Constel Software

Constellation Software has published its results for the second quarter of 2024 and confirmed high revenue growth. $CSU (+3,77 %)

Constellation Software Inc (TSX:CSU, ISIN: CA21037X1006) generated revenue of $2.541 billion in the second quarter of fiscal 2024, or 20 percent year-over-year growth.

The core segment of the software group headquartered in Toronto, Canada, was Maintenance, which generated revenue of USD 1.893 billion in the reporting period (previous year: USD 1.521 billion).

Meanwhile, Constellation Software's Professional Services unit generated USD 487 million in the same period (previous year: USD 450 million).

The Canadians' net income in the reporting period amounted to USD 187 million (previous year: USD 219 million) or USD 7.74 per (diluted) share (previous year: USD 10.70).

The software company's cash flow from operating activities amounted to USD 517 million, an increase of one percent compared to the same period in the previous year.

https://www.it-times.de/news/constellation-software-starkes-wachstum-aber-margen-unter-druck-164522/

I would be interested in your current watchlist and where you would like to enter in the current market conditions - especially now that the US elections are coming up and uncertainty is increasing.

My watchlist:

• Constellation Software (2600€) $CSU (+3,77 %)
• 
  Munich Re (455€) $MUV2 (+1,94 %)

Constellation Software Inc. and Topicus.com Inc. announce results for Topicus.com Inc. for the third quarter ended September 30, 2024. $CSU (+3,77 %)

Constellation Software Inc. owns most of the shares of Topicus.com (TOITF).

Headlines Q3 2024:

Revenue increased 12% (4% organic growth) to €312.2 million compared to €278.8 million in Q3 2023.

Net profit increased by 34% from € 28.3 million (€ 0.22 diluted per share) to € 38.0 million (€ 0.28 diluted per share)

The acquisitions were completed for a total amount of € 18.2 million (including the cash acquired). The deferred payments associated with these acquisitions have an estimated value of € 8.5 million, resulting in a total amount of € 26.7 million.

Cash flow from operating activities ("CFO") increased by EUR 6.2 million to EUR 31.7 million compared to EUR 25.5 million in the third quarter of 2023.

Free cash flow available to shareholders 1 ("FCFA2S") increased by EUR 3.9 million to EUR 10.4 million compared to EUR 6.5 million in the third quarter of 2023.

https://www.globenewswire.com/news-release/2024/10/31/2973088/0/en/Constellation-Software-Inc-and-Topicus-com-Inc-Announce-Results-for-Topicus-com-Inc-for-the-Third-Quarter-Ended-September-30-2024.html

So that was tranche 4/4. Of course I would have preferred to buy earlier, but well, hindsight is always wiser. Either way, it's a very fair price.

I am curious to see what Mutares $MUX (-1,97 %) will deliver in the future.

I really hope that they take more of an example from Constellation $CSU (+3,77 %) (decentralized) rather than traditional PE companies in order to continue to profit from these "small" acquisitions.

Depot review September 2024 - The first green September in my depot since 2019 📈

September is generally regarded as the worst month on the stock market, with a negative monthly performance more than 50% of the time. This is also consistent with my experience since 2013. In 11 years, it has been negative 6 times and positive 5 times. From 2020 to 2023, the last 4 years were all negative. However, September 2024 is now the first positive September since 2019, which means it is exactly 50/50 for me - 6 positive and 6 negative Septembers since 2013.

The Fed's interest rate turnaround and the stimulus in China have certainly contributed to the positive trend

Monthly view:

In total, September was +1,2%. This corresponds to price gains of ~3.600€.

The MSCI World (benchmark) was +1.0% and the S&P500 +1.3%

Winners & losers:

A look at the winners and losers is particularly exciting this month.

On the winning side at the very top are my China ETF with € +1,300 and is thus back in the green for the first time in a long time. The following winners are also a colorful mix with Meta, Bitcoin, Home Depot and Sea. Really a very broad mix with no clear tendency towards regions, sectors or the like

On the loser side in my portfolio in September were mainly pharmaceutical stocks. Novo Nordisk, Amgen and Johnson & Johnson. Even worse, with price losses of ~€700 each, were only Palo Alto Networks and ASML.

