{"id":12059,"date":"2026-08-14T19:53:17","date_gmt":"2026-08-14T19:53:17","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=12059"},"modified":"2026-08-19T09:43:21","modified_gmt":"2026-08-19T09:43:21","slug":"computer-modelling-group-2027-q1","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/computer-modelling-group-2027-q1\/","title":{"rendered":"Computer Modelling Group 2027 Q1 &#8211; Turnarounds seldom turn?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Mit tartalmaz a t\u0151zsd\u00e9r\u0151l jelentem rovat?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A Computer Modelling Group 2027 Q1-es jelent\u00e9se el\u0151tt a r\u00e9szv\u00e9ny \u00e1rfolyama folyamatos m\u00e9lyrep\u00fcl\u00e9sben volt, mert a v\u00e1rtn\u00e1l tov\u00e1bb tart az \u00e9rett olajipari c\u00e9g sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalatt\u00e1 alak\u00edt\u00e1sa. Ez\u00e9rt m\u00e9lt\u00e1n kapott helyet a &#8222;T\u0151zsd\u00e9r\u0151l jelentem&#8221; rovatban, ami mindig az alapelemz\u00e9s friss\u00edt\u00e9se. De mi is ez az eg\u00e9sz?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A rovat egyfajta ir\u00e1nyt\u0171 a befektet\u0151k sz\u00e1m\u00e1ra, amely seg\u00edt eligazodni a t\u0151zsdei v\u00e1llalatok s\u0171r\u0171 adathalmaz\u00e1ban. A rovat l\u00e9nyege nem csup\u00e1n a nyers sz\u00e1mok k\u00f6zl\u00e9se, hanem az adott c\u00e9g legfrissebb negyed\u00e9ves vagy \u00e9ves jelent\u00e9s\u00e9nek szakmai feldolgoz\u00e1sa. Egy-egy ilyen elemz\u00e9s sor\u00e1n a legfontosabb p\u00e9nz\u00fcgyi mutat\u00f3kat (p\u00e9ld\u00e1ul \u00e1rbev\u00e9tel, profit, ROCE vagy ROIC) kontextusba helyezz\u00fck, \u00f6sszevetve azokat a kor\u00e1bbi v\u00e1rakoz\u00e1sokkal \u00e9s helyenk\u00e9nt a versenyt\u00e1rsak teljes\u00edtm\u00e9ny\u00e9vel is. <strong>Most a kor\u00e1bban elemzett Computer Modelling Group (TSX:CMG) 2026-os \u00e9ve kapcs\u00e1n mondom el a v\u00e9lem\u00e9nyemet, ami a CMG eset\u00e9ben \u00e1prilisban \u00e9rt v\u00e9get \u00edgy m\u00e1r 2027-ben tartanak.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u261d\ufe0fEgy fontos technikai megjegyz\u00e9s az elej\u00e9n, mert en\u00e9lk\u00fcl k\u00f6nny\u0171 elveszni:<\/mark><\/strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"> a CMG p\u00e9nz\u00fcgyi \u00e9ve m\u00e1rcius 31-\u00e9n z\u00e1rul, teh\u00e1t az itt t\u00e1rgyalt \u201e2027 Q1\" val\u00f3j\u00e1ban a 2026. \u00e1prilis\u2013j\u00fanius k\u00f6z\u00f6tti id\u0151szak. Ha valaki napt\u00e1ri \u00e9vben gondolkodik, ez az utols\u00f3 lez\u00e1rt negyed\u00e9v.<\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"zcPqN0lyxp\"><a href=\"https:\/\/iocharts.io\/blog\/computer-modelling-group-reszvenyelemzese-tsxcmg\/\">Computer Modelling Group (CMG) r\u00e9szv\u00e9ny elemz\u00e9s<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cComputer Modelling Group (CMG) r\u00e9szv\u00e9ny elemz\u00e9s\u201d \u2014 iO Charts\" data-src=\"https:\/\/iocharts.io\/blog\/computer-modelling-group-reszvenyelemzese-tsxcmg\/embed\/#?secret=iKj59hnjlC#?secret=zcPqN0lyxp\" data-secret=\"zcPqN0lyxp\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A sz\u00e1raz adatokon t\u00fal a rovat kiemelt figyelmet ford\u00edt a sorok k\u00f6z\u00f6tti olvas\u00e1sra: elemzi a menedzsment v\u00e1rakoz\u00e1sait \u00e9s a j\u00f6v\u0151beli piaci kil\u00e1t\u00e1sokat. Megvizsg\u00e1ljuk, hogy a glob\u00e1lis gazdas\u00e1gi trendek, a technol\u00f3giai v\u00e1lt\u00e1sok vagy az ipar\u00e1gi saj\u00e1toss\u00e1gok hogyan befoly\u00e1solhatj\u00e1k a v\u00e1llalat hossz\u00fa t\u00e1v\u00fa n\u00f6veked\u00e9si p\u00e1ly\u00e1j\u00e1t. Ezzel a rovat c\u00e9lja, hogy a befektet\u0151k ne csak azt l\u00e1ss\u00e1k, mi t\u00f6rt\u00e9nt az elm\u00falt p\u00e1r h\u00f3napban, hanem azt is, mire sz\u00e1m\u00edthatnak a piacon a k\u00f6vetkez\u0151 id\u0151szakban. Az adott negyed\u00e9ves jelent\u00e9s belinkel\u00e9sre ker\u00fcl a r\u00e9szv\u00e9ny m\u00e9lyelemz\u00e9s\u00e9be is, amennyiben ez m\u00e1r az iO Charts blogj\u00e1n megt\u00f6rt\u00e9nt. Ebben az esetben ezt a fenti linken olvashatj\u00e1tok.<\/p>\n\n\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>A \"Gyakorlatban\" r\u00e9szben tal\u00e1lhatj\u00e1tok a puszta sz\u00e1madatokon t\u00fali megjegyz\u00e9seimet, ami nem kvantitat\u00edv, hanem kvalitat\u00edv szempontokat vesz figyelembe.<\/strong><\/mark><\/pre>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">A Computer Modelling Group 2027 Q1-es teljes\u00edtm\u00e9nyelemz\u00e9se<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Kezdj\u00fck a l\u00e9nyeggel: ez nem egy sz\u00e9p negyed\u00e9v volt. A teljes bev\u00e9tel 6%-kal, 27.8 milli\u00f3 CAD-ra cs\u00f6kkent, \u00e9s ezen bel\u00fcl a bont\u00e1s m\u00e9g kellemetlenebb: <strong>az organikus visszaes\u00e9s 16%, amit az akviz\u00edci\u00f3k 10%-os hozz\u00e1j\u00e1rul\u00e1sa tomp\u00edtott.<\/strong> Az egy r\u00e9szv\u00e9nyre jut\u00f3 eredm\u00e9ny 0.04 CAD-r\u00f3l 0.02 CAD-ra felez\u0151d\u00f6tt, <strong>a nett\u00f3 eredm\u00e9ny pedig 60%-kal, 1.3 milli\u00f3 CAD-ra esett vissza. <\/strong>Az elemz\u0151i konszenzus 0.037 CAD EPS-t v\u00e1rt, teh\u00e1t ez egy j\u00f3kora mell\u00e9ny\u00fal\u00e1s a v\u00e1rakoz\u00e1sokhoz k\u00e9pest.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-revenue-net-profit-1024x725.jpg.webp\" alt=\"a Computer Modelling Group 2027 Q1 jelent\u00e9s\u00e9nek f\u0151bb sz\u00e1mai: bev\u00e9tel \u00e9s profit\" class=\"wp-image-12074 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-revenue-net-profit-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-revenue-net-profit-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-revenue-net-profit-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-revenue-net-profit-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-revenue-net-profit-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,&nbsp;a Computer Modelling Group 2027 Q1 jelent\u00e9s\u00e9nek f\u0151bb sz\u00e1mai: bev\u00e9tel \u00e9s profit<\/figcaption><\/figure>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83e\udd14<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">A k\u00e9pet viszont \u00e9rdemes k\u00e9t r\u00e9tegre bontani, mert a fenti sz\u00e1mok m\u00f6g\u00f6tt r\u00e9szben olyan t\u00e9telek \u00e1llnak, amelyeket a menedzsment el\u0151re bejelentett, r\u00e9szben pedig olyanok, amelyek a j\u00f6v\u0151ben nem ism\u00e9tl\u0151dnek.<\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Az els\u0151 r\u00e9teg az ism\u00e9tl\u0151d\u0151 bev\u00e9tel (recurring revenue), ami 3%-kal, 20.3 milli\u00f3 CAD-ra cs\u00f6kkent.<\/strong> Ezen bel\u00fcl az akviz\u00edci\u00f3k +9%-ot hoztak, az organikus r\u00e9sz viszont 12%-ot esett. Ennek a 12%-nak a d\u00f6nt\u0151 t\u00f6bbs\u00e9ge a 2026-os p\u00e9nz\u00fcgyi \u00e9v m\u00e1sodik negyed\u00e9v\u00e9ben elvesz\u00edtett nagy \u00fcgyf\u00e9l, \u00e9s ez a mostani negyed\u00e9v volt az <strong>utols\u00f3<\/strong>, amelyben ez a b\u00e1zishat\u00e1s megjelenik. A menedzsment szerint innent\u0151l az \u00e9v\/\u00e9v \u00f6sszehasonl\u00edt\u00e1s normaliz\u00e1l\u00f3dik, ez egy konkr\u00e9t, ellen\u0151rizhet\u0151 \u00edg\u00e9ret, amit a k\u00f6vetkez\u0151 jelent\u00e9sen leellen\u0151r\u00edzhetsz.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"820\" height=\"546\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-KPI-v3.png.webp\" alt=\"a Computer Modelling Group 2027 Q1 bev\u00e9teli szegmensek bont\u00e1sa\" class=\"wp-image-12077 lazyload\" style=\"--smush-placeholder-width: 820px; --smush-placeholder-aspect-ratio: 820\/546;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-KPI-v3.png.webp 820w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-KPI-v3-414x276.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-KPI-v3-768x511.png.webp 768w\" data-sizes=\"(max-width: 820px) 100vw, 820px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.cmgl.ca\/wp-content\/uploads\/2026\/08\/CMG-IR-Presentation-Q1-2027-FINAL.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">CMG Presentation<\/a>,, a Computer Modelling Group 2027 Q1 bev\u00e9teli szegmensek bont\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A m\u00e1sodik r\u00e9teg a professional services, amely 16%-kal, 7.1 milli\u00f3 CAD-ra esett (szervesen -29%, akviz\u00edci\u00f3kb\u00f3l +13%).<\/strong> Itt k\u00e9t dolog t\u00f6rt\u00e9nt: egyr\u00e9szt kifutott a CoFlow-hoz kapcsol\u00f3d\u00f3 fejleszt\u00e9si finansz\u00edroz\u00e1s, ami tavaly m\u00e9g bev\u00e9telk\u00e9nt jelent meg, m\u00e1sr\u00e9szt a 2023-ban felv\u00e1s\u00e1rolt Bluware nem-core szolg\u00e1ltat\u00e1si \u00fczlet\u00e1g\u00e1t tudatosan le\u00e9p\u00edtik. Ez ut\u00f3bbi teljesen sz\u00e1nd\u00e9kos: a CMG a Bluware-t a szoftvern\u00f6veked\u00e9si potenci\u00e1lj\u00e1\u00e9rt vette meg, a szolg\u00e1ltat\u00e1si l\u00e1bat pedig eleve kivezetend\u0151nek \u00e1razt\u00e1k be.