Lumine Group (LMN-X)

Pretty fully priced. Mini-CSU in media and communications. Strong track record of success, long-term focus, experienced management team. Strong and sticky customer base. Acquisition strategy not as deep. If you see it in low $30s, add.

It was spun off from Constellation Software about a year ago. It is in the same business of Vertical Market Software but differs in that it focuses on media and telecommunications and does larger deals. It also specializes in corporate carve-outs, buying a division of a big company. Its pace of acquisitions is good and the CEO talks to the street more than CSU or TOI. We can expect returns similar to those of CSU

Boyd has good operations and is a consolidator of collision centres. Has grown from a small cap to almost a large cap. It is not super cheap and needs bigger acquisitions to move the needle.
A second part of the call was on Lumine. Buy it for the long term - with hopes for similar returns to CSU.

He'd prefer CSU over TOI, but you should also look at LMN. LMN has done tremendously well since it was spun off. LMN was a vertical business that catered to agri, financial services, and education.

MSFT has software that goes horizontally across a whole bunch of industries, whereas CSU is more vertical. It's been very steady, even when the market goes into selloff mode. Has 5 operating segments.

TOI is out of Europe, and more on the engineering side.

Both the increased share count and the loss relate to the conversion of preferred shares by CSU, and the set up was done this way to reduce taxes and faciliate the LMN spin out to shareholders. Both the loss and the share conversion were fully expected and disclosed a year ago, and going forward neither will be an issue at all for the company. We see LMN as one of the best long term buys in Canada. Not risk free, but it has already done very well and its acquisition strategy is working solidly so far. 
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Has since sold shares and bought Constellation Software. Strong business in software acquisition sector. Focus is on small software companies with zero competition. Expects strong performance going forward. Good long term investment. 

Stock took off. He took profits a couple of weeks ago. A bit rich now. Buy it under $30, at $28, and around $26.

Sometimes the good ones don't give investors much chance to buy. We would be OK in the $30 range if one has a long term holding period. Buying a partial position and waiting is also an option (but of course doesn't always work, either). 
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He holds shares from the CSU spinoff, but he hasn't bought any more. CSU has a unique business model, and you can't just easily replicate that in the spinoffs. He's more inclined to stay with CSU.

CSU still owns 61% of Lumina, so they're still driving the bus. Lumina geared towards media side. LMN is supposed to be the mini-Constellation. 

CSU has gone through its price target. LMN is under its price target. So LMN is probably a little cheaper.

He'd invest in all 3. Say you had $100K. He'd put 60% in CSU, and split the rest between TOI and LMN.

Revenue rose 112% to $129.9M, but only 1% was organic growth. Operating income rose 100% to $36.4M. An accounting loss was reported though but this was non-cash and related to CSU's preferred and special shares. Cash flow rose 176% to $22.4M. There are no analysts so no estimates, and as usual there was not a lot of detail on the quarter and no guidance outlook. But the acquisition strategy is certainly resulting in good growth, and there is nothing in the release that would cause us any concerns. 
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Spun off from Constellation and specialize in software for medical and communications only. Also they do large deals. They will get more attention from analysts. Similar financial profile to Constellation. They have a lot of internal cash flow. They will buy corporate carve-outs from larger companies, different from Constellation.