Intrinsic value of CSG Systems International - CSGS

Previous Close

$33.40

  Intrinsic Value

$73.83

stock screener

  Rating & Target

str. buy

+121%

Previous close

$33.40

 
Intrinsic value

$73.83

 
Up/down potential

+121%

 
Rating

str. buy

We calculate the intrinsic value of CSGS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  872
  959
  1,050
  1,145
  1,243
  1,346
  1,452
  1,563
  1,678
  1,798
  1,922
  2,052
  2,186
  2,326
  2,471
  2,623
  2,781
  2,945
  3,117
  3,296
  3,483
  3,678
  3,882
  4,095
  4,318
  4,551
  4,794
  5,049
  5,316
  5,596
Variable operating expenses, $m
  717
  785
  857
  932
  1,009
  1,090
  1,175
  1,262
  1,353
  1,447
  1,518
  1,620
  1,726
  1,836
  1,951
  2,071
  2,195
  2,325
  2,461
  2,602
  2,750
  2,904
  3,065
  3,233
  3,409
  3,592
  3,785
  3,986
  4,197
  4,418
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  717
  785
  857
  932
  1,009
  1,090
  1,175
  1,262
  1,353
  1,447
  1,518
  1,620
  1,726
  1,836
  1,951
  2,071
  2,195
  2,325
  2,461
  2,602
  2,750
  2,904
  3,065
  3,233
  3,409
  3,592
  3,785
  3,986
  4,197
  4,418
Operating income, $m
  156
  174
  193
  213
  234
  255
  278
  301
  325
  350
  405
  432
  460
  490
  520
  552
  585
  620
  656
  694
  733
  774
  817
  862
  909
  958
  1,009
  1,063
  1,119
  1,178
EBITDA, $m
  210
  231
  253
  276
  299
  324
  350
  376
  404
  433
  463
  494
  526
  560
  595
  632
  670
  709
  751
  794
  839
  886
  935
  986
  1,040
  1,096
  1,154
  1,216
  1,280
  1,348
Interest expense (income), $m
  12
  18
  21
  24
  28
  31
  35
  38
  42
  46
  51
  55
  60
  64
  69
  75
  80
  86
  91
  97
  104
  110
  117
  124
  132
  140
  148
  157
  166
  175
  185
Earnings before tax, $m
  138
  153
  169
  185
  203
  221
  239
  259
  279
  300
  350
  372
  396
  420
  446
  472
  500
  529
  559
  590
  623
  657
  693
  730
  769
  810
  853
  897
  944
  993
Tax expense, $m
  37
  41
  46
  50
  55
  60
  65
  70
  75
  81
  94
  101
  107
  113
  120
  128
  135
  143
  151
  159
  168
  177
  187
  197
  208
  219
  230
  242
  255
  268
Net income, $m
  101
  112
  123
  135
  148
  161
  175
  189
  204
  219
  255
  272
  289
  307
  325
  345
  365
  386
  408
  431
  455
  480
  506
  533
  562
  591
  622
  655
  689
  725

