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Constellation Software

OTCPK:CNSW.F
Snowflake Description

Solid track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CNSW.F
OTCPK
CA$24B
Market Cap
  1. Home
  2. US
  3. Software
Company description

Constellation Software Inc., together with its subsidiaries, engages in the development, installation, and customization of software to various markets in the United States, Canada, the United Kingdom, Europe, and internationally. The last earnings update was 36 days ago. More info.


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  • Constellation Software has significant price volatility in the past 3 months.
CNSW.F Share Price and Events
7 Day Returns
2.2%
OTCPK:CNSW.F
2.4%
US Software
1.2%
US Market
1 Year Returns
24.1%
OTCPK:CNSW.F
25.6%
US Software
3%
US Market
CNSW.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Constellation Software (CNSW.F) 2.2% -2.5% 37.7% 24.1% 110.9% 254.5%
US Software 2.4% 5.5% 19.8% 25.6% 110.4% 139.4%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • CNSW.F underperformed the Software industry which returned 25.6% over the past year.
  • CNSW.F outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
CNSW.F
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Constellation Software undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Constellation Software to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Constellation Software.

OTCPK:CNSW.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:CNSW.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Software Unlevered Beta Simply Wall St/ S&P Global 1.14
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.141 (1 + (1- 26.5%) (2.09%))
1.106
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.106 * 5.96%)
9.32%

Discounted Cash Flow Calculation for OTCPK:CNSW.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Constellation Software is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:CNSW.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.32%)
2019 743.83 Analyst x3 680.40
2020 858.17 Analyst x4 718.06
2021 950.77 Est @ 10.79% 727.70
2022 1,030.37 Est @ 8.37% 721.38
2023 1,099.20 Est @ 6.68% 703.95
2024 1,159.60 Est @ 5.49% 679.31
2025 1,213.70 Est @ 4.67% 650.37
2026 1,263.27 Est @ 4.08% 619.22
2027 1,309.74 Est @ 3.68% 587.25
2028 1,354.19 Est @ 3.39% 555.41
Present value of next 10 years cash flows $6,643.04
OTCPK:CNSW.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $1,354.19 × (1 + 2.73%) ÷ (9.32% – 2.73%)
$21,104.27
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $21,104.27 ÷ (1 + 9.32%)10
$8,655.67
OTCPK:CNSW.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $6,643.04 + $8,655.67
$15,298.71
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $15,298.71 / 21.19
$957.09
OTCPK:CNSW.F Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:CSU)
1.333
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $721.93 x 1.333
CA$962.38
Non-primary Listing Adjustment Factor 1 share in OTCPK:CNSW.F represents 0.7543x of TSX:CSU
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.7543x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 962.38 x 0.7543
$725.92
Value per share (USD) From above. $725.92
Current discount Discount to share price of $837.51
= -1 x ($837.51 - $725.92) / $725.92
-15.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Constellation Software is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Constellation Software's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Constellation Software's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:CNSW.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $17.90
TSX:CSU Share Price ** TSX (2019-03-20) in CAD CA$1110.32
TSX:CSU Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.75 $832.9
United States of America Software Industry PE Ratio Median Figure of 84 Publicly-Listed Software Companies 53.03x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Constellation Software.

OTCPK:CNSW.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CSU Share Price ÷ EPS (both in USD)

= 832.9 ÷ 17.90

46.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Constellation Software is good value based on earnings compared to the US Software industry average.
  • Constellation Software is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Constellation Software's expected growth come at a high price?
Raw Data
OTCPK:CNSW.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 46.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
8.9%per year
United States of America Software Industry PEG Ratio Median Figure of 66 Publicly-Listed Software Companies 3.6x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

OTCPK:CNSW.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 46.53x ÷ 8.9%

5.25x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Constellation Software is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Constellation Software's assets?
Raw Data
OTCPK:CNSW.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $40.87
TSX:CSU Share Price * TSX (2019-03-20) in CAD CA$1110.32
TSX:CSU Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.75 $832.9
United States of America Software Industry PB Ratio Median Figure of 220 Publicly-Listed Software Companies 5.84x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
OTCPK:CNSW.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CSU Share Price ÷ Book Value per Share (both in USD)

