Adobe + Figma
On Adobe’s history, SaaS transition, creative monopoly, increased competition, Figma acquisition, and valuation.
This guide covers
This is a complete list of articles I have written on the subject.
On Adobe’s history, SaaS transition, creative monopoly, increased competition, Figma acquisition, and valuation.
On how Topicus carries on Constellation’s ethos, incentive systems, and strategy, whether it’ll work, the company’s value drivers, capital and ownership structure, challenges, and some thoughts on FCF yield.
On Constellation’s trajectory as an HPC, the economics of a VMS, returns on capital, challenges in organic growth, the runway for M&A, the company’s incentive system, and prospects for the use of FCF.
Join 5,000+ investment professionals and curious stock pickers by subscribing to the newsletter.
© 2025 Sung Capital, all rights reserved. The content provided on the website is for informational purposes only, and investors should not construe any such information or other content as legal, tax, investment, financial, or other advice. Nothing contained constitute a solicitation, recommendation, endorsement, or offer by Sung Capital or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. See our terms, privacy policy, and disclaimer.
