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Constellation Software (CSU)
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« Q4 Results in line:
Revenue of $956 million and EBITDA of $258 million were roughly in line with consensus ($958 million/$259 million). Margins of 27% were also in line. Cash flow from operations of $255 million came in above consensus ($224 million) and up 22% Y/Y.
Organic Decline Driven By Lumpy Project Revenue
Acquisition Spending Solid: Constellation spent $141 million ($175 million included deferred payments) on acquisitions in Q4 (versus estimate of $150 million)
Constellation remains a best-in-class capital allocator, with the strongest ROIC in the Canadian software space. »
Prise de profits ce matin. Titre en baisse de 2,58% à 10:00.
https://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/csu-constellation-software/msg395709/#msg395709
Moi ça m'intéresse malgré toutes les bactéries qui flottent dans l'atmosphère...
Constellation Software Inc. Announces Change to Annual General Meeting Format TORONTO, March 26, 2020 -- On February 28, 2020, it was announced that Constellation Software Inc. (“Constellation” or the “Company”) (TSX: CSU) would be having our annual general meeting of shareholders (“AGM”) on Friday May 8, 2020 at 8:00 a.m., at The Carlu, 444 Yonge St, Toronto, ON M5B 2H4. The AGM will still be held on Friday May 8, 2020 at 8:00 am; however, the AGM will not be held at the Carlu. The Company will hold its annual meeting of shareholders using a virtual meeting format, with proceedings conducted solely via live webcast.
A virtual meeting minimizes health risks associated with large public gatherings in light of the ongoing dangers from COVID-19 (Coronavirus). Shareholders will not be able to attend the meeting in person; however, registered shareholders and duly appointed proxyholders (including beneficial shareholders who have duly appointed themselves as proxyholders) will be able to listen to the meeting, ask questions and vote, all in real time.
Guests, including non-registered shareholders who have not duly appointed themselves as proxyholder, can listen to the meeting and ask questions, but will not be able to vote. As in prior years, shareholders can vote in advance of the meeting in accordance with the instructions set out in their form of proxy or voting instruction form. The link for the meeting is https://web.lumiagm.com/284151016. Detailed instructions for shareholders about how to participate in the meeting and how to duly appoint a proxyholder, as well as a copy of the Virtual AGM User Guide, will be provided on the Company’s website. Additionally, the Company will include this information in the meeting materials being mailed directly to shareholders in April.
To view or participate in the virtual meeting, shareholders will need access to an internet-connected device for the full duration of the meeting. Similar to the AGMs of prior years, most of the Constellation senior management team will be in attendance at the virtual AGM, and will be available to answer questions. While we will answer some questions during the virtual AGM, shareholders will also have the opportunity to pose questions in advance. Shareholders wishing to pose a question in advance can do so at the following link: http://www.123formbuilder.com/form-5315739/form
Questions will be organized thematically, consolidated and then posed at the virtual AGM to the CSI management team.
About Constellation Software Inc. Constellation Software acquires, manages and builds vertical market software businesses that provide mission-critical software solutions.
Contact: Jamal Baksh Chief Financial Officer 416-861-9677
https://www.csisoftware.com/docs/default-source/press-releases/topicus-signing-2020.pdf
100 millions d'euro de revenus pour Topicus
Voici comment ceux-ci présente la chose:
https://topicus.com/news/intended-combination-of-topicus-and-total-specific-solutions
J'ai l'impression que Leonard aime vraiment l'équipe de direction de Topicus pour faire une manoeuvre du genre. C'est un peu comme s'il créait un Constellation européen.
On va donc recevoir des actions de la nouvelle entité. Intéressant.
que se passerait il si tu reçois les actions de la cie européenne mais que ton courtier ne te permet pas de transiger sur les bourses de Paris/ Londres etc?
créeront ils un ADR?
La raison que je commente ici est que apres parler des "moats" durant la premiere partie, Pat switch sur l"allocation de capital" dans la deuxieme moitie. Il donne des examples attentus: des grandes societes americaine a success: Amazon, Facebook, etc.
Ce qui attire mon attention est quand un americain parle de societes canadienne. Et dans la deuxieme moitie de l'entrevue, c'est frappant: Pat mentionne Mark Leonard ou Constallation SW au moins 5-6 fois!
Plusieurs grands amateurs ici, donc peu a rajouter sur la quality de l'entreprise ici. Ce que je peux discuter: quelle est la perenite de Constellation SW dans l'Apres Mark Leonard"? Il a 60 ans+ et il a deja commence a moins voyager, prendre un salaire de $1.
On a vu la transition d'un leader examplaire a son 'protege' se faire tres bien (Couche-Tard avec Hannasch), desastreux (Home Capital avec Martin Reid), a voir (MTY avec Eric Lefebre).
Mark Leonard promouvoit une gestion de-centralisee de ses Business Unit. Mais Mark Leonard est quand meme le genie derriere tout ca. Il est tres discret. Savons-nous qui sera possiblement son successeur? A ce stage, la succession devient mon plus gros souci avec CSU. J'espere que ca sera pas pour bientot, mais un jour ca arrivera.
Pas facile de remplacer Gandalf !
Topicus va bientôt être listé à la bourse de Toronto. On va recevoir 1.85 actions de Topicus.com pour chaque action de Constellation.
Le prospectus est sorti. 471 millions d'euro de revenus en 2019 (ça inclut toutes les filiales européennes de Constellation).
https://www.csisoftware.com/docs/default-source/press-releases/press_release_re__conditional_dividend.pdf
Est-ce le debut d'un Constellation Europeen, alors ils voulaient un titre distinct cote en europe?
https://www.globenewswire.com/news-release/2020/09/21/2096869/0/en/Constellation-Software-Inc-Files-Preliminary-Prospectus-in-Connection-with-Proposed-Topicus-com-Spin-Out.html
"Under the proposed transaction structure, Constellation will remain a significant shareholder of Topicus.com and the current Constellation shareholders will be entitled to receive, pro rata and by way of a dividend-in-kind, subordinate voting shares in Topicus.com Inc. A record date for the distribution of the dividend-in-kind will be set at a later date."
https://taxpage.com/articles-and-tips/butterfly-reorganizations/
...
The butterfly rules are very flexible and have also been used to successfully spin out separate businesses in public Corporations.
Ce sera le prix d’émission ?