Liberty Posted October 31, 2019 Author Share Posted October 31, 2019 Page 21 here is an explanation of the new FCF metric: https://www.csisoftware.com/docs/default-source/press-releases/q3-2019-shareholder-report.pdf Link to comment Share on other sites More sharing options...
Liberty Posted October 31, 2019 Author Share Posted October 31, 2019 I wonder if Mark's foreshadowing something here: I did like the fact that ANI, unlike CFO, was net of the cost of servicing the capital provided by other stakeholders (e.g. interest on debt, dividends on preferred stock, and lease payments). The deductions from CFO that we've made to create FCFA2S reflect this cost. This may become an increasingly important adjustment if we do more partnering with other investors and operators or create spin-out businesses. Link to comment Share on other sites More sharing options...
snowball82 Posted November 1, 2019 Share Posted November 1, 2019 CSU is expensive now IMO. What is your estimate of fair value, where would you buy? I still own my full position here but usualy I try - like P Lynch said- to be carefull if the PEG ratio is + 1. So at 15 x cash flow I'm a buyer ! You ? Link to comment Share on other sites More sharing options...
gary17 Posted November 1, 2019 Share Posted November 1, 2019 this is at 47x fcf.... did i do my math wrong ? Link to comment Share on other sites More sharing options...
Liberty Posted November 1, 2019 Author Share Posted November 1, 2019 this is at 47x fcf.... did i do my math wrong ? The stock trades in CAD but the financials are in USD, so you have to convert the currency. Link to comment Share on other sites More sharing options...
snowball82 Posted November 1, 2019 Share Posted November 1, 2019 Of course I mean if the stock price is at 15 X cash flow -and the execution continue - I could be a buyer. Based on the current valuation, I don’t see I will have the opportunity to add soon.. Link to comment Share on other sites More sharing options...
gary17 Posted November 1, 2019 Share Posted November 1, 2019 thanks Liberty. i used to know this but had forgotten. so 47/1.3= 36x. not cheap Link to comment Share on other sites More sharing options...
Liberty Posted November 19, 2019 Author Share Posted November 19, 2019 4 new acquisitions disclosed: Jonas: https://www.jonassoftware.com/About_Us/Latest_News/Jonas_Software_Acquires_Critical_Impact_Software Harris: https://www.harriscomputer.com/en/news/?data-ipsquote-timestamp=1573016400&article=harris-acquires-bobcad-cam-inc- Volaris: https://its-uk.org.uk/imperial-prepares-for-next-phase-of-growth-by-joining-volaris-group/ Harris: https://www.harriscomputer.com/en/news/?data-ipsquote-timestamp=1574053200&article=harris-public-sector-group-acquires-thomson-reuters-tax-amp-accounting-professionals-government-business h/t @pearnick Link to comment Share on other sites More sharing options...
Liberty Posted November 21, 2019 Author Share Posted November 21, 2019 One more at Vela: http://www.ilight.com/en/news/fieldview-acquired-by-vela For more than twenty-five years, Intelligent Light has advanced the world of CFD post-processing through its FieldView software. In October 2019, Intelligent Light sold the right to develop, sell and support FieldView to Vela Software International. Vela is the same company that purchased Tecplot four years ago and has helped the Tecplot business thrive to the benefit of Tecplot users worldwide. The new company, FieldView CFD, Inc., will join a family with Tecplot and Tecplot Europe (formerly Genias Graphics GmbH). FieldView CFD, Inc. will be a separate group dedicated to delivering for the FieldView user while being able to take advantage of the synergies of scale that joining a large group like Vela provides. h/t @pearnick Link to comment Share on other sites More sharing options...
Liberty Posted November 22, 2019 Author Share Posted November 22, 2019 New one at Jonas, this one in Australia: https://www.jonassoftware.com/About_Us/Latest_News/Jonas_Software_Acquires_Impos_Solutions acquisition of Impos Solutions International Pty Ltd. Headquartered in Melbourne, Australia, Impos is best known for being a leading provider of integrated POS Solutions to the Australian Hospitality industry. The past few years has seen substantial growth with the extension to schools, corporate enterprises and government bodies, providing customised solutions and becoming a market leader in providing consultative services to a broader range of clients. h/t @pearnick Link to comment Share on other sites More sharing options...
Liberty Posted November 27, 2019 Author Share Posted November 27, 2019 Two new acquistions: https://www.harriscomputer.com/en/news/?data-ipsquote-timestamp=1574830800&article=acceo-solutions-inc-a-wholly-owned-subsidiary-of-n-harris-computer-corporation-acquires-la-solution-int ACCEO Solutions Inc., a wholly owned subsidiary of N. Harris Computer Corporation, announces that it has acquired Informatique Nouvelle Technologie Inc. (“La Solution INT”), designer of the PROCARDEX and PROAVO-K software solutions, dedicated to supporting notaries and lawyers in their practice. La Solution INT will be an integral part of the ACCEO Solutions SMB unit. https://www.volarisgroup.com/news/article/volaris-group-welcomes-policy-processing-systems-to-insurance-and-benefits the businesses of Policy Processing Systems Corporation Group Inc. (PPSC) and its subsidiaries Insuresoft, Red Hawk, and Covenir were acquired by a subsidiary of Volaris. PPSC is a unique technology and service collaborative with the mission of removing the fundamental technology constraints insurers face so they can better serve their clients. Today, PPSC has over 40 insurers processing close to $5 billion in annual premiums in personal and commercial lines across all 50 states. h/t @pearnick Link to comment Share on other sites More sharing options...
