Adrián, Head of the arena 

Buy-side business analyst in @InvertirDesde0 🧐 | Focus on moats, micro caps and gold royalties, why not? | I never skip leg day.

[Adrián, Head of the arena  @adrivalue]

Cora Group carves-out banking assets from Finastra (a company owned by Vista EP)

Seems like a significant acquisition for $CSU.TO.
Claude 🤖 estimates $130-230MM in annual revenue, a ~30% EBITDA margin and between 500-900 employees

Finastra is - probaby - another forced seller, with 5x+ Net Debt / EBITDA and a B3 credit rating (almost at the bottom of the HY)

Keep'em coming!

[Adrián, Head of the arena  @adrivalue]

Source: https://t.co/ecxcnesnYW

[Adrián, Head of the arena  @adrivalue]

$LMN.V announced a significant carve-out from Synamedia

They are acquiring the "Video Platform" segment, a declining asset, with Synamedia's management forecasting a -1.4% EBITDA CAGR over the next years

Synamedia is - probably - a forced seller. Is a company with an overleveraged balance and losing money year after year, and paying SOFR + 6.5% on its senior debt ☠️

Hopefully, LMN will be able to stabilize and optimize the business, a classic $CSU.TO turnaround story

[Adrián, Head of the arena  @adrivalue]

Fun facts:

Some of the delays and cost overruns were caused by the ineptitude of the Department of Transport and Planning (DTP), which, among other things, was unable to deliver the source code to $CNDT that was needed to run the new myki reader devices

"Many subcontractors were used to deliver and support the original myki system" => I bet that DTP's contracts did not include the delivery of the source code to DTP and/or that some of these subcontractors no longer exist, so some parts of the code have probably been lost

"DTP's initial approach to the disputes was adversarial and transactional" ⚔️

"DTP did not collaborate to resolve unforeseen risks and issues" 🤷‍♂️

DTP is offseting some of the cost overruns with "unclaimed myki card balances and interest from those balances" 🥷

[Adrián, Head of the arena  @adrivalue]

$CSU.TO carves-out transportation assets - again - from $CNDT for $164M

They might be buying the "Transit Solutions" segment that generated $371M in revenue in 2025, implying a ~0,4x Sales multiple

CNDT is a forced seller due to an total disaster in the implementation of $1 billion transport contract in Melbourne 🇦🇺

Victoria Auditor-General's Office issued an embarrasing audit in March 2026, basically blaming CNDT (overly optimistic delivery schedule; lack of colaboration; performance issues... you name it)

Now the adults will take charge

[Adrián, Head of the arena  @adrivalue]

@emilsandstedt Here's probably why: https://t.co/ib2ynv62I1

[NINGI RESEARCH @NingiResearch]

We are short $SIVE.

A retail-driven pump built on speculative hyperscaler links, a fabricated bottleneck narrative, and a rumored volume ramp-up has driven a 1,800%+ rally in $SIVE.ST.

Insiders sold ~29M shares into it. Here's what they're not telling you.👇 Full report: https://t.co/4QEyuXQIQb

[Adrián, Head of the arena  @adrivalue]

$ACP.WA shared a few interesting insights about what TSS ( $TOI.V ) brings to the table:

- "we are getting to know each other" ❤️
- Q1 results were not "inspired" by TSS, the merit belongs to Asseco
- Most of the learnings from TSS comes from the M&A side. The three TSS directors are also members of the investment committee
- They're also learning how to perform a smooth CEO transition. Adam Góral is 70 yo and he might be planning to step down soon
- They're working on a new remuneration and retention proposal (the previous one was taken down in the latest AGM)

cc $CSU.TO

[Adrián, Head of the arena  @adrivalue]

$ACP.WA published solid Q1 results:

• Organic growth ~6% (CC)
• New projects are contributing positively to organic growth (Public sector, finance, ERP...)
• Order backlog +13%
• Operating margin +330 bps YoY 🤯
• AI-driven productivity boost (tbd; not quantifiable yet)

Seems that they're successfully implementing the CSU way 👀

Attaching factors contributing to the organic growth and margin expansion (via AI, I need to double check)

cc $TOI.V $CSU.TO

[Adrián, Head of the arena  @adrivalue]

@AccionEAFI Such a complete AI loser 😂

[Adrián, Head of the arena  @adrivalue]

@aggafter1 Hopefully so, they have the resources, the experience and the right incentives to make it work

[Adrián, Head of the arena  @adrivalue]

Software is dead.

