Constellation Software is updated and rated Weak Buy / Hold at Canadian $949. Note, though that it is analysed in U.S. dollars because it reports in U.S. dollars.
Constellation Software has been a fantastic investment over the years. I have generally rated in in (lower) Buy because it always seems expensive and is pricing in a lot of growth. But it has continued to achieve high growth and more than justify its price over the years.
With the previous update on March 31 I was concerned about what seems to be their somewhat aggressive view of adjusted earnings. But the fact is that whether looked at by revenue per share growth or cash flow or adjusted earnings or book value per share, the growth has been exceptionally good. I had lowered the rating to (lower) Sell on March 31 but I am raising it to Weak Buy / Hold at this time. I hold a what is unfortunately only a very small amount and would be interested in adding if the price happens to dip.
The founder and CEO writes an exceptionally candid and useful shareholder letter which is very much worth reading.