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5i Report

Review of Constellation Software Inc

JAN 10, 2023 - CSU is an industry leader in the VMS market in North America. Given the challenging economic environment, management indicates that most of the operating units experience little to no impact indicating the phenomenal competitive advantage, and recession-proofed nature of VMS businesses. We believe the company still has a long way to grow and its investment thesis is still intact, we are maintaining our rating at A.

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5i Recent Questions

Q: Hello, what are the reasons that constellation made 2 spinoff (topicus and lumine) in the past years ? Why did they not keep everything under one roof and continue to grow constellation instead and follow the same path like Berkshire Hathaway that never did a spinoff.

Read Answer Asked by jean on September 21, 2023

Q: Sorry for another questions about the CSU rights, warrants and debentures. I was thinking of taking a small position in the debentures and have the rights to do that. However, I believe that I would be getting the Series 1 debentures which likely means that I will someday have to buy warrants to remove the redemption feature. The cost is now starting to increase because I am not sure there will be enough warrants to cover the Series 1 debentures so the warrants could be expensive. It seems to me that if CSU wanted to remove the redemption feature they could just do it without the warrants. Will there be enough warrants to go around? And if the warrants sell for $1 that is another 1% lost. Any further comments?

Read Answer Asked by Earl on September 20, 2023
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