Constellation Software has compounded revenue at 24% a year for two decades, and roughly two points of that is organic, everything else was bought, about ninety acquisitions a year at an average of 1.2x— revenue, funded entirely out of cash flow, with a share count that has not moved since 2006. This is a full institutional-grade equity research report on Constellation Software Inc. (TSX: CSU), adapted from a 153-slide deck into a structured, chart-heavy analysis of the serial acquirer model, the fractal organisation that makes it work at ninety deals a year, six operating groups and two listed grandchildren, and twenty years of financial history.
Research Study
Purchase this study for full access, or subscribe to get every research study included — the entire catalogue, not one at a time, plus all premium content.