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"888\" height=\"524\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-KPI-v2.png.webp\" alt=\"a Computer Modelling Group 2027 Q1 KPI sz\u00e1mai\" class=\"wp-image-12076 lazyload\" style=\"--smush-placeholder-width: 888px; --smush-placeholder-aspect-ratio: 888\/524;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-KPI-v2.png.webp 888w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-KPI-v2-414x244.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-KPI-v2-768x453.png.webp 768w\" data-sizes=\"(max-width: 888px) 100vw, 888px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.cmgl.ca\/wp-content\/uploads\/2026\/08\/CMG-IR-Presentation-Q1-2027-FINAL.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">CMG Presentation<\/a>,, a Computer Modelling Group 2027 Q1 KPI sz\u00e1mai<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A korrig\u00e1lt EBITDA 10%-kal, 6.4 milli\u00f3 CAD-ra cs\u00f6kkent, a marzs 24%-r\u00f3l 23%-ra sz\u0171k\u00fclt. A szabad cash flow 22%-kal, 3.5 milli\u00f3 CAD-ra esett vissza, ebben nemcsak az alacsonyabb bev\u00e9tel, hanem a magasabb ad\u00f3teher is szerepet j\u00e1tszott (1.5 milli\u00f3 CAD a tavalyi 0.9 milli\u00f3val szemben, amiben benne van egy 0.4 milli\u00f3 CAD-os kor\u00e1bbi id\u0151szakra vonatkoz\u00f3 korrekci\u00f3 is).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"726\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/fiscal-ai-chart-export-1024x726.jpg.webp\" alt=\"a Computer Modelling Group 2027 Q1, brut\u00e1lisan levert\u00e9k a befektet\u0151k az \u00e1rfolyamot\" class=\"wp-image-12086 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/726;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/fiscal-ai-chart-export-1024x726.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/fiscal-ai-chart-export-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/fiscal-ai-chart-export-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/fiscal-ai-chart-export-1536x1089.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/fiscal-ai-chart-export-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,&nbsp;a Computer Modelling Group 2027 Q1, brut\u00e1lisan levert\u00e9k a befektet\u0151k az \u00e1rfolyamot<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> aki olvasta az elemz\u00e9semet, annak a fentiek nagy meglepet\u00e9ssel nem szolg\u00e1lhattak, \u00e1m a m\u00e9rt\u00e9ke m\u00e9gis mellbev\u00e1g\u00f3. A Computer Modelling Group 2027 Q1-es jelent\u00e9s\u00e9t l\u00e9nyeg\u00e9ben az hat\u00e1rozza meg, hogy egy lass\u00fa mammutk\u00e9nt mozg\u00f3 v\u00e1llalatb\u00f3l egy sorozatfelv\u00e1s\u00e1rl\u00f3t alak\u00edtsanak ki. Erre mondta azt Warren Buffett, hogy &#8222;Turnarounds seldom turn&#8221;, vagyis hogy a haj\u00f3t sokkal nehezebb megford\u00edtani, mint nem. Ebben az esetben viszont olyan fajs\u00falyos t\u0151keallok\u00e1torok \u00e1llnak a korm\u00e1nyker\u00e9k m\u00f6g\u00f6tt, akiknek igenis van es\u00e9ly\u00fck arra, hogy \u00e1talak\u00edts\u00e1k a v\u00e1llalatot. Err\u0151l lesz sz\u00f3 lejjebb.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Computer Modelling Group 2027 Q1: f\u0151bb p\u00e9nz\u00fcgyi mutat\u00f3k<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcb5 A teljes bev\u00e9tel 6%-kal, 27.8 milli\u00f3 CAD-ra cs\u00f6kkent (organikus -16%, akviz\u00edci\u00f3s +10%).<\/li>\n\n\n\n<li>\ud83d\udd01 Az ism\u00e9tl\u0151d\u0151 bev\u00e9tel 3%-kal, 20.3 milli\u00f3 CAD-ra m\u00e9rs\u00e9kl\u0151d\u00f6tt (organikus -12%, akviz\u00edci\u00f3s +9%).<\/li>\n\n\n\n<li>\ud83d\udee0\ufe0f A professional services bev\u00e9tel 16%-kal, 7.1 milli\u00f3 CAD-ra esett (organikus -29%, akviz\u00edci\u00f3s +13%).<\/li>\n\n\n\n<li>\ud83d\udcca A korrig\u00e1lt EBITDA 10%-kal, 6.4 milli\u00f3 CAD-ra cs\u00f6kkent, a marzs 23% (el\u0151z\u0151 \u00e9v: 24%).<\/li>\n\n\n\n<li>\ud83d\udcc9 Az \u00fczemi eredm\u00e9ny 19%-kal, 4.3 milli\u00f3 CAD-ra, a nett\u00f3 eredm\u00e9ny 60%-kal, 1.3 milli\u00f3 CAD-ra esett.<\/li>\n\n\n\n<li>\ud83d\udcb0 A szabad cash flow 22%-kal, 3.5 milli\u00f3 CAD-ra cs\u00f6kkent, r\u00e9szv\u00e9nyenk\u00e9nt 0.05 CAD-r\u00f3l 0.04 CAD-ra.<\/li>\n\n\n\n<li>\ud83e\uddfe Az EPS 0.04 CAD-r\u00f3l 0.02 CAD-ra felez\u0151d\u00f6tt.<\/li>\n\n\n\n<li>\ud83c\udfe6 A k\u00e9szp\u00e9nz\u00e1llom\u00e1ny 24.1 milli\u00f3 CAD-r\u00f3l 17.7 milli\u00f3 CAD-ra apadt, a hitelkeret-leh\u00edv\u00e1s 7.8 milli\u00f3 CAD.<\/li>\n\n\n\n<li>\u2702\ufe0f A s\u00falyozott \u00e1tlagos r\u00e9szv\u00e9nysz\u00e1m 83.1 milli\u00f3r\u00f3l 78.0 milli\u00f3ra cs\u00f6kkent egy \u00e9v alatt, ami 6.1%-os cs\u00f6kken\u00e9s.<\/li>\n\n\n\n<li>\ud83c\udfaf Az osztal\u00e9k v\u00e1ltozatlanul 0.01 CAD\/r\u00e9szv\u00e9ny negyed\u00e9vente.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a legfontosabb sor ebben a list\u00e1ban nem a bev\u00e9tel, hanem az utols\u00f3 el\u0151tti: <strong>a r\u00e9szv\u00e9nysz\u00e1m egy \u00e9v alatt 6.1%-kal cs\u00f6kkent.<\/strong> Ez az a fajta t\u00e9tel, ami egy negyed\u00e9ves \u00f6sszefoglal\u00f3ban ritk\u00e1n kap f\u0151c\u00edmet, hossz\u00fa t\u00e1von viszont pont ez d\u00f6nti el a hozamot. A nett\u00f3 eredm\u00e9ny 60%-os es\u00e9se ugyanakkor nem operat\u00edv \u00f6sszeoml\u00e1s: az adjusted EBITDA csak 10%-ot esett, a k\u00fcl\u00f6nb\u00f6zetet az akviz\u00edci\u00f3k ut\u00e1n megn\u0151tt amortiz\u00e1ci\u00f3 (2.7 milli\u00f3 CAD), a 0.8 milli\u00f3 CAD-os \u00e1rfolyamvesztes\u00e9g, az elt\u0171nt kamatbev\u00e9tel (0.3 milli\u00f3r\u00f3l 0.04 milli\u00f3ra, mert a k\u00e9szp\u00e9nz felv\u00e1s\u00e1rl\u00e1sokba ment) \u00e9s a megjelent kamatkiad\u00e1s adja.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"725\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-total-shares-outstanding-1024x725.jpg.webp\" alt=\"a Computer Modelling Group 2027 Q1 jelent\u00e9s\u00e9nek kulcsmozzanata: a r\u00e9szv\u00e9nyvisszav\u00e1s\u00e1rl\u00e1s\" class=\"wp-image-12079 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/725;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-total-shares-outstanding-1024x725.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-total-shares-outstanding-414x293.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-total-shares-outstanding-768x544.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-total-shares-outstanding-1536x1088.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer_Modelling_Group_Ltd_CMG-total-shares-outstanding-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,&nbsp;a Computer Modelling Group 2027 Q1 jelent\u00e9s\u00e9nek kulcsmozzanata: a r\u00e9szv\u00e9nyvisszav\u00e1s\u00e1rl\u00e1s<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ezek j\u00f3r\u00e9szt k\u00f6nyvel\u00e9si \u00e9s t\u0151keszerkezeti t\u00e9telek, nem a mag \u00fczlet roml\u00e1sa. Ett\u0151l m\u00e9g a szerves 16% val\u00f3s, \u00e9s azt nem lehet elmagyar\u00e1zni. Viszont, mint l\u00e1that\u00f3, a r\u00e9gi \u00fczlet\u00e1gakat kivezetik, amiket a felv\u00e1s\u00e1rolt v\u00e1llalatok cash flow termel\u0151k\u00e9pess\u00e9ge tomp\u00edt, ahogyan az p\u00e9ld\u00e1ul a teljes bev\u00e9tel -16 \u00e9s +10%-os v\u00e1ltoz\u00e1s\u00e1b\u00f3l is l\u00e1tszik. Vagyis, a bev\u00e9telt a v\u00e1llalat \u00e1tforgatja olyan, nyomott \u00e1raz\u00e1son v\u00e1s\u00e1rolt \u00fczletekbe, amelyeknek a bels\u0151 megt\u00e9r\u00fcl\u00e9se magasabb \u00e9s lenyesi r\u00f3luk a felesleges, kisebb marzzsal rendelkez\u0151 r\u00e9szegys\u00e9geket.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Computer Modelling Group 2027 Q1: fontosabb meg\u00e1llap\u00edt\u00e1sok<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">A c\u00e9g \u00e1talakul: egyterm\u00e9kes v\u00e1llalatb\u00f3l sorozatfelv\u00e1s\u00e1rl\u00f3<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A CMG Q1-es prezent\u00e1ci\u00f3j\u00e1nak f\u0151 \u00fczenetei nem a negyed\u00e9ves sz\u00e1mok voltak, hanem a \u201eCMG 4.0&#8243; strat\u00e9gia \u00e1llapotjelent\u00e9se. A c\u00e9g 34 h\u00f3nap alatt t\u00f6bb mint 90 milli\u00f3 CAD-t allok\u00e1lt n\u00e9gy akviz\u00edci\u00f3ra, amelyek egy\u00fctt nagyj\u00e1b\u00f3l 60 milli\u00f3 CAD \u00e9ves bev\u00e9telt hoztak be:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83c\udf0a Bluware<\/strong> (2023. szeptember, kb. 22 milli\u00f3 USD): szeizmikus adatfeldolgoz\u00e1s,<\/li>\n\n\n\n<li><strong>\ud83d\udd37 Sharp Reflections<\/strong> (2024. november, kb. 37 milli\u00f3 CAD): szeizmikus \u00e9rtelmez\u00e9s,<\/li>\n\n\n\n<li><strong>\ud83d\uddfa\ufe0f SeisWare<\/strong> (2025. j\u00falius, kb. 6.6 milli\u00f3 USD): geol\u00f3giai\/geofizikai szoftver,<\/li>\n\n\n\n<li><strong>\ud83d\udcd0 Rose &amp; Associates<\/strong> (2026. m\u00e1rcius, kb. 9.8 milli\u00f3 USD): kock\u00e1zatelemz\u00e9s, er\u0151forr\u00e1s-becsl\u00e9s.