Review of Constellation Software Inc

NOV 20, 2025 - We continue to believe CSU’s fundamentals remain solid. CSU is trading at the lowest valuation multiples in quite some time, and we think investors should be patient to hold on to this name, as this is when conviction and track record matter, helping investors hold through during tough drawdowns. Sentiment will eventually change, and investors will evaluate the company accordingly if CSU can manage to continue to do what they do best, which is make acquisitions, generate free cash flow, then make more acquisitions and compound capital at a high rate. We have no reason to expect anything different going forward. We are maintaining our rating at “A.”