Review of Topicus.com

MAR 04, 2025 - TOI possessed some of the most solid organic growth profiles among the serial acquirer’s landscape and CSU’s entities. TOI continues to apply Constellation Software’s playbook of capital allocation, and decentralization in the European market. The company paid out a special dividend in 2024, and the attitude toward that policy was quite conflicting as investors were concerned about the deal pipeline. Shareholders would be more than happy to see the company deploy that into acquisitions given the company’s track record. That being said, the company has shown an acceleration in recent quarters in terms of the pipeline of acquisitions and revenue growth. We think the long-term investment thesis as a capital-light serial acquirer or “mini-CSU” remains intact. We are maintaining our rating at “A-”.

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Topicus.com Inc. (TOI $165.45)
- $165.45 P/E (TTM): 78.79X Cap: $13.82B
- View TOI Profile
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Lumine Group Inc. (LMN $45.56)
- $45.56 P/E (TTM): 173.32X Cap: $11.69B
- View LMN Profile
- View Questions on LMN
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Q: I know both are spinoffs from CSU and involved in “vertical” software. And both have done well.

What is the difference between the 2 companies?
Do they compete against each other in any way?
Which of the 2 should have the better growth prospects?

Thanks.

Read Answer Asked by Donald on September 15, 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: 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