a bigger company came along that he could acquire. You can only acquire so fast, and then you’ve got problems and issues and legacies of stuff you are acquiring.

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The CEO is trying to be one of the few guys that actually can make an acquisition story work long term. They are going through trials right now because they issued a dividend and are now talking about possibly re-tracking it back if a bigger company came along that he could acquire. You can only acquire so fast, and then you’ve got problems and issues and legacies of stuff you are acquiring.

TOP PICK
TOP PICK
June 19, 2014

Has had a correction back from the $270 level. Just announced a new way of financing themselves, which takes away an equity overhang on the stock. Also, the new financing means that they are looking at some big acquisitions. This is going to solve the problem for people that are worried about an equity issue. This grows at 50% a year.

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Has had a correction back from the $270 level. Just announced a new way of financing themselves, which takes away an equity overhang on the stock. Also, the new financing means that they are looking at some big acquisitions. This is going to solve the problem for people that are worried about an equity issue. This grows at 50% a year.

COMMENT
COMMENT
May 6, 2014

Got stopped out on his holdings. This is a fantastic growth name that he is going to come back to shortly when it settles down.

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Got stopped out on his holdings. This is a fantastic growth name that he is going to come back to shortly when it settles down.

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