Topic

CSU

A collection of 13 issues

Constellation Software 2Q'26: Soft Organic Growth, but Encouraging Deployment Pace

Constellation Software (CSU) delivered a quarter that can be considered bit of a Rorschach test. Organic growth printed the weakest number in nearly 6 years while capital deployment pace is running pretty hot. I cannot speak for other shareholders, but if you own it (as I do) for CSU’s

Constellation Software 1Q’26: Leaning In Amidst the SaaSpocalypse

During the current “SaaSpocalypse”, Constellation Software (CSU) delivered a slightly uneven but, in important ways, also encouraging quarter. Organic growth softened and margins took the usual Q1 hit (and a bit more), but capital deployment pace (which is why anyone really owns the stock) remains a key bright spot. Maintenance

Thoughts on Last Week

Programming Note: I will take tomorrow off as I have some family commitment. I will be back on Monday. Ouch! Last week was quite terrible for MBI portfolio. I will share some thoughts on how I am thinking through the portfolio behind the paywall. In addition to “Daily Dose” (yes,

Constellation Software 4Q'25 Update

Amidst an unprecedented drawdown relative to its history, Constellation Software (CSU) had a rather reassuring quarter. Things are, at least so far, chugging along just fine. The maintenance or recurring revenue segment, which is ~75% of their revenue, grew by 6% (FX adjusted) YoY in 4Q’25 which is a

The Great SaaS Debate

Software is having one of its periodic identity crises. Instead of writing yet another think piece on the future of SaaS, let me curate today a wide range of point of views that I came across on this debate which I think will help you think through the high pitched

Never Sell: Episode 12-Serial Acquirer ROIC, Fiserv Debacle and Management Credibility, Wise and Stablecoins

For the “Never Sell” podcast, Scuttleblurb and I published a new episode. You can listen to it here: Spotify, Apple, YouTube, RSS feed Some of the relevant posts that we touched on this episode: 1. What exactly is CSU’s ROIC? 2. Fiserv’s October Massacre 3. Wise is probably

Some Portfolio Changes

I made a few changes in my portfolio yesterday which I will discuss behind the paywall. In addition to “Daily Dose” (yes, DAILY) like this, MBI Deep Dives publishes one Deep Dive on a publicly listed company every month. You can find all the 64 Deep Dives here. Subscribe

What exactly is CSU's ROIC?

Yesterday, I mentioned “While CSU’s heydays of ~50-60% ROIC is clearly behind us, CSU’s ROIC in the last 12 quarters has been quite sticky around ~30% which is plenty good!” A couple of readers pushed back on how I calculated ROIC and after thinking through their points,

Constellation Software 3Q'25

Constellation Software reported earnings on Friday last week. Unlike other companies, they do not hold quarterly earnings calls although I do wonder whether they will have a change of heart under the new CEO, especially if the stock continues to remain under pressure for an extended period of time. I

Constellation's Succession

A programming note: I am currently working on a Deep Dive on Instacart which I expect to publish by 25th of this month. I have recently spent some time in understanding Amazon’s ambition in groceries (see part 1 and part 2); given Instacart’s success in grocery delivery, I