Review of Lumine Group Inc.

SEP 11, 2025 - Despite recent weakness and concerns about AI threats, we are fairly confident these companies still have good long-term potential. CSU’s ability to keep up with an M&A strategy is widely recognized. Management indicates that there are still thousands of possible deals that all CSU entities can do within the VMS business universe. AI worries may actually increase the deal pool as well. The market has placed a premium valuation multiple on LMN relative to other CSU entities due to its smaller size, and it already has a larger pool of potential acquisitions than CSU. We think LMN’s story remains intact, and we expect the company to continue to compound free cash flow per share at a healthy rate going forward - we are maintaining our rating at B+.

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Canadian Utilities Limited Class A Non-Voting Shares (CU $38.12)
- $38.12 P/E (TTM): 23.24X Cap: $10.36B
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Brookfield Corporation Class A Limited Voting Shares (BN $93.80)
- $93.80 P/E (TTM): 157.67X Cap: $140.31B
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Lumine Group Inc. (LMN $45.56)
- $45.56 P/E (TTM): 173.32X Cap: $11.69B
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Nebius Group N.V. (NBIS $90.41)
- $90.41 Cap: $21.52B
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Q: Yesterday you answered a question regarding three companies you would buy for growth for five years, asked by Judith. You gave the first three and left out your favourite company of all time, CSU. I imagine that is because we are focusing on growth and CSU, being bigger than the others will likely grow less. I tend to be a little leery of lmn and don’t have a high percentage. But, where would it fit, and what would your choices be, if the question was asked in such a way that growth was important but also relative safety? Safety, not in the sense of say, the banks, but something with good prospects for above average growth?

Read Answer Asked by joseph on September 12, 2025

Constellation Software Inc. (CSU $4,392.79)
- $4,392.79 P/E (TTM): 108.48X Cap: $93.08B
- View CSU Profile
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Topicus.com Inc. (TOI $165.45)
- $165.45 P/E (TTM): 78.79X Cap: $13.82B
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Lumine Group Inc. (LMN $45.56)
- $45.56 P/E (TTM): 173.32X Cap: $11.69B
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Q: These companies who buy other companies are dropping because of an AI scare.
Is it not possible for them to start adjusting and start buying AI companies to keep up with the present trend?

Is that possible?

Thanks

Read Answer Asked by Herm on September 11, 2025

Constellation Software Inc. (CSU $4,392.79)
- $4,392.79 P/E (TTM): 108.48X Cap: $93.08B
- View CSU Profile
- View Questions on CSU
- View Reports on CSU
Topicus.com Inc. (TOI $165.45)
- $165.45 P/E (TTM): 78.79X Cap: $13.82B
- View TOI Profile
- View Questions on TOI
- View Reports on TOI
Lumine Group Inc. (LMN $45.56)
- $45.56 P/E (TTM): 173.32X Cap: $11.69B
- View LMN Profile
- View Questions on LMN
- View Reports on LMN

Q: Both are getting hit today, particularly TOI. Any idea why? I hear talk of AI affecting them. Is this a factor? If so, how critical is it and how much risk does it introduce? Do you still rate them high?

Read Answer Asked on September 10, 2025