Intrinsic value of Constellation Software Inc. - CSU

Previous Close

$741.37

  Intrinsic Value

$843.70

stock screener

  Rating & Target

hold

+14%

Previous close

$741.37

 
Intrinsic value

$843.70

 
Up/down potential

+14%

 
Rating

hold

We calculate the intrinsic value of CSU stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 15.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.58
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
Revenue, $m
  2,871
  3,350
  3,871
  4,431
  5,031
  5,668
  6,343
  7,055
  7,803
  8,586
  9,404
  10,258
  11,147
  12,073
  13,036
  14,037
  15,077
  16,157
  17,280
  18,448
  19,662
  20,925
  22,239
  23,607
  25,032
  26,517
  28,066
  29,681
  31,367
  33,128
  34,967
Variable operating expenses, $m
 
  2,481
  2,861
  3,271
  3,710
  4,176
  4,670
  5,190
  5,737
  6,310
  6,908
  7,502
  8,153
  8,830
  9,534
  10,266
  11,026
  11,816
  12,638
  13,492
  14,380
  15,303
  16,264
  17,265
  18,307
  19,393
  20,526
  21,707
  22,940
  24,228
  25,573
Fixed operating expenses, $m
 
  298
  306
  313
  321
  329
  337
  346
  355
  363
  373
  382
  391
  401
  411
  421
  432
  443
  454
  465
  477
  489
  501
  514
  526
  539
  553
  567
  581
  596
  610
Total operating expenses, $m
  2,413
  2,779
  3,167
  3,584
  4,031
  4,505
  5,007
  5,536
  6,092
  6,673
  7,281
  7,884
  8,544
  9,231
  9,945
  10,687
  11,458
  12,259
  13,092
  13,957
  14,857
  15,792
  16,765
  17,779
  18,833
  19,932
  21,079
  22,274
  23,521
  24,824
  26,183
Operating income, $m
  459
  571
  704
  846
  1,000
  1,163
  1,336
  1,519
  1,711
  1,913
  2,123
  2,374
  2,603
  2,842
  3,091
  3,350
  3,618
  3,898
  4,189
  4,491
  4,805
  5,133
  5,474
  5,829
  6,199
  6,585
  6,987
  7,407
  7,846
  8,305
  8,784
EBITDA, $m
  746
  853
  1,024
  1,209
  1,408
  1,619
  1,842
  2,079
  2,327
  2,587
  2,859
  3,143
  3,440
  3,748
  4,069
  4,402
  4,749
  5,110
  5,485
  5,875
  6,280
  6,702
  7,142
  7,599
  8,076
  8,573
  9,092
  9,633
  10,199
  10,789
  11,406
Interest expense (income), $m
  31
  30
  46
  68
  91
  117
  143
  172
  202
  233
  266
  300
  336
  374
  413
  453
  495
  539
  584
  631
  680
  731
  785
  840
  897
  957
  1,020
  1,085
  1,153
  1,223
  1,297
Earnings before tax, $m
  387
  541
  658
  779
  908
  1,046
  1,193
  1,347
  1,509
  1,680
  1,857
  2,074
  2,267
  2,469
  2,678
  2,897
  3,123
  3,359
  3,604
  3,860
  4,125
  4,401
  4,689
  4,989
  5,301
  5,627
  5,968
  6,323
  6,694
  7,081
  7,486
Tax expense, $m
  108
  146
  178
  210
  245
  283
  322
  364
  408
  453
  501
  560
  612
  667
  723
  782
  843
  907
  973
  1,042
  1,114
  1,188
  1,266
  1,347
  1,431
  1,519
  1,611
  1,707
  1,807
  1,912
  2,021
Net income, $m
  279
  395
  480
  568
  663
  764
  871
  983
  1,102
  1,226
  1,356
  1,514
  1,655
  1,802
  1,955
  2,115
  2,280
  2,452
  2,631
  2,817
  3,011
  3,213
  3,423
  3,642
  3,870
  4,108
  4,356
  4,616
  4,886
  5,169
  5,465

