Company Valuation: System D Inc.

Data adjusted to current consolidation scope
Fiscal Period: October 2020 2021 2022 2023 2024 2025
Market Cap 1 10,590 8,759 9,534 8,356 8,530 12,514
Change - -17.29% 8.85% -12.36% 2.09% 46.71%
Enterprise Value (EV) 1 9,651 7,663 8,870 7,601 6,817 10,207
Change - -20.6% 15.75% -14.31% -10.31% 49.73%
P/E 20.8x 15.3x 16.1x 13.2x 15.4x 20x
PBR 3.55x 2.83x 2.66x 2.04x 1.89x 2.5x
PEG - 1.1x 4.67x 1.9x -1.3x 1.6x
Capitalization / Revenue 2.75x 2.28x 2.25x 1.76x 1.84x 2.49x
EV / Revenue 2.5x 1.99x 2.1x 1.6x 1.47x 2.03x
EV / EBITDA 8.81x 6.34x 6.41x 5.49x 5.03x 7.06x
EV / EBIT 13.3x 9.47x 9.88x 8.32x 8.22x 10.9x
EV / FCF 18x 14x -30.9x 26.7x 6.7x 14.9x
FCF Yield 5.56% 7.12% -3.23% 3.75% 14.9% 6.71%
Dividend per Share 2 4.667 6 6.667 7.667 8 9.333
Rate of return 0.86% 1.32% 1.34% 1.76% 1.8% 1.44%
EPS 2 26.19 29.75 30.77 32.91 28.88 32.6
Distribution rate 17.8% 20.2% 21.7% 23.3% 27.7% 28.6%
Net sales 1 3,854 3,842 4,232 4,736 4,631 5,032
EBITDA 1 1,096 1,208 1,384 1,385 1,355 1,446
EBIT 1 727 809 898 914 829 938
Net income 1 510 573 591 632 555 627
Net Debt 1 -939 -1,096 -664 -755 -1,713 -2,307
Reference price 2 543.67 456.00 496.33 435.00 443.67 650.33
Nbr of stocks (in thousands) 19,479 19,208 19,208 19,208 19,227 19,243
Announcement Date 1/28/21 1/28/22 1/27/23 1/30/24 1/30/25 1/28/26
1JPY in Million2JPY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 56.93M
22.21x6.13x10.5x1.38% 438B
26.39x5.29x16.69x1.44% 248B
92.15x8.97x24.01x-.--% 147B
-5.24x108.09x1508.9x-.--% 52.62B
36.45x3.42x12.6x0.19% 45.07B
26.65x10.6x17.31x-.--% 21.63B
34.81x2.3x20.96x-.--% 19.24B
-211.68x3.75x12.55x - 13.7B
38.97x3.4x9.27x-.--% 13.04B
Average 6.74x 16.88x 181.42x 0.38% 99.84B
Weighted average by Cap. 30.10x 11.55x 93.45x 0.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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