✨ Constellation Hathaway Capital

$CSU Vesta Software Group Acquires SK Trend SK Trend is a Hungarian insurtech company offering an end-to-end digital platform for insurance brokers, covering policy comparison, contracting, and portfolio and commission management.

$CSU.TO Founded in 1987 St. Louis Missouri 🇺🇸 “Comprose delivers a mission-critical SaaS platform that enables organizations to author, manage, govern, and attest to policies and procedures at scale.” AI seems to be something they are heavily using

@dctanner Mario provides some awesome info and love how simple he makes pi agent. And adaptable

Here’s my diy coding agent reading list. What should I add? mariozechner.at/posts/2025-11-… mgratzer.com/posts/from-ore… every.to/guides/agent-n… alexzhang13.github.io/blog/2025/rlm/ randomlabs.ai/blog/slate

Former Head of M&A at $CSU on price increases and operating margins "Constellation is pretty confident they can take pretty much any software business and run it at 25% to close to 30% operating margin."

$CSU.to Some info on ML from Giverny. "He therefore had to resign and undergo emergency surgery. The good news is that the surgery went well, and Mark is now out of danger. He will therefore remain on the company's board of directors." givernycapital.com/wp-content/upl…

@zeroxpectation @FiveSigmaCap Nice

$CSU Jonas buys Minisoft, the global leader in legal collections and accounts receivable management for law firms.

@Devon_OnEarth @wolfejosh this fits your nominative determinism 🤣

You're telling me the British Defence Attache to a Desert country is a guy called "Captain Sandy Sandilands"

@BerkelKip Wow

What do you mean a fast-growing financial that takes balance sheet risk and recently expanded into a new credit category blew up?? Shocker. $GSY.TO

@anujees They have made equity investments over their 30 years. Not very common but more now.

@NotMarkLeonard Hmm.. Pinetree business model?

$CSU.TO Permanent Engaged Minority Shareholders? PEMS a new way of deploying capital. $SABR is the first of this with more to come. Mark Leonard helped with this…

AGM in person for $CSU 👀

@adrivalue @MichaelGielkens I think it’s $882 including asseco for Q4 Capital deployed Q4: $571 million + **other net investments $321M $ACP.WA Plus $802 deployed after…

$CSU.TO earnings 💪

So $CSU.TO Q4 capital deployment (all inclusive) was $892 million Post 31/12, $802 million Eeem okay I guess

$CSU.TO 9% maintenance and recurring organic growth in Q4 (6% constant currency) 18% top line growth (vs 16% last quarter) solid deployment ($571 mm) and deployment subsequent to quarter end very high ($802 mm)

I don't know what $CSU.TO wants to achieve here. $SABR is largely a GDS business with an airline ERP. GDS, as far as I understand, has no pricing power. The airline ERP is on the other spectrum. ––> Hence, price increases are limited to the airline divison only. CSU has received the tech committee seat. It's not the strongest seat. With 12% ownership and one seat their impact is limited. CSU will gain access to financial data of SABR and be able to influence strategic decision regarding tech. This could include analyzing initiatives on the development side and propose cost cutting. SABR needs to understand that they NEED a strong operator like CSU on their side – if they don't know it already. The timing is quite interesting. 1. In Q4 SABR announced a "inflation offset program" which is a restructuring program. 2. Last year, SABR has sold their hotel software division for $1.1bn which it used to reduce debt. ––> 1 & 2 align quite well with Constellation Software's general approach of restructuring businesses. This made me think that there's an alignment and openness for CSU best practices. The tone in the "shareholder rights plan" was quite promising: "enable continued collaboration between the two parties with the goal of driving long-term growth and value creation" Overall, everything here is speculative and it's hard to read into where this one will be going with actual limited influence by CSI.

@JaredSleeper Such a good read.

Best sci-fi of the last twenty years, if not longer. Read it before the trailers spoil it for you!

$CSU.TO earnings release Monday @ 7:00 AM Conference call starts at 8:30 AM March 9

$csu taking positive steps with sabre stocktitan.net/news/SABR/sabr…