$ASGN Inc (ASGN.US)$Revenue and operating profit continued t...
$ASGN Inc(ASGN.US$Revenue and operating profit continued to grow for 5 years, with average growth rates of 11.8% and 12.7%, respectively, and 14.3% and 16.7% respectively in 2022. Net profit surged in 2021 due to the suspension of operating profit, and returned to normal levels in 2022. The average growth rate for the past 4 years was 14.1%, and the average growth rate for the past 2 years was 15.8%.
The income statement shows that the company's sales and management expenses are very flexible, and can also be reduced in due course when gross profit declined in 2019 and 2020, maintaining the growth of operating profit.
Interest expenses in 2022 were $46 million, accounting for 11.2% of operating profit, and the burden was moderate.
The balance ratio has declined from 56% to 47% over the past 5 years. The growth rate and ratio of accounts receivable are quite reasonable, but cash declined from 530 million to 70 million in 2022.
Goodwill increased by 660 million yuan to 1.91 billion in 2018, and goodwill increased by 400 million to 2.46 billion yuan in 2022, 1.3 times net assets of 1,901 billion yuan.
Long-term loans of $1.07 billion. Considering the amount of net assets, the leverage ratio is extremely high.
Net cash flow from operating over the past 5 years was slightly higher than net investment, generating a small shareholder surplus
The current price-earnings ratio of 15.2 is very attractive compared to the growth rate, but considering the risk of sharp shrinkage in cash from mergers and acquisitions, one can only choose carefully (⭐️)
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