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💰💰💰Get new runners in our app! #premarket #watchlist 06/9 $AHI - no news+big volume (+109%), $SIEN - Announces FDA-Clearance of Next Generation AlloX2 Pro Tissue Expander (+81%) $SNOA - Introduces Next Generation Solution for Pulse Lavage Irrigation in the European Union (+52%), $TOI - Partnershi
Short Term/Trend Notes from GS Flow Desk - Tactical Stuff
$PAIC: Tiny SPAC, likely high redemptions, this could be another low-floater
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Taking a quick look at a few stocks I sold this year. Unfortunately, that means Constellation Software and family. Constellation Software (CSU), Topicus (TOI), and Lumine (LMN) unfortunately just are not bouncing back immediately. * CSU -23.88% YTD, -51% from ATH. (May) * TOI -20.57% YTD, -38% from ATH. (July) * LMN -17.35% YTD, -58% from ATH. (July) All of them just absolutely battered. Glad I sold at the start of this month it became much worse, but damn. That was one set of companies I thought was 'sure fire' and just ended up... Not that. Like how I keep trying to make money off Moderna (MRNA) and keep timing the exact moment the company dives. It might be worth watching them for an entry point, but they need to turn the narrative around. I think CSU's new CEO will functionally be a clone of Mark Leonard, but they need to change investor sentiment if they want to turn the ship around.
CSU and TOI both beating the market today. 😎
Real shame what happened to CSU TOI LMN. Hoping for you they bounce back.
TOI was spun out of constellation software. Very similar model, but focused in Europe. Mainly VMS acquisition.
I've just started doing some DD on TOI.V. Very interested but don't know the underlying business too well yet.
It's brutal. Love the management team and think the company is great, but I sold my own stake a couple weeks ago. Same with TOI and LMN. If I have the opportunity later I will might buy back in.
Just bought some TOI last week. Always rad when you meet people that own the same stock lol. Creeme owns it as well. Yeah, no idea. Like a software engineer, I can kind of see some of the issues, with stuff around like head counts and what not. I do think the market is kind of over reacting, but I'm less confident about this situation as I was about like DOGE. Last year, I was pounding the table for names like LDOS, AMTM, and CACI as great buys because of the DOGE fears. This is a bit different and I do think software will end up fine, just you have to have that framing and conviction when holding these names. It sucks, but mr market is driving the narrative around it.
I own $CSU.to and $TOI as well in my Cad holdings. The last 2-3 years has been brutal and at this point its hard to add when the downturn has been so relentless. I'm also wondering with $APP, META, and Unity down its signaling companies are starting to pull back on spending.
I'm building positions in serial acquirors with strong capital allocation skills and significant insider ownership aligned with shareholders for multi decade hold periods. Most interested in the smaller, earlier ones that have a chance at being the next Constellation Software (also own), Danaher, Berkshire, etc. Highest conviction are TerraVest (TKV.TO) and Chapters Group (CHG.DE). Medium high conviction on Kelly Partners (KPG.AX) and StoneX (SNEX). For bigger more stable names, HEICO (HEI-A) is great and comes in just under $50B, as does Fairfax Financial (FRFHF). Topicus (TOI.V) and Lumine (LMN.V) from the Constellation software have done the opposite of running up in the past six months... Would be buying more if I weren't already fully allocated in those positions.
Been thinking about buying TOI. In that episode of we study billionaires, they were talking about exactly this. They even brought up TOI/CSU, since how much the market pulled back on software.
I'm convinced there are some really good deals in software right now. I. Also convinced I have no idea which ones they are! I've just added to TOI and CSU on the sector sell off and I'll let them buy the ones that are cheap.
