$Fleetcor Technologies (FLT.US)$It was excluded from the fal...

Listed in 2010, it is mainly engaged in fee control and payment services. 60% of the market is in the US, and the current price is 288.

In the past 5 years, revenue has increased for 4 years except 2020, with an average growth rate of 8.8%. Operating profit has increased for 4 years, with an average growth rate of 10.4% and an average net profit growth rate of 5.2%. Affected by repurchases, earnings per share have grown faster, with an average 5-year growth rate of 9.4%. Interest expenses in 2022 accounted for 11.4% of operating profit, and the interest burden was slightly heavy. The gross margin fell from 80% to 77.7% in the past 5 years, and the return on net assets increased from 23.1% to 35.3%.

In the first three quarters of 2023, revenue increased 10.9%, operating profit increased 14.4%, and net profit shrank slightly due to the surge in interest expenses.

The balance ratio has increased from 70.2% to 82% over the past 5 years. The receivables ratio is too high, reaching 60% of revenue in 2022. Goodwill and other intangible assets are 7.719 billion yuan, 2.5 times the net assets of 3,059 billion yuan, long-term loans of 4.637 billion, and the leverage ratio is extremely high. Treasury stocks of 6.743 billion have borne excessive interest costs and have not made good use of capital for development. Since there was no cancellation of the repurchase of shares, the share capital grew slowly.

The current cash is 1,094 million, a current ratio of 1, and a quick ratio of 0.56.

Over the past five years, net operating cash flow has been higher than net investment, generating a number of shareholders' surpluses.

Currently, the price-earnings ratio is 23.1 and the price-earnings ratio is TTM22.5. Compared to the long-term growth rate, there is no discount and is unattractive.