CNSWF - Constellation's Q4 And FY 2023: Messy Numbers Can Be Great

2024-03-12 13:16:33 ET

Summary

• Constellation Software Inc. reported strong earnings last week, especially across its main KPIs.
• Organic growth continued to shine, led by management's preferred revenue source.
• Cash flows and capital allocation were solid again, and 2024 is looking like another strong year.
• I also share my views on Topicus' special dividend.

Introduction

Constellation Software Inc. (CSU.TO, CNSWF ) reported its Q4 and 2023 earnings Wednesday last week, and, let’s go straight to the point, they were great.

The accounting is still messy, but there was great news regarding capital allocation and cash flows, two of Constellation’s main KPIs ( Key Performance Indicators )....

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