Investment Q&A

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Constellation Software Inc. (CSU $2,434.02)
- $2,434.02 P/E (TTM): 56.66X Cap: $51.58B
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Topicus.com Inc. (TOI $94.72)
- $94.72 P/E (TTM): 822.13X Cap: $7.88B
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Lumine Group Inc. (LMN $20.00)
- $20.00 P/E (TTM): 76.45X Cap: $5.13B
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Q: With most software companies in a bear market, assuming AI is not really going to destroy all software companies, doesn't make this environment good for acquiring software companies (while valuations are lower)? Does the market believe that the AI companies (Open AI, Google, Anthropic, Perplexity etc.) will replace all enterprise companies? I really don't understand what is happening right now to CSU, LMN and TOI. It seems very irrational. Your thoughts?

Asked by Joe on January 19, 2026

5i Research Answer:

We agree it does not make much sense. Fundamentals have yet to be impacted. AI could create...

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