Alright, time for the 1Y retrospective. For the last 1Y, I am: * \+54% in my TFSA * \+128% in my FHSA * \~+95% in the registered non-registered. Overall, excellent year. Played around with margin for the first time in the non-registered account. All that profit then gets to go into the TFSA/FHSA for 2026. Crossed $100,000 CAD this year as well, which I was concerned wouldn't happen due to, let's call it, a 'recent leadership chance in the United States.' I actually did well enough that I crossed the $150,000 CAD mark as well this year. It is safe to say I'm very pleased given my age and time horizon. To recap the trading year: don't panic sell, just hold. In no particular order, this year: * CTS.TO got bought out, making me \~60% profit. * I bought RKLB, BN, RDDT, MRNA, TOI, LMN, and added to CSU. Bought RKLB and MRNA in January, and sold the MRNA immediately. Sold the CSU, TOI, and LMN a few days ago at a loss on all three. I sold my AMZN for a modest (\~20%) profit to buy RDDT on earnings day in August. * My best performing stocks of this year were (that I can mention without breaking Rule 7, but I name on the r/CanadianInvestor subbreddit) were RDDT (+53%), GOOGL (+65%), Rule7 (+131%), and RKLB (+181%). * NVDA crossed 560% all time profit for me as well, and I sold 1/4th of my NVDA shares to buy \~1/3rd of my car back in July. Honestly if I had gotten a better job this year it might've straight up been the best year of my life. Let's hope 2026 is good.
kinda surprised TOI doesn't get more traction honestly? i guess it's just the market cap etc.
Looks like so far November 18th has been the bottom, at least personally. Up +8.88% since, now only -11.8% off my ATH instead of -19%. It helps that GOOGL has been a monster lately, and slowly LMN, TOI, and CSU are beginning to stabilize or recover, though it seems mostly driven my Rule 7 pharma play. Anyway, I'm sure it'll shape up to be a great year, but I definitely want to do some re-balancing in the next month or so when I have the time to really sit down and re-evaluate my positions. If there's nothing to change there's nothing to change, but it's worth a look regardless.
Of course. Actually looking to add a little, I I get some cash free. Also added TOI recently.
RDDT, AMD, and NVDA up... Meanwhile CSU, LMN, and TOI hitting prices I didn't realize they could. Solid companies absolutely battered over the last few months. Getting depressing, especially since it seems like there's more in store.
Holding mostly. Earlier this year I decided CSU, TOI, LMN, and BN would make up a bulk of the 'safe' side of my portfolio's equities So I'd rebalance into them as is appropriate with next years' contributions. Otherwise I'm pretty happy with what proportion of my portfolio is US big tech split between NVDA, AMD, GOOGL, and MSFT and I probably won't be adding to any of those positions at the moment. (They're already quite dominant.) Aside from that I'd just be shifting my US big tech holdings into my Canadian TFSA/FHSAs for tax purposes, then scoping out whatever I'll be buying next year. I may increase my RKLB and RDDT stake when I have some more cash for the 'high risk' side of my portfolio's equities. I also have a large part of my portfolio, including some margin, invested in a pharma company I really believe in. I am hoping it will really take-off sometime next year, though the more I look at the company's time frame before *actually* getting to market the more I think the opportunity cost at present suggests I should sell out, do something more productive with the cash, then buy back in a year or so from now.
Good MSFT earnings, good GOOGL earnings, very nice. The whole CSU family (especially TOI and CSU, though LMN also got their shit kicked in) took a brick to the teeth this morning, which is unfortunate. Meanwhile NVDA continues to climb, bringing my stake to 636% up overall. Sold 1/4th of my stake a few months ago to pay for 1/2 of my car. I don't regret it, but goddamn: $200 a share is madness. Overall the amount of green I've been seeing this year is wild. This month is wild. Even this week is wild. And from what I understand with rates going down, the quantitative tightening coming to an end, and inflation back on the menu, equities are only going to continue going up - bubble or no.
Personally I'd split it between LMN and TOI as they're my two smallest positions at the moment and I'd be be able to average down a bit. A boring safety move, really. Either that or BN.