The performance-neutral movements in September were just under €4,500. The premium refund from my private health insurance also played a large part in this. In September, I received over €2,000 back for the year 2023, which was of course invested directly to compensate for any higher pension contributions.

Current year:

My performance in the current year is +20,4% and thus above my benchmark, the MSCI World with 17.2%.

In total, my portfolio currently stands at ~321.000€. This corresponds to an absolute growth of ~€69,000 in the current year 2023. ~49.000€ of this comes from price increases, ~2.800€ from dividends / interest and ~17.000€ from additional investments.

Dividend:

• Dividends in September were 23% above the previous year at ~€360
• Amgen is in the lead with a (gross) dividend of €50 every 3 months. But Johnson & Johnson with €45 is also a delight
• In the current year, the dividends after 9 months are +25% over the first 9 months of 2023 at ~2.210€

Buys & sells:

• I bought in September for approx. 3,500€. 2,100 of this came from the premium refund from my private health insurance and went into the WisdomTree Global Quality Dividend Growth
• As always, my savings plans were executed:
• Blue ChipsLockheed Martin $LMT (+2,15 %) Republic Services $RSG (+1,26 %) Thermo Fisher $TMO (+1,71 %) ASML $ASML (+3,19 %) MasterCard $MA (+1,13 %) Deere $DE (+8,79 %) Northrop Grumman $NOC (+1,56 %) Itochu $8001 (-0,28 %) Salesforce $CRM (+4,63 %) Hermes $RMS (-0,13 %) Constellation Software $CSU (+3,77 %)
• 
  Growth: -
• ETFsMSCI World $XDWD (+1 %) Nikkei 225 $XDJP (+0,98 %) and the WisdomTree Global Quality Dividend Growth $GGRP (+0,8 %)
• 
  Crypto: Bitcoin $BTC (+1,14 %) and Ethereum $ETH (+0,31 %)
• 
  Sales there were none in September

Target 2024:

My goal for this year is to reach €300,000 in my portfolio. Due to the extremely positive market development in the current year, my portfolio currently stands at ~€321,000.

At the beginning of September, my portfolio was still quite a bit lower at €304,000 due to the weak start to the month. At this point, it was therefore quite a way off the previous high of €320,000 in June.

I have now reached a new high of €321,000 and am optimistic that I can still beat my year-end target of €300,000.

#dividends

#dividende

#rückblick

#depotupdate

#aktie

#stocks

#etfs

#crypto

#personalstrategy

There is some movement in my portfolio.

As I am starting to save the $IUIT (+1,5 %) I have decided to liquidate my position in $PANW (+7,32 %) and not to increase it any further.

By @Tenbagger2024 I have once again overcome myself $CSU (+3,77 %) to analyze it again, as I was looking for another compounder. The proceeds from PANW were invested directly in CSU. I don't yet know exactly how much I want to weight CSU in the portfolio. Further purchases are definitely planned.

$CSU (+3,77 %) CSU is really extremely interesting and in my opinion is one of the few companies that can grow indefinitely.

Tenbagger SHARE TABLE!

Constructive discussion round.

Hello my dears,

Today's discussion is about the question.

To what extent do you look at which CEO is running the company when entering into an investment?

To what extent is it important to you whether the company founder is still on the management board or sits on the supervisory board?

To what extent is it important to you who holds shares in a company and whether the founder still has shares in the company?

As in the case of $CSU (+3,77 %) where the founder is still CEO.

Or where $MUM (+0,19 %) where the founder still has shares.

A compounder and legend moves into the depot!

Constellation Software and Volaris Group are often compared to Berkshire Hathaway.

