Topicus.com Inc.

“Topicus is a capital-light, recurring-revenue VMS acquirer executing the Constellation Software playbook across European micro-verticals with a multi-decade reinvestment runway, owner-operated governance, and FCF compounding at ~27% CAGR — currently available at ~17x TTM FCF following a 53% drawdown that reflects sentiment, not fundamentals. The primary risk is governance misalignment under the dual-class structure, but five years of disciplined post-spinoff execution and strong insider alignment make this a BUY at current levels via tranches.”