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Investment Q&A

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Constellation Software Inc. (CSU $4,392.79)
- $4,392.79 P/E (TTM): 109.68X Cap: $93.88B
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Topicus.com Inc. (TOI $165.45)
- $165.45 P/E (TTM): 81.43X Cap: $14.09B
- View TOI Profile
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Lumine Group Inc. (LMN $45.56)
- $45.56 P/E (TTM): 177.79X Cap: $11.81B
- View LMN Profile
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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?

Asked on September 10, 2025

5i Research Answer:

There is no news on TOI/LMN and has been none since a TD price target upgrade in early August. CSU made a small acquisition today but that is fairly standard news for it. AI has not impacted financial results, at least so far, and the groups' subsidiaries are not just waiting for it--they are being proactive. But..there has been a sentiment shift towards software companies in general, with AI being a generalized threat. It is a risk, but organic growth has been better than expected (especially at CSU) and company acquisitions (which we fully expect to continue) can help the company address the AI threat as well, depending on what they buy.

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