Investment Q&A

• Constellation Software Inc. (CSU)
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Q: Thanks to your great service I have held CSU since mid 2012 and have been buying on the small pull backs. Currently at 6% weight. It has stalled or dropped over the last 6 months and have been patient because it has been such a good performer but is it time to move on with some or all?

Thanks again for your service

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Read Answer Asked by Dale on July 29, 2014

• Constellation Software Inc. (CSU)
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Q: Hi Team..Peter - I do hope you are mending. I have sent in a contribution to your cancer ride and have my fingers crossed for you.
First question; I would like to increase my Info Tech holdings to be about 15% of my stock holdings. I own DH Corp, Enghouse, Constellation, Syologist and Avigilon all adding up to 11.6% of my entire 3 PFs (which have most of your 2 PFs stocks and a few extra. Any sugguestions for good growth over the next 2 years or so - small cap is OK! Or I can add to one of the above (which would you suggest?)My second question is I now have 38 holdings including some CBO CDZ ZRE and BYD.UN. Am I now too diversified??
thanks so much for all you do ...get better!

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Read Answer Asked by El-ann on June 28, 2014

• Constellation Software Inc. (CSU)
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Q: I would appreciate your evaluation of the recent floating rate debenture offering from Constellation Software. The interest rate is very enticing but I understand the CSU can defer interest payments. What do you think of the value and risk of this investment. Thank you.

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Read Answer Asked by richard on June 17, 2014

• Constellation Software Inc. (CSU)
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Q: CSU - Constellation has been a great stock for me and is down 4% at the moment. Time to buy more or wait? Thanks so much.

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Read Answer Asked by Dr Lorraine on May 15, 2014

• Constellation Software Inc. (CSU)
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Q: My question is with respect to growth stocks which we know are rapidly losing favour in a shift to value stocks. In this environment and knowing declines could continue for some time, why would an investor not sell growth stocks and move to value stocks? It doesn't seem to me prudent to keep riding the wave down.But I know market timing is a mug's game.
Also, given its size, is Constellation Software (CSU) a growth or value stock or is it a bit of a hybrid?
Thank you, Peter

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Read Answer Asked by Peter on May 12, 2014

• Constellation Software Inc. (CSU)
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Q: I placed an order to purchase 50 shares of CSU at $240.00 which was not filled and closed at $239.61. On contacting TD Waterhouse they said the reason for not being filled was that my order was for an odd lot, rather than 100 shares. Does this sound reasonable?

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Read Answer Asked by William J on May 06, 2014

• Constellation Software Inc. (CSU)
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Q: I'm looking into Constellation Software Inc. In your report you state that "Priced at 18 times earnings" But when I look at google finance or yahoo finance the p/e ratio is around 50.

Thanks

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Read Answer Asked by Lucy on May 06, 2014

• Constellation Software Inc. (CSU)
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Q: Not a question but a comment, I am a shareholder of Constellation and did receive notice of their AGM.

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Read Answer Asked by Brian on May 01, 2014

• Constellation Software Inc. (CSU)
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Q: Hi Peter and Team, regarding Constellation, CSU, sorry to add yet another question here but would you please provide the estimates that you are comparing to compared to the actual results so that we can see what 'consensus was off a bit'? The estimates I get are usually different compared to what you usually provide and therefore have more faith in what you provide from your Bloomberg terminal, thanks.

This way we're all seeing actual results compared to the same estimate/consensus numbers you are comparing to. Thanks again!

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Read Answer Asked by Hussein on April 30, 2014

• Constellation Software Inc. (CSU)
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Q: Hi, if someone beat me to it just ignore this, but I'm sure everyone is curious on your take on CSU quarterly earnings. At first glance they look good to me but I'm not sure how they compare to the "consensus" numbers. But if they are now at $2.50/share in earnings per quarter, isn't that now just a PE of 20 annualized?

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Read Answer Asked by Kel on April 30, 2014

• Constellation Software Inc. (CSU)
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Q: Could we get your quick thoughts on CSU's first quarter results?

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Read Answer Asked by Arneh on April 30, 2014

• Constellation Software Inc. (CSU)
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Q: CSU

Fastest turnaround ever on my question about the CSU AGM - thank you. But if they have not announced the AGM, and I only know about it via 5i as being in their lawyer's office which I don't know, and assuming they don't return my phone call I guess I am out of luck? I understand Mr. Leonard's legendary privacy concerns but trying to come to the grips with the legality/morality/transparency of this approach. Any further comments are appreciated and thanks.

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Read Answer Asked by Kim on April 30, 2014

• Constellation Software Inc. (CSU)
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Q: Csu _ consderin a 10 percent drop in 5 days ahead of esrnings, do you see it a pullback everyboy was waiting for and so a oppurtuniy to add to existing position. Or wait for earnings tommorrow. Still has some room to make it full position. Thanks

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Read Answer Asked by RUPINDER on April 30, 2014

• Constellation Software Inc. (CSU)
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Q: CSU seems to be taking quite a hit over the past couple days. Any thoughts on the decrease, and would this be a good time to slightly increase your position?

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Read Answer Asked by Arneh on April 29, 2014

• Constellation Software Inc. (CSU)
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Q: Just curious: does 5i sleuth AGM's as part of the process of analyzing covered companies? Constellation has theirs on Thursday which is being held in what I assume to be their lawyer's office, which is the first time I recall such a venue for an AGM, and I wonder why? Thanks, J.

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Read Answer Asked by Jeff on April 29, 2014

• Constellation Software Inc. (CSU)
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Q: Hi,

I'm looking at adding a large technology Company to my RRSP. I currently own Enghouse and I'm looking at adding either Open Text (OTC) or Constellation Software (CSU)? Any preference?

Also, Open Text is making an announcement tomorrow with the premier of Ontario. I assume its something related to additional investments in Ontario. What are your thoughts?

Thanks again,
Jason

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Read Answer Asked by Jason on April 24, 2014

• Constellation Software Inc. (CSU)
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Q: Howdy,
I wish to stock up on either CSU or STN.which one has more upward potential given their present prices.
many thanks
Art

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Read Answer Asked by Arthur on April 09, 2014

• Constellation Software Inc. (CSU)
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Q: Hi Peter and team, Enghouse and Constellation are both down by more than 4% today. Is there any reason to worry? Thanks, Gervais

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Read Answer Asked by Gervais on April 08, 2014

• Constellation Software Inc. (CSU)
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Q: Why did CSU plunge today? Do you still consider it a good long term hold?

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Read Answer Asked by Graeme on April 01, 2014

• Constellation Software Inc. (CSU)
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Q: Hi, I have been slowing adding your model portfolio to my stocks and I am somewhat concerned about Magna ( MG) and Constellation Software (CSU) seeing how they have climbed quite fast as of late. I am wondering if they are fully valued and whether or not I should wait for a pull back for these two.

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Read Answer Asked by Wayne on March 13, 2014