Company Valuation: Serial System Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 56.25 75.17 62.08 37.7 32 58.39
Change - 33.63% -17.41% -39.27% -15.13% 82.47%
Enterprise Value (EV) 1 112.2 193.8 218.4 186.9 156.4 221.3
Change - 72.69% 12.67% -14.41% -16.35% 41.53%
P/E 216x 6.71x -13.4x -2.54x 62x 25.8x
PBR 0.4x 0.5x 0.45x 0.3x 0.25x 0.44x
PEG - 0x 0x -0x -1x 0x
Capitalization / Revenue 0.08x 0.08x 0.07x 0.05x 0.04x 0.07x
EV / Revenue 0.15x 0.22x 0.24x 0.25x 0.2x 0.26x
EV / EBITDA 22.6x 10x 18.4x 84.8x 12.9x 20x
EV / EBIT 91.1x 11.8x 25.5x -225x 16.5x 25.1x
EV / FCF -9.34x -3.51x -8.48x 12.3x 5.62x -7.45x
FCF Yield -10.7% -28.5% -11.8% 8.11% 17.8% -13.4%
Dividend per Share 2 0.0008 0.0049 0.0008 - - 0.000855
Rate of return 1.27% 5.9% 1.17% - - 1.32%
EPS 2 0.000291 0.0124 -0.00511 -0.0164 0.00057 0.0025
Distribution rate 275% 39.6% -15.7% - - 34.2%
Net sales 1 731.4 895.9 906.7 759 788.7 860.5
EBITDA 1 4.968 19.32 11.9 2.204 12.16 11.09
EBIT 1 1.232 16.47 8.58 -0.829 9.449 8.824
Net income 1 0.261 11.14 -4.624 -14.83 0.516 2.293
Net Debt 1 55.99 118.7 156.3 149.2 124.4 162.9
Reference price 2 0.0628 0.0831 0.0686 0.0417 0.0354 0.0645
Nbr of stocks (in thousands) 895,842 904,842 904,842 904,842 904,842 904,842
Announcement Date 4/13/21 4/5/22 4/13/23 4/14/24 4/14/25 4/14/26
1USD in Million2USD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 50.95M
19x2.51x11.3x2.69% 274B
26.48x3.09x16.85x1.98% 253B
32.35x4.14x19.09x1.51% 199B
40.72x5.9x25.2x0.95% 175B
45.84x6.17x27.5x0.93% 153B
48.58x8.01x32.26x0.09% 113B
95.35x12.18x67.64x0.33% 102B
33.43x5.37x18.67x1.35% 91.02B
35.45x5.98x24x1.1% 58.96B
Average 41.91x 5.93x 26.95x 1.21% 141.89B
Weighted average by Cap. 37.23x 5.11x 23.56x 1.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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