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A fenti felv\u00e1s\u00e1rl\u00e1si \u00e1rakb\u00f3l \u00e9s a bev\u00e9telb\u0151l m\u00e1r tudtok EV\/Salest sz\u00e1molni, ami \u00edgy 1.5X-re j\u00f6n ki.<\/strong> A portf\u00f3li\u00f3 eg\u00e9sz\u00e9re nagyj\u00e1b\u00f3l 1.5x \u00e1rbev\u00e9tel-szorz\u00f3 j\u00f6n ki, ami vertik\u00e1lis szoftver\u00e9rt olcs\u00f3nak sz\u00e1m\u00edt, a marzsprofilt viszont a c\u00e9g nem bontja ki, teh\u00e1t azt nem tudjuk, hogy ez EBITDA-alapon h\u00e1nyas szorz\u00f3.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"441\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Kepernyokep-2026-08-14-195559-1024x441.png.webp\" alt=\"a Computer Modelling Group 2027 Q1, hol van jelen a c\u00e9g \u00e9s kik a partnerek\" class=\"wp-image-12081 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/441;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Kepernyokep-2026-08-14-195559-1024x441.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Kepernyokep-2026-08-14-195559-414x178.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Kepernyokep-2026-08-14-195559-768x331.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Kepernyokep-2026-08-14-195559.png.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.cmgl.ca\/wp-content\/uploads\/2026\/08\/CMG-IR-Presentation-Q1-2027-FINAL.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">CMG Presentation<\/a>, a Computer Modelling Group 2027 Q1, hol van jelen a c\u00e9g \u00e9s kik a partnerek<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A logika az, hogy a fenti n\u00e9gy v\u00e1llalat lefedi a teljes olajpiac upstream munkafolyamatait a szeizmik\u00e1t\u00f3l a rezervo\u00e1r-szimul\u00e1ci\u00f3n \u00e1t a gazdas\u00e1gi tervez\u00e9sig. A menedzsment szerint az akvir\u00e1lt c\u00e9gek megtartj\u00e1k a saj\u00e1t m\u00e1rk\u00e1jukat \u00e9s term\u00e9k-roadmapjukat, ez a Constellation Software-b\u00f3l ismer\u0151s decentraliz\u00e1lt modell, \u00e9s nem v\u00e9letlen:<strong> 2026 febru\u00e1rj\u00e1ban Christopher Wright ker\u00fclt az igazgat\u00f3s\u00e1gba, aki 35 \u00e9vet t\u00f6lt\u00f6tt a Roper Technologiesn\u00e9l, amelyik az egyik legh\u00edresebb sorozatfelv\u00e1s\u00e1rl\u00f3.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u261d\ufe0fAz igazi \u00fajdons\u00e1g a portf\u00f3li\u00f3-\u00e9rt\u00e9kes\u00edt\u00e9s: <\/mark><\/strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">a CMG imm\u00e1r k\u00f6z\u00f6s aj\u00e1nlatokat ad c\u00e9geknek, ahol a felv\u00e1s\u00e1rolt v\u00e1llalatok k\u00f6z\u00fcl k\u00e9t-h\u00e1rom egy\u00fctt k\u00edn\u00e1l egy technol\u00f3giai csomagot.<\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"487\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-MA-1024x487.png.webp\" alt=\"a Computer Modelling Group 2027 Q1 felv\u00e1s\u00e1rl\u00e1sok \u00e9s az \u00e9rt\u00e9kaj\u00e1nlat\" class=\"wp-image-12080 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/487;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-MA-1024x487.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-MA-414x197.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-MA-768x365.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-MA.png.webp 1275w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.cmgl.ca\/wp-content\/uploads\/2026\/08\/CMG-IR-Presentation-Q1-2027-FINAL.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">CMG Presentation<\/a>, a Computer Modelling Group 2027 Q1 felv\u00e1s\u00e1rl\u00e1sok \u00e9s az \u00e9rt\u00e9kaj\u00e1nlat<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a fentiek ig\u00e9nyelnek n\u00e9mi magyar\u00e1zatot. A supermajornek nevezett gigantikus olajt\u00e1rsas\u00e1gok eddig is a Computer Modelling Group (TSX:CMG) \u00fcgyfelei voltak, de eddig f\u0151leg csak szimul\u00e1ci\u00f3s szoftvereket \u00e9rt\u00e9kes\u00edtett a partnereinek a v\u00e1llalat.<strong> A n\u00e9gy c\u00e9g bekebelez\u00e9s\u00e9vel val\u00f3j\u00e1ban nem t\u00f6rt\u00e9nik m\u00e1s, mint egyfajta upselling: a decentraliz\u00e1lt szervezet t\u00f6bb term\u00e9ket fog \u00f6ssze \u00e9s ezeket aj\u00e1nlja ki. <\/strong>Minden \u00fajabb felv\u00e1s\u00e1rl\u00e1s er\u0151s\u00edti a CMG helyzet\u00e9t, ahogyan az olajipar egyre t\u00f6bb szoftver\u00e9t fogj\u00e1k \u00f6ssze az upstreamt\u0151l a midstreamen \u00e1t a downstreamig. \u00cdgy pedig m\u00e1r \u00e9rtelmet nyer az, hogy mi\u00e9rt \u00e9rdemes \u00e1talak\u00edtani a Computer Modelling groupot egy sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalatt\u00e1, k\u00f6vetve a Constellation Software VMS logik\u00e1j\u00e1t.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A t\u0151keallok\u00e1ci\u00f3: 20 milli\u00f3 CAD-os visszav\u00e1s\u00e1rl\u00e1s hitelb\u0151l<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a negyed\u00e9v legvitatottabb d\u00f6nt\u00e9se, de szem\u00e9ly szerint egyet\u00e9rtek vele. <strong>Az igazgat\u00f3s\u00e1g j\u00f3v\u00e1hagyott egy substantial issuer bid (SIB) konstrukci\u00f3t, amelyben a c\u00e9g legfeljebb 20 milli\u00f3 CAD \u00e9rt\u00e9kben v\u00e1s\u00e1rol vissza \u00e9s von be saj\u00e1t r\u00e9szv\u00e9nyt, 4.00 \u00e9s 4.50 CAD k\u00f6z\u00f6tti \u00e1ron.<\/strong> Az aj\u00e1nlat 2026. augusztus 14-\u00e9n indul \u00e9s szeptember 21-\u00e9n j\u00e1r le. <strong>A finansz\u00edroz\u00e1s nem a k\u00e9szp\u00e9nzb\u0151l, hanem a hitelkeret leh\u00edv\u00e1s\u00e1b\u00f3l t\u00f6rt\u00e9nik.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mi az a SIB?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A SIB nagyj\u00e1b\u00f3l jelent\u0151s kibocs\u00e1t\u00f3i aj\u00e1nlatot jelent. Ez egy kanadai \u00e9rt\u00e9kpap\u00edrjogi forma: a c\u00e9g form\u00e1lis, nyilv\u00e1nos v\u00e9teli aj\u00e1nlatot tesz a saj\u00e1t r\u00e9szv\u00e9nyeire, hat\u00e1rid\u0151vel \u00e9s aj\u00e1nlati dokumentummal. Ez a k\u00fcl\u00f6nbs\u00e9g a ny\u00edlt piaci visszav\u00e1s\u00e1rl\u00e1shoz (Kanad\u00e1ban NCIB) k\u00e9pest, ahol a c\u00e9g csendben, h\u00f3napokon \u00e1t csepegtetve v\u00e1s\u00e1rol a t\u0151zsd\u00e9n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A CMG a m\u00f3dos\u00edtott holland aukci\u00f3s v\u00e1ltozatot haszn\u00e1lja. <\/strong>A l\u00e9p\u00e9sek:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u27a1\ufe0fA c\u00e9g megad egy \u00e1rs\u00e1vot \u00e9s egy keret\u00f6sszeget.<\/strong> Itt: 4.00\u20134.50 CAD, \u00f6sszesen legfeljebb 20 milli\u00f3 CAD \u00e9rt\u00e9kben.<\/li>\n\n\n\n<li><strong>\ud83d\udcc8A r\u00e9szv\u00e9nyes d\u00f6nt, hogy besz\u00e1ll-e, \u00e9s milyen \u00e1ron.<\/strong> Vagy megnevez egy konkr\u00e9t \u00e1rat a s\u00e1von bel\u00fcl (pl. enn\u00e9l olcs\u00f3bban nem adom), vagy \u201estrike price&#8221; aj\u00e1nlatot tesz, azaz elfogadja azt az \u00e1rat, ami v\u00e9g\u00fcl kialakul.<\/li>\n\n\n\n<li><strong>\u23f3A hat\u00e1rid\u0151 ut\u00e1n a c\u00e9g alulr\u00f3l felfel\u00e9 \u00f6sszegzi az aj\u00e1nlatokat, am\u00edg \u00f6ssze nem gy\u0171lik annyi r\u00e9szv\u00e9ny, amennyire a 20 milli\u00f3 CAD el\u00e9g. Az az \u00e1r lesz a kiegyenl\u00edt\u00e9si \u00e1r (purchase price).<\/strong><\/li>\n\n\n\n<li><strong>\ud83d\udcb0Mindenki ugyanazt az egys\u00e9ges \u00e1rat kapja, az is, aki 4.00-\u00e9rt is odaadta volna.<\/strong> A l\u00e9nyeg: nem az t\u00f6rt\u00e9nik, hogy mindenki a saj\u00e1t aj\u00e1nlati \u00e1r\u00e1t kapja.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e9h\u00e1ny sz\u00e1m a kontextushoz. A r\u00e9szv\u00e9ny a jelent\u00e9s ut\u00e1ni napon 3.82 CAD-on forgott, ami nagyj\u00e1b\u00f3l 44%-kal van az 52 hetes cs\u00facs (6.85 CAD) alatt. Ez k\u00f6r\u00fclbel\u00fcl 300 milli\u00f3 CAD-os kapitaliz\u00e1ci\u00f3t jelent. A g\u00f6rd\u00fcl\u0151 12 havi korrig\u00e1lt EBITDA 35.4 milli\u00f3 CAD (szemben a 2025 Q4-es 44.0 milli\u00f3val), a g\u00f6rd\u00fcl\u0151 szabad cash flow pedig nagyj\u00e1b\u00f3l 20 milli\u00f3 CAD. Ezekkel sz\u00e1molva:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Mutat\u00f3<\/th><th>\u00c9rt\u00e9k<\/th><\/tr><\/thead><tbody><tr><td>Kapitaliz\u00e1ci\u00f3 (kb.)