Review of Lumine Group Inc.

SEP 11, 2025 - Despite recent weakness and concerns about AI threats, we are fairly confident these companies still have good long-term potential. CSU’s ability to keep up with an M&A strategy is widely recognized. Management indicates that there are still thousands of possible deals that all CSU entities can do within the VMS business universe. AI worries may actually increase the deal pool as well. The market has placed a premium valuation multiple on LMN relative to other CSU entities due to its smaller size, and it already has a larger pool of potential acquisitions than CSU. We think LMN’s story remains intact, and we expect the company to continue to compound free cash flow per share at a healthy rate going forward - we are maintaining our rating at B+.