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Investment Q&A

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Constellation Software Inc. (CSU $2,359.50)
- $2,359.50 P/E (TTM): 77.07X Cap: $49.98B
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Topicus.com Inc. (TOI $92.04)
- $92.04 P/E (TTM): 312.2X Cap: $11.81B
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Lumine Group Inc. (LMN $21.98)
- $21.98 P/E (TTM): 90.16X Cap: $5.47B
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Q: Hi Peter, can I get your thoughts on Mark Leonard’s announcement not to stay as a board of directors of CSU. He is staying on with their PEMs strategy as an advisor. Does this change your view at all at how you look at the three companies and how do you think the market will react.

Asked by Frank on March 30, 2026

5i Research Answer:

It is hard to predict how the market will react but we think some of this impact is priced in already. The current team has also had some time to prove their merit and we think they haven't really made any missteps that would cause caution. Finally, with Leonard already having stepped back due to health issues, we don't think markets will be overly surprised by this decision and remaining involved in some capacity remains a positive.

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