TSE: 4686 - JustSystems Corporation

Yield per half year: -7.4%
Dividend yield: +0.86%
Sector: Technology

Reporting JustSystems Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								269.42
Выручка, млрд ¥	24.08	28.65	36.5	41.17	41.68	41.95	40.99	40.99	40.46	2.35
Чистая прибыль, млрд ¥	4.56	6.21	9.29	10.96	12.17	13.4	11.64	11.64	11.49	4.61
EV, млрд ¥	151.45	158.6	275.18	353.74	327.69	152.61	86.69	86.69	239.18	-20.63
EBIT, млрд ¥	6.24	7.44	13.08	15.07	17.17	19.04	17.04	17.04	16.28	5.43
EBITDA, млрд ¥	7.81	9.5	15.12	16.94	19.04	21.09	19.28	19.28	18.29	4.98
Баланс стоимость, млрд ¥	40.34	42.15	50.8	61.07	71.3	83.68	94	94	72.17	13.10
FCF, млрд ¥	3.85	3.11	14.23	11.16	12.12	14.31	10.53	10.53	12.47	-5.84
Операционный денежный поток, млрд ¥	5.94	5.03	16.08	13	14.08	16.81	13.05	13.05	14.60	-4.09
Операционная прибыль, млрд ¥	6.08	7.6	13.08	15.07	17.17	19.03	17.04	17.04	16.28	5.43
Операционные расходы, млрд ¥	10.03	11.77	13.82	14.83	14.71	14.14	15.39	15.39	14.58	2.18
CAPEX, млрд ¥	2.09	1.92	1.85	1.83	1.96	2.49	2.52	2.52	2.13	6.38

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	10.51	10.38	10.72	10.04	1 695.27	10.14	10.86	9.66	10.34	10.85	10.37	1.36
Чистая прибыль, млрд ¥	2.35	3.61	3.62	3.22	463.92	3.07	3.47	2.79	2.3	3.31	2.99	1.52
EV, млрд ¥	327.69	188.79	143.46	107.41	23 934.62	176.34	108.95	128.1	86.69	94.79	118.97	-11.68
EBIT, млрд ¥	3.22	5.04	5.29	4.62	639.82	4.44	5.16	4.22	2.69	4.69	4.24	1.10
EBITDA, млрд ¥	3.22	5.04	5.29	4.62	640.14	4.97	5.72	4.74	3.31	5.25	4.80	1.10
Баланс стоимость, млрд ¥	71.3	74.39	78.01	80.72	13 118.82	86.03	89.51	91.57	94	96.73	91.57	2.37
FCF, млрд ¥				149.02	1.14	1.05	1.12	1.04			30.67	-62.95
Операционный денежный поток, млрд ¥	14.08		13.34	149.02	1.14	1.05	1.12	1.04			30.67	-62.95
Операционная прибыль, млрд ¥	3.22	5.04	5.29	4.62	639.82	4.45	5.06	4.22	3.31	4.69	4.35	1.06
Операционные расходы, млрд ¥	4.89	3.13	3.24	3.3	700.66	3.58	3.58	3.41	4.81	3.87	3.85	1.57
CAPEX, млрд ¥	1.96		1.26		2.49						1.90	8.30

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	15.02	22.45	42.41	56.01	62.15	73.14	84.85	84.85	63.71	14.88
Short Term Investments ¥		9.4	3	0.27	5	7	5	5	4.05	10.76
Total Receivables ¥		3.3	6.61	6.67	5.31	5.05	2.55	2.55	5.24	-17.35
Total Current Assets ¥		40.08	54.18	65.48	76.31	88.49	98.25	98.25	76.54	12.64
Чистые активы, млрд ¥	37.83	40.08	54.18	65.48	6.03	5.91		5.91	34.34	-31.81
Активы, млрд ¥	47.61	50.03	64.2	75.4	86.22	99.46	109.1	109.1	86.88	11.19
Short Term Debt ¥		-3.61	-4.81	-6.72	8.32	7.81	2.94	2.94	1.51	-190.62
Задолженность, млрд ¥	7.27	7.88	13.39	14.33	14.92	15.78	15.1	15.1	14.70	2.43
Чистый долг, млрд ¥	-15.02	-22.45	-42.41	-56.01	-62.15	-73.14	-84.85	-84.85	-63.7120	14.88
Расходы на обслуживание долга ¥			0.0981	0.014	0.022	0.182		0.182	0.0790	16.71
Чист. проц. доходы, млрд ¥	0.0669	0.0484	0.0315	0.008	0.104	0.08	0.096	0.08	0.0639	24.97
Амортизация, млрд ¥		2.06	1.97	1.8	1.87	2.05	2.23	2.23	1.98	2.51
Себестоимость, млрд ¥			9.6	11.27	9.8	8.78	8.56	8.56	9.60	-2.27
Товарно материальные запасы ¥		1.41	1.51	2.1	3.17	2.08	1.82	1.82	2.14	3.81

