$CSU.TO $TOI.V

Key takeaways from the latest Tegus inverview 🎙️ with CSI's CFO Jamal Baksh:

- Expects long-term maintenance organic growth of ~4-5% 👀

- We could see more spin-offs of large verticals, or a big acquisition

More 👇
- US Healthcare acquisitions have -100bps impact on org. growth. They knew that these acq. would have negative impact in the org. growth, and they paid accordingly

- They have 1,000+ Business Units and 6,000+ employee shareholders

More 👇
- Their coverage ratio keeps improving, but they are not aware of 70% of the VMS transactions [huge room for improvement here]

Full interview transcript 📝: csisoftware.com/investor-relat…

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More from @adrivalue

Mar 3
$CSU.TO announced its biggest acquisition EVER!!

They're paying $700m for Allscripts' Hospitals and Large Physician practices segment with $900m+ in annual revenue

Implied EV/Sales of 0.9x
EV/Adj. Gross Profit 2.7
EV/Adj. EBIT 14.5

More 👇
Is a shrinking business with a -6% revenue CAGR over the last 3 years, a full-fledged turnaround, just the way ML likes it 💘

The business will be managed under the umbrella of Harris healthcare, where the CEO knows how to reduce attrition, one of the biggest issues of this acq.
To be fair, this segment has improved a lot over the last three years despite declining revenues, and more importantly, it still has room to expand the operating margin

Adj. EBIT margin went from -13% in 2019 to 6% in the past year
Read 10 tweets

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