skip to content
  1. Home
  2. >
  3. Questions
  4. >
  5. CSU: We sincerely wish for a speedy recovery for Mark Leonard. [Constellation Software Inc.]
You can view 2 more answers this month. Sign up for a free trial for unlimited access.

Investment Q&A

Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: We sincerely wish for a speedy recovery for Mark Leonard. Mark brought immense wealth to millions of retail investors, through his wisdom and unparallel business acumen, over past 20 years.

What could be the likely impact of Mark Leonard's resignation on Lumine and Topicus companies and their shares ? Do you believe that the two spinco's are also at the risk of losing their premium valuations, like we are witnessing with CSU shares ?

Or, since they are a little insulated with this development being independent units, with their own CEO's ?

What would you do with the two holdings?

Thank You

Thank You
Asked by rajeev on September 29, 2025
5i Research Answer:

We would suggest that the subsidiaries are at some risk of a sentiment shift, but less so for a fundamental shift. While owned by CSU, they do act independently and are making a name for themselves, which should simply continue without Mr. Leonard (CSU is holding another call on October 1 to discuss leadership transitions). As always, the proof will be in the numbers, and whether all companies in the group can continue to deliver. We would be comfortable holding, and would be buyers into any significant weakness in the absence of any new news developments.