Financials Systems Limited

Equities

SYS

PK0109001013

IT Services & Consulting

End-of-day quote Pakistan S.E. 23:00:00 25/04/2024 BST 5-day change 1st Jan Change
403.5 PKR +0.06% Intraday chart for Systems Limited +2.58% -4.74%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 15,354 52,239 104,917 134,729 123,376 117,580 -
Enterprise Value (EV) 1 15,354 52,239 100,200 134,729 123,376 103,810 99,258
P/E ratio 9.75 x 24.1 x 23.7 x 20.6 x 14.3 x 10.8 x 7.82 x
Yield 1.81% 0.92% 0.66% 1.03% 1.42% 2.7% 3.32%
Capitalization / Revenue 2.04 x 5.29 x 6.86 x 4.24 x 2.31 x 1.77 x 1.31 x
EV / Revenue 2.04 x 5.29 x 6.55 x 4.24 x 2.31 x 1.56 x 1.11 x
EV / EBITDA - 19.9 x 28.3 x - - 7.43 x 5.23 x
EV / FCF - - 65.6 x - - 54.5 x 26.6 x
FCF Yield - - 1.52% - - 1.83% 3.76%
Price to Book 2.77 x 6.07 x 8.7 x - 3.82 x 2.92 x 2.22 x
Nbr of stocks (in thousands) 271,745 274,133 276,156 278,405 291,284 291,421 -
Reference price 2 56.50 190.6 379.9 483.9 423.6 403.5 403.5
Announcement Date 26/03/20 04/03/21 21/03/22 19/04/23 29/03/24 - -
1PKR in Million2PKR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 7,536 9,877 15,304 31,760 53,435 66,616 89,538
EBITDA 1 - 2,626 3,542 - - 13,964 18,993
EBIT 1 1,493 2,334 3,169 5,363 7,733 12,070 17,052
Operating Margin 19.82% 23.63% 20.71% 16.89% 14.47% 18.12% 19.04%
Earnings before Tax (EBT) 1 1,601 2,282 4,434 6,981 9,280 12,585 17,075
Net income 1 1,587 2,210 4,462 6,629 8,689 12,240 16,041
Net margin 21.06% 22.37% 29.16% 20.87% 16.26% 18.37% 17.92%
EPS 2 5.795 7.923 16.05 23.45 29.66 37.46 51.59
Free Cash Flow 1 - - 1,527 - - 1,904 3,737
FCF margin - - 9.98% - - 2.86% 4.17%
FCF Conversion (EBITDA) - - 43.13% - - 13.64% 19.68%
FCF Conversion (Net income) - - 34.23% - - 15.56% 23.3%
Dividend per Share 2 1.023 1.750 2.500 5.000 6.000 10.88 13.40
Announcement Date 26/03/20 04/03/21 21/03/22 19/04/23 29/03/24 - -
1PKR in Million2PKR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3
Net sales 1 3,976 4,780 5,333 6,130 11,463 8,682 11,615 10,699 12,490 14,145
EBITDA - - - - - - - - - -
EBIT 1 783.8 852.9 - 1,383 2,383 1,662 1,318 1,708 1,651 2,108
Operating Margin 19.71% 17.84% - 22.56% 20.79% 19.14% 11.35% 15.96% 13.22% 14.9%
Earnings before Tax (EBT) - - - - - - - - - -
Net income 1 - - 1,200 - - - - 3,879 1,414 1,853
Net margin - - 22.51% - - - - 36.26% 11.32% 13.1%
EPS 2 - - - - - - - 13.24 4.830 6.310
Dividend per Share - - - - - - 5.000 - - -
Announcement Date 28/10/21 21/03/22 30/04/22 30/08/22 30/08/22 28/10/22 19/04/23 28/04/23 29/08/23 30/10/23
1PKR in Million2PKR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - - - -
Net Cash position 1 - - 4,718 - - 13,770 18,322
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - - 1,527 - - 1,904 3,737
ROE (net income / shareholders' equity) 32.7% 33% 44.9% - 27% 32.8% 33.7%
ROA (Net income/ Total Assets) 24.9% 23.4% 30.2% - - - -
Assets 1 6,373 9,427 14,754 - - - -
Book Value Per Share 2 20.40 31.40 43.70 - 111.0 138.0 182.0
Cash Flow per Share - - - - - - -
Capex 1 658 - 875 - - 2,392 1,551
Capex / Sales 8.73% - 5.72% - - 3.59% 1.73%
Announcement Date 26/03/20 04/03/21 21/03/22 19/04/23 29/03/24 - -
1PKR in Million2PKR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
403.5 PKR
Average target price
625.2 PKR
Spread / Average Target
+54.97%
Consensus
  1. Stock Market
  2. Equities
  3. SYS Stock
  4. Financials Systems Limited