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Constellation Software is a quiet compounding machine—asset-light, founder-shaped, and relentlessly disciplined. Its moat lies in sticky VMS businesses, decentralised agility, and unmatched capital allocation.The valuation is demanding, but CSU has consistently justified its premium by reinvesting every dollar into durable, cash-generating acquisitions.
Constellation Software is a quiet compounding machine—asset-light, founder-shaped, and relentlessly disciplined. Its moat lies in sticky VMS businesses, decentralised agility, and unmatched capital allocation.The valuation is demanding, but CSU has consistently justified its premium by reinvesting every dollar into durable, cash-generating acquisitions.