$Genpact (G.US)$In the 2023.3.23 analysis, it was excluded d...

The Bermuda company, which was listed in 2007, is mainly engaged in business process management, outsourcing, shared services and information outsourcing services. Half of the market is in India, 20% is in North America, and the current price is 34.28.

Revenue has continued to grow over the past 5 years, with an average growth rate of 8.3%, an average growth rate of 10.3% in operating profit, an average growth rate of 5.7% in the first 4 years, and a sharp increase of 78.6% in 2023 due to other net income fluctuations compounded by income tax rebates. The gross margin has remained at 35% for the past 5 years, and the net profit margin remained below 10% for the first 4 years, reaching 14.1% in 2023.

Currently, the price-earnings ratio is 10, and the price-earnings ratio is TTM 9.9. The five-year average net profit of 390 million yuan corresponds to a price-earnings ratio of 15.8. Considering that the long-term net profit growth rate is only about 6%, the valuation is not very attractive.