= 832.9 ÷ 40.87

20.38x

* Primary Listing of Constellation Software.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Constellation Software is overvalued based on assets compared to the US Software industry average.
X
Value checks
We assess Constellation Software's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. Constellation Software has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Constellation Software expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Constellation Software expected to grow at an attractive rate?
  • Constellation Software's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Constellation Software's earnings growth is positive but not above the United States of America market average.
  • Constellation Software's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:CNSW.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:CNSW.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 8.9%
OTCPK:CNSW.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 13.4%
United States of America Software Industry Earnings Growth Rate Market Cap Weighted Average 16.1%
United States of America Software Industry Revenue Growth Rate Market Cap Weighted Average 10.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:CNSW.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:CNSW.F Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 4,715 1
2020-12-31 4,067 909 453 8
2019-12-31 3,554 745 407 7
OTCPK:CNSW.F Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 3,060 662 379
2018-09-30 2,917 616 276
2018-06-30 2,795 596 265
2018-03-31 2,643 603 264
2017-12-31 2,479 528 222
2017-09-30 2,356 499 212
2017-06-30 2,265 514 225
2017-03-31 2,193 526 229
2016-12-31 2,125 491 207
2016-09-30 2,073 471 207
2016-06-30 1,988 438 185
2016-03-31 1,902 430 163

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Constellation Software's earnings are expected to grow by 8.9% yearly, however this is not considered high growth (20% yearly).
  • Constellation Software's revenue is expected to grow by 13.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:CNSW.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Constellation Software Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CNSW.F Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 21.35 24.96 16.99 3.00
2019-12-31 19.21 19.70 18.72 2.00
OTCPK:CNSW.F Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 17.90
2018-09-30 13.04
2018-06-30 12.50
2018-03-31 12.46
2017-12-31 10.47
2017-09-30 9.98
2017-06-30 10.60
2017-03-31 10.78
2016-12-31 9.76
2016-09-30 9.77
2016-06-30 8.75
2016-03-31 7.69

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Constellation Software is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Constellation Software's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Constellation Software has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Constellation Software performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Constellation Software's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Constellation Software has delivered over 20% year on year earnings growth in the past 5 years.
  • Constellation Software's 1-year earnings growth exceeds its 5-year average (70.9% vs 24.5%)
  • Constellation Software's earnings growth has exceeded the US Software industry average in the past year (70.9% vs 32.7%).
Earnings and Revenue History
Constellation Software's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Constellation Software Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CNSW.F Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 3,060.10 379.30 341.00
2018-09-30 2,917.13 276.36 327.90
2018-06-30 2,794.52 264.92 315.81
2018-03-31 2,642.55 264.08 297.02
2017-12-31 2,479.40 221.90 277.10
2017-09-30 2,355.66 211.51 262.04
2017-06-30 2,264.85 224.70 249.90
2017-03-31 2,193.43 228.55 243.15
2016-12-31 2,125.09 206.78 235.73
2016-09-30 2,072.85 207.08 229.04
2016-06-30 1,987.56 185.33 219.12
2016-03-31 1,902.40 162.99 210.49
2015-12-31 1,838.31 177.25 201.69
2015-09-30 1,766.52 150.61 196.65
2015-06-30 1,724.97 136.82 196.30
2015-03-31 1,697.39 127.13 192.09
2014-12-31 1,669.34 103.10 190.31
2014-09-30 1,569.87 106.24 180.18
2014-06-30 1,466.94 96.56 167.86
2014-03-31 1,349.19 92.83 155.27
2013-12-31 1,210.78 93.14 141.10
2013-09-30 1,131.50 90.73 131.14
2013-06-30 1,041.60 89.55 119.91
2013-03-31 952.38 87.91 107.37
2012-12-31 891.23 92.63 98.33
2012-09-30 828.58 71.98 88.40
2012-06-30 804.86 70.22 84.32
2012-03-31 790.99 108.61 83.84

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Constellation Software made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Constellation Software used its assets more efficiently than the US Software industry average last year based on Return on Assets.
  • Constellation Software's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Constellation Software's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Constellation Software has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Constellation Software's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Constellation Software's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Constellation Software's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Constellation Software's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Constellation Software's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 3.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Constellation Software Company Filings, last reported 2 months ago.

