Analyses on Compounder
7 articles — sorted by date
Tatton Asset Management — The Wealth Manager That Owns No Wealth
ROIC 42.2%, 98.3% retention and a fee margin that rises instead of falling. Why the largest client loss in the company's history was a gain.
Heidelberg Materials: Defending the Capital Base, Not Growing It
Recalculated after the 2026 half-year report: ROIC 10.4% above WACC, EV/EBITDA 7.7x, fair value around €184. A cash-return stock, not a growth stock.
Five VMS Stocks, One Yardstick: Who Ends Up Owning the Cash Flow
Five compounders on one yardstick. H1 2026 flips two findings: Lumine is the cleanest offshoot, Topicus the second most expensive name after correction.
Topicus: An Excellent Company, but Not a Simple Stock
Operationally an exceptional software compounder. Since the Asseco deal, however, harder to read, harder to value and harder to buy with a margin of safety.
Lumine Group: The Quality Holds, the Discovery Discount Is Gone
Recurring revenue, niche markets, strong cash generation: the quality is not in dispute. The open question is the price.
Constellation Software: The Capital-Allocation Machine at Full Price
A ROIC spread of almost 13 percentage points and still no margin of safety. Quality yes, price no: why CSU is a Hold.
CHAPTERS Group: The Loss Is Accounting, the Price Is the Problem
HGB accounting forces a book loss while cash grows 64% a year. Still: watchlist, not a core position. At 20x EBITDA there is no margin of safety.