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The Compounding Tortoise

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Sharing in-depth reports on high-quality compounders | Unpacking financial analysis topics

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Issues403Founded3 years agoLast Issue5 days ago
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Latest Issues

Q2/1H 2026 - Constellation Software

Margin pressure due to incoming acquisitions and timing, 3.5% organic maintenance revenue growth ex. Altera

Yesterday, after the market close, CSI reported its Q2 and 1H results. As ever, headline figures need context, and the M&A deployme...

5 days ago
13
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1H 2026 - Lotus Bakeries

Another excellent half-year release from Lotus Bakeries. We don’t write about this one very often but when we do, it’s likely to report (very) positive news. The stock’s up over 40% in 2026 following a steep drawdown in 2025 due to capacity...

10 days ago
8
1

Q2 2026 - Topicus.com

Small M&A still sluggish, and lowest IRR within the CSI family

Yesterday, Topicus released its Q2 report, and unlike Lumine, year-over-year EBITA growth decelerated to a still strong 18.5%. FCF was driven by the special dividend paid by As...

11 days ago
12
3
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Q2 2026 - Undisclosed - Full Analysis

70% growth on a two-year stack in North America, fwd. annualized returns still above 18%

With 70% ex. FX growth on a two-year stack in the most important region, this company continues to build on its long-term track record of profitable...

11 days ago
12
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Q2 & 1H 2026 - Lumine

The expected EBITA rebound in Q2 - record capital deployment should drive close to 30% EBITA growth in FY27

Yesterday, Lumine (ticker: LMN, listed on the TSX Venture Exchange) reported its Q2 results, showing the anticipated rebound in EBI...

12 days ago
15
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  • The Compounding Tortoise

    Sharing in-depth reports on high-quality compounders | Former senior finance manager at a SME and private M&A analyst

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