Long live software.

- PCE "Computer software and accesories" price index surged to a record 73% annualized increase

About 1/4 of the increase comes from memory prices ballooning, but what about the remaining 3/4?

My guess is that most of it comes from AI Token-based usage, but the good old software might have something to say here

Thougths? 🤔

[Stephen Miran @SteveMiran]

Right before giving my seat on the Board of Governors to Chairman Warsh, I published a note with Federal Reserve colleagues, Alessandro Barbarino and Anthony Diercks.

We dive into software price trends, which have been a substantial driver of PCE inflation recently: (link next)

[Adrián, Head of the arena  @adrivalue]

@CJ0pp3l 🤜🤛

[Adrián, Head of the arena  @adrivalue]

@CJ0pp3l I'm still in shock after seeing they updated their website

I bet Claude did it for them

[Adrián, Head of the arena  @adrivalue]

Modaxo, welcome to the family!

It refuses to fix the "VVela" logo, stubborn AI 😆

$CSU.TO h/t @CJ0pp3l

[Adrián, Head of the arena  @adrivalue]

Dear 🇨🇦 followers, I'll be arriving in Toronto on Tuesday the 12th. Who's up for a coffee, beer, or whatever? 🤜🤛

And yes, I'll be there for the $CSU.TO AGM ofc 👀

DMs open

[Adrián, Head of the arena  @adrivalue]

Which one of you degens is trolling with the bid in $CSU.TO before the market open?

[Adrián, Head of the arena  @adrivalue]

$SABR in less than 1Q since CSU engaged with their BoD operating margin soared by +220 bps

Hats off $CSU.TO !

(They might have gotten lucky with the timing, but a beaten man has the right to celebrate a small victory lap 😂)

[Adrián, Head of the arena  @adrivalue]

@Niclosantonio

[Adrián, Head of the arena  @adrivalue]

$TOI.V results are out cc $CSU.TO:

- +7% recurring organic growth ✅

- FCFA2S +2% YoY 🫤, due to lower changes in WC (noise), higher taxes and higher NCIs ⚠️

- Weak Q for acquisitions, with just €22.5MM (15 deployed + 7.5 deferred) ⚠️

- €38MM deployed in acquisitions since the end of the Q1. Better than Q1 but not great⚠️

[Adrián, Head of the arena  @adrivalue]

@madcap_cap @benwrightx Exactly, taxes doubling doesn't help either 😂

[Adrián, Head of the arena  @adrivalue]

$LMN.V kicks off the $CSU.TO family's Q1 2026 earnings season

- Don't be fooled by the -2% organic growth shown in the press release, because recurring OG was +6% (+3% in CC) ✅

- FCFA2S weak as hell with a -56% YoY, so I wouldn't be surprised to see LMN's shares down big tomorrow ⚠️

- The main reasons were higher WC changes (aka noise), higher taxes and some one-off costs related with acquisitions, so no worries from my side ✅

[Adrián, Head of the arena  @adrivalue]

@inxpensveinvest @MichaelGielkens https://t.co/V0xr1HWZe5

[Adrián, Head of the arena  @adrivalue]

$LMN.V kicks off the $CSU.TO family's Q1 2026 earnings season

- Don't be fooled by the -2% organic growth shown in the press release, because recurring OG was +6% (+3% in CC) ✅

- FCFA2S weak as hell with a -56% YoY, so I wouldn't be surprised to see LMN's shares down big tomorrow ⚠️

- The main reasons were higher WC changes (aka noise), higher taxes and some one-off costs related with acquisitions, so no worries from my side ✅