Company Valuation: Systex Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 21,748 21,029 17,443 28,100 39,342 32,125
Change - -3.31% -17.05% 61.09% 40.01% -18.35%
Enterprise Value (EV) 1 16,075 17,019 14,846 25,144 32,915 25,283
Change - 5.87% -12.77% 69.36% 30.91% -23.19%
P/E 13.1x 17.4x 15.8x 18.6x 18.9x 15x
PBR 1.61x 1.56x 1.24x 1.97x 2.22x 1.76x
PEG - -0.6x -1.6x 0.5x 0.7x 4.58x
Capitalization / Revenue 0.92x 0.71x 0.53x 0.8x 1.01x 0.73x
EV / Revenue 0.68x 0.58x 0.45x 0.71x 0.85x 0.58x
EV / EBITDA 15x 12.9x 10.2x 14.8x 20.1x 13.4x
EV / EBIT 17.4x 15x 11.8x 17.1x 23.6x 15.8x
EV / FCF 34.8x -218x -38.5x 15.1x 16.4x 32.1x
FCF Yield 2.88% -0.46% -2.6% 6.62% 6.12% 3.11%
Dividend per Share 2 5 5 5 5.2 5.2 -
Rate of return 5.7% 5.9% 7.19% 4.64% 3.6% -
EPS 2 6.7 4.88 4.39 6.01 7.64 7.89
Distribution rate 74.6% 102% 114% 86.5% 68.1% -
Net sales 1 23,735 29,527 33,129 35,184 38,951 43,969
EBITDA 1 1,074 1,316 1,452 1,695 1,638 1,886
EBIT 1 924.9 1,133 1,257 1,470 1,393 1,596
Net income 1 1,666 1,214 1,091 1,494 1,957 2,149
Net Debt 1 -5,673 -4,010 -2,597 -2,956 -6,427 -6,842
Reference price 2 87.70 84.80 69.50 112.00 144.50 118.00
Nbr of stocks (in thousands) 247,983 247,983 250,983 250,893 272,265 272,243
Announcement Date 3/16/21 2/23/22 2/22/23 2/29/24 2/27/25 3/4/26
1TWD in Million2TWD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 1.22B
24.6x8.43x14.95x1.11% 23.53B
17.27x3.33x8.4x1.61% 16.42B
25.51x0.85x8.08x1.4% 12.2B
16.61x0.59x7.9x3.42% 6.62B
13.59x1.19x6.61x1.49% 4.36B
19.09x1.28x8.95x2.57% 3.56B
61.62x3.59x44.51x0.68% 2.83B
33.17x - - - 1.79B
Average 26.43x 2.75x 14.20x 1.75% 8.06B
Weighted average by Cap. 23.06x 4.13x 11.90x 1.58%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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