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Acquires and operates vertical-market software businesses serving telecommunications and media companies.
Acquires and operates vertical-market software businesses serving telecommunications and media companies.
Buys small telecom and media software providers and keeps them running as independent units, earning licence and maintenance fees and subscription fees from long-installed customers, plus project work. Growth comes from the stream of acquisitions, not from selling one product, and follows the buy-and-hold model of Constellation Software, from which it was spun out.
In one line: Constellation Software's telecom-software arm.
Moat: narrow (switching costs, installed base). Buys mission-critical, sticky software niches with high customer switching costs, Constellation-style.
Headquarters: Toronto, Canada · Founded: 2023
Size Lumine (LMN.V) is a Canada Information Technology company (Packaged Software) with a market value of $5.14B, the 119th largest of 420 Canada companies the cockpit tracks. Shares closed at C$28.09 on 6 Nov 2026.
Performance Over six months the shares gained 37.6%, against +8.4% for the median peer and +5.2% for the Canada market (cap-weighted) — 5th highest of 18 in its peer set.
Growth Revenue grew 15.3% over the last twelve months (peer median +15.2%); the operating margin is 20.7% (peer median 14.5%).
Valuation It trades at 18.1× forward earnings against a peer median of 22.9× (7th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +37%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.0 points above its cost of capital (7.6% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.17B | C$1.07B | C$916M | C$674M | C$333M |
| Revenue growth | — | +17% | +36% | +103% | — |
| Gross profit | C$329M | C$334M | C$227M | C$157M | C$89.4M |
| EBITDA | C$424M | C$417M | C$313M | C$219M | C$103M |
| Net income | C$151M | C$166M | -C$355M | -C$3.81B | C$35.7M |
| Free cash flow | C$261M | C$305M | C$128M | C$131M | C$43.8M |
| Capital expenditure | C$5.94M | C$5.81M | C$4.02M | C$1.54M | C$1.02M |
| Total debt | C$709M | C$297M | C$412M | C$219M | C$35.1M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lumine LMN.V | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% |
| Constellation Software CSU.TO | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% |
| Topicus.com TOI.V | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% |
| Amdocs DOX | $4.53B | -34% | +4% | 17% | 7.7× | -15.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LMN.V | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +25.6% | +1.0% | 2nd highest of 21 |
| 6-month return | +37.6% | +8.4% | 5th highest of 18 |
| Distance from 52-week high | -12.1% | -28.8% | 5th highest of 21 |
| Revenue growth (TTM) | +15.3% | +15.2% | 11th highest of 21 |
| Operating margin | 20.7% | 14.5% | 7th highest of 21 |
| Forward P/E | 18.1× | 22.9× | 7th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 15.6% | 7.5% | 7th most demanding of 14 |
| Growth delivered (Del g) | +36.8% | +11.9% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -21.2 pp | -8.5 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +6.0 pp | -0.0 pp | 6th highest of 19 |
| EV / EBITDA | 17.3× | 15.8× | 4th most expensive of 10 |
| Net debt / EBITDA | 0.3× | -0.4× | 4th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lumine LMN.V | Canada | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% | +36.8% |
| Mphasis MPHASIS.NS | India | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% | +10.6% |
| iSoftStone Information Technology (Group) 301236.SZ | China | $5.13B | -16% | +13% | 0% | 105.2× | n/a | n/a |
| BlackBerry BB.TO | Canada | $5.16B | +48% | +14% | 16% | 40.8× | 33.6% | -8.6% |
| AutoStore AUTO.OL | Norway | $5.20B | +8% | +17% | 33% | 27.4× | 18.5% | +27.0% |
| Baige Online Digital Technology 2672.HK | Hong Kong | $5.07B | n/a | +34% | -3% | n/a | n/a | n/a |
| Sezzle SEZL | United States | $5.05B | +146% | +43% | 40% | 22.4× | 28.8% | +50.3% |
| 37 Interactive Entertainment Network Technology 002555.SZ | China | $5.29B | -24% | -10% | 14% | 14.2× | 5.0% | +2.1% |
| Beijing HyperStrong Technology 688411.SS | China | $4.99B | -29% | +38% | 12% | 16.7× | n/a | n/a |
| Trend Micro 4704.T | Japan | $5.39B | +18% | +7% | 18% | 27.4× | -4.1% | +9.7% |
| Waystar WAY | United States | $5.45B | +33% | +21% | 24% | 15.8× | 7.5% | +16.0% |
| Asseco Poland ACP.WA | Poland | $4.85B | +31% | +2% | 11% | 23.5× | 4.0% | +6.6% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
| Shanghai Stonehill Technology 002195.SZ | China | $4.77B | -34% | +11% | -25% | 284.5× | n/a | n/a |
| OBIC Business Consultants 4733.T | Japan | $4.74B | +62% | +12% | 47% | 36.1× | 3.2% | +11.9% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Yonyou Network Technology 600588.SS | China | $4.72B | -21% | +4% | -16% | n/a | n/a | n/a |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Beijing DeepZero Technology 2723.HK | Hong Kong | $4.58B | n/a | +31% | 1% | n/a | n/a | n/a |
| Planet Labs PBC PL | United States | $4.57B | -68% | +44% | -26% | n/a | n/a | n/a |