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  483
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,545
  2,407
  2,781
  3,183
  3,614
  4,072
  4,557
  5,068
  5,605
  6,168
  6,756
  7,369
  8,008
  8,673
  9,365
  10,084
  10,831
  11,607
  12,414
  13,253
  14,125
  15,032
  15,976
  16,959
  17,983
  19,050
  20,162
  21,323
  22,534
  23,799
  25,120
Adjusted assets (=assets-cash), $m
  2,062
  2,407
  2,781
  3,183
  3,614
  4,072
  4,557
  5,068
  5,605
  6,168
  6,756
  7,369
  8,008
  8,673
  9,365
  10,084
  10,831
  11,607
  12,414
  13,253
  14,125
  15,032
  15,976
  16,959
  17,983
  19,050
  20,162
  21,323
  22,534
  23,799
  25,120
Revenue / Adjusted assets
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
Average production assets, $m
  1,076
  1,256
  1,452
  1,662
  1,886
  2,126
  2,379
  2,646
  2,926
  3,220
  3,527
  3,847
  4,180
  4,527
  4,888
  5,264
  5,654
  6,059
  6,480
  6,918
  7,373
  7,847
  8,340
  8,853
  9,387
  9,944
  10,525
  11,130
  11,763
  12,423
  13,113
Working capital, $m
  -135
  -710
  -821
  -939
  -1,067
  -1,202
  -1,345
  -1,496
  -1,654
  -1,820
  -1,994
  -2,175
  -2,363
  -2,560
  -2,764
  -2,976
  -3,196
  -3,425
  -3,663
  -3,911
  -4,168
  -4,436
  -4,715
  -5,005
  -5,307
  -5,622
  -5,950
  -6,292
  -6,650
  -7,023
  -7,413
Total debt, $m
  468
  707
  1,044
  1,406
  1,794
  2,206
  2,642
  3,102
  3,586
  4,092
  4,621
  5,173
  5,748
  6,347
  6,969
  7,616
  8,289
  8,988
  9,714
  10,469
  11,253
  12,070
  12,920
  13,804
  14,726
  15,686
  16,687
  17,732
  18,822
  19,960
  21,149
Total liabilities, $m
  1,927
  2,166
  2,503
  2,865
  3,253
  3,665
  4,101
  4,561
  5,045
  5,551
  6,080
  6,632
  7,207
  7,806
  8,428
  9,075
  9,748
  10,447
  11,173
  11,928
  12,712
  13,529
  14,379
  15,263
  16,185
  17,145
  18,146
  19,191
  20,281
  21,419
  22,608
Total equity, $m
  618
  241
  278
  318
  361
  407
  456
  507
  561
  617
  676
  737
  801
  867
  936
  1,008
  1,083
  1,161
  1,241
  1,325
  1,412
  1,503
  1,598
  1,696
  1,798
  1,905
  2,016
  2,132
  2,253
  2,380
  2,512
Total liabilities and equity, $m
  2,545
  2,407
  2,781
  3,183
  3,614
  4,072
  4,557
  5,068
  5,606
  6,168
  6,756
  7,369
  8,008
  8,673
  9,364
  10,083
  10,831
  11,608
  12,414
  13,253
  14,124
  15,032
  15,977
  16,959
  17,983
  19,050
  20,162
  21,323
  22,534
  23,799
  25,120
Debt-to-equity ratio
  0.757
  2.940
  3.750
  4.420
  4.960
  5.420
  5.800
  6.120
  6.400
  6.630
  6.840
  7.020
  7.180
  7.320
  7.440
  7.550
  7.650
  7.740
  7.820
  7.900
  7.970
  8.030
  8.090
  8.140
  8.190
  8.230
  8.280
  8.320
  8.350
  8.390
  8.420
Adjusted equity ratio
  0.070
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  279
  395
  480
  568
  663
  764
  871
  983
  1,102
  1,226
  1,356
  1,514
  1,655
  1,802
  1,955
  2,115
  2,280
  2,452
  2,631
  2,817
  3,011
  3,213
  3,423
  3,642
  3,870
  4,108
  4,356
  4,616
  4,886
  5,169
  5,465
Depreciation, amort., depletion, $m
  287
  282
  321
  363
  408
  456
  506
  560
  616
  675
  736
  769
  836
  905
  978
  1,053
  1,131
  1,212
  1,296
  1,384
  1,475
  1,569
  1,668
  1,771
  1,877
  1,989
  2,105
  2,226
  2,353
  2,485
  2,623
Funds from operations, $m
  580
  677
  801
  931
  1,071
  1,220
  1,377
  1,543
  1,718
  1,901
  2,092
  2,283
  2,491
  2,708
  2,933
  3,167
  3,411
  3,664
  3,927
  4,201
  4,486
  4,782
  5,091
  5,412
  5,747
  6,097
  6,461
  6,842
  7,239
  7,654
  8,088
Change in working capital, $m
  -83
  -102
  -110
  -119
  -127
  -135
  -143
  -151
  -158
  -166
  -174
  -181
  -189
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -257
  -268
  -279
  -290
  -302
  -315
  -328
  -342
  -357
  -373
  -390
Cash from operations, $m
  663
  779
  911
  1,050
  1,198
  1,355
  1,520
  1,694
  1,876
  2,067
  2,265
  2,464
  2,680
  2,904
  3,137
  3,379
  3,631
  3,893
  4,165
  4,449
  4,743
  5,050
  5,370
  5,702
  6,050
  6,412
  6,790
  7,184
  7,596
  8,027
  8,477
Maintenance CAPEX, $m
  0
  -215
  -251
  -290
  -332
  -377
  -425
  -476
  -529
  -585
  -644
  -705
  -769
  -836
  -905
  -978
  -1,053
  -1,131
  -1,212
  -1,296
  -1,384
  -1,475
  -1,569
  -1,668
  -1,771
  -1,877
  -1,989
  -2,105
  -2,226
  -2,353
  -2,485
New CAPEX, $m
  -26
  -181
  -195
  -210
  -225
  -239
  -253
  -267
  -280
  -294
  -307
  -320
  -334
  -347
  -361
  -375
  -390
  -405
  -421
  -438
  -455
  -474
  -493
  -513
  -534
  -557
  -581
  -606
  -632
  -660
  -690
Cash from investing activities, $m
  -263
  -396
  -446
  -500
  -557
  -616
  -678
  -743
  -809
  -879
  -951
  -1,025
  -1,103
  -1,183
  -1,266
  -1,353
  -1,443
  -1,536
  -1,633
  -1,734
  -1,839
  -1,949
  -2,062
  -2,181
  -2,305
  -2,434
  -2,570
  -2,711
  -2,858
  -3,013
  -3,175
Free cash flow, $m
  400
  383
  465
  550
  641
  738
  842
  951
  1,067
  1,188
  1,314
  1,439
  1,577
  1,721
  1,871
  2,026
  2,189
  2,357
  2,532
  2,715
  2,904
  3,102
  3,307
  3,522
  3,745
  3,977
  4,220
  4,473
  4,738
  5,014
  5,303
Issuance/(repayment) of debt, $m
  -12
  249
  336
  362
  388
  412
  436
  460
  483
  506
  529
  552
  575
  599
  622
  647
  672
  699
  726
  755
  785
  816
  850
  885
  921
  960
  1,001
  1,044
  1,090
  1,138
  1,189
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -44
  249
  336
  362
  388
  412
  436
  460
  483
  506
  529
  552
  575
  599
  622
  647
  672
  699
  726
  755
  785
  816
  850
  885
  921
  960
  1,001
  1,044
  1,090
  1,138
  1,189
Total cash flow (excl. dividends), $m
  351
  632
  801
  912
  1,029
  1,151
  1,278
  1,411
  1,550
  1,694
  1,844
  1,991
  2,152
  2,319
  2,493
  2,673
  2,861
  3,056
  3,259
  3,470
  3,689
  3,918
  4,157
  4,406
  4,666
  4,938
  5,221
  5,518
  5,828
  6,153
  6,492
Retained Cash Flow (-), $m
  -162
  -96
  -37
  -40
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
Prev. year cash balance distribution, $m
 
