Stock 3771 SYSTEM RESEARCH CO.,LTD.
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Financials System Research Co.,Ltd.

Equities

3771

JP3351070002

IT Services & Consulting

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-04-26 am EDT 		5-day change 1st Jan Change
1,543 JPY +1.11% Intraday chart for System Research Co.,Ltd. +4.19% +6.71%
2023 System Research Co.,Ltd. Provides Consolidated Earnings Guidance for Fiscal Year Ending March 31, 2024 CI
2023 System Research Co.,Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024 CI

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 9,203 12,253 11,593 17,385 15,655 17,518
Enterprise Value (EV) 1 7,142 9,368 7,701 12,969 10,708 11,549
P/E ratio 13.8 x 13.3 x 9.37 x 16 x 10.5 x 10.9 x
Yield 2.27% 2.05% 3.6% 2.4% 3.2% 3.34%
Capitalization / Revenue 0.72 x 0.87 x 0.71 x 1.08 x 0.85 x 0.81 x
EV / Revenue 0.56 x 0.66 x 0.47 x 0.8 x 0.58 x 0.54 x
EV / EBITDA 6.49 x 6.64 x 4.17 x 7.71 x 4.87 x 4.34 x
EV / FCF 7.04 x 7.77 x 6.79 x 17.4 x 8.2 x 8.86 x
FCF Yield 14.2% 12.9% 14.7% 5.73% 12.2% 11.3%
Price to Book 1.97 x 2.28 x 1.84 x 2.44 x 1.93 x 1.92 x
Nbr of stocks (in thousands) 16,717 16,717 16,716 16,716 16,716 16,716
Reference price 2 550.5 733.0 693.5 1,040 936.5 1,048
Announcement Date 6/27/18 6/26/19 6/26/20 6/25/21 6/24/22 6/23/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 12,716 14,151 16,250 16,158 18,405 21,556
EBITDA 1 1,101 1,411 1,847 1,683 2,197 2,663
EBIT 1 984 1,291 1,723 1,567 2,078 2,502
Operating Margin 7.74% 9.12% 10.6% 9.7% 11.29% 11.61%
Earnings before Tax (EBT) 1 986 1,253 1,730 1,589 2,112 2,151
Net income 1 666 920 1,237 1,089 1,492 1,601
Net margin 5.24% 6.5% 7.61% 6.74% 8.11% 7.43%
EPS 2 39.84 55.04 74.00 65.15 89.26 95.78
Free Cash Flow 1 1,015 1,205 1,134 743.4 1,306 1,303
FCF margin 7.98% 8.52% 6.98% 4.6% 7.1% 6.05%
FCF Conversion (EBITDA) 92.17% 85.42% 61.39% 44.17% 59.46% 48.94%
FCF Conversion (Net income) 152.36% 131.01% 91.66% 68.26% 87.56% 81.41%
Dividend per Share 2 12.50 15.00 25.00 25.00 30.00 35.00
Announcement Date 6/27/18 6/26/19 6/26/20 6/25/21 6/24/22 6/23/23
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2022 S1 2022 Q3 2023 Q1 2023 S1 2023 Q3 2024 Q1 2024 S1 2024 Q3
Net sales 1 7,625 7,781 8,512 4,688 5,128 10,489 5,464 5,555 11,308 5,932
EBITDA - - - - - - - - - -
EBIT 1 703 533 740 586 430 1,068 699 472 1,186 779
Operating Margin 9.22% 6.85% 8.69% 12.5% 8.39% 10.18% 12.79% 8.5% 10.49% 13.13%
Earnings before Tax (EBT) 1 705 535 748 591 69 707 709 485 1,209 784
Net income 1 481 364 511 405 42 477 486 367 898 576
Net margin 6.31% 4.68% 6% 8.64% 0.82% 4.55% 8.89% 6.61% 7.94% 9.71%
EPS 2 28.78 21.79 30.58 24.26 2.540 28.58 29.06 22.01 53.76 34.46
Dividend per Share - - - - - - - - - -
Announcement Date 10/29/19 10/28/20 10/28/21 1/31/22 7/28/22 10/28/22 1/31/23 7/28/23 10/27/23 1/31/24
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 2,061 2,885 3,892 4,416 4,947 5,969
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 1,015 1,205 1,134 743 1,306 1,303
ROE (net income / shareholders' equity) 15.1% 18.3% 21.2% 16.2% 19.5% 18.6%
ROA (Net income/ Total Assets) 7.56% 8.89% 10.6% 8.95% 10.8% 11.6%
Assets 1 8,807 10,353 11,624 12,171 13,834 13,855
Book Value Per Share 2 279.0 321.0 376.0 427.0 486.0 546.0
Cash Flow per Share 2 214.0 265.0 321.0 350.0 380.0 441.0
Capex 1 2 5 43 78 6 211
Capex / Sales 0.02% 0.04% 0.26% 0.48% 0.03% 0.98%
Announcement Date 6/27/18 6/26/19 6/26/20 6/25/21 6/24/22 6/23/23
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

Sector Other IT Services & Consulting

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