I just want to clarify I don't know shit about anything so take it with a grain of salt. I like TOI and LMN a bit more for investing as they have more room to grow - but this dip in CSU's stock price could be an amazing opportunity if you're planning on holding for a long time. I would probably say TOI CSU LMN if only because LMN is so sector specific for acquisitions, and I think Europe is ripe for a CSU spin-off company to come in and start making acquisitions.
I hold constellation and Topicus. Lumine is a favorite among the cult as well, I just found them being in a specific vertical sort of limiting. You've laid out the bear case, clients start writing their own code. I'm not personally of the mindset that this is a big threat. I don't see a lot of dentists vibe coding their own software when the CSU product is a small slice of their revenue. I guess the market will tell. The bigger problem at CSU, on my opinion, is that they have gotten so big that it's impossible to redeploy capital fast enough to grow at 25% annually. They're more likely in the 15% growth area, which is awesome, but we're seeing a re-rating to reflect that. There is a really good breakdown making the rounds on X with a valuation of CSU showing it's basically at fair value for 15% growth. Personally, I'm interested in adding to TOI here. They're really hitting their stride on capital deployment and Europe is a fertile playground. As far as Mark Leonard retiring....the whole function of the company is to deploy cash in a completely decentralized way. Leonard isn't making day to day decisions about what to buy. The success of the spin offs is illustrative of that. I'm not to worried about the company, but I wish him good health.
Looks like my portfolio is about to go majority green, but will end with a net loss for the day due to the CSU TOI LMN price hit. Obviously can't predict it, but AMD GOOGL RDDT and MSFT are one end of day surge away from closing in the green. Then again, NVDA is a hair's breadth from being down for the day. Doesn't really matter. Just hoping I'm not flying too close to the sun.
ATRL, RDDT, CSU, LMN, TOI, and NVDA all down enough to hurt. Not counting on free money, but here's hoping Powell's comments don't spook everyone too bad.
I mean, you could have bought CSU at a lofty valuation years ago and still be crushing the index. It's just repricing into a stock that grows at 15% instead of 25%. That's combined with the fact that $5000 was really expensive, even by CSU standards. $4000 is actually getting to a decent value, but I wouldn't be surprised to see $3500. In the meantime, TOI and Lumine are also getting sold off, but still offer potential 20% plus growth.
I’ve seen TOI mentioned a lot here lately. Do you think it’s more of a short-term play on sentiment, or a long-term growth story?
I’ve seen TOI pop up a few times, but I don’t know much about them. Is it mainly oncology clinics, or do they have a broader healthcare model? Thanks for pointing it out, I’ll check.
Start here, NB. As well as TOI. Trust, but verify.
I watch TOI pretty close and don’t think it’s a solid play a little before next earnings. They had a huge run up this year because they were suppose to be profitable but didn’t meet expectations on the last report. Still a good stock and will get there. Id imagine it trickles down overall the next 2 months though and then we see a nice run again
MXCT and TOI. Its a 2 and 5 year hold respectively.
*Everything* in my portfolio green except TOI (-1%) and a holding that moved 25% yesterday. Gonna be a weird few minutes.
CSU and family rising back up after their recent declines. LMN and TOI in particular surging today, CSU up 2% - if this starts them back on an upwards trajectory I won't complain, but I'm just happy they're not going down for no reason again. (I know it's not 'for no reason' and it's just priced to perfection so good earnings that aren't great earnings can still disappoint.)
Topicus (TOI.V) down another 4% today and I still don't know why. But hey, RDDT and RKLB are up so maybe this is a sign I should only buy tickets that start with R.
Good small cap here…TOI had earnings call after market .. did well, but this doesn’t always mean upwards action these days. Watch in morn.
The "First Family" of my portfolio getting hit by a car today. CSU -3.71%, and spin-offs TOI -3.28% and LMN -5.31%. Still a great year (except CSU oddly enough which I'm now down on), but kinda lame to see.
