$CRA International (CRAI.US)$Revenue has continued to grow o...
$CRA International(CRAI.US$Revenue has continued to grow over the past 5 years, with an average growth rate of 9.8%, and operating profit for 5 years. Among them, both 2018 and 2021 increased by more than 50% due to slow growth in operating expenses, and the 5-year average growth rate reached 30%. Among them, the growth rate slowed to 5.4% in 2022, net profit once shrank 7.7% in 2019 due to increases in interest expenses and other expenses, and increased for the remaining 4 years. Of these, the growth rate fell to 4.7% in 2022. Interest expenses accounted for 3.1% of operating profit in 2022, and the burden is very light.
In the first half of 2023, revenue increased by 5.8%, operating profit shrank by 3.1% due to falling gross margin and excessive cost increases, and net profit shrank by 20% due to rapid interest growth and losses on sale of securities.
Goodwill of $102 million accounts for 50% of net assets of $203 million.
In recent years, accounts receivable have grown rapidly, and the ratio is also high. Slow repayment has caused the company's cash to drop rapidly. Short-term loans have increased to 80 million yuan, accounting for 40% of net assets.
Over the past five years, net cash flow operations have been higher than net investment, resulting in a large amount of shareholder surplus, but in the past two quarters, there has been a significant net outflow of net cash flow operations.
Currently, the price-earnings ratio is 18, and the price-earnings ratio TTM has slightly increased to 19.8. If net profit falls 20% for the whole year, the price-earnings ratio will rise to 22.5, which doesn't seem very attractive for the time being.
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