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  931
  1,024
  1,121
  1,222
  1,327
  1,436
  1,550
  1,668
  1,791
  1,919
  2,052
  2,190
  2,333
  2,482
  2,638
  2,799
  2,968
  3,144
  3,327
  3,518
  3,717
  3,925
  4,143
  4,370
  4,608
  4,856
  5,117
  5,389
  5,674
  5,972
Adjusted assets (=assets-cash), $m
  931
  1,024
  1,121
  1,222
  1,327
  1,436
  1,550
  1,668
  1,791
  1,919
  2,052
  2,190
  2,333
  2,482
  2,638
  2,799
  2,968
  3,144
  3,327
  3,518
  3,717
  3,925
  4,143
  4,370
  4,608
  4,856
  5,117
  5,389
  5,674
  5,972
Revenue / Adjusted assets
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
Average production assets, $m
  195
  215
  235
  256
  278
  301
  325
  350
  376
  403
  431
  460
  490
  521
  554
  588
  623
  660
  698
  738
  780
  824
  870
  917
  967
  1,019
  1,074
  1,131
  1,191
  1,253
Working capital, $m
  102
  112
  123
  134
  145
  157
  170
  183
  196
  210
  225
  240
  256
  272
  289
  307
  325
  345
  365
  386
  408
  430
  454
  479
  505
  532
  561
  591
  622
  655
Total debt, $m
  388
  448
  510
  574
  642
  712
  784
  860
  939
  1,020
  1,105
  1,194
  1,286
  1,381
  1,481
  1,584
  1,692
  1,804
  1,922
  2,044
  2,171
  2,305
  2,444
  2,589
  2,741
  2,901
  3,067
  3,241
  3,424
  3,615
Total liabilities, $m
  596
  655
  717
  782
  849
  919
  992
  1,068
  1,146
  1,228
  1,313
  1,401
  1,493
  1,589
  1,688
  1,792
  1,899
  2,012
  2,129
  2,251
  2,379
  2,512
  2,651
  2,797
  2,949
  3,108
  3,275
  3,449
  3,631
  3,822
Total equity, $m
  335
  369
  403
  440
  478
  517
  558
  601
  645
  691
  739
  788
  840
  894
  950
  1,008
  1,068
  1,132
  1,198
  1,266
  1,338
  1,413
  1,491
  1,573
  1,659
  1,748
  1,842
  1,940
  2,043
  2,150
Total liabilities and equity, $m
  931
  1,024
  1,120
  1,222
  1,327
  1,436
  1,550
  1,669
  1,791
  1,919
  2,052
  2,189
  2,333
  2,483
  2,638
  2,800
  2,967
  3,144
  3,327
  3,517
  3,717
  3,925
  4,142
  4,370
  4,608
  4,856
  5,117
  5,389
  5,674
  5,972
Debt-to-equity ratio
  1.160
  1.210
  1.260
  1.310
  1.340
  1.380
  1.410
  1.430
  1.460
  1.480
  1.500
  1.510
  1.530
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.650
  1.650
  1.660
  1.670
  1.670
  1.680
  1.680
Adjusted equity ratio
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  101
  112
  123
  135
  148
  161
  175
  189
  204
  219
  255
  272
  289
  307
  325
  345
  365
  386
  408
  431
  455
  480
  506
  533
  562
  591
  622
  655
  689
  725
Depreciation, amort., depletion, $m
  54
  57
  60
  63
  66
  69
  72
  75
  79
  82
  58
  62
  66
  70
  75
  79
  84
  89
  94
  100
  105
  111
  118
  124
  131
  138
  145
  153
  161
  169
Funds from operations, $m
  155
  169
  183
  198
  214
  230
  247
  264
  282
  301
  313
  334
  355
  377
  400
  424
  449
  475
  502
  531
  560
  591
  623
  657
  692
  729
  768
  808
  850
  894
Change in working capital, $m
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
Cash from operations, $m
  145
  159
  172
  187
  202
  218
  234
  251
  269
  287
  299
  319
  339
  361
  383
  406
  431
  456
  482
  510
  538
  568
  599
  632
  666
  702
  739
  778
  819
  862
Maintenance CAPEX, $m
  -24
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -118
  -124
  -131
  -138
  -145
  -153
  -161
New CAPEX, $m
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
Cash from investing activities, $m
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -109
  -114
  -121
  -127
  -134
  -142
  -149
  -157
  -166
  -174
  -183
  -193
  -202
  -213
  -224
Free cash flow, $m
  103
  113
  123
  134
  145
  157
  170
  182
  196
  210
  217
  232
  247
  263
  280
  298
  316
  335
  355
  375
  397
  419
  442
  467
  492
  519
  547
  576
  606
  638
Issuance/(repayment) of debt, $m
  57
  59
  62
  65
  67
  70
  73
  76
  79
  82
  85
  88
  92
  96
  99
  104
  108
  112
  117
  122
  128
  133
  139
  145
  152
  159
  166
  174
  182
  191
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  57
  59
  62
  65
  67
  70
  73
  76
  79
  82
  85
  88
  92
  96
  99
  104
  108
  112
  117
  122
  128
  133
  139
  145
  152
  159
  166
  174
  182
  191
Total cash flow (excl. dividends), $m
  159
  172
  185
  199
  213
  227
  242
  258
  274
  291
  302
  320
  339
  359
  380
  401
  424
  447
  472
  497
  524
  552
  582
  612
  644
  678
  713
  750
  789
  829
Retained Cash Flow (-), $m
  -31
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -89
  -94
  -98
  -103
  -107
Prev. year cash balance distribution, $m
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  167
  139
  150
  162
  175
  188
  201
  216
  230
  245
  254
  270
  287
  305
  324
  343
  363
  384
  406
  429
  453
  477
  503
  530
  559
  589
  620
  652
  686
  722
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  160
  127
  131
  134
  136
  136
  136
  135
  132
  129
  120
  115
  109
  102
  95
  87
  79
  71
  62
  54
  47
  40
  33
  27
  22
  17
  13
  10
  7
  5
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CSG Systems International, Inc. (CSG) is a provider of business support solutions primarily serving the communications industry. The Company provides business support solutions (BSS) to the communications service providers (CSPs), as well as clients in various industries. CSG's solutions coordinate and manage various aspects of a service provider's customer interactions, from the initial activation of customer accounts, to the support and fulfillment of various services, and through the calculation, presentment, and accounts receivables management of monthly customer statements. The Company's primary product solutions include Revenue Management & Customer Experience Solutions; Customer Interaction Management; Managed Services; Mediation and Data Management, and Wholesale Settlement and Routing. The Company employs professional services across various sectors, including solution architecture, project management, systems implementation and business consultancy.

