Systena Corporation

2317.T · Technology · Information Technology Services · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

1.07B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

763.64M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

717.51M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

851.40M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

967.47M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.88×

the ratio the screener ranks by

Margin of Safety

-13.6%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 1.07B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)761.59M USD
+②Net Cash Today176.18M USD
+③Growth Value135.29M USD
=Value1.07B USD

EPV of the Operations (NOPAT over WACC)

761.59M USD

Net cash today

+176.18M USD

Growth Value

+135.29M USD

Value

1.07B USD

①EPV (earnings power value)

761.59M USD

②Net Cash Today

176.18M USD

③Growth Value

135.29M USD

Market value

Market Cap967.47M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+9.8%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 763.64M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE589.49M USD
+②Equity at Year 15, Today174.15M USD
=Value763.64M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

589.49M USD

②Equity at Year 15, Today

174.15M USD

Market value

Market Cap967.47M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-26.7%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 717.51M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF485.71M USD
+②Invested Capital at Year 15, Today55.62M USD
+③Net Cash Today176.18M USD
=Value717.51M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

485.71M USD

②Invested Capital at Year 15, Today

55.62M USD

③Net Cash Today

176.18M USD

Market value

Market Cap967.47M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-34.8%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 7.91%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.58×Market Risk Premium 6.00%= 7.99%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 30.35M USDPretax Income 101.28M USD= 29.97%

The tax the interest saves.

Interest Expense =EBIT 101.38M USD−Pretax Income 101.28M USD= 100.20K USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 100.20K USDTotal Debt 10.03M USD×(1 − Tax Rate for WACC 29.97%)= 0.70%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 10.03M USDMarket Cap + Total Debt 967.47M USD + 10.03M USD= 1.03%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 98.97%×Cost of Equity 7.99%+Debt Weight 1.03%×Cost of Debt 0.70%= 7.91%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 382.51M USD − Total Liabilities 130.63M USD = Book Value Today 251.88M USD

Total Debt 10.03M USD − Cash and Short-Term Investments 186.20M USD = Net Debt Today -176.18M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-7.7%at most 5%passes357,455,827 / 387,440,812
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets3.2%at least -10.0%passes(83.18M USD − 70.84M USD) ÷ 382.51M USD
Price to bookMarket Cap ÷ Book Value Today3.84×at most 3×does not pass967.47M USD ÷ 251.88M USD
Operating marginOperating Income ÷ Revenue16.3%above 10.0%passes96.24M USD ÷ 591.18M USD
Revenue growthRevenue ÷ Revenue a Year Before − 15.7%above 10.0%does not pass591.18M USD / 559.46M USD
Net cash(Cash − Total Debt) ÷ Market Cap16.7%above -30%passes(171.45M USD − 10.03M USD) ÷ 967.47M USD
Operating efficiencyOperating Income ÷ Gross Profit61.9%above 25.0%passes96.24M USD ÷ 155.39M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

424.42 JPY

Enterprise value

125.14B JPY

the provider's own figure

EV / EBITDA

7.75×

Price / book

3.82×

the provider's book

Price / earnings

13.40×

Return on equity

31.0%

the provider's figure, not this page's

Profit margin

11.9%

Revenue growth

5.5%

Analyst target, mean

490.49 JPY

Analysts

1

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

560.06M508.56M559.46M591.18M

Gross profit

138.22M119.49M140.35M155.39M

Operating income

73.98M64.21M80.74M96.24M

EBITDA

operating income before depreciation and amortisation

78.46M69.57M82.41M104.21M

Pretax income

74.81M65.72M79.25M101.28M

Net income

54.99M47.80M56.73M70.84M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

55.12M47.51M58.43M68.39M

R&D

————
Balance sheet, year end

Total assets

367.32M357.18M346.31M382.51M

Total liabilities

106.93M102.06M125.87M130.63M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

256.78M251.82M217.20M248.06M

Total debt

11.65M10.25M10.37M10.03M

Cash and equivalents

188.12M199.41M146.25M171.45M

Net PP&E

fixed assets after depreciation

24.12M20.12M20.04M21.95M

Working capital

current assets less current liabilities

211.82M216.90M171.03M209.96M
Cash flow

Operating cash flow

57.47M59.73M53.38M83.18M

Capital expenditure

paid out, so below zero

-8.70M-2.25M-2.13M-3.04M

Depreciation and amortisation

3.59M3.81M3.08M2.83M

Free cash flow

operating cash flow plus capital expenditure

48.77M57.47M51.26M80.14M