TOI - Wish I hadn't sold MVST - Bargain time? UAMY - BEst of all long-term, IMO BBAI - Seeing if it'll drop back into $4 or lower QS is starting to come back to earth
TOI-They are the exclusive provider for 90k Silver Summit health plan Medicaid members in Nevada. The price target is $10 by EOY. W2 employees drastically lower cash burns. I can't predict the future price movements, but this ticker trades on appropriately 1-1.5m volume on average and has been impressive YTD with 1,285% gain since January 1st. Not financial advice, just one of my top performers in my portfolio. DD will give you the insight to make a well-informed decision.
TOI-The ticker that only goes one way. Up!
Anyone know why TOI jumped this morning?
CSU, TOI, LMN, and BN, all up a nice 2% now that the Canadian market is open again. Hooray! ATRL looking kind of sluggish this morning, but aside from that I'm feeling pretty good going into an earnings day. Good luck to everyone!
AMD earnings tomorrow and I'm tentatively hopeful they surprise me. That said they've already been on a bit of a run, so earnings will either let them show us what a runup *really* is, or we'll see some profit taking etc. Could also clue us in to what NVDA might report later this month. And then on the 7th earnings for ATRL, BN, and RKLB - all good solid chunks of the portfolio, like AMD. Followed by CSU earnings on the 8th, which I'm feeling pretty positive about given the great TOI and LMN results.
Off topic, but TOI is an Oncology institute( Healthcare) I have been in since 2.21. It's a BULL!
Great LMN, and TOI reports today, glad to own them. CSU coming on the 8th, probably a good quarter ahead. And if anyone else is curious about earnings season, but doesn't know off the top of their head, here: >**Monday**: Palantir, MercadoLibre, Hims & Hers Health, Vertex, Williams Cos, Wayfair, and Tyson Foods >**Tuesday**: AMD, Caterpillar, Amgen, Eaton, Arista Networks, Pfizer, BP, Apollo, Marriott, Zoetis, Diageo, Coupang, Yum! Brands, Infineon, Super Micro Computer, DuPont de Nemours, Rivian Automotive, and Snap >**Wednesday**: Novo Nordisk, McDonald's, Walt Disney, Uber, Shopify, AppLovin, DoorDash, Siemens Energy, Airbnb, Emerson Electric, Fortinet, CRH, Honda Motor, Glencore, Occidental Petroleum, Rockwell Automation, Bayer, NRG Energy, DraftKings, Duolingo, and Lyft >**Thursday**: Eli Lilly, Toyota, Siemens, Allianz, Sony, Gilead Sciences, ConocoPhillips, SoftBank, DBS, Constellation Energy, Rheinmetall, Vistra, Flutter Entertainment, Atlassian, Cheniere, Datadog, Block, Kenvue, Take-Two Interactive Software, Warner Bros. Discovery, Pinterest, Expedia, Rocket Lab, Twilio, NuScale Power, Maplebear, Monster Beverage, Wynn Resorts, and Peloton >**Friday**: Wendy's, Under Armour, and FuboTV *Huge* week ahead for earnings in what will already be a hugely volatile week. We've seen (I think) almost all of the MAG7 so far, but these guys aren't exactly chumps either.
It's pretty rare nowadays that every single thing I own is red at once, but looks like we're trending that way. Only holdouts for the day are TOI and LMN at +0.47% and +0.62% respectively. Exciting!
