Q2 & 1H 2026 - Undisclosed
Strong organic EBITA growth supported by top-line, and increased resilience through repair, maintenance, and aftermarket services
The Compounding Tortoise
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The Nuances of Revenue Timing
Thoughts on why quarterly headline numbers drive more volatility
A New Pitch and New Buy
Establishing a small position; <300 million EUR market cap, high-teens percent growth, net cash, and trading at 10x FY28 NOPAT (EV-based)
Q2/1H 2026 - Constellation Software
Margin pressure due to incoming acquisitions and timing, 3.5% organic maintenance revenue growth ex. Altera
1H 2026 - Lotus Bakeries
Exceptional growth with 23% EBITA growth, despite FX headwinds
Q2 2026 - Topicus.com
Small M&A still sluggish, and lowest IRR within the CSI family
Q2 2026 - Undisclosed - Full Analysis
>70% growth on a two-year stack in North America, fwd. annualized returns still above 18%
Q2 & 1H 2026 - Lumine
The expected EBITA rebound in Q2 - record capital deployment should drive close to 30% EBITA growth in FY27
Q2 2026 - Linde
Margin progression's stalled, including and excluding US home care challenges
Q2 2026 - O'Reilly Automotive
Massive buybacks of 1.5 billion USD in Q2 - modest guidance raise was in the cards
Some Small Portfolio Tweaking
Selling out of a smaller-sized position we trimmed well; buying more of a promising serial acquirer