[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Simeon Research [@SimeonResearch_](/creator/twitter/SimeonResearch_) on x 5556 followers Created: 2025-07-09 15:20:05 UTC Revisiting $PNP.TO $PNPFF thesis 🌲 Pinetree Capital remains in my opinion one of the most intriguing companies in the Constellation software universe. 💡 🎯 I published my deep dive on S. when it was just $XXXX per share and it reached $XXXX and now trades at $17ish. I thought it was a good time to revisit the thesis/valuation What they do different vs the family ( $CSU $TOI.V $LMN.V $SGN.WA $ACP.WA ), is that instead of buying software companies directly they take non-control stakes often working with existing management teams to accelerate growth, instead of assuming full operational control as the other do. Smaller commitment and they pick companies below 350m market cap mostly. Less risky approach but it fits their edge, big deficit carried over by the previous management used to offset any capital gains from sales of legacy investments. So if for example they own shares in company A and those shares are sold for a XX million profit they will pay X tax and the deficit is reduced by XX million so it will be XXX million. The deep family expertise in this type of deals as well as their ability to invest everywhere while having the ability to quickly go in and out of investing positions (they are active in their portfolio management) gives them an edge. When they update their portfolio I will make sure to analyze the most interesting bets! Now let’s discuss valuation which has been the most debated topic surrounding this name. Most prefer to use the NAV to find whether it is trading at a premium or not, currently, it trades at around 1.8x NAV. It is worth mentioning that the Book value per share should be used as a metric to grasp valuation, since 2021 the CAGR of the Tangible BVPS is XX% (2017-2014 is around X% CAGR). I do think there will always be a premium for the deficit, the deep expertise, and network of the family in SaaS as well as their flexibility to get in and out of investments. Examining their portfolio they are very well positioned to take advantage of e-billing and the payment sector, an area CSU has highlighted as potentially the next acquisition hunting ground (hmm). Given the premium it currently trades at, it is a pass for me as I believe there are much better SaaS companies (I have X in mind 🇬🇷) plus I prefer the private route of the family, I will consider closer to 1.1-1.2 NAV. 🤝  XXXXX engagements  **Related Topics** [$lmnv](/topic/$lmnv) [$toiv](/topic/$toiv) [$csu](/topic/$csu) [$17ish](/topic/$17ish) [constellation](/topic/constellation) [$csuto](/topic/$csuto) [$pnpff](/topic/$pnpff) [$pnpto](/topic/$pnpto) [Post Link](https://x.com/SimeonResearch_/status/1942966999384039817)
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Simeon Research @SimeonResearch_ on x 5556 followers
Created: 2025-07-09 15:20:05 UTC
Revisiting $PNP.TO $PNPFF thesis 🌲
Pinetree Capital remains in my opinion one of the most intriguing companies in the Constellation software universe. 💡
🎯 I published my deep dive on S. when it was just $XXXX per share and it reached $XXXX and now trades at $17ish.
I thought it was a good time to revisit the thesis/valuation
What they do different vs the family ( $CSU $TOI.V $LMN.V $SGN.WA $ACP.WA ), is that instead of buying software companies directly they take non-control stakes often working with existing management teams to accelerate growth, instead of assuming full operational control as the other do. Smaller commitment and they pick companies below 350m market cap mostly.
Less risky approach but it fits their edge, big deficit carried over by the previous management used to offset any capital gains from sales of legacy investments.
So if for example they own shares in company A and those shares are sold for a XX million profit they will pay X tax and the deficit is reduced by XX million so it will be XXX million.
The deep family expertise in this type of deals as well as their ability to invest everywhere while having the ability to quickly go in and out of investing positions (they are active in their portfolio management) gives them an edge.
When they update their portfolio I will make sure to analyze the most interesting bets!
Now let’s discuss valuation which has been the most debated topic surrounding this name. Most prefer to use the NAV to find whether it is trading at a premium or not, currently, it trades at around 1.8x NAV.
It is worth mentioning that the Book value per share should be used as a metric to grasp valuation, since 2021 the CAGR of the Tangible BVPS is XX% (2017-2014 is around X% CAGR).
I do think there will always be a premium for the deficit, the deep expertise, and network of the family in SaaS as well as their flexibility to get in and out of investments.
Examining their portfolio they are very well positioned to take advantage of e-billing and the payment sector, an area CSU has highlighted as potentially the next acquisition hunting ground (hmm).
Given the premium it currently trades at, it is a pass for me as I believe there are much better SaaS companies (I have X in mind 🇬🇷) plus I prefer the private route of the family, I will consider closer to 1.1-1.2 NAV. 🤝
XXXXX engagements
Related Topics $lmnv $toiv $csu $17ish constellation $csuto $pnpff $pnpto