OTCPK:CNSW.F Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 866.10 368.40 588.60
2018-09-30 712.56 399.27 456.03
2018-06-30 666.11 286.80 343.57
2018-03-31 637.95 270.45 347.53
2017-12-31 604.20 332.90 489.00
2017-09-30 548.85 313.57 414.59
2017-06-30 514.78 359.96 429.76
2017-03-31 479.38 349.89 474.89
2016-12-31 457.51 346.57 376.51
2016-09-30 423.10 364.91 323.70
2016-06-30 371.88 367.49 256.00
2016-03-31 338.41 375.49 271.10
2015-12-31 337.28 355.18 178.47
2015-09-30 294.24 368.61 148.26
2015-06-30 272.16 367.15 132.01
2015-03-31 259.48 275.98 131.82
2014-12-31 259.83 294.62 70.68
2014-09-30 250.93 359.55 81.60
2014-06-30 256.65 439.47 101.28
2014-03-31 253.88 483.77 142.91
2013-12-31 266.00 477.17 78.75
2013-09-30 244.73 147.05 45.59
2013-06-30 241.61 183.82 33.11
2013-03-31 244.26 107.49 44.89
2012-12-31 258.80 44.36 41.78
2012-09-30 255.91 39.23 61.89
2012-06-30 248.11 27.54 46.00
2012-03-31 252.68 11.20 72.20
  • Constellation Software's level of debt (42.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (179.5% vs 42.5% today).
  • Debt is well covered by operating cash flow (179.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 22.7x coverage).
X
Financial health checks
We assess Constellation Software's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Constellation Software has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Constellation Software's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.48%
Current annual income from Constellation Software dividends. Estimated to be 1.28% next year.
If you bought $2,000 of Constellation Software shares you are expected to receive $10 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Constellation Software's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Constellation Software's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:CNSW.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Software Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 1.5%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:CNSW.F Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 4.00 1.00
2020-12-31 4.00 1.00
2019-12-31 24.00 1.00
OTCPK:CNSW.F Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-14 4.000 0.471
2019-02-13 4.000 0.502
2018-10-25 4.000 0.582
2018-07-26 4.000 0.558
2018-04-25 4.000 0.513
2018-02-14 4.000 0.590
2017-10-27 4.000 0.664
2017-07-26 4.000 0.713
2017-04-27 4.000 0.779
2017-02-15 4.000 0.835
2016-10-26 4.000 0.876
2016-07-27 4.000 0.926
2016-04-27 4.000 1.014
2016-02-17 4.000 0.993
2016-01-28 4.000 1.152
2015-07-29 4.000 0.964
2015-04-29 4.000 0.964
2015-02-25 4.000 1.100
2014-10-30 4.000 1.373
2014-07-31 4.000 1.588
2014-04-30 4.000 1.722
2014-03-06 4.000 1.680
2013-10-30 4.000 1.985
2013-07-31 4.000 2.356
2013-05-01 4.000 2.855
2013-03-06 4.000 3.205
2012-10-31 4.000 3.326
2012-08-01 4.000 3.843
2012-05-02 4.000 4.484
2012-01-03 4.000 4.466
2011-03-02 2.000 2.865
2010-03-03 0.260 0.595
2009-03-23 0.216 0.694

