The market has already priced in CSGS's positive outlook, with shares trading around industry price multiples. The positive outlook is encouraging for CSGS, suggesting a deeper look into factors like its balance sheet strength.
The company's statutory profit likely understates its earnings potential due to unusual items. Future profitability could improve if these expenses do not recur. Consistent EPS growth over the past three years indicates a positive earnings trajectory.
Despite CSG Systems International's high P/E ratio, its inferior earnings outlook compared to the market growth is concerning. Investors' hope for a turnaround in the company's business prospects may lead to future disappointment due to slower growth outlook.
CSG Systems International's stable capital employed and ROCE reflect its maturity. While not expected to be a multi-bagger, its stock has seen a 50% gain over the past five years due to positive investors' expectations.
CSG国际股票讨论区
1996年上市,主要为通信服务商提供软件解决方案,85%的市场在北美,以美国为主,当前价格53.7。
5年来营收除2020年外增长了4年,平均增速6%,2023年增长7.3%,营业利润则在波动中增长,平均增速4.3%,2023年增长12.1%,净利润则受其它收入影响波动更剧烈,5年来几乎没有增长,2023年受重组与并购费用大幅降低影响增长了50.4%。2023年利息费用占营业利润的19.2%,利息负担较重。
目前市盈率24.4,考虑到去年增长的主要驱动并非核心利润,长期增速几乎为0,暂时缺乏吸引力。
5年来营收低速增长,平均增长率为6.6%,营业利润5年来小幅波动,没什么增长,净利润变化也不大,从6136万增长到7233万,平均增速仅4.2%。
目前市盈率26.5,市盈率TTM 46,没什么吸引力。
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