Liberty Posted December 4, 2019 Author Share Posted December 4, 2019 Acquisition at Harris: https://www.force-uk.com/force-information-systems-acquired-by-n-harris-computer-systems/ Force Information Systems (FIS) software business, including the Centurion, Optio, Gatekeeper, Tribune and Senatus software has been purchased by N. Harris Computer Systems (Harris), a leading provider of mission-critical software for Public Safety agencies, Utilities, and Municipal Governments. Harris has over 3,600 employees and 10,000 customers throughout North America and Europe. One as Jonas: https://www.jonassoftware.com/About_Us/Latest_News/Jonas_Software_Acquires_Automated_Integration Jonas Software expands its construction portfolio with the recent acquisition of Automated Integration. Automated Integration is the leading provider of enterprise resource planning systems for the field service industry. Founded in 1993, Automated Integration has been dedicated to helping field service businesses drive their bottom line. h/t @pearnick Link to comment Share on other sites More sharing options...
Shooter MacGavin Posted December 10, 2019 Share Posted December 10, 2019 constellation is down ~10% in December?? must be a large seller..... or more likely the whole thing is a giant fraud that is quickly unfolding. probably the latter. :'( Link to comment Share on other sites More sharing options...
Liberty Posted December 10, 2019 Author Share Posted December 10, 2019 constellation is down ~10% in December?? must be a large seller..... or more likely the whole thing is a giant fraud that is quickly unfolding. probably the latter. :'( All the way down to where it was in November Link to comment Share on other sites More sharing options...
Shooter MacGavin Posted December 10, 2019 Share Posted December 10, 2019 constellation is down ~10% in December?? must be a large seller..... or more likely the whole thing is a giant fraud that is quickly unfolding. probably the latter. :'( All the way down to where it was in November I already spent all my November end gains. :-\ Link to comment Share on other sites More sharing options...
chrispy Posted December 10, 2019 Share Posted December 10, 2019 I hope it continues until year end bonus time Link to comment Share on other sites More sharing options...
Liberty Posted December 11, 2019 Author Share Posted December 11, 2019 Two new ones at Jonas: https://www.jonassoftware.com/About_Us/Latest_News/Jonas_Software_Acquires_Retail_Sport_Systems https://www.jonassoftware.com/About_Us/Latest_News/Jonas_Software_Acquires_Motion_Software h/t @pearnick Link to comment Share on other sites More sharing options...
gary17 Posted December 17, 2019 Share Posted December 17, 2019 Seems like analysts think CSU is over valued by 20%,! Link to comment Share on other sites More sharing options...
wisowis Posted December 17, 2019 Share Posted December 17, 2019 Seems like analysts think CSU is over valued by 20%,! "We cut our FY 19 estimate to $28.54". ...but their sum of actuals 1Q to 3Q, plus their 4Q estimate, is $20.19...? Link to comment Share on other sites More sharing options...
zurgenfeldt Posted December 17, 2019 Share Posted December 17, 2019 I have them overvalued by 16% right now using just perpetual annuity back-of-the-napkin (owner earnings/cost of capital). I keep hoping for a dip so I can scoop up a bunch of shares and hold them for 10 years. Link to comment Share on other sites More sharing options...
writser Posted December 17, 2019 Share Posted December 17, 2019 I have them overvalued by 16% right now using just perpetual annuity back-of-the-napkin (owner earnings/cost of capital). I keep hoping for a dip so I can scoop up a bunch of shares and hold them for 10 years. So you don't buy now because it is slightly overvalued but if you had shares already you'd hold them for a decade? If that's the case I think you should just buy today .. Link to comment Share on other sites More sharing options...
Liberty Posted December 17, 2019 Author Share Posted December 17, 2019 Seems like analysts think CSU is over valued by 20%,! That’s why analysts have held CSU for the past decade, because they’re great at valuing it! Link to comment Share on other sites More sharing options...
Spekulatius Posted December 17, 2019 Share Posted December 17, 2019 Sometimes you get the dips, sometimes you don’t. I personally have target prices as well, but you have a downside that your inherently murky valuation undervalues the stock in question and you never get to buy it. If your time span is truly a decade, a 16% difference isn’t that much. My own timespan is more like 3-5 years and in that case 16% matters. Link to comment Share on other sites More sharing options...
zurgenfeldt Posted December 17, 2019 Share Posted December 17, 2019 Not to get too far off topic (CNSWF), but I compare the MOS of CNSWF with other buy-and-hold target companies and there are more attractive options to put $ into right now. Link to comment Share on other sites More sharing options...
Liberty Posted January 3, 2020 Author Share Posted January 3, 2020 New acquisition: https://www.precisionfarmingdealer.com/articles/4160-charter-software-inc-acquired-by-constellation-software Charter Software Inc., the maker of the ASPEN Dealer Management System, announced today it has been acquired by Constellation Software (TXS: CSU), based in Toronto, Canada. The new company will be called Charter Software Solutions Inc. and will operate under the Perseus division of Constellation. Charter Software’s offices will remain headquartered in Littleton, CO. Link to comment Share on other sites More sharing options...
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