<\/td><td>300 milli\u00f3 CAD<\/td><\/tr><tr><td>Nett\u00f3 k\u00e9szp\u00e9nzpoz\u00edci\u00f3 (l\u00edzing n\u00e9lk\u00fcl)<\/td><td>kb. +12 milli\u00f3 CAD<\/td><\/tr><tr><td>EV \/ g\u00f6rd\u00fcl\u0151 korrig\u00e1lt EBITDA<\/td><td>kb. 8x<\/td><\/tr><tr><td>G\u00f6rd\u00fcl\u0151 FCF-hozam<\/td><td>kb. 6.7%<\/td><\/tr><tr><td>SIB m\u00e9rete a kapitaliz\u00e1ci\u00f3 %-\u00e1ban<\/td><td>kb. 6.7%<\/td><\/tr><tr><td>Osztal\u00e9khozam<\/td><td>kb. 1.0%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Vipin Khullar, a CFO szerint a 2027-es p\u00e9nz\u00fcgyi \u00e9v szabad cash flow-ja b\u0151ven elegend\u0151 lesz a SIB-hez leh\u00edvott hitelr\u00e9sz visszafizet\u00e9s\u00e9re. A CEO pedig azt hangs\u00falyozta, hogy az akviz\u00edci\u00f3k \u00e9s a visszav\u00e1s\u00e1rl\u00e1s nem z\u00e1rj\u00e1k ki egym\u00e1st, \u00e9s a felv\u00e1s\u00e1rl\u00e1si pipeline akt\u00edv, csak \u00e9ppen ragaszkodnak az \u00e1r- \u00e9s hozamelv\u00e1r\u00e1saikhoz, ez\u00e9rt kevesebb tranzakci\u00f3 z\u00e1rul sikerrel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> k\u00e9t dolog sz\u00far szemet. <strong>Az egyik, hogy a SIB als\u00f3 \u00e1ra (4.00 CAD) a piaci \u00e1r felett van, vagyis a menedzsment pr\u00e9miumot hajland\u00f3 fizetni ahhoz k\u00e9pest, ahol a pap\u00edr forgott.<\/strong> Ez er\u0151s jelz\u00e9s arra, hogy mennyi lehet szerint\u00fck a r\u00e9szv\u00e9ny val\u00f3s \u00e9rt\u00e9ke, viszont \u00f6nmag\u00e1ban nem bizony\u00edt\u00e9k semmire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A m\u00e1sik, hogy ezzel a CMG feladja a nett\u00f3 k\u00e9szp\u00e9nzpoz\u00edci\u00f3j\u00e1t:<\/strong> a 7.8 milli\u00f3 CAD-os leh\u00edv\u00e1s mell\u00e9 j\u00f6n a 20 milli\u00f3, \u00e9s a m\u00e9rleg \u00e1tfordul enyhe nett\u00f3 ad\u00f3ss\u00e1gba. 0.2x k\u00f6r\u00fcli nett\u00f3 ad\u00f3ss\u00e1g\/EBITDA mellett ez p\u00e9nz\u00fcgyileg jelent\u00e9ktelen, de elvi v\u00e1lt\u00e1s: eddig a CMG a saj\u00e1t p\u00e9nz\u00e9b\u0151l v\u00e1s\u00e1rolt vissza, mostant\u00f3l hitelb\u0151l. Ha a szerves stabiliz\u00e1l\u00f3d\u00e1s nem j\u00f6n \u00f6ssze, akkor egyszerre kell majd ad\u00f3ss\u00e1got t\u00f6rleszteni, akviz\u00edci\u00f3t fizetni \u00e9s osztal\u00e9kot fenntartani, abban a sorrendben, ahogy a menedzsment prioritiz\u00e1l.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"V7FXfEDCiH\"><a href=\"https:\/\/iocharts.io\/blog\/a-lumine-group-reszveny-elemzese-mini-csu-a-b2b-szektorban\/\">A Lumine Group r\u00e9szv\u00e9ny elemz\u00e9se &#8211; Mini CSU a B2B szektorban<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cA Lumine Group r\u00e9szv\u00e9ny elemz\u00e9se \u2013 Mini CSU a B2B szektorban\u201d \u2014 iO Charts\" data-src=\"https:\/\/iocharts.io\/blog\/a-lumine-group-reszveny-elemzese-mini-csu-a-b2b-szektorban\/embed\/#?secret=4Td2FX9yNc#?secret=V7FXfEDCiH\" data-secret=\"V7FXfEDCiH\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Mennyire aggaszt\u00f3ak a fentiek? Kiindulva a kor\u00e1bbi sorozatfelv\u00e1s\u00e1rl\u00f3kkal kapcsolatban szerzett tapasztalataimb\u00f3l: <strong>semennyire.<\/strong> P\u00e1r gondolat a fentiekhez:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcb0a sorozatfelv\u00e1s\u00e1rl\u00f3k szinte mindegyike enyhe ad\u00f3ss\u00e1ggal rendelkezik, mert ez a t\u0151kehat\u00e9kony. Az ad\u00f3ss\u00e1g kamatr\u00e1ford\u00edt\u00e1sa ugyanis le\u00edrhat\u00f3 az ad\u00f3b\u00f3l, \u00edgy javul a WACC, vagyis a t\u0151kek\u00f6lts\u00e9g (tulajdonk\u00e9ppen t\u0151ke\u00e1tt\u00e9telk\u00e9nt viselkedik az ad\u00f3ss\u00e1g),<\/li>\n\n\n\n<li>\ud83d\udcb8a felv\u00e1s\u00e1rl\u00e1sokra k\u00f6lt\u00f6tt ad\u00f3ss\u00e1got a felv\u00e1s\u00e1rolt v\u00e1llalat szabad k\u00e9szp\u00e9nz\u00e1ram\u00e1b\u00f3l lehet cs\u00f6kkenteni, ami egy nagyon hat\u00e9kony m\u00f3dja az \u00e9rt\u00e9kteremt\u00e9snek, amennyiben a felv\u00e1s\u00e1rl\u00e1si \u00e1r alacsony (a fentiekben \u00edrtam, hogy az),<\/li>\n\n\n\n<li>\ud83d\udcc9a r\u00e9szv\u00e9ny\u00e1r olyan alacsony, hogy a saj\u00e1tr\u00e9szv\u00e9ny visszav\u00e1s\u00e1rl\u00e1s m\u00e1r hat\u00e9konyabb t\u0151keallok\u00e1ci\u00f3s megold\u00e1s, mint a felv\u00e1s\u00e1rl\u00e1s, vagyis a v\u00e1llalat jelent\u0151sen alul\u00e9rt\u00e9kelt a menedzsment szerint,<\/li>\n\n\n\n<li>\ud83e\ude99ha null\u00e1ra v\u00e1gj\u00e1k az osztal\u00e9kot, akkor sem t\u00f6rt\u00e9nik semmi, a legt\u00f6bb sorozatfelv\u00e1s\u00e1rl\u00f3, p\u00e9ld\u00e1ul a Constellation Software, a Topicus, a Lumine, a Kelly Partners Group, a Teqnion, a R\u00f6ko AB stb., sem fizetnek osztal\u00e9kot.<\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\ud83e\udd14Vagyis a fentiek tipikusan k\u00f6vetik a szok\u00e1sos sorozatfelv\u00e1s\u00e1rl\u00f3 c\u00e9gek \u00e1ltal produk\u00e1lt mint\u00e1zatot, csak ezeket a piac \u00e1ltal\u00e1ban nem ismeri vagy f\u00e9lre\u00e9rti.<\/mark><\/strong><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Computer Modelling Group 2027 Q1: progn\u00f3zis<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A menedzsment meger\u0151s\u00edtette a teljes \u00e9vre vonatkoz\u00f3 kil\u00e1t\u00e1sokat, \u00e9s k\u00fcl\u00f6n ir\u00e1nymutat\u00e1st adott a k\u00f6vetkez\u0151 negyed\u00e9vre:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udd01 Az ism\u00e9tl\u0151d\u0151 bev\u00e9tel Q2-ben szekvenci\u00e1lisan n\u0151, mert a meg\u00faj\u00edt\u00e1si ciklus nagyobb r\u00e9sze esik erre az id\u0151szakra. <strong>A CMG-n\u00e9l Q1 tipikusan a leggyeng\u00e9bb, Q4 a leger\u0151sebb negyed\u00e9v.<\/strong><\/li>\n\n\n\n<li>\ud83d\udcc9 A professional services bev\u00e9tel Q2-ben lesz a m\u00e9lyponton, a Bluware kivezet\u00e9s befejez\u0151dik, plusz a ny\u00e1ri h\u00f3napok alacsonyabb aktivit\u00e1sa is \u00e9rv\u00e9nyes\u00fcl.<\/li>\n\n\n\n<li>\ud83e\uddee A korrig\u00e1lt EBITDA \u00e9s a marzs Q2-ben szekvenci\u00e1lisan \u00e9s \u00e9v\/\u00e9v alapon is cs\u00f6kken, r\u00e9szben a szolg\u00e1ltat\u00e1si m\u00e9lypont, r\u00e9szben a meg\u00faj\u00edt\u00e1sokhoz k\u00f6t\u00f6tt \u00fcgyn\u00f6ki jutal\u00e9kok miatt.<\/li>\n\n\n\n<li><strong>\ud83d\udcc5 A teljes \u00e9vre: <\/strong>stabil organikus ism\u00e9tl\u0151d\u0151 bev\u00e9tel, nincs korrig\u00e1lt EBITDA cs\u00f6kken\u00e9s a 2026-os \u00e9vhez k\u00e9pest, \u00e9s javul\u00f3 szabad cash flow.<\/li>\n\n\n\n<li>\u26a0\ufe0f A professional services \u00e9ves visszaes\u00e9s\u00e9nek v\u00e1rakoz\u00e1s\u00e1t 6-7 milli\u00f3 CAD-ra rontott\u00e1k a kor\u00e1bbi 6 milli\u00f3r\u00f3l.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> figyelj\u00e9tek meg, hogy a menedzsment gyakorlatilag megk\u00e9rte a befektet\u0151ket, hogy ne a Q2-t n\u00e9zz\u00e9k. El\u0151re bejelentett\u00e9k, hogy a k\u00f6vetkez\u0151 negyed\u00e9v a szolg\u00e1ltat\u00e1si szegmens m\u00e9lypontja lesz, roml\u00f3 marzzsal, mik\u00f6zben a teljes \u00e9vre stabilit\u00e1st \u00edg\u00e9rnek. Ez matematikailag azt jelenti, hogy a H2-nek nagyot kell sz\u00f3lnia. Ha valaki t\u00e9nyleg tesztelni akarja ezt a t\u00e9zist, akkor a novemberi Q2 jelent\u00e9sben egyetlen sort \u00e9rdemes megkeresni: az organikus ism\u00e9tl\u0151d\u0151 bev\u00e9tel v\u00e1ltoz\u00e1s\u00e1t.<strong> Ha az nulla k\u00f6r\u00fcl vagy pozit\u00edvban van, a turnaround sztori t\u00e9nyleg fordulni kezdett.<\/strong> Ha m\u00e9g mindig m\u00ednuszban, akkor a b\u00e1zishat\u00e1s magyar\u00e1zat nem \u00e1llt meg, \u00e9s valami m\u00e1ssal \u00e1llsz szemben. Ez az a fajta konkr\u00e9t, c\u00e1folhat\u00f3 \u00e1ll\u00edt\u00e1s, ami\u00e9rt \u00e9rdemes negyed\u00e9ves jelent\u00e9seket olvasni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Computer Modelling Group 2027 Q1: menedzsment csere-bere<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Computer Modelling Group (TSX:CMG) mellett sz\u00f3l\u00f3 egyik legnyom\u00f3sabb \u00e9rv az, hogy tele van egykori Constellation Software tagokkal vagy m\u00e1s sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalatokn\u00e1l dolgoz\u00f3, nagyon tapasztalt vezet\u0151kkel. A kor\u00e1bbi, f\u0151leg a 2025-\u00f6s \u00e1llapothoz k\u00e9pest az\u00e9rt voltak jelent\u0151s v\u00e1ltoz\u00e1sok, de szerintem a t\u00e1voz\u00f3k eset\u00e9ben nyom\u00f3s volt az indok, m\u00edg az \u00fajak \u00e9rdemben er\u0151s\u00edtik a v\u00e1llalat vezet\u00e9s\u00e9t. B\u00e1r a fluktu\u00e1ci\u00f3 a Computer Modelling Group 2027 Q1-es jelent\u00e9se \u00e9s a kor\u00e1bbi negyed\u00e9vek alapj\u00e1n el\u00e9gg\u00e9 hardcore, szerintem ez sz\u00fcks\u00e9ges \u00e9s el\u00e9gs\u00e9ges felt\u00e9tele annak, hogy a v\u00e1llalat egy igazi sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalatt\u00e1 v\u00e1ljon. N\u00e9zz\u00fck a kulcsszerepl\u0151ket ebben a folyamatban!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">A CMG t\u00e1voz\u00f3i<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mark Miller:<\/strong> igazgat\u00f3 2019-t\u0151l, eln\u00f6k 2022-t\u0151l. M\u00e1r nem szerepelt a 2025. szeptember 4-i k\u00f6zgy\u0171l\u00e9s jel\u00f6ltlist\u00e1j\u00e1n. H\u00e1rom h\u00e9ttel k\u00e9s\u0151bb, 2025. szeptember 25-\u00e9n a CSU eln\u00f6k\u00e9v\u00e9 nevezt\u00e9k ki Mark Leonard eg\u00e9szs\u00e9g\u00fcgyi okokb\u00f3l t\u00f6rt\u00e9nt lemond\u00e1sa ut\u00e1n. H\u00e1tt\u00e9r: a Trapeze Group t\u00e1rsalap\u00edt\u00f3ja (1988), a CSU els\u0151 felv\u00e1s\u00e1rl\u00e1sa 1995-ben; 30+ \u00e9v a CSU-n\u00e1l \u00e9s a Volarisn\u00e1l; a Lumine igazgat\u00f3tan\u00e1cs\u00e1nak eln\u00f6ke. <strong>Ez volt a leger\u0151sebb CSU-oper\u00e1tor kapcsolat.