  473
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,009
  764
  872
  985
  1,105
  1,230
  1,360
  1,496
  1,638
  1,785
  1,929
  2,088
  2,253
  2,424
  2,602
  2,786
  2,978
  3,178
  3,386
  3,602
  3,828
  4,063
  4,308
  4,564
  4,831
  5,110
  5,402
  5,707
  6,026
  6,360
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  968
  699
  759
  811
  856
  893
  919
  935
  941
  936
  916
  891
  857
  814
  764
  708
  648
  585
  521
  458
  396
  337
  282
  232
  188
  149
  116
  88
  66
  48
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Constellation Software Inc. is engaged in the development, installation and customization of software. The Company acquires, manages and builds vertical market software (VMS) businesses. The Company's segments include public sector and private sector. The public sector segment develops and distributes software solutions primarily to government and government-related customers. Its public sector segment includes Volaris Operating Group, Harris Operating Group and Total Specific Solutions Operating Group. The private sector segment develops and distributes software solutions primarily to commercial customers. Its private sector segment includes Jonas Operating Group, Perseus Operating Group and Vela Operating Group. Its geographical segments include Canada, USA and UK/Europe. It serves various markets, such as communications, credit unions, drink distribution, tour operators, auto clubs, textiles and apparel, hospitality, notaries, home and community care, and long-term care.

FINANCIAL RATIOS  of  Constellation Software Inc. (CSU)

Valuation Ratios
P/E Ratio 56.3
Price to Sales 5.5
Price to Book 25.4
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 24.7
Growth Rates
Sales Growth Rate 15.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 52.9%
Cap. Spend. - 3 Yr. Gr. Rate 11.6%
Financial Strength
Quick Ratio 48
Current Ratio 0
LT Debt to Equity 74.1%
Total Debt to Equity 75.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 12.7%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 27.6%
Ret/ On T. Cap. - 3 Yr. Avg. 23.9%
Return On Equity 52%
Return On Equity - 3 Yr. Avg. 50.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 96.1%
Gross Margin - 3 Yr. Avg. 95.5%
EBITDA Margin 24.6%
EBITDA Margin - 3 Yr. Avg. 23.6%
Operating Margin 16%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 9.7%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 27.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 41.2%

CSU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSU stock intrinsic value calculation we used $2871 million for the last fiscal year's total revenue generated by Constellation Software Inc.. The default revenue input number comes from 2016 income statement of Constellation Software Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CSU stock valuation model: a) initial revenue growth rate of 16.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CSU is calculated based on our internal credit rating of Constellation Software Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Constellation Software Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CSU stock the variable cost ratio is equal to 74.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $291 million in the base year in the intrinsic value calculation for CSU stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.5% for Constellation Software Inc..

Corporate tax rate of 27% is the nominal tax rate for Constellation Software Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CSU stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CSU are equal to 37.5%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Constellation Software Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CSU is equal to -21.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $618 million for Constellation Software Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 21.194 million for Constellation Software Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Constellation Software Inc. at the current share price and the inputted number of shares is $15.7 billion.

RELATED COMPANIES Price Int.Val. Rating
T TELUS Corporat 48.12 17.53  str.sell
Financial statements of CSU
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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