Kind of crazy. I'm trying to get some perspective for the year and on my portfolio, and while so far I'm not doing too shabby, it's interesting seeing what's driving my gains. (All these are YTD.) (You can go ahead and call this a flex post, sorry.) * CSU, LMN, TOI, have all yielded at least \~15% since I bought in November, February, and February respectively. * RKLB is up 44% YTD. * NVDA up 19% and AMD up 14% YTD. * BN up 7% since January, but I doubled my stake in April and hit near the low so am up 16% on BN for the year. (Second batch of shares up 30%.) * ATRL is up 29% YTD. * MSFT is up 18% YTD. And my largest holding being that small cap bio-tech I can't name at risk of being stoned, which is up 11% YTD. Then we have the two dirty boys, GOOGL and AMZN, who are getting punished at **-5.1%** and up 1.8% YTD respectively. I'm kind of astounded that they are doing so poorly given somehow everything else is having one hell of a year. I'm not about to come here every day and complain, but even *AMD* has had a turnaround of sentiment in the recent few days. Holding both hoping for an eventual breakout of resistance or turn of sentiment, but damn. Really? (At least it's not Apple, which is down 14.7% YTD.) Anyway, while I know I'm too concentrated in tech, I feel pretty good about the portfolio *for now*. Uncertainty is abound, but we're hitting ATHs and I'm going to try and hold through most noise. We'll see what happens.
Reviewing the portfolio today. Bit of a weak/neutral month so far. Part of it is that I've had to spend some money this month (adopted a delightful new kitten from a friend), but aside from that most holdings over the last 30 days are mostly flat or are just barely red. LMN and TOI specifically are losers this month, while AMD is a particular winner. MSFT's +4% isn't so bad. NVDA's +7% is pretty good too. RKLB's +15% has been interesting to see but looking at the chart I'm pretty convinced it won't last lol. Aside from that basically just flat. Not complaining, but certainly not a June to write home about.
Weirdly high amount of comments today? 430 by now is usually the sign we're having a down day. RKLB, BN, CSU, NVDA all up >1% today which is nice for the portfolio. Rule 5 breaker up 2% which is dragging me up as well. Only down on TOI and ATRL this morning, so all things considered pretty good. Time to trawl through the comments!
If Mark Leonard left Constellation Software without a successor chosen / one that clearly shares his attitudes and methods, I'd probably sell the CSU. Thankfully it seems unlikely, as both spinoffs of CSU, LMN and TOI, are under CEOs that think like him.
TOI caught my interest. Its already up over 400% in past 6 month.
Adding to the pile: TOI, AKBA, TALK, MASS, TMRC
TOI price target of $7 is crazy
I own TOI and LMN. I barely glance and the quarterly reports, just looking at how much FCFA2S increased and the acquisitions.
TOI was at $120 CAD just a few weeks ago. Important to remember that CSU has only had 3 drops of 30% or more in its history. 20% is a massive dip for these names.
It's frustrating actually. I kept waiting for LMN and TOI to drop given the weakness of everything else, but they just keep chugging along. Thankfully I already own some, but it's impossible to average down.
TOI LMN CSU and BN, what I am dubbing the four-pillars of my portfolio, just chugging upwards today this is great.
I own both TOI and CSU. With both I just took a starter position and add opportunistically. They so seldomly go on sale it's almost pointless to wait.
I'm a fan of these results, but damn. I am honestly such a fool for trying to average down on TOI and LMN. Both have had a great month or so, and waiting to average down when I know they're strong companies makes little sense. If I wasn't on the last of my cash I sure would be though. Love them.
Topicus.com Inc. (TSXV:TOI) (the “Company”) announced today that the release of its first quarter results will be rescheduled. The Company will defer the release of its results from the originally planned date of May 2, 2025 in order to allow the Company to finalize its analysis and accounting for certain Q1 2025 complex transactions impacting the condensed consolidated interim financial statements.
TOI.V - Topicus.com a VMS serial acquirer.
Classic dilemma where I want TOI (Topicus) and Lumine (LMN) to go down so I can add more, but I know I'll lose out on gains if I don't just buy in at any price.
Coming back to this 3 months later, TOI is up 900% YTD on a pretty smooth arc
TOI! I got in at 0.56 and its at 3.29!
Exactly. I like the company, but do I want to buy BMI at 30x forward or TOI at 20x forward..... I'll be happy with TOI for now.