<\/strong><\/li>\n\n\n\n<li><strong>John Billowits:<\/strong> a 2023-as inform\u00e1ci\u00f3s k\u00f6rlev\u00e9lben szerepelt a bemutat\u00e1sa; <strong>CSU-igazgat\u00f3 2020 szeptembere \u00f3ta, kor\u00e1bban a Jonas Operating Group eln\u00f6ke, a Togetherwork \u00e9s a Topicus igazgat\u00f3ja.<\/strong> A mostani test\u00fcletben nincs benne. <strong>A t\u00e1voz\u00e1s pontos id\u0151pontj\u00e1t \u00e9s ok\u00e1t nem siker\u00fclt megtal\u00e1lnom.<\/strong><\/li>\n\n\n\n<li><strong>Mohammad Khalaf<\/strong>: corporate development vezet\u0151je 2022 \u00f3ta. <strong>H\u00e9t \u00e9v M&amp;A aleln\u00f6kk\u00e9nt a CSU egyik operating groupj\u00e1n\u00e1l.<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"687\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-directors-1024x687.png.webp\" alt=\"a Computer Modelling Group 2027 Q1, az igazgat\u00f3tan\u00e1cs\" class=\"wp-image-12084 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/687;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-directors-1024x687.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-directors-414x278.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-directors-768x515.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/08\/Computer-modelling-group-2027-Q1-directors.png.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/www.cmgl.ca\/wp-content\/uploads\/2026\/08\/CMG-IR-Presentation-Q1-2027-FINAL.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">CMG Presentation<\/a>, a Computer Modelling Group 2027 Q1, az igazgat\u00f3tan\u00e1cs<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A CMG jelenlegi igazgat\u00f3tan\u00e1csi tagjai<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Andrew Pastor:<\/strong> az igazgat\u00f3tan\u00e1cs eln\u00f6ke 2025. szeptember 4. \u00f3ta.<strong> CSU-igazgat\u00f3, EdgePoint portf\u00f3li\u00f3kezel\u0151. <\/strong>Az EdgePoint egy\u00fcttesen a CMG r\u00e9szv\u00e9nyeinek kb. 27%-\u00e1t kezeli, \u0151 szem\u00e9lyesen ~0.75%-os r\u00e9szesed\u00e9st tart.<\/li>\n\n\n\n<li><strong>Birgit Troy:<\/strong> igazgat\u00f3 2024 \u00f3ta. Volaris CFO \u2192 Constellation CFO \u2192 Incognito Software Systems CFO (2015\u201316) \u2192 Lumine Group CFO \/ Portfolio CFO (2016\u201321), <strong>ahol 16 vertik\u00e1lis piaci szoftverc\u00e9g felv\u00e1s\u00e1rl\u00e1s\u00e1t \u00e9s integr\u00e1ci\u00f3j\u00e1t vezette.<\/strong> <strong>A legm\u00e9lyebb val\u00f3di CSU-oper\u00e1tor kapcsolat a test\u00fcletben.<\/strong><\/li>\n\n\n\n<li><strong>Christopher Wright:<\/strong> igazgat\u00f3 2026. febru\u00e1r 10. \u00f3ta. 35 \u00e9vig a Roper Technologies test\u00fclet\u00e9ben, ahol 60+ akviz\u00edci\u00f3 zajlott \u00e9s az EV 60 milli\u00e1rd USD f\u00f6l\u00e9 n\u0151tt; az Idox plc t\u00e1rsalap\u00edt\u00f3 igazgat\u00f3ja \u00e9s f\u0151 k\u00fcls\u0151 befektet\u0151je. Nem CSU, hanem Roper-iskola, ami egy roll-up jelleg\u0171, de szint\u00e9n sorozatfelv\u00e1s\u00e1rl\u00f3 c\u00e9g.<\/li>\n\n\n\n<li><strong>Alex Davern:<\/strong> igazgat\u00f3 2024 m\u00e1jusa \u00f3ta. Ex-National Instruments CEO\/COO\/CFO, ex-ESI Group eln\u00f6k. Nem sorozatfelv\u00e1s\u00e1rl\u00f3-h\u00e1tt\u00e9r, de nagyv\u00e1llalati szoftver-oper\u00e1tor, ami a VMS t\u00e9rben j\u00f6n j\u00f3l.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-be-gyaz-s wp-block-embed-be-gyaz-s\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"zvHdEScodP\"><a href=\"https:\/\/iocharts.io\/blog\/a-constellation-software-reszvenyelemzese-csu-sorozatban\/\">Constellation Software (CSU): a sorozatfelv\u00e1s\u00e1rl\u00f3 g\u00e9pezet<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cConstellation Software (CSU): a sorozatfelv\u00e1s\u00e1rl\u00f3 g\u00e9pezet\u201d \u2014 iO Charts\" data-src=\"https:\/\/iocharts.io\/blog\/a-constellation-software-reszvenyelemzese-csu-sorozatban\/embed\/#?secret=keukRm9KvE#?secret=zvHdEScodP\" data-secret=\"zvHdEScodP\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A CMG jelenlegi<\/strong> <strong>menedzsmentj<\/strong>\u00e9nek fontosabb tagjai<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Vipin Khullar<\/strong>: CFO, 2025. j\u00falius 28. \u00f3ta. <strong>A CSU Perseus Operating Groupj\u00e1t\u00f3l \u00e9rkezett, ahol legut\u00f3bb CFO volt;<\/strong> nyolc \u00e9v akviz\u00edci\u00f3s \u00e9s shared-services tapasztalat. \u00daj \u00e9rkez\u0151, er\u0151s\u00edt\u00e9s a Constellation Software-t\u0151l.<\/li>\n\n\n\n<li><strong>Matthew Miller: VP, Corporate Development.<\/strong> Van k\u00f6t\u0151d\u00e9se, de nem CSU. A saj\u00e1t bemutat\u00e1sa szerint kor\u00e1bban vezet\u0151 elemz\u0151 volt az Old Well Partnersn\u00e9l, egy magas min\u0151s\u00e9g\u0171, n\u00f6vekv\u0151 v\u00e1llalkoz\u00e1sokra, k\u00f6zt\u00fck szoftverc\u00e9gekre, f\u00f3kusz\u00e1l\u00f3 glob\u00e1lis befektet\u00e9si c\u00e9gn\u00e9l, azel\u0151tt pedig t\u00e1rsalap\u00edt\u00f3ja a Boyles Asset Managementnek, egy glob\u00e1lis kis kapitaliz\u00e1ci\u00f3j\u00fa v\u00e1llalatokkal foglalkoz\u00f3 befektet\u00e9si c\u00e9gnek. El\u0151bb VP Strategy volt a CMG-n\u00e9l, majd \u00e1tvette a corporate developmentet.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> Mark Millernek k\u00e9nyszerb\u0151l kellett t\u00e1voznia, mivel a vil\u00e1g legnagyobb sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalat\u00e1nak az \u00fcgyvezet\u0151 igazgat\u00f3ja lett. Cser\u00e9be rendesen telet\u00f6mt\u00e9k az igazgat\u00f3tan\u00e1csot \u00e9s a menedzsmentet Constellation genetik\u00e1t magukban hordoz\u00f3 eln\u00f6k\u00f6kkel. Val\u00f3j\u00e1ban itt a r\u00e9gi g\u00e1rda tagjai &#8211; Ken Dedeluk, Peter Kinash &#8211; maradtak az igazgat\u00f3s\u00e1gi tagok k\u00f6z\u00f6tt, de a t\u00f6bbi tagnak m\u00e1r er\u0151s k\u00f6t\u0151d\u00e9se van sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalatokkal. Mivel az EdgePoint portf\u00f3li\u00f3kezel\u0151n kereszt\u00fcl t\u00f6bb, mint a v\u00e1llalat 27.45%-a felett egy CSU igazgat\u00f3 rendelkezik, nem sz\u00e1molva a saj\u00e1t nev\u00e9n szerepl\u0151 tov\u00e1bbi 0.75%-ot, ez\u00e9rt l\u00e9nyeg\u00e9ben \u0151k hat\u00e1rozz\u00e1k meg, mi t\u00f6rt\u00e9nik a CMG-n\u00e9l. A blokkol\u00f3 kisebbs\u00e9ghez ~33% kell, de a k\u00f6zgy\u0171l\u00e9sen \u00e1ltal\u00e1ban a kisr\u00e9szv\u00e9nyesekkel egy\u00fctt 65-70% vesz r\u00e9szt, \u00edgy a val\u00f3s\u00e1gban sokszor az EdgePoint d\u00f6nt, de ha nem, akkor is tud blokkolni.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\u261d\ufe0f\u00d6sszefoglalva a fentieket: A Computer Modelling Group ir\u00e1ny\u00edt\u00e1s\u00e1t a Constellation tagok kez\u00e9b\u0151l nagyon neh\u00e9z lenne kicsavarni, \u00edgy v\u00e1rhat\u00f3an a CSU pozit\u00edv gyakorlat\u00e1t fogj\u00e1k itt is meghonos\u00edtani.<\/mark><\/strong><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">A fentieken t\u00fal m\u00e9g megpakolt\u00e1k a Computer Modelling Groupot olyan emberekkel, akik vagy az olajiparhoz vagy kism\u00e9ret\u0171 c\u00e9gek felv\u00e1s\u00e1rl\u00e1s\u00e1hoz \u00e9rtenek. Fontos, hogy ezek bizonyos szempontb\u00f3l VMS szoftverek, meglehet\u0151sen speci\u00e1lisak, de a felv\u00e1s\u00e1rl\u00e1si metodika nagyj\u00e1b\u00f3l v\u00e9lhet\u0151en ugyanaz lesz, mint amit a CSU univerzumban l\u00e1thatsz.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Computer Modelling Group 2027 Q1: \u00f6sszegz\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nem fogom sz\u00e9p\u00edteni: a CMG egy \u00e1tmeneti id\u0151szak k\u00f6zep\u00e9n van, \u00e9s ez az \u00e1tmenet dr\u00e1g\u00e1bb \u00e9s lassabb, mint amit a piac szeretett volna l\u00e1tni, meg is b\u00fcntette a c\u00e9get a brut\u00e1lis \u00e1rfolyames\u00e9ssel. A g\u00f6rd\u00fcl\u0151 korrig\u00e1lt EBITDA marzs 34%-r\u00f3l 28%-ra sz\u0171k\u00fclt, a r\u00e9szv\u00e9ny ~73%-kal van a mindenkori cs\u00facs alatt, \u00e9s az eredeti rezervo\u00e1r-szimul\u00e1ci\u00f3s \u00fczlet organikus r\u00e9sze is zsugorodik.