Similar on my side (minus Lumine). Topicus was a nice opportunity throughout 2022 - 2023. Time will show how they develop, but so far they are more efficient than Constellation in the similar stage of life.
Hi, given that Topicus Inc, listed in the Canadian stock exchange only owns ~62.1% of Topicus Netherlands, shouldn't you apply a ~40% hair cut on the profits you are projecting?
Essentially what we own is the shell (Topocus Inc) who doesn't own 100% of all the profits Topicus Coop (Netherlands) makes.
However, when reporting, the consolidate all the earnings on the financial statements. That is why at the bottom of the income statement, there is this line item that says "Net income attributable to Equity Holder of Topicus"
This was in the latest Q4 FY23 filing:
"The Company’s non-controlling interest at December 31, 2023 is associated with Topicus Coop, an entity
domiciled in the Netherlands and certain subsidiaries of Topicus Coop. Topicus Coop’s common equity
consists of Topicus Coop Ordinary Units. As at December 31, 2023, there were 129,841,818 Topicus Coop
Ordinary Units outstanding, which are held by Topicus Coop’s unitholders, as follows:
If you refer to the valuation, I use fully diluted number of shares. Those you see as listed and those held privately by Joday and Ijssel. If you refer to the implied yield, same goes there, I use 129.8 million shares to calculate market value of equity anc compare that with full consolidated figures. Alternatively, as you suggest, I could reduce the consolidated figures from financial statements, but I would then have to compare it with 82 million shares outstanding.
Really love this write up on Topicus, great job. I own it, Constellation and Lumine in my portfolio
Similar on my side (minus Lumine). Topicus was a nice opportunity throughout 2022 - 2023. Time will show how they develop, but so far they are more efficient than Constellation in the similar stage of life.
Hi, given that Topicus Inc, listed in the Canadian stock exchange only owns ~62.1% of Topicus Netherlands, shouldn't you apply a ~40% hair cut on the profits you are projecting?
Essentially what we own is the shell (Topocus Inc) who doesn't own 100% of all the profits Topicus Coop (Netherlands) makes.
However, when reporting, the consolidate all the earnings on the financial statements. That is why at the bottom of the income statement, there is this line item that says "Net income attributable to Equity Holder of Topicus"
This was in the latest Q4 FY23 filing:
"The Company’s non-controlling interest at December 31, 2023 is associated with Topicus Coop, an entity
domiciled in the Netherlands and certain subsidiaries of Topicus Coop. Topicus Coop’s common equity
consists of Topicus Coop Ordinary Units. As at December 31, 2023, there were 129,841,818 Topicus Coop
Ordinary Units outstanding, which are held by Topicus Coop’s unitholders, as follows:
Topicus: 81,889,763 Topicus Coop Ordinary Units, representing 63.07% equity ownership.
Joday Group: 39,331,284 Topicus Coop Ordinary Units, representing 30.29% equity ownership.
Ijssel Group: 8,620,771 Topicus Coop Ordinary Units, representing 6.64% equity ownership"
If you refer to the valuation, I use fully diluted number of shares. Those you see as listed and those held privately by Joday and Ijssel. If you refer to the implied yield, same goes there, I use 129.8 million shares to calculate market value of equity anc compare that with full consolidated figures. Alternatively, as you suggest, I could reduce the consolidated figures from financial statements, but I would then have to compare it with 82 million shares outstanding.
Thanks for the reply, I appreciate seeing another way of doing this.
No problem. Took me more time than I am willing to admit to check that this was true when I started researching Topicus.
I agree.. a lot of the structing made it quite confusing. Thankfully there's authors like yourself to help to understand.