Archive
Analyses on Vertical Market Software
5 articles — sorted by date
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.
Asseco Poland: The Other Side of the Topicus Deal
What did Topicus buy into at Asseco via TSS? A core business earning 30% ROIC, of whose profit 47% belongs to minorities. Hold.
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.