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\ud83e\udd14Ugyanakkor a l\u00e9nyeg szerintem nem ez. A k\u00e9rd\u00e9s az, hogy egy t\u0151keallok\u00e1ci\u00f3-vez\u00e9relt \u00e1talakul\u00e1s f\u00e9lidej\u00e9ben j\u00e1runk-e, vagy egy lass\u00fa le\u00e9p\u00fcl\u00e9st n\u00e9z\u00fcnk dr\u00e1ga felv\u00e1s\u00e1rl\u00e1sokkal \u00e1lc\u00e1zva. <\/mark><\/strong><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">A mellette sz\u00f3l\u00f3 \u00e9rvek: a mag \u00fczlet 48 \u00e9ve l\u00e9tezik, misszi\u00f3kritikus, hat\u00f3s\u00e1gi beadv\u00e1nyokba be\u00e9p\u00fclt, \u00e9s a szerves visszaes\u00e9s dokument\u00e1lhat\u00f3an egyetlen elvesz\u00edtett szerz\u0151d\u00e9shez k\u00f6thet\u0151, aminek most futott ki a b\u00e1zisa. A Constellation-DNS (Wright a Ropert\u00f3l, decentraliz\u00e1lt modell, ROIC-alap\u00fa \u00f6szt\u00f6nz\u0151k) val\u00f3s, nem csak marketing duma, \u00e9s a r\u00e9szv\u00e9nysz\u00e1m is cs\u00f6kken, nem pedig n\u0151.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az ellene sz\u00f3l\u00f3 \u00e9rvek is val\u00f3sak: n\u00e9gy integr\u00e1ci\u00f3t p\u00e1rhuzamosan futtatni egy zsugorod\u00f3 mag\u00fczlet mellett nem trivi\u00e1lis, a marzssz\u0171k\u00fcl\u00e9s nem \u00e1llt meg, \u00e9s a hitelb\u0151l finansz\u00edrozott visszav\u00e1s\u00e1rl\u00e1s mindig rejt mag\u00e1ban kock\u00e1zatokat. <strong>A Computer Modelling Groupot (TSX:CMG) tov\u00e1bbra is egy t\u00fcrelmi t\u00e9zisnek tartom, ahol az id\u0151 a befektet\u0151 ellen dolgozik addig, am\u00edg az organikus n\u00f6veked\u00e9st nem p\u00f3tolja a felv\u00e1s\u00e1rl\u00e1sokb\u00f3l sz\u00e1rmaz\u00f3 k\u00e9szp\u00e9nz\u00e1ram. <\/strong>K\u00e9t-h\u00e1rom negyed\u00e9v alatt kider\u00fcl, hogy lesz-e egy Constellation szoftver-f\u00e9le sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalat az olajiparban is.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Aki pedig szeretne m\u00e9g ink\u00e1bb k\u00e9pbe ker\u00fclni a Computer Modelling Grouppal kapcsolatban, az olvassa el az eredeti elemz\u00e9st, ezen a linken: <a href=\"https:\/\/iocharts.io\/blog\/computer-modelling-group-reszvenyelemzese-tsxcmg\/\" target=\"_blank\" rel=\"noreferrer noopener\">Computer Modelling Group r\u00e9szv\u00e9ny elemz\u00e9se.<\/a><\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong>\ud83e\udd11<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Ha \u00e9rdekel, hogy mi milyen br\u00f3kereket haszn\u00e1lunk, akkor olvasd el az al\u00e1bbi \u00edr\u00e1sainkat:<\/mark><\/strong><br>\ud83d\udcc9<a href=\"https:\/\/iocharts.io\/blog\/interactive-brokers-broker-szamla-elemzes-profiknak-profi\/\" target=\"_blank\" rel=\"noreferrer noopener\">Interactive Brokers br\u00f3ker sz\u00e1mla elemz\u00e9s \u2013 Profiknak profi<\/a><br>\ud83d\udcc8<a href=\"https:\/\/iocharts.io\/blog\/lightyear-broker-szamla-elemzes-egyszeruseg-es-olcsosag-kez-a-kezben\/\" target=\"_blank\" rel=\"noreferrer noopener\">LightYear br\u00f3ker sz\u00e1mla elemz\u00e9s - Egyszer\u0171s\u00e9g \u00e9s olcs\u00f3s\u00e1g k\u00e9z a k\u00e9zben<\/a><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<!-- ============================================================\n     GY\u00cdK ACCORDION - iO Charts (CMG cikk)\n     ============================================================ -->\n<style>\n.io-faq {\n  --faq-navy:      #1b3a5f;\n  --faq-accent:    #e2662c;\n  --faq-text:      #333333;\n  --faq-line:      #dfe5ec;\n  --faq-hover:     #eef4fa;\n  --faq-bg:        #f4f8fc;\n\n  background: var(--faq-bg);\n  padding: 2em 2em 1.5em 2em;\n  border-radius: 10px;\n  max-width: 100%;\n  margin: 2.5em 0;\n}\n\n.io-faq__title {\n  text-align: center;\n  color: var(--faq-navy);\n  margin: 0 0 1.5em 0;\n}\n\n.io-faq__subtitle {\n  display: flex;\n  align-items: center;\n  gap: 1.1em;\n  color: var(--faq-accent);\n  margin: 0 0 1.8em 0;\n  font-size: .95em;\n  white-space: nowrap;\n}\n\n.io-faq__subtitle::before,\n.io-faq__subtitle::after {\n  content: \"\";\n  flex: 1;\n  height: 1px;\n  opacity: .45;\n}\n\n.io-faq__subtitle::before {\n  background: linear-gradient(to right, transparent, var(--faq-accent));\n}\n\n.io-faq__subtitle::after {\n  background: linear-gradient(to left, transparent, var(--faq-accent));\n}\n\n.io-faq__intro {\n  text-align: left;\n  color: var(--faq-text);\n  line-height: 1.7;\n  margin: 0 0 2em 0;\n}\n\n.io-faq__intro p { margin: 0 0 .9em 0; 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font-size: .85em; }\n}\n<\/style>\n\n<div class=\"io-faq\">\n  <h2 class=\"io-faq__title\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek a Computer Modelling Group r\u00e9szv\u00e9nyr\u0151l<\/h2>\n  <p class=\"io-faq__subtitle\">V\u00e1laszok a leggyakoribb k\u00e9rd\u00e9sekre<\/p>\n  <div class=\"io-faq__intro\">\n    <p>A Computer Modelling Group r\u00e9szv\u00e9nyt tartod, vagy csak \u00e9rteni akarod, mi t\u00f6rt\u00e9nt a 2027 Q1-es jelent\u00e9s ut\u00e1n? Itt t\u00f6m\u00f6r v\u00e1laszokat tal\u00e1lsz a legt\u00f6bbet k\u00e9rdezett t\u00e9m\u00e1kra: mi\u00e9rt esett ekkor\u00e1t az \u00e1rfolyam, mit jelent a hitelb\u0151l finansz\u00edrozott r\u00e9szv\u00e9ny-visszav\u00e1s\u00e1rl\u00e1s, t\u00e9nyleg sorozatfelv\u00e1s\u00e1rl\u00f3v\u00e1 alakul-e a c\u00e9g, kik \u00e1llnak a t\u0151keallok\u00e1ci\u00f3 m\u00f6g\u00f6tt, \u00e9s mikor der\u00fcl ki, hogy a turnaround t\u00e9nyleg fordul-e.<\/p>\n    <p>Kattints b\u00e1rmelyik k\u00e9rd\u00e9sre, \u00e9s kiny\u00edlik a v\u00e1lasz. Ezek sz\u00e1nd\u00e9kosan r\u00f6vid \u00f6sszefoglal\u00f3k: ha a r\u00e9szletek is \u00e9rdekelnek, azokat feljebb, a cikk megfelel\u0151 fejezeteiben bontom ki b\u0151vebben. Fontos: a CMG egy \u00e1talakul\u00e1s k\u00f6zep\u00e9n van, az adatok a cikk \u00edr\u00e1s\u00e1nak id\u0151pontj\u00e1t t\u00fckr\u00f6zik.<\/p>\n  <\/div>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>J\u00f3 befektet\u00e9s most a Computer Modelling Group r\u00e9szv\u00e9ny?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>Ez egy t\u00fcrelmi t\u00e9zis, nem egy bev\u00e1lt compounder. Az \u00e1raz\u00e1s nem dr\u00e1ga: kb. 300 milli\u00f3 CAD kapitaliz\u00e1ci\u00f3, nagyj\u00e1b\u00f3l 8x EV\/g\u00f6rd\u00fcl\u0151 korrig\u00e1lt EBITDA \u00e9s 6.7%-os FCF-hozam, mik\u00f6zben a r\u00e9szv\u00e9nysz\u00e1m egy \u00e9v alatt 6.1%-kal cs\u00f6kkent. A bemenetek j\u00f3k \u2013 t\u0151keallok\u00e1tor-vezet\u00e9s, decentraliz\u00e1lt szerkezet, olcs\u00f3n vett akviz\u00edci\u00f3k \u2013, a kimenetek viszont m\u00e9g nincsenek meg, \u00e9s a v\u00e9gpiac ciklikus. Az id\u0151 addig a befektet\u0151 ellen dolgozik, am\u00edg a felv\u00e1s\u00e1rl\u00e1sokb\u00f3l sz\u00e1rmaz\u00f3 k\u00e9szp\u00e9nz\u00e1ram nem p\u00f3tolja az organikus visszaes\u00e9st.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi\u00e9rt esett ekkor\u00e1t a CMG \u00e1rfolyama a jelent\u00e9s ut\u00e1n?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A 2027 Q1-es jelent\u00e9sben 16%-os organikus bev\u00e9telcs\u00f6kken\u00e9s \u00e9s 12%-os organikus visszaes\u00e9s szerepelt az ism\u00e9tl\u0151d\u0151 bev\u00e9telben, az EPS pedig 0.04 CAD-r\u00f3l 0.02 CAD-ra felez\u0151d\u00f6tt a 0.037 CAD-os elemz\u0151i konszenzussal szemben. A piac r\u00e1ad\u00e1sul azt is l\u00e1tta, hogy a menedzsment kor\u00e1bbi \u00edg\u00e9rete \u2013 pozit\u00edv organikus n\u00f6veked\u00e9s a 2027-es p\u00e9nz\u00fcgyi \u00e9vben \u2013 \u201estabil&#8221; organikus bev\u00e9telre m\u00f3dosult. Egy ilyen m\u00e9rt\u00e9k\u0171 elmarad\u00e1s egy am\u00fagy is nyomott \u00e1raz\u00e1s\u00fa, vitatott sztorin\u00e1l k\u00e9tsz\u00e1mjegy\u0171 \u00e1rfolyammozg\u00e1st okoz.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mit jelent a substantial issuer bid (SIB), \u00e9s mit \u00e9rdemes vele kezdeni?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A SIB egy kanadai \u00e9rt\u00e9kpap\u00edrjogi forma: a c\u00e9g form\u00e1lis, hat\u00e1rid\u0151s v\u00e9teli aj\u00e1nlatot tesz a saj\u00e1t r\u00e9szv\u00e9nyeire, szemben a csendes t\u0151zsdei visszav\u00e1s\u00e1rl\u00e1ssal (NCIB). A CMG m\u00f3dos\u00edtott holland aukci\u00f3t haszn\u00e1l 4.00\u20134.50 CAD-os s\u00e1vban, legfeljebb 20 milli\u00f3 CAD \u00e9rt\u00e9kben, 2026. augusztus 14-t\u0151l szeptember 21-ig. Aki nem ny\u00fajt be r\u00e9szv\u00e9nyt, annak automatikusan n\u0151 a tulajdoni h\u00e1nyada.<\/p>\n      <p>Fontos ad\u00f3z\u00e1si tudnival\u00f3: a SIB-ben kapott ellen\u00e9rt\u00e9k Kanad\u00e1ban r\u00e9szben v\u00e9lelmezett osztal\u00e9knak (deemed dividend) min\u0151s\u00fclhet, amib\u0151l nem-rezidens r\u00e9szv\u00e9nyesn\u00e9l forr\u00e1sad\u00f3t vonhatnak. Ezt az aj\u00e1nlati k\u00f6rlev\u00e9lb\u0151l \u00e9s a br\u00f3kered corporate action \u00e9rtes\u00edt\u0151j\u00e9b\u0151l \u00e9rdemes ellen\u0151rizni, miel\u0151tt b\u00e1rki beny\u00fajt.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>T\u00e9nyleg sorozatfelv\u00e1s\u00e1rl\u00f3v\u00e1 alakul a Computer Modelling Group?