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.

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.

Thoughts on Last Week

Programming Note: I will take tomorrow off as I have some family commitment. I will be back on Monday.

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 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 noise in the great SaaS debate.

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: What exactly is CSU’s ROIC?

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.

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, I think they are correct in

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.

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.