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國際股票討論區
1996年上市,主要爲通信服務商提供軟件解決方案,85%的市場在北美,以美國爲主,當前價格53.7。
5年來營收除2020年外增長了4年,平均增速6%,2023年增長7.3%,營業利潤則在波動中增長,平均增速4.3%,2023年增長12.1%,淨利潤則受其它收入影響波動更劇烈,5年來幾乎沒有增長,2023年受重組與併購費用大幅降低影響增長了50.4%。2023年利息費用佔營業利潤的19.2%,利息負擔較重。
目前市盈率24.4,考慮到去年增長的主要驅動並非核心利潤,長期增速幾乎爲0,暫時缺乏吸引力。
5年來營收低速增長,平均增長率爲6.6%,營業利潤5年來小幅波動,沒什麼增長,淨利潤變化也不大,從6136萬增長到7233萬,平均增速僅4.2%。
目前市盈率26.5,市盈率TTM 46,沒什麼吸引力。
暫無評論