Every month we'll be sharing a breakdown on our past or present investments. Previously we’ve discussed our investments in West Japan Railway Company in Japan and Bijou Brigitte in Germany. In this article we’ll look at two similar businesses: Topicus and Constellation Software.
For Topicus' valuation, I see that you're using a fully diluted share count of 39 million. But it's 130 mil per their release: https://topicus.com/news-1/subordinate-voting-shares-of-topicuscom-inc-to-begin-trading-on-the-tsx-venture-exchange