The company was founded in 1995 by Mark Leonard, a former venture capitalist. It went public in 2006 and today has 25,000 employees spread across six operating units: Volaris Group, Harris Computer Systems, Jonas Software, Vela Software, Perseus Operating Group, Total Specific Solutions.

Depot review March 2024 - And on, and on, and on,...

March picks up where February left off. And before that, January, December, November,...

In total, March was +2,9%! This was less than in January and February and was mainly driven by the first half of March. In total, this corresponded to price gains of ~8.000€.

Winners & losers:

On the winners' side is getting really boring. In 1st place, of course: NVIDIA
$NVDA (+1,51 %) with share price gains of ~€2,100. 2nd place goes to Alphabet
$GOOG (-4,95 %) with €1,000. But also Bitcoin $BTC (+1,14 %) also showed a strong performance with price gains of €800. The top 5 is then rounded off by two securities that I would rarely expect to see in the top 5: The MSCI World ETF $XDWD (+1 %) and the German Bank $DBK (+0,74 %)

On the losers' side there is a lot of tech. With Palo Alto Networks $PANW (+7,32 %) and MercadoLibre $MELI (+2,47 %)

two high growth tech stocks that were already at the bottom in February.
In addition Apple $AAPL (+0,52 %)
Nike $NKE (+3,29 %)

and Starbucks $SBUX (+2,42 %) were weaker.

The performance-neutral movements in March amounted to € 1,300. As in January and February, a larger proportion is currently being spent on private expenses. Nevertheless, I was able to invest significantly more net in March than in January and February. I bought just over €2,000 in March. However, the net figure for the pure securities portfolio is a minus, as I sold my Encavis
$ECV (-0,24 %) shares after the takeover offer from KKR. As a result, ~€2,600 flowed out of my securities account, which is now in the clearing account for 4%.

My performance for the current year is +14,7% and thus well above my benchmark, the MSCI World with 11.2%.

In total, my portfolio currently stands at ~291.000€. This corresponds to an absolute growth of ~€39,000 in the current year 2023. ~36.000€ of this comes from price gains, ~720€ from dividends / interest and ~2.000€ from additional investments.

Dividend:

• Dividends in March were +30% above the previous year at ~€350
• In the current year, the dividends after 3 months are also +30% over the first three months of 2023 at ~630€.
• In March, there was also a dividend for the first time from Meta $META (-0,47 %)
  

Buys & Sells:

• I bought in March for approx. 2.000€
• Of which 500€ each in Hermes $RMS (-0,13 %) and Constellation Software $CSU (+3,77 %) as a first purchase
• In addition, the first few euros saveback from the Trade Republic card were also invested
• As always, my savings plans were executed:
• Blue ChipsNorthrop Grumman $NOC (+1,56 %) MasterCard $MA (+1,13 %) Salesforce $CRM (+4,63 %) Deere $DE (+8,79 %) Lockheed Martin $LMT (+2,15 %) ASML $ASML (+3,19 %) Thermo Fisher $TMO (+1,71 %) Itochu $8001 (-0,28 %) Republic Services $RSG (+1,26 %) Hermes $RMS (-0,13 %) Constellation Software $CSU (+3,77 %)
  
• Growth: -
• ETFsMSCI World $XDWD Nikkei 225 $XDJP and the WisdomTree Global Quality Dividend Growth $GGRP
• CryptoBitcoin $BTC and Ethereum $ETH
• Sales there was the (involuntary) sale of Encavis in March $ECV (-0,24 %)
  

Even though I was only able to add €2,000 net to my portfolio in the first quarter, the snowball had a very clear effect. Nevertheless, I will of course be investing more again in the medium term.

Target 2024:

My goal for this year is to reach 300.000€ in the portfolio. Now that my portfolio is already at €291,000, I have almost reached my target as of March.

However, I am still of the opinion that the markets will soon enter a sideways trend. In my opinion, this was already slightly indicated in the second half of March.

#dividends

#dividende

#rückblick

#depotupdate

#aktie

#stocks

#etfs

#crypto

#personalstrategy