It may be an “article” from TOI, but they basically did what Forbes/Business Insider do: “wrote” 500 words from a tweet https://x.com/AutismCapital/status/1908585676452618583%2F2502242315000%2Fframe.html
Joel Greenblatt was big on spin offs. He mentioned them as one of the best opportunities for mispricing because there's usually indiscriminate selling involved. I'm holding my breath for the next CSU spin off.....I always like to point out that if you bought Sears during the nifty 50 era, you'd still be outperforming the S&P today despite the bankruptcy of sears itself. The spinoffs have been that successful. The 15% thing is from Chris Mayer. There's so few businesses that can do that over an extended timeframe. Or 20%. Or CSU/TOI at 25%....my question has always become: would I own this over more TOI? Usually, no. How many businesses legit have a runway of 25% cash flow growth for a decade or more? Like basically none. There are definitely opportunities in shorter term trades to do even better. Like offshore, I think should 4-5x in the next year or two. JXN trading below book value. Stuff like that. Just need to remember to sell.
Like you say, intent of the trade is important. AMTM is, for me a deeply misvalued trade. It should be a $30-35 stock and if it gets there, I'll probably sell. It does however have some optionality too. Adam Rossi was the person I heard about it from, and he's big in the defense space having previously founded a company. It's possible it has legs beyond that, but at this point, it's just a simple trade. I'm definitely getting better at focusing the intent of my trades. Not everything should be hold forever, and it's been hard to learn that. Even somethings that should be hold forever names get really expensive and should be sold. Buffett regrets not selling KO, for example. I'm really trimming down my highest conviction, hold forever names. Like I posted earlier, of it can't do a 15% CAGR, with fantastic management, I'm out. Basically I've got UFPT, CSU, TOI, KNSL, HWKN, MELI, VRTX. I have a few borderline names that might graduate into that category (NU, EVVY, and my microcap gold miner). Anything else, I realize will be sold at some point. Most within 5 years. It's really helping me gain focus to be more focused.
Unfortunately, TOI isn't selling off at all....
Keeping my eye on TOI LMN CSU BN and CNR at the moment. Already own the first four, but I wouldn't hate to expand my holdings with my cash pile. We'll see what the next few days bring.
I always love TOI.V, unfortunately (for buyers) it hasn't sold off at all. One reason Mark Leonard wanted it on the venture exchange is that it has almost no index fund flows and the business can be priced on the business alone. Unfortunately, that means it rarely sells off for no reason.
I know things are awfully doom and gloom right now, and with good reason, but let's start thinking about what we'll expend our dry powder on! Let's get excited for the hour before the market opens, shall we? I'm personally thinking of adding some BN, maybe a bit more TOI.V, possibly some LMN.V. If I didn't already own AMD maybe even AMD is worth owning at this point. AMZN, MSFT, GOOGL, and NVDA are probably strong names for the future as well - people need the internet and chips, no way around that.
My own portfolio has always been prone to swinging up more than the broader market, and swinging down more than the broader market. Currently we're doing the latter. The S&P500 is down 6%, and I'm down about 12% for the month. Definitely overexposed to tech but regardless of what happens GOOGL and AMZN run the internet, and MSFT isn't going anywhere. Meanwhile it sucks to see my NVDA stake suffer, but I'm up 270% and was up 400% a few weeks ago so I really can't complain. My AMD stake from 2021 is now at a 1% gain so that's cause for celebration, meanwhile my speculative / fun RKLB stake is down 28%. Lost a little chunk on MRNA in the last three months as well. My Canadian holdings (I'm Canadian) are weathering the storm the best so far: CSU in particular is solid as a rock. TOI.V basically hasn't moved since I've bought it either, though BN is a -12% position for me at the moment. ATRL has lost 23% since the end of January which is unfortunate, but my stake with them is still up 63% and I'm confident long term so no money lost there. Not really seeing myself *lose* much money, but I am seeing myself lose *unrealized gains*. So still blows, but I'm not any poorer than I've started and I have a multiple-decade long time horizon to wait it out. Presuming the US of A one day starts acting normal again.
