Constellation Software's Historic Drawdown: Generational Bargain or AI Casualty?
Constellation Software (CSU.TO) has fallen ~44% from its C$5,300 ATH to ~C$2,944 (and as much as 59% at its 52-week low of C$2,196) on fears that AI-driven code generation will kill its vertical market software moat. The data tells a split story: operational cash flows hit records (up 24% to US$2.7B), but net income dropped 30% YoY — though the Asseco Poland charge fully explains the decline. Is the market pricing existential risk fairly, or panicking?
Read full analysis →