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  5. CSU: Hello, I note that you have recently had quite a number of questions about CSU. [Constellation Software Inc.]
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Q: Hello, I note that you have recently had quite a number of questions about CSU. I am interested in knowing what 5i's thoughts are regarding the recent very strong stock performance. "Why has the stock price increased so dramatically" is my question. I realize it had a good recent quarter, however the price often settles down after a bit with most companies. Not CSU this time though.
Asked by Bob on May 04, 2023
5i Research Answer:

We think the recent share price impressive performance is driven by a few fundamental reasons: Amid a challenging macro environment, the market favours high and profitable growth run by management with a track record, instead of most Saas names which are still unprofitable. Revenue has accelerated recently into the 30% range, compared to around 15% pre-COVID, size seems not to be an anchor for exceptional performance yet. Lastly, CSU is run by one of the best capital allocators in the public market who not only deploy capital into acquisitions so efficiently but also understand how to unlock shareholders’ value through recent spin-offs of TOI, and LMN. As a result, the market rewards with a high and sustainable multiple. It is also perhaps playing some catch up: 2022 was the stock's first declining year.