FINANCIAL RATIOS  of  CSG Systems International (CSGS)

Valuation Ratios
P/E Ratio 17.1
Price to Sales 1.4
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 17.4
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.5%
Cap. Spend. - 3 Yr. Gr. Rate -9.9%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 146.2%
Total Debt to Equity 165.7%
Interest Coverage 9
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 21.1%
Return On Equity - 3 Yr. Avg. 16.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 50.7%
Gross Margin - 3 Yr. Avg. 49.5%
EBITDA Margin 20.2%
EBITDA Margin - 3 Yr. Avg. 18.5%
Operating Margin 16.3%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 11.4%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 38.1%

CSGS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSGS stock intrinsic value calculation we used $789.582 million for the last fiscal year's total revenue generated by CSG Systems International. The default revenue input number comes from 0001 income statement of CSG Systems International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CSGS stock valuation model: a) initial revenue growth rate of 10.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CSGS is calculated based on our internal credit rating of CSG Systems International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CSG Systems International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CSGS stock the variable cost ratio is equal to 82.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CSGS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for CSG Systems International.

Corporate tax rate of 27% is the nominal tax rate for CSG Systems International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CSGS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CSGS are equal to 22.4%.

Life of production assets of 7.4 years is the average useful life of capital assets used in CSG Systems International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CSGS is equal to 11.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $342.746 million for CSG Systems International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 33.653 million for CSG Systems International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CSG Systems International at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ CSG and Comcast Extend Relationship Through June 2020   [Dec-03-18 04:05PM  Business Wire]
▶ CSG Systems International Approves Quarterly Dividend   [Nov-19-18 09:00AM  Business Wire]
▶ CSG Systems: 3Q Earnings Snapshot   [06:11PM  Associated Press]
▶ Behind the deal: How CSG hopes to leverage its acquisition of Forte Payment Solutions   [Oct-18-18 04:34PM  American City Business Journals]
▶ CSG Acquires Forte Payment Systems   [Oct-02-18 04:05PM  Business Wire]
▶ Greenwood Village communications company acquires Texas firm for $85 million   [Sep-14-18 04:55PM  American City Business Journals]
▶ CSG Continues Interconnect and Settlement Market Leadership   [Sep-11-18 09:00AM  Business Wire]
▶ CSG Appoints Rajan Naik to Board of Directors   [Aug-27-18 04:06PM  Business Wire]
▶ CSG Systems: 2Q Earnings Snapshot   [06:49PM  Associated Press]
▶ CSG Reaches New Milestone with Amazon Web Services   [Jul-31-18 09:00AM  Business Wire]
▶ CSG Expands Real-Time Customer Interaction Solutions   [Jun-26-18 09:00AM  Business Wire]
▶ GCI Launches New Data Compliance Solution with CSG   [May-31-18 09:00AM  Business Wire]
▶ CSG Names Rolland Johns as Chief Financial Officer   [May-21-18 09:00AM  Business Wire]
▶ CSG Survey Reveals Consumer Priorities for the IoT   [May-15-18 09:00AM  Business Wire]
▶ CSG to Participate in Jefferies 2018 Technology Conference   [May-03-18 04:05PM  Business Wire]
▶ CSG Systems: 1Q Earnings Snapshot   [May-02-18 05:53PM  Associated Press]
▶ Cable TV tech company is searching for a new CFO   [Feb-28-18 02:51PM  American City Business Journals]
▶ CSG Supports Rains Digital Disruption   [Feb-27-18 02:00AM  Business Wire]
▶ CSG Announces Retirement of CFO Randy Wiese   [04:05PM  Business Wire]
▶ CSG to Exhibit at Mobile World Congress 2018   [Feb-19-18 06:04PM  Business Wire]
▶ CSG Systems posts 4Q profit   [Feb-07-18 05:27PM  Associated Press]
▶ TELUS Leverages CSG Managed Services for Wholesale Business   [Dec-19-17 09:00AM  Business Wire]
▶ CSG Interconnect and Settlements Solutions Lead CSP Market   [Dec-14-17 09:00AM  Business Wire]
▶ PDF Solutions (PDFS) Jumps: Stock Rises 5.4%   [Nov-24-17 08:42AM  Zacks]
▶ CSG Systems International Approves Quarterly Dividend   [Nov-20-17 09:00AM  Business Wire]
▶ CSG Systems posts 3Q profit   [Nov-01-17 06:08PM  Associated Press]

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