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥		62.15	67.15	68.48	70.04	11 466.51	81.07	83.65	82.24	84.85	91.2	84.60	2.38
Short Term Investments ¥		5	8	10	7	1 097.47	5	5	5	5	5	5.00	0.00
Total Receivables ¥		5.31	4.84	4.71	4.53	792.37	4.59	4.97	4.22	2.55	2.46	3.76	-11.73
Total Current Assets ¥		76.31	83.22	86.61	84.44	13 873.72	93.91	96.57	94.18	98.25	104.74	97.53	2.21
Чистые активы, млрд ¥	73.36	76.31	83.22	86.61	84.44	926.73	5.88					237.38	-41.14
Активы, млрд ¥		86.22	93.24	97.47	95.51	15 593.14	104.47	107.17	104.97	109.1	115.59	108.26	2.04
Short Term Debt ¥					-8.41	1 225.09	13.23	11.14	8.04	2.94	1.58	7.39	-34.62
Задолженность, млрд ¥		14.92	18.85	19.47	14.79	2 474.32	18.44	17.66	13.39	15.1	18.86	16.69	0.45
Чистый долг, млрд ¥		-62.15	-67.15	-68.48	-70.04	-11 466.51	-81.07	-83.65	-82.24	-84.85	-91.2	-84.6020	2.38
Расходы на обслуживание долга ¥		0.012	0.008	0.014	0.037	5.17						1.05	236.40
Чист. проц. доходы, млрд ¥	0.006	0.068	0.008	0.014	0.037	3.29	3.45	3.76	3.76	0.026		2.86	-62.02
Амортизация, млрд ¥			0.116	0.001	0.015	0.3136	0.526	0.562	0.52	0.624	0.558	0.5580	1.19
Себестоимость, млрд ¥							2.1	2.22	2.02	2.22	2.29	2.17	1.75
Товарно материальные запасы ¥		3.17	2.76	2.39	1.85	325.79	2.22	1.9	1.72	1.82	1.96	1.92	-2.46

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	71.01	96.7	144.61	170.61	189.42	208.66	181.18		181.18	178.90	4.61
Цена акции ао					2817	3275	3515	3540	3540	3286.75	5.88
Число акций ао, млн		64.22	64.22	64.22	64.22	64.22	64.22		64.22	64.22	0.00
FCF/акцию	59.99	48.46	221.57	173.78	188.7	222.85	163.9		163.9	194.16	-5.85

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	36.64	56.19	56.32	50.07	7221.73	47.86	54.08	43.38	35.86	51.54		46.54	1.49
Цена акции ао											3540	3540.00	0.00
FCF/акцию				14.79	17.78	16.38	17.5	16.19				16.53	1.83

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	11.92	15.06	19.98	19.59	18.38	17.29	13.1		13.1	10.89	17.67	-8.10
ROA, %	10.11	12.72	16.26	15.7	15.05	14.43	11.16		11.16	6.92	14.52	-7.25
ROS, %			25.44	26.61	29.19	31.95	28.39	28.39	28.39	8.38	28.91	1.30
ROCE, %	15.4	17.59	25.7	24.62	24.03	22.71	18.1	18.13	18.13	14.05	21.52	-5.94
Ebit margin, %			35.75	36.6	41.19	45.38	41.58	41.58	41.58		41.27	2.58
Рентаб EBITDA, %	32.42	33.16	41.41	41.15	45.68	50.26	47.03	47.03	47.03	17.09	46.23	2.71
Чистая рентаб, %	18.94	21.68	25.44	26.61	29.19	31.95	28.39		28.39	8.38	28.32	2.22
Operation Margin, %			35.85	36.6	41.19	45.37	41.58	41.58	41.58	11.21	41.26	2.58