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>34 h\u00f3nap alatt n\u00e9gy akviz\u00edci\u00f3 z\u00e1rult (Bluware, Sharp Reflections, SeisWare, Rose &amp; Associates), t\u00f6bb mint 90 milli\u00f3 CAD allok\u00e1lt t\u0151k\u00e9vel \u00e9s nagyj\u00e1b\u00f3l 60 milli\u00f3 CAD hozott \u00e9ves bev\u00e9tellel, ami k\u00f6r\u00fclbel\u00fcl 1.5x \u00e1rbev\u00e9tel-szorz\u00f3t jelent. A felv\u00e1s\u00e1rolt c\u00e9gek megtartj\u00e1k a saj\u00e1t m\u00e1rk\u00e1jukat, term\u00e9k-roadmapjukat \u00e9s general manager\u00fcket, ami val\u00f3di decentraliz\u00e1lt szerkezet. Az \u00e1talakul\u00e1s teh\u00e1t elindult \u2013 de n\u00e9gy \u00fcgylet m\u00e9g nem bev\u00e1lt g\u00e9pezet, \u00e9s a k\u00f6vetkez\u0151 2-3 tranzakci\u00f3 m\u00e9rete, szorz\u00f3ja \u00e9s ritmusa d\u00f6nti el, hogy megism\u00e9telhet\u0151 motorr\u00f3l vagy alkalmi v\u00e1s\u00e1rl\u00e1sokr\u00f3l van-e sz\u00f3.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Val\u00f3ban a Constellation Software emberei ir\u00e1ny\u00edtj\u00e1k a CMG-t?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>R\u00e9szben. Az igazgat\u00f3tan\u00e1csban Andrew Pastor (CSU-igazgat\u00f3, EdgePoint portf\u00f3li\u00f3kezel\u0151) az eln\u00f6k, Birgit Troy pedig a legm\u00e9lyebb oper\u00e1tori kapcsolat: Volaris \u00e9s Constellation CFO, majd a Lumine Portfolio CFO-jak\u00e9nt 16 vertik\u00e1lis szoftverc\u00e9g felv\u00e1s\u00e1rl\u00e1s\u00e1t vezette. A menedzsmentben Vipin Khullar CFO \u00e9rkezett a Perseus Operating Groupt\u00f3l.<\/p>\n      <p>Ugyanakkor a leger\u0151sebb CSU-oper\u00e1tor, Mark Miller 2025 szeptember\u00e9ben t\u00e1vozott, mert a Constellation eln\u00f6ke lett. Pramod Jain vez\u00e9rigazgat\u00f3nak nincs CSU-h\u00e1ttere (Sabre, Plusgrade), Christopher Wright pedig a Ropert\u00f3l j\u00f6tt, nem a Constellationt\u00f3l. A DNS teh\u00e1t val\u00f3s, de kevertebb, mint amit a legt\u00f6bb elemz\u00e9s sugall: t\u00f6bb sorozatfelv\u00e1s\u00e1rl\u00f3-iskola \u00fcl egyszerre az asztaln\u00e1l.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Aggaszt\u00f3, hogy hitelb\u0151l v\u00e1s\u00e1rolnak vissza r\u00e9szv\u00e9nyt?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>P\u00e9nz\u00fcgyileg alig: a m\u00e9rleg enyhe nett\u00f3 ad\u00f3ss\u00e1gba fordul, 0.2x k\u00f6r\u00fcli nett\u00f3 ad\u00f3ss\u00e1g\/EBITDA mellett. Elvi v\u00e1lt\u00e1s viszont, hogy a CMG eddig a saj\u00e1t p\u00e9nz\u00e9b\u0151l v\u00e1s\u00e1rolt vissza. A sorozatfelv\u00e1s\u00e1rl\u00f3k t\u00f6bbs\u00e9ge sz\u00e1nd\u00e9kosan tart enyhe ad\u00f3ss\u00e1got, mert a kamatr\u00e1ford\u00edt\u00e1s cs\u00f6kkenti az ad\u00f3alapot, \u00e9s a felv\u00e1s\u00e1rolt c\u00e9gek cash flow-j\u00e1b\u00f3l gyorsan t\u00f6rleszthet\u0151. A kock\u00e1zat akkor \u00e9les, ha az organikus stabiliz\u00e1l\u00f3d\u00e1s elmarad: akkor egyszerre kell ad\u00f3ss\u00e1got t\u00f6rleszteni, akviz\u00edci\u00f3t fizetni \u00e9s osztal\u00e9kot fenntartani.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mikor der\u00fcl ki, hogy t\u00e9nyleg fordul-e a turnaround?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A 2026. novemberi Q2-jelent\u00e9sben, egyetlen soron: az organikus ism\u00e9tl\u0151d\u0151 bev\u00e9tel v\u00e1ltoz\u00e1s\u00e1n. A menedzsment szerint a nagy elvesz\u00edtett \u00fcgyf\u00e9l b\u00e1zishat\u00e1sa most futott ki, teh\u00e1t innent\u0151l normaliz\u00e1l\u00f3dnia kell az \u00e9v\/\u00e9v \u00f6sszehasonl\u00edt\u00e1snak. Ha ez a sz\u00e1m nulla k\u00f6r\u00fcl vagy pozit\u00edvban van, a t\u00e9zis \u00e9l. Ha m\u00e9g mindig m\u00ednuszban, akkor a b\u00e1zishat\u00e1s-magyar\u00e1zat nem \u00e1llt meg. Figyeld emellett a marzsot is: a 23%-nak vissza kell indulnia felfel\u00e9, ahogy az akviz\u00edci\u00f3k be\u00e9rnek.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mik a Computer Modelling Group r\u00e9szv\u00e9ny legnagyobb kock\u00e1zatai?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>N\u00e9gy f\u0151 t\u00e9tel: az egyetlen, ciklikus \u00e9s konszolid\u00e1l\u00f3d\u00f3 v\u00e9gpiac (upstream olaj- \u00e9s g\u00e1zipar, ahol minden E&amp;P-f\u00fazi\u00f3 automatikusan seat-konszolid\u00e1ci\u00f3t jelent), a magas \u00fcgyf\u00e9lkoncentr\u00e1ci\u00f3 (egyetlen elvesz\u00edtett szerz\u0151d\u00e9s az eg\u00e9sz c\u00e9g ism\u00e9tl\u0151d\u0151 bev\u00e9tel\u00e9t l\u00e1tv\u00e1nyosan leh\u00fazta), a p\u00e1rhuzamosan fut\u00f3 n\u00e9gy integr\u00e1ci\u00f3 zsugorod\u00f3 mag\u00fczlet mellett, valamint a marzsmix roml\u00e1sa, mert az alacsonyabb marzs\u00fa szeizmikus bev\u00e9tel v\u00e1ltja ki a magasabb marzs\u00fa rezervo\u00e1r-szimul\u00e1ci\u00f3t.<\/p>\n    <\/div>\n  <\/details>\n  <details class=\"io-faq__item\">\n    <summary class=\"io-faq__q\"><h3>Mi\u00e9rt zavar\u00f3 a CMG p\u00e9nz\u00fcgyi \u00e9ve?<\/h3><\/summary>\n    <div class=\"io-faq__a\">\n      <p>A CMG p\u00e9nz\u00fcgyi \u00e9ve m\u00e1rcius 31-\u00e9n z\u00e1rul, \u00e9s a z\u00e1r\u00f3 napt\u00e1ri \u00e9vvel jel\u00f6li. Ez\u00e9rt a 2026 augusztus\u00e1ban publik\u00e1lt \u201e2027 Q1&#8243; val\u00f3j\u00e1ban a 2026. \u00e1prilis\u2013j\u00fanius k\u00f6z\u00f6tti id\u0151szak. A m\u00e9dia rendszeresen elrontja: t\u00f6bb h\u00edrport\u00e1l \u201eQ1 2026&#8243;-nak c\u00edmezte ugyanezt a jelent\u00e9st. Ha CMG-sz\u00e1mokat n\u00e9zel b\u00e1rhol, mindig a negyed\u00e9v z\u00e1r\u00f3 d\u00e1tum\u00e1t ellen\u0151rizd, ne a c\u00edmk\u00e9t. K\u00f6vetkez\u0151 jelent\u00e9s: a 2026. szeptember 30-\u00e1n z\u00e1rul\u00f3 Q2, v\u00e1rhat\u00f3an november elej\u00e9n.<\/p>\n    <\/div>\n  <\/details>\n  <p class=\"io-faq__disclaimer\">\n    <strong>Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer):<\/strong> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket. Az itt megjelen\u0151 cikkek semmilyen form\u00e1ban NEM mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s NEM \u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A meghozott d\u00f6nt\u00e9seitek\u00e9rt KIZ\u00c1R\u00d3LAG TI vagytok a felel\u0151sek.\n  <\/p>\n<\/div>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/computer-modelling-group-2027-q1\/#article\",\n      \"about\": {\n        \"@type\": \"Corporation\",\n        \"name\": \"Computer Modelling Group Ltd.\",\n        \"alternateName\": [\"CMG Group\", \"CMG\"],\n        \"tickerSymbol\": \"CMG\",\n        \"url\": \"https:\/\/www.cmgl.ca\/\",\n        \"foundingDate\": \"1978\",\n        \"description\": \"Kanadai, calgary-i sz\u00e9khely\u0171 szoftverc\u00e9g, amely rezervo\u00e1r-szimul\u00e1ci\u00f3s \u00e9s szeizmikus \u00e9rtelmez\u00e9si szoftvereket fejleszt \u00e9s licencel az olaj- \u00e9s g\u00e1zipar, valamint az energia\u00e1tmenet (CCS) sz\u00e1m\u00e1ra. 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Az \u00e1raz\u00e1s nem dr\u00e1ga: kb. 300 milli\u00f3 CAD kapitaliz\u00e1ci\u00f3, nagyj\u00e1b\u00f3l 8x EV\/g\u00f6rd\u00fcl\u0151 korrig\u00e1lt EBITDA \u00e9s 6.7%-os FCF-hozam, mik\u00f6zben a r\u00e9szv\u00e9nysz\u00e1m egy \u00e9v alatt 6.1%-kal cs\u00f6kkent. A bemenetek j\u00f3k \u2013 t\u0151keallok\u00e1tor-vezet\u00e9s, decentraliz\u00e1lt szerkezet, olcs\u00f3n vett akviz\u00edci\u00f3k \u2013, a kimenetek viszont m\u00e9g nincsenek meg, \u00e9s a v\u00e9gpiac ciklikus. Az id\u0151 addig a befektet\u0151 ellen dolgozik, am\u00edg a felv\u00e1s\u00e1rl\u00e1sokb\u00f3l sz\u00e1rmaz\u00f3 k\u00e9szp\u00e9nz\u00e1ram nem p\u00f3tolja az organikus visszaes\u00e9st.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi\u00e9rt esett ekkor\u00e1t a CMG \u00e1rfolyama a jelent\u00e9s ut\u00e1n?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A 2027 Q1-es jelent\u00e9sben 16%-os organikus bev\u00e9telcs\u00f6kken\u00e9s \u00e9s 12%-os organikus visszaes\u00e9s szerepelt az ism\u00e9tl\u0151d\u0151 bev\u00e9telben, az EPS pedig 0.04 CAD-r\u00f3l 0.02 CAD-ra felez\u0151d\u00f6tt a 0.037 CAD-os elemz\u0151i konszenzussal szemben. A piac r\u00e1ad\u00e1sul azt is l\u00e1tta, hogy a menedzsment kor\u00e1bbi \u00edg\u00e9rete \u2013 pozit\u00edv organikus n\u00f6veked\u00e9s a 2027-es p\u00e9nz\u00fcgyi \u00e9vben \u2013 stabil organikus bev\u00e9telre m\u00f3dosult. Egy ilyen m\u00e9rt\u00e9k\u0171 elmarad\u00e1s egy am\u00fagy is nyomott \u00e1raz\u00e1s\u00fa, vitatott sztorin\u00e1l k\u00e9tsz\u00e1mjegy\u0171 \u00e1rfolyammozg\u00e1st okoz.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mit jelent a substantial issuer bid (SIB), \u00e9s mit \u00e9rdemes vele kezdeni?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A SIB egy kanadai \u00e9rt\u00e9kpap\u00edrjogi forma: a c\u00e9g form\u00e1lis, hat\u00e1rid\u0151s v\u00e9teli aj\u00e1nlatot tesz a saj\u00e1t r\u00e9szv\u00e9nyeire, szemben a csendes t\u0151zsdei visszav\u00e1s\u00e1rl\u00e1ssal (NCIB). A CMG m\u00f3dos\u00edtott holland aukci\u00f3t haszn\u00e1l 4.00\u20134.50 CAD-os s\u00e1vban, legfeljebb 20 milli\u00f3 CAD \u00e9rt\u00e9kben, 2026. augusztus 14-t\u0151l szeptember 21-ig. Aki nem ny\u00fajt be r\u00e9szv\u00e9nyt, annak automatikusan n\u0151 a tulajdoni h\u00e1nyada. Fontos ad\u00f3z\u00e1si tudnival\u00f3: a SIB-ben kapott ellen\u00e9rt\u00e9k Kanad\u00e1ban r\u00e9szben v\u00e9lelmezett osztal\u00e9knak (deemed dividend) min\u0151s\u00fclhet, amib\u0151l nem-rezidens r\u00e9szv\u00e9nyesn\u00e9l forr\u00e1sad\u00f3t vonhatnak. Ezt az aj\u00e1nlati k\u00f6rlev\u00e9lb\u0151l \u00e9s a br\u00f3kered corporate action \u00e9rtes\u00edt\u0151j\u00e9b\u0151l \u00e9rdemes ellen\u0151rizni, miel\u0151tt b\u00e1rki beny\u00fajt.