The Returns At CSG Systems International (NASDAQ:CSGS) Aren't Growing
The Returns At CSG Systems International (NASDAQ:CSGS) Aren't Growing
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. However, after investigating CSG Systems International (NASDAQ:CSGS), we don't think it's current trends fit the mold of a multi-bagger.
如果你正在寻找一个多袋子，有几个东西需要注意。在其他方面，我们希望看到两件事；第一，不断增长的退货一是关于已用资本(ROCE)，二是公司的金额已动用资本的比例。简而言之，这些类型的企业是复利机器，这意味着它们不断地以越来越高的回报率对收益进行再投资。不过，经过调查，CSG系统国际公司纳斯达克(Sequoia Capital：CSGS)，我们认为目前的趋势不符合多袋子业务的模式。
What Is Return On Capital Employed (ROCE)?
什么是资本回报率(ROCE)？
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for CSG Systems International, this is the formula:
如果你以前没有使用过ROCE，它衡量的是一家公司从业务资本中获得的“回报”(税前利润)。要计算CSG Systems International的此指标，公式如下：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已动用资本回报率=息税前收益(EBIT)？(总资产-流动负债)
0.17 = US$147m ÷ (US$1.3b - US$431m) (Based on the trailing twelve months to June 2023).
0.17美元=1.47亿美元(13亿美元-4.31亿美元)(根据截至2023年6月的往绩12个月计算)。
So, CSG Systems International has an ROCE of 17%. In absolute terms, that's a satisfactory return, but compared to the Professional Services industry average of 12% it's much better.
所以,CSG Systems International的净资产收益率为17%。就绝对值而言，这是一个令人满意的回报，但与专业服务行业12%的平均回报率相比，这要好得多。
Check out our latest analysis for CSG Systems International
查看我们对CSG Systems International的最新分析
In the above chart we have measured CSG Systems International's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free report for CSG Systems International.
在上面的图表中，我们比较了CSG Systems International之前的净资产收益率和之前的业绩，但可以说，未来更重要。如果您想查看分析师对未来的预测，您应该查看我们的免费CSG系统国际公司的报告。
What Can We Tell From CSG Systems International's ROCE Trend?
我们能从CSG Systems International的ROCE趋势中看出什么？
Things have been pretty stable at CSG Systems International, with its capital employed and returns on that capital staying somewhat the same for the last five years. Businesses with these traits tend to be mature and steady operations because they're past the growth phase. So unless we see a substantial change at CSG Systems International in terms of ROCE and additional investments being made, we wouldn't hold our breath on it being a multi-bagger.
CSG Systems International的情况一直相当稳定，其已动用资本和资本回报率在过去五年中保持不变。具有这些特征的企业往往是成熟和稳定的运营，因为它们已经过了成长期。因此，除非我们看到CSG Systems International在净资产收益率和额外投资方面发生实质性变化，否则我们不会对它是一个多袋子的企业屏息而动。
On another note, while the change in ROCE trend might not scream for attention, it's interesting that the current liabilities have actually gone up over the last five years. This is intriguing because if current liabilities hadn't increased to 33% of total assets, this reported ROCE would probably be less than17% because total capital employed would be higher.The 17% ROCE could be even lower if current liabilities weren't 33% of total assets, because the the formula would show a larger base of total capital employed. So while current liabilities isn't high right now, keep an eye out in case it increases further, because this can introduce some elements of risk.
另一方面，虽然ROCE趋势的变化可能不会引起人们的注意，但有趣的是，目前的负债实际上在过去五年里有所上升。这很耐人寻味，因为如果流动负债没有增加到总资产的33%，这一报告的净资产收益率可能会低于17%，因为使用的总资本会更高。如果流动负债不是总资产的33%，净资产收益率可能会更低，因为公式将显示总使用资本的基数更大。因此，尽管流动负债目前并不高，但要密切注意，以防它进一步增加，因为这可能会带来一些风险因素。
The Key Takeaway
关键的外卖
In summary, CSG Systems International isn't compounding its earnings but is generating stable returns on the same amount of capital employed. Since the stock has gained an impressive 50% over the last five years, investors must think there's better things to come. Ultimately, if the underlying trends persist, we wouldn't hold our breath on it being a multi-bagger going forward.
总而言之，CSG Systems International的收益并没有增加，但投入的资本数额不变，却产生了稳定的回报。由于该股在过去五年中上涨了50%，投资者肯定认为未来会有更好的事情发生。归根结底，如果潜在的趋势持续下去，我们不会屏息于它是一个多袋子未来。
On a separate note, we've found 2 warning signs for CSG Systems International you'll probably want to know about.
另外，我们发现CSG系统国际公司的2个警告标志你可能会想知道。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
对于那些喜欢投资于稳固的公司，看看这个免费资产负债表稳健、股本回报率高的公司名单。
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