Constellation Software AGM: Still Rockin' & Rollin'
Capital allocation discipline, long runway for growth, no-nonsense remarks and similarities with our other companies
Introduction
Last month, Constellation Software held its Annual General Shareholders’ meeting. To us, Mark Leonard is the exemplary down-to-earth entrepreneur: not shying away from making statements that oftentimes conflict with the short-term focus of 99% of all investors out there.
We already did a full deep dive analysis of the Q1 report, with several puts and takes on the development of CSI standalone, Altera, Topicus, and Lumine, as well as the latest corporate events (i.e. Lumine preferred share conversion and exercised call options on Topicus Coop) and M&A momentum.
Let’s now further analyze some of the statements made during the AGM, as we’re looking not only for great no-nonsense Leonard comments, but also whether his comments align with those made by managers of our other companies.