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"T\u00e9nyleg sorozatfelv\u00e1s\u00e1rl\u00f3v\u00e1 alakul a Computer Modelling Group?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"34 h\u00f3nap alatt n\u00e9gy akviz\u00edci\u00f3 z\u00e1rult (Bluware, Sharp Reflections, SeisWare, Rose & Associates), t\u00f6bb mint 90 milli\u00f3 CAD allok\u00e1lt t\u0151k\u00e9vel \u00e9s nagyj\u00e1b\u00f3l 60 milli\u00f3 CAD hozott \u00e9ves bev\u00e9tellel, ami k\u00f6r\u00fclbel\u00fcl 1.5x \u00e1rbev\u00e9tel-szorz\u00f3t jelent. A felv\u00e1s\u00e1rolt c\u00e9gek megtartj\u00e1k a saj\u00e1t m\u00e1rk\u00e1jukat, term\u00e9k-roadmapjukat \u00e9s general manager\u00fcket, ami val\u00f3di decentraliz\u00e1lt szerkezet. Az \u00e1talakul\u00e1s teh\u00e1t elindult \u2013 de n\u00e9gy \u00fcgylet m\u00e9g nem bev\u00e1lt g\u00e9pezet, \u00e9s a k\u00f6vetkez\u0151 2-3 tranzakci\u00f3 m\u00e9rete, szorz\u00f3ja \u00e9s ritmusa d\u00f6nti el, hogy megism\u00e9telhet\u0151 motorr\u00f3l vagy alkalmi v\u00e1s\u00e1rl\u00e1sokr\u00f3l van-e sz\u00f3.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Val\u00f3ban a Constellation Software emberei ir\u00e1ny\u00edtj\u00e1k a CMG-t?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"R\u00e9szben. Az igazgat\u00f3tan\u00e1csban Andrew Pastor (CSU-igazgat\u00f3, EdgePoint portf\u00f3li\u00f3kezel\u0151) az eln\u00f6k, Birgit Troy pedig a legm\u00e9lyebb oper\u00e1tori kapcsolat: Volaris \u00e9s Constellation CFO, majd a Lumine Portfolio CFO-jak\u00e9nt 16 vertik\u00e1lis szoftverc\u00e9g felv\u00e1s\u00e1rl\u00e1s\u00e1t vezette. A menedzsmentben Vipin Khullar CFO \u00e9rkezett a Perseus Operating Groupt\u00f3l. Ugyanakkor a leger\u0151sebb CSU-oper\u00e1tor, Mark Miller 2025 szeptember\u00e9ben t\u00e1vozott, mert a Constellation eln\u00f6ke lett. Pramod Jain vez\u00e9rigazgat\u00f3nak nincs CSU-h\u00e1ttere (Sabre, Plusgrade), Christopher Wright pedig a Ropert\u00f3l j\u00f6tt, nem a Constellationt\u00f3l. A DNS teh\u00e1t val\u00f3s, de kevertebb, mint amit a legt\u00f6bb elemz\u00e9s sugall: t\u00f6bb sorozatfelv\u00e1s\u00e1rl\u00f3-iskola \u00fcl egyszerre az asztaln\u00e1l.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Aggaszt\u00f3, hogy hitelb\u0151l v\u00e1s\u00e1rolnak vissza r\u00e9szv\u00e9nyt?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"P\u00e9nz\u00fcgyileg alig: a m\u00e9rleg enyhe nett\u00f3 ad\u00f3ss\u00e1gba fordul, 0.2x k\u00f6r\u00fcli nett\u00f3 ad\u00f3ss\u00e1g\/EBITDA mellett. Elvi v\u00e1lt\u00e1s viszont, hogy a CMG eddig a saj\u00e1t p\u00e9nz\u00e9b\u0151l v\u00e1s\u00e1rolt vissza. A sorozatfelv\u00e1s\u00e1rl\u00f3k t\u00f6bbs\u00e9ge sz\u00e1nd\u00e9kosan tart enyhe ad\u00f3ss\u00e1got, mert a kamatr\u00e1ford\u00edt\u00e1s cs\u00f6kkenti az ad\u00f3alapot, \u00e9s a felv\u00e1s\u00e1rolt c\u00e9gek cash flow-j\u00e1b\u00f3l gyorsan t\u00f6rleszthet\u0151. A kock\u00e1zat akkor \u00e9les, ha az organikus stabiliz\u00e1l\u00f3d\u00e1s elmarad: akkor egyszerre kell ad\u00f3ss\u00e1got t\u00f6rleszteni, akviz\u00edci\u00f3t fizetni \u00e9s osztal\u00e9kot fenntartani.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mikor der\u00fcl ki, hogy t\u00e9nyleg fordul-e a turnaround?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A 2026. novemberi Q2-jelent\u00e9sben, egyetlen soron: az organikus ism\u00e9tl\u0151d\u0151 bev\u00e9tel v\u00e1ltoz\u00e1s\u00e1n. A menedzsment szerint a nagy elvesz\u00edtett \u00fcgyf\u00e9l b\u00e1zishat\u00e1sa most futott ki, teh\u00e1t innent\u0151l normaliz\u00e1l\u00f3dnia kell az \u00e9v\/\u00e9v \u00f6sszehasonl\u00edt\u00e1snak. Ha ez a sz\u00e1m nulla k\u00f6r\u00fcl vagy pozit\u00edvban van, a t\u00e9zis \u00e9l. Ha m\u00e9g mindig m\u00ednuszban, akkor a b\u00e1zishat\u00e1s-magyar\u00e1zat nem \u00e1llt meg. Figyeld emellett a marzsot is: a 23%-nak vissza kell indulnia felfel\u00e9, ahogy az akviz\u00edci\u00f3k be\u00e9rnek.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mik a Computer Modelling Group r\u00e9szv\u00e9ny legnagyobb kock\u00e1zatai?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"N\u00e9gy f\u0151 t\u00e9tel: az egyetlen, ciklikus \u00e9s konszolid\u00e1l\u00f3d\u00f3 v\u00e9gpiac (upstream olaj- \u00e9s g\u00e1zipar, ahol minden E&P-f\u00fazi\u00f3 automatikusan seat-konszolid\u00e1ci\u00f3t jelent), a magas \u00fcgyf\u00e9lkoncentr\u00e1ci\u00f3 (egyetlen elvesz\u00edtett szerz\u0151d\u00e9s az eg\u00e9sz c\u00e9g ism\u00e9tl\u0151d\u0151 bev\u00e9tel\u00e9t l\u00e1tv\u00e1nyosan leh\u00fazta), a p\u00e1rhuzamosan fut\u00f3 n\u00e9gy integr\u00e1ci\u00f3 zsugorod\u00f3 mag\u00fczlet mellett, valamint a marzsmix roml\u00e1sa, mert az alacsonyabb marzs\u00fa szeizmikus bev\u00e9tel v\u00e1ltja ki a magasabb marzs\u00fa rezervo\u00e1r-szimul\u00e1ci\u00f3t.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mi\u00e9rt zavar\u00f3 a CMG p\u00e9nz\u00fcgyi \u00e9ve?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A CMG p\u00e9nz\u00fcgyi \u00e9ve m\u00e1rcius 31-\u00e9n z\u00e1rul, \u00e9s a z\u00e1r\u00f3 napt\u00e1ri \u00e9vvel jel\u00f6li. Ez\u00e9rt a 2026 augusztus\u00e1ban publik\u00e1lt 2027 Q1 val\u00f3j\u00e1ban a 2026. \u00e1prilis\u2013j\u00fanius k\u00f6z\u00f6tti id\u0151szak. A m\u00e9dia rendszeresen elrontja: t\u00f6bb h\u00edrport\u00e1l Q1 2026-nak c\u00edmezte ugyanezt a jelent\u00e9st. Ha CMG-sz\u00e1mokat n\u00e9zel b\u00e1rhol, mindig a negyed\u00e9v z\u00e1r\u00f3 d\u00e1tum\u00e1t ellen\u0151rizd, ne a c\u00edmk\u00e9t. K\u00f6vetkez\u0151 jelent\u00e9s: a 2026. szeptember 30-\u00e1n z\u00e1rul\u00f3 Q2, v\u00e1rhat\u00f3an november elej\u00e9n.\"\n          }\n        }\n      ]\n    }\n\n  ]\n}\n<\/script>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>Mit tartalmaz a t\u0151zsd\u00e9r\u0151l jelentem rovat? A Computer Modelling Group 2027 Q1-es jelent\u00e9se el\u0151tt a r\u00e9szv\u00e9ny \u00e1rfolyama folyamatos m\u00e9lyrep\u00fcl\u00e9sben volt, mert a v\u00e1rtn\u00e1l tov\u00e1bb tart az \u00e9rett olajipari c\u00e9g sorozatfelv\u00e1s\u00e1rl\u00f3 v\u00e1llalatt\u00e1 alak\u00edt\u00e1sa. Ez\u00e9rt m\u00e9lt\u00e1n kapott helyet a &#8222;T\u0151zsd\u00e9r\u0151l jelentem&#8221; rovatban, ami mindig az alapelemz\u00e9s friss\u00edt\u00e9se. De mi is ez az eg\u00e9sz? A rovat egyfajta ir\u00e1nyt\u0171 [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/computer-modelling-group-2027-q1\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":12064,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[144,280,31],"tags":[434,121,279,368,74,4,278,122],"class_list":["post-12059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amerikai-reszvenyek","category-negyedeves-jelentes","category-reszvenyelemzes","tag-cmg","tag-computer-modelling-group","tag-negyedeves-jelentes","tag-olajvalsag","tag-portfolioblogger","tag-reszveny","tag-tozsdei-jelentes","tag-tsxcmg"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Computer Modelling Group 2027 Q1 - Turnarounds seldom turn?<\/title>\n<meta name=\"description\" content=\"A Computer Modelling Group 2027 Q1-es jelent\u00e9se nem lett \u00e9ppen sz\u00e9p: beszakadt marzsok, -60% profit, es\u0151 bev\u00e9tel, itt a c\u00e9g v\u00e9ge?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iocharts.io\/blog\/computer-modelling-group-2027-q1\/\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Computer Modelling Group 2027 Q1 - Turnarounds seldom turn?\" \/>\n<meta property=\"og:description\" content=\"A Computer Modelling Group 2027 Q1-es jelent\u00e9se nem lett \u00e9ppen sz\u00e9p: beszakadt marzsok, -60% profit, es\u0151 bev\u00e9tel, itt a c\u00e9g v\u00e9ge?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/iocharts.io\/blog\/computer-modelling-group-2027-q1\/\" \/>\n<meta property=\"og:site_name\" content=\"iO Charts\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/iOCharts\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-14T19:53:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-19T09:43:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/iocharts.io\/blog\/wp-content\/uploads\/2026\/08\/CMG-2027_q1-nyito-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1110\" \/>\n\t<meta property=\"og:image:height\" content=\"694\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marton J. 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