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Constellation Software is not paying a notable dividend for United States of America, therefore no need to check if the payments are stable.
  • Constellation Software is not paying a notable dividend for United States of America, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Constellation Software's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Constellation Software's dividends as it is not paying a notable one for United States of America.
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (13.3x coverage).
X
Income/ dividend checks
We assess Constellation Software's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Constellation Software afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Constellation Software has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Constellation Software's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mark Leonard
COMPENSATION $1
AGE 62
CEO Bio

Mr. Mark Henri Leonard founded Constellation Software Inc. in 1995 and serves as its President. Mr. Leonard worked in the venture capital business for eleven years. He served in the United States and Canada as a Corporate Banker. He served as Senior Vice President of Ventures West Management Inc. and also was its partner. He serves as the Chairman of the Board at Constellation Software Inc. and has been its Director since 1995. He has been a Director of Gladstone plc since May 2010. He serves as a Director of Constellation Software (U.S.A.) Inc., Trapeze Software Inc., Trapeze Holdings Inc., Gary Jonas Computing Ltd., Common Cents Solutions Inc., N. Harris Computer Corporation, Gestion PG Govern Inc., 6677657 Canada Inc., PG Govern Inc., PG Govern QC Inc., PG Election Inc., PG Election North America Inc., PG Solutions Inc., Creative Computer Solutions, Inc., Systems and Software Inc., Schoolhouse Software, Inc., KnowledgeCore Software, Inc., Municipal Software Corporation, Municipal Software U.S., Inc., Harris Education Inc., Harris Education Consulting Inc., Harris (US) Computer Corporation, Constellation Homebuilder Systems Corp., Constellation Homebuilder Systems Inc., Constellation Web Solutions Inc., Constellation USA Financing Systems Inc., Friedman Corporation, Friedman Software Canada Inc., Varsity Logistics, Inc., Constellation Justice Systems, Inc., Emphasys Computer Solutions Inc., Sympro, Inc., 1388369 Ontario Inc., Medisolution (2009) Inc., Majiq Inc., G1440 Inc., Cascade Management Consultants Limited, Gladstone Corporate Services Limited, The Electronic Club Limited, The Fit Club Limited, GE.Clear Limited, Global Technology (Software) Limited, IN4MATION.NET Limited, JOB4LIFE.NET Limited, LIKE4LIKE.NET Limited, Membertrack Limited, Microcache (Scotland) Limited, Torstar Limited, Gladstone Education Limited, Gladstone MRM Limited, Gladstone MRM (Australia) PTY Ltd., Valuenetics A/S and Gladstone Health & Leisure (Denmark) ApS. He served as a Director of Cybermation Inc. and Canadian Software Investment Fund Inc. He served as a Director of numerous public and private software and technology companies. He served as a Non Executive Director of Bond International Software plc since November 2010 until March 21, 2014. Mr. Leonard served as a Director of Gennum Corporation since April 2002. Mr. Leonard holds a B.Sc. from the University of Guelph and M.B.A. from the University of Western Ontario.

CEO Compensation
  • Mark's compensation has been consistent with company performance over the past year.
  • Mark's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Constellation Software management team in years:

6
Average Tenure
  • The average tenure for the Constellation Software management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Mark Leonard

TITLE
Founder
COMPENSATION
$1
AGE
62

Jamal Baksh

TITLE
Chief Financial Officer
COMPENSATION
$727K
TENURE
6 yrs

Mark Miller

TITLE
COO & Director
COMPENSATION
$2M

Dexter Salna

TITLE
President of Perseus Operating Group
COMPENSATION
$1M

John Billowits

TITLE
Chief Executive Officer of Vela Operating Group
COMPENSATION
$2M
AGE
46
TENURE
6 yrs

Bernard Anzarouth

TITLE
Chief Investment Officer

Mark Dennison

TITLE
General Counsel & Secretary

Barry Symons

TITLE
Chief Executive Officer of Jonas Operating Group
COMPENSATION
$1M
TENURE
11.6 yrs

Robin van Poelje

TITLE
Director
Board of Directors Tenure

Average tenure and age of the Constellation Software board of directors in years:

5
Average Tenure
58.5
Average Age
  • The tenure for the Constellation Software board of directors is about average.
Board of Directors

Mark Leonard

TITLE
Founder
COMPENSATION
$1
AGE
62

Mark Miller

TITLE
COO & Director
COMPENSATION
$2M
TENURE
6 yrs

Robin van Poelje

TITLE
Director
TENURE
1.1 yrs

Steve Scotchmer

TITLE
Lead Independent Director
COMPENSATION
$80K

Jeff Bender

TITLE
Director
COMPENSATION
$2M
TENURE
6 yrs

Sam Hayes

TITLE
Independent Director
COMPENSATION
$80K
TENURE
6.2 yrs

Rob Kittel

TITLE
Independent Director
COMPENSATION
$100K
AGE
46
TENURE
5.7 yrs

Paul McFeeters

TITLE
Independent Director
COMPENSATION
$80K
AGE
63
TENURE
4.4 yrs

Lawrence Cunningham

TITLE
Director
COMPENSATION
$25K
AGE
55
TENURE
1.6 yrs

Lori O’Neill

TITLE
Director
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • Information is not available.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
25. Jan 19 Sell Stephen Scotchmer Individual 21. Jan 19 21. Jan 19 -1,450 $695.22 $-1,008,067
25. Jan 19 Buy Stephen Scotchmer Individual 21. Jan 19 21. Jan 19 1,450 $695.22 $1,008,067
10. Dec 18 Sell Stephen Scotchmer Individual 05. Dec 18 05. Dec 18 -6,889 $693.76 $-4,779,325
10. Dec 18 Buy Stephen Scotchmer Individual 05. Dec 18 05. Dec 18 6,889 $693.76 $4,779,325
23. Nov 18 Sell Jamal Baksh Individual 22. Nov 18 22. Nov 18 -900 $688.68 $-619,809
19. Nov 18 Sell Mark Dennison Individual 30. Oct 18 30. Oct 18 -500 $669.15 $-334,575
29. May 18 Sell John Billowits Individual 28. May 18 28. May 18 -900 $781.39 $-699,917
28. May 18 Sell John Billowits Individual 23. May 18 23. May 18 -600 $774.71 $-464,824
15. May 18 Buy Lawrence Cunningham Individual 15. May 18 15. May 18 75 $755.00 $56,625
11. May 18 Sell Jamal Baksh Individual 09. May 18 09. May 18 -425 $747.49 $-317,683
03. May 18 Sell Barry Symons Individual 02. May 18 02. May 18 -1,000 $733.91 $-733,913
X
Management checks
We assess Constellation Software's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Constellation Software has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Constellation Software Inc., together with its subsidiaries, engages in the development, installation, and customization of software to various markets in the United States, Canada, the United Kingdom, Europe, and internationally. It operates through two segments, Public Sector and Private Sector. The Public Sector segment develops and distributes software solutions primarily to government and government-related customers. The Private Sector segment develops and distributes software solutions, principally to commercial customers. The company also provides related professional and support services. Constellation Software Inc. was founded in 1995 and is headquartered in Toronto, Canada.

Details
Name: Constellation Software Inc.
CNSW.F
Exchange: OTCPK
Founded: 1995
CA$17,650,520,670
21,191,530
Website: http://www.csisoftware.com
Address: Constellation Software Inc.
20 Adelaide Street East,
Suite 1200,
Toronto,
Ontario, M5C 2T6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CSU Common Shares The Toronto Stock Exchange CA CAD 18. May 2006
OTCPK CNSW.F Common Shares Pink Sheets LLC US USD 18. May 2006
DB W9C Common Shares Deutsche Boerse AG DE EUR 18. May 2006
Number of employees
Current staff
Staff numbers
14,335
Constellation Software employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/21 00:38
End of day share price update: 2019/03/20 00:00
Last estimates confirmation: 2019/02/19
Last earnings filing: 2019/02/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.