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Hi, wanted to check your reinvestment rate is the % of EBIT Lumine would deploy on acquisitions? Shouldn't we consider FCF as the amount of cash available to Lumine before the management decides to allocate it to acquisitions? Thanks
Hi Rajesh - to your first question, the answer is yes. The reinvestment rate here is based on how much is reinvested in new acquisitions relative to EBIT. I used the FCFF line as the amount of cash that isn't deployed through acquisitions. If you shoot me an email, I'd be happy to share the model.
I hold Topicus. Truth be told it's a small position as I don't know how they'll be able to easily replicate Constellation performance. It's a monitor and add.
When looking at the Q3 2024 report - $481.3M in revenue YTD and $141.7M in operating income YTD. That gives us a 29.4% margin. As far as the share count goes, there was some share issuance related to the spinoff transaction, but I don't expect any further dilution from here.
@ I see. This is adjusted EBIT after adding back amortization. I haven’t looked into this but it would require some digging to know if this is justified. Nonetheless I believe cash flow tells a much clearer story than accounting earnings. Thanks!
I would be concerned with disruption risks due to AI. Some of these VMS are extremely simple to re-create with AI coding tools. The customer still incurs some switching cost though.
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Lumine is one of my core nine. Growing faster than TOI and CSI.
Thanks. Did you mention why lumine over topicus?
I own both. Topicus is certainly making moves to start the new year, which is great to see.
Is it listed in nyse ?
Look forward for the Teqnion analysis
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does anyone have a video or writeup on the argument for holding the spinoffs rather than just holding the mothership ?
Hi, wanted to check your reinvestment rate is the % of EBIT Lumine would deploy on acquisitions?
Shouldn't we consider FCF as the amount of cash available to Lumine before the management decides to allocate it to acquisitions?
Thanks
Hi Rajesh - to your first question, the answer is yes. The reinvestment rate here is based on how much is reinvested in new acquisitions relative to EBIT. I used the FCFF line as the amount of cash that isn't deployed through acquisitions.
If you shoot me an email, I'd be happy to share the model.
I now own some Lumine! Bought on my own right before watching this!
Hope you found the video valuable! 🙏
Thank you sir
Thanks for watching! 💯
I hold Topicus. Truth be told it's a small position as I don't know how they'll be able to easily replicate Constellation performance. It's a monitor and add.
Isnt 30% growth too high if you take into account GDP growth is usually less than 10%?
Any concerns about Nyland's temporary leave of absence?
I don't expect it to cause issues, but it is something to monitor. I hope everything is okay with David and hope he's back soon.
How did you get the 30% EBIT margin? In 2023, it's about 13% (1-expenses/revenue). In addition, the share counts seems going up year after year
When looking at the Q3 2024 report - $481.3M in revenue YTD and $141.7M in operating income YTD. That gives us a 29.4% margin. As far as the share count goes, there was some share issuance related to the spinoff transaction, but I don't expect any further dilution from here.
@ I see. This is adjusted EBIT after adding back amortization. I haven’t looked into this but it would require some digging to know if this is justified. Nonetheless I believe cash flow tells a much clearer story than accounting earnings. Thanks!
It seems they could be in competition with Constellation.
I would be concerned with disruption risks due to AI. Some of these VMS are extremely simple to re-create with AI coding tools. The customer still incurs some switching cost though.
Highly doubt they’re not aware of this.
any examples?
2025