Hey JJ,
Still very much like Topicus. It seems to be positioning itself as a European CSU - not surprising considering that is likely why CSU was attracted to it in the first place. Thus far, the company seems to be executing which is always a risk with new IPOs. There are no estimates on the company and as a new listing, doesn't have full year of data in the Ycharts system. That being said, its growing quite nicely (46%) last quarter as it executes on a similar growth through acquisition strategy as CSU.
Worth noting, organic growth was only 5% so it will need to continue making acquisitions to justify current valuations. From what we've seen, they are having success in this area whereas others in the space are struggling to find good deals. This may be a function of Topicus' European focus. I like what I'm seeing out of the company but its still early and the company isn't exactly cheap. That being said, if it continues to execute that it provides decent value here.
Mat