I own ADYEN. Fantastic company. KPG.AX is an Australian serial acquirer of accounting firms that has been likened to CSU. TOI.V.....european CSU. I own this as well. Lastly, CSU.TO. the original, still going strong (I own it).
Topicus.com TOI.V (Toronto venture exchange)
Totally it up I come to around 40% in Canada, ~10% Europe* but I'm Canadian so I feel like that makes sense. BN, CSU, ATRL, and one I can't talk about because the share price is too low. A few of these companies have operations in the USA, that's tough to avoid, but are Canadian companies. TOI is a European provider, but it's a spin-off of the Canadian CSU so mentally I count it as Canadian. (It's also listed on the TSX.)
Hey! Ended up picking up some more CSU and some TOI this morning - they're tickling / about to hit ATH so no discount, but in it for the long hall.
I’ve done really well with TOI lately. But it hit a peak recently and I sold most of it, planning to buy the dip tomorrow. I like what they do on a personal level (parent with cancer).
Been holding OTLY for a week looks promising, SING & TOI are my day trades hoping for the best
Anybody looked into TOI.to? Basically CSU but in Europe no?
TOI.V (TOITF) earnings: Revenue increased 12% (4% organic growth) to €312.2 million compared to €278.8 million in Q3 2023. Net income increased 34% to €38.0 million (€0.28 on a diluted per share basis) from €28.3 million (€0.22 on a diluted per share basis). Acquisitions were completed for aggregate cash consideration of €18.2 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of €8.5 million resulting in total consideration of €26.7 million. Cash flows from operations (“CFO”) increased €6.2 million to €31.7 million compared to €25.5 million in Q3 2023. Free cash flow available to shareholders1 (“FCFA2S”) increased €3.9 million to €10.4 million compared to €6.5 million in Q3 2023.
Topicus (TOI.V) down 15% into earnings tomorrow is an interesting set up.
Yes, it would work. To the upside, owning the ZEBRA is just like owning the stock. If you like to sell CCs against stock, sell them against the ZEBRA just the same. It's more fun though because the ZEBRA cost you a lot less (even if you use LEAPS), so your TOI is much better.
Thoughts on CSU and the "constellation babies" topicus (TOI) and lumine (LMN).... CSU is trading at 36x FCF TOI is trading at 44x FCF LMN is trading at 44x FCF So the market is actually giving a premium to the smaller companies, expecting more growth in the future. Also, both TOI and LMN had some one offs.last year, so they probably are closer to CSU in a forward multiple. CSU has a forward P/E of 35x TOI has a forward P/E of 53x LMN has a forward P/E of 40x So again, CSU appears to be at a discount to the smaller units. However, forward P/Es tend to be erratic on these names, so cash flows are probably better gauges.
I don't think TOI is bad at all. CSU is great, but with the time frame and having CSU as the anchor, I could go more aggressive with LMN as the second.
Interesting hypothesis. TOI generally has higher organic growth, and Europe has a very fragmented software market. There's often even country specific software. Lumine is curious because they are in a single vertical..... Honestly, I'd own all three but the question was for top two. Both great picks.
TOI is more Europe focused and I think will face slower growth than LMN.
Yes, to CUS.TO LMN.V instead of TOI.V
CSU.TO and TOI.V Minimum acceptable growth for both is 20% annually. Why accept less?
Hey! Everyone! I just checked and there are stocks other than ARM, NVDA, and SMCI! Ones you don't have to FOMO into! TOI.V just reported 20%+ annual growth putting it in line with CSU growth rates. FANG just made a killer acquisition in the Permian Basin. Mohnish Pobrai just took a position in HCC. He took a position in AMR right before it went meteoric, so good sign. LPLA made a large acquisition yesterday.
I've been looking at Dino Polska (DNOPF/DNP.WA) and Topicus (TOITF/TOI.V). Also, Teqnion (TEQ.ST).