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	3.55	5.24	5.04	4.31	3.81	3.81	4.16	3.23	2.59	3.61	10.89	3.48	-1.07
ROA, %	2.77	4.02	3.79	3.33	3.04	3.01	3.28	2.63	2.15	2.95	6.92	2.80	-0.40
ROS, %						30.33	31.99	28.85	22.28	30.51	8.38	28.79	0.12
ROCE, %	4.76	7.16	7.22	6.06	5.14	5.4	6.06	4.8	2.97	5.04	14.05	4.85	-1.37
Ebit margin, %						43.82	47.49	43.66	26.01	43.23		40.84	-0.27
Рентаб EBITDA, %	30.63	48.59	49.38	46	37.76	49.01	52.66	49.04	32.05	48.37	17.09	46.23	-0.26
Чистая рентаб, %	22.4	34.77	33.75	32.03	27.37	30.33	31.99	28.85	22.28	30.51	8.38	28.79	0.12
Operation Margin, %						43.95	46.56	43.73	32.03	43.21	11.21	41.90	-0.34

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	36.5	29.15	34.2	37.4	32.05	16.85	14.74		14.74	230.06	27.05	-15.49
P/BV	4.13	4.3	6.25	6.71	5.47	2.7	1.82		1.82	200.58	4.59	-21.87
P/S	6.91	6.32	8.7	9.95	9.35	5.38	4.19		4.19	200.19	7.51	-13.59
P/FCF						18.83	25.6	25.6	25.6	-3.42	23.34	10.78
E/P						0.0497	0.0432	0.0432	0.0432	0.33	0.0454	-4.56
EV/EBIT			21.09	23.47	19.09	8.02	5.09	5.09	5.09		12.15	-26.34
EV/EBITDA	19.4	16.7	18.21	20.88	17.21	7.24	4.5		4.5	207.72	13.61	-24.39
EV/S			7.54	8.59	7.86	3.64	2.12	2.12	2.12	199.93	4.87	-24.41
EV/FCF			19.34	31.69	27.04	10.66	8.24	8.24	8.24	67.85	17.17	-23.62
Debt/EBITDA						0	0	0	0	0.96
Netdebt/Ebitda			-2.81	-3.31	-3.26	-3.47	-4.4	-4.4	-4.4	-0.95	-3.7680	5.86
Debt/Ratio						0	0	0	0	0.12
Debt/Equity						0	0	0.1606	0.1606	0.43	0.1606	0.00
Debt/Net Income						0	0	0	0	2.26
PEG								1.06	1.06		1.06	0.00
Бета						1.64	0.5033	0.6645	0.6645	53.38	0.9359	-26.00
Индекс Альтмана						4.14	3.9	3.9	3.9	4.71	3.98	-1.97

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	32.05	20.55	17.06	13.87	16.85	20.01	15.14	17.11	14.74	15.67			230.06	16.53	-4.77
P/BV	5.47	3.44	2.72	2.2	2.7	2.99	2.15	2.3	1.82	1.92			200.58	2.24	-8.48
P/S	9.35	6.12	5.09	4.26	5.38	6.17	4.6	5.07	4.19	4.46			200.19	4.90	-6.28
EV/EBIT						39.7	21.14	30.39	32.24	20.21				28.74	-12.63
EV/EBITDA	19	10.77	8.14	5.91	8.02	8.55	5.33	6.37	4.63	4.99			207.72	5.97	-10.21
EV/S						17.4	10.04	13.27	8.39	8.74			199.93	11.57	-12.87
EV/FCF						167.62	96.93	123.17					67.85	129.24	-9.76
Netdebt/Ebitda						-16.32	-14.63	-17.37	-25.61	-17.38			-0.95	-18.2620	1.27
Бета											-1.54	-0.5312	53.38	-1.0356	-41.27
Индекс Альтмана											3.9	3.9	4.71	3.90	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.3843	0.3846	0.6414	0.641	1.03	1.03	1.28			1.28		0.9245	14.82
Дивиденд	6	6	10	10	5.75	16	20	20	10	20		14.35	11.70
Див доход, ао, %	0.28	0.2352	0.1802	0.1427	0.1476	0.7175	0.9336	0.831	0.8889	0.86	50.51	0.7037	43.20
Дивиденды / прибыль, %		8.43	6.19	6.91	5.85	8.43	7.66	11.03		11.03	38.99	7.98	9.80
Dividend Coverage Ratio									9.07	9.07		9.07	0.00

	2022Q1	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.03	0.513	1.03		0.8577	0.00
Дивиденды / прибыль, %	43.6	14.18	34.71	38.99	30.83	-7.32

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	313	313	0.00

	CAGR 5

	CAGR 5