Value Investing with Sven Carlin, Ph.D.发布 2026-09-02
《Constellation Software Stock Crash is Not Because of AI!》
$CSU看跌
CSU 是一个糟糕的投资选择，因为其有机增长率低（3%）且并购策略风险高；应等待其市值降至 300-400 亿加元。
Constellation Software 的股价略有反弹，但仍远低于之前的高点。我已将其放入我的象限中的“押注”一侧，我明天会更新，但 Constellation 在这种情况下值得单独做一个视频。
Constellation Software stock has rebounded a little bit, but is still significantly down from the previous highs. I have put it on my bets side of the quadrant, which I'm going to update tomorrow, but Constellation in this case deserves a specific video.
如果你看收入增长，数字很好，增长 17%。你会说，“Sven，增长 17%，这家公司怎么会跌这么多？一切看起来都很好，现金流增长 10%，股东自由现金流增长 57%。”所有这些数字看起来都非常非常好。
If you look at revenue growth, great numbers, 17% growth. You're saying, "Sven, 17% growth, how can that business be down so much? Everything looks great, cash flows up 10%, free cash flows to shareholders 57%." All those numbers look really, really good.