Constellation Software 2Q'26: Soft Organic Growth, but Encouraging Deployment Pace

Constellation Software (CSU) delivered a quarter that can be considered bit of a Rorschach test. Organic growth printed the weakest number in nearly 6 years while capital deployment pace is running pretty hot. I cannot speak for other shareholders, but if you own it (as I do) for CSU’s ability to deploy ever increasing amounts of capital at attractive ROIC, I do not expect you will lose much sleep…