Also somewhat interesting that 40% of their revenue comes from Israel and 14% from the US. So over 50% comes from outside of Europe and only 11% from Poland itself. There could be a geoplitical risk there too. Have they mentioned on which markets they will focus their expansion?
Yea, Its not exactly clear where they plan on expanding. I am curious to see whether TSS' influence will orient them more towards Poland or other areas in East Europe.
Interesting. On the one hand it seems like the share price doubled on this news so you could argue a lot of the potential improvements are priced in. On the other hand looking at their FCF generation they're still insanely cheap..
So one of the questions would be when will the market start assigning a more reasonable multiple? Is the market possibly pricing this on a PE basis, overlooking the big earnings/FCF discrepancy?
Thanks for the write-up I'll be taking a closer look!
Very good company and research
Awesome post mate! Congrats!
One day, I will finally come up with the $3,200 to purchase a share of Constellation Software
Also somewhat interesting that 40% of their revenue comes from Israel and 14% from the US. So over 50% comes from outside of Europe and only 11% from Poland itself. There could be a geoplitical risk there too. Have they mentioned on which markets they will focus their expansion?
Yea, Its not exactly clear where they plan on expanding. I am curious to see whether TSS' influence will orient them more towards Poland or other areas in East Europe.
Thanks for the write-up. FYI: I believe the descriptions of ASE & ABS at the very bottom are switched.
Fixed it, thank you for pointing that out.
Great discussion. Thanks for the effort!
Thanks!
Interesting. On the one hand it seems like the share price doubled on this news so you could argue a lot of the potential improvements are priced in. On the other hand looking at their FCF generation they're still insanely cheap..
So one of the questions would be when will the market start assigning a more reasonable multiple? Is the market possibly pricing this on a PE basis, overlooking the big earnings/FCF discrepancy?
Thanks for the write-up I'll be taking a closer look!