Q3 2024 - Constellation Software & Its Spin-Outs - Full Analysis

Looking under the hood, contextualizing cash performance - well on track for another solid year

Yesterday, Constellation Software Inc. (CSI) published its Q3 report, and, as always, it’s worthwhile digging deeper into the performance of its spins (TOI and LMN), CSI on a standalone basis, cash flows, margins, M&A activity and other factors that peek our interest.

We’ll break down the performance of:

• Constellation standalone incl. and excl. Altera;

• Lumine;

• Topicus;

• M&A activity year-to-date;

• Cash flow volatility in Q3;

and how they impact CSI’s total valuation.