Alpha Systems Inc.

TSE

4719

Stock

Yield per half year: -2.22%
Dividend yield: 4.69%
Sector: Technology

Reporting Alpha Systems Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								49.7
Выручка, млрд ¥	27.75	29.1	30.83	31.32	33.87	35.55	36.38	36.38	33.59	3.37
Чистая прибыль, млрд ¥	1.99	2.09	2.29	2.28	2.79	2.92	3.05	3.05	2.67	5.90
EV, млрд ¥	17.64	21.26	16.39	31.06	34.02	33.82	20.56	20.56	27.17	4.64
EBIT, млрд ¥	2.89	3.11	3.34	3.37	4.08	4.22	4.35	4.35	3.87	5.43
EBITDA, млрд ¥	3.14	3.37	3.59	3.67	4.32	4.44	4.58	4.58	4.12	4.99
OIBDA, млрд ¥			4.7	4.71	5.57	5.74	5.88	5.88	5.32	4.58
Баланс стоимость, млрд ¥	34.23	33.28	34.87	36.19	38.12	39.78	41.86	41.86	38.16	3.72
FCF, млрд ¥	1.42	1.92	2.9	2.13	2.77	2.91	4.59	4.59	3.06	9.62
Операционный денежный поток, млрд ¥	1.54	2.13	3	2.24	2.93	2.95	4.71	4.71	3.17	9.44
Операционная прибыль, млрд ¥	2.84	3.08	3.34	3.37	4.03	4.21	4.35	4.35	3.86	5.43
Операционные расходы, млрд ¥	3.7	3.78	3.93	4.04	4.14	4.26	4.14	4.14	4.10	1.05
CAPEX, млрд ¥	0.1195	0.2087	0.1008	0.1104	0.1581	0.0411	0.1197	0.1197	0.1060	3.50

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		8.85	8.97	1 444.95	8.49	9.17	9.19	9.54	8.9	9.24	9.65	9.30	0.98
Чистая прибыль, млрд ¥		0.7504	0.7264	119.41	0.582	0.802	0.9512	0.71	0.657	0.818	1.01	0.8292	1.21
EV, млрд ¥		35.18	35.58	5 158.8	25.77	14.9	16.51	21.06	19.5	16.95	22.01	19.21	5.92
EBIT, млрд ¥		1.07	1.05	172.68	0.8463	1.1	1.32	0.9867	0.949	1.16	1.46	1.18	2.04
EBITDA, млрд ¥		1.07	1.05	172.63	0.9025	1.16	1.38	1.05	1.01	1.22	1.52	1.24	1.95
OIBDA, млрд ¥							1.8	1.31	1.3	1.56	1.96	1.59	1.72
Баланс стоимость, млрд ¥		38.77	39.01	6 249.47	39.87	40.67	41.14	41.86	41.61	42.44	42.74	41.96	0.77
FCF, млрд ¥			18.25	19.36	0.1124	0.1138	0.1167					7.59	-63.59
Операционный денежный поток, млрд ¥	2.93	2.05	18.25	19.36	0.1124	0.1138	0.1167					7.59	-63.59
Операционная прибыль, млрд ¥		1.07	1.05	172.68	0.8457	1.16	1.38	0.9675	0.948	1.16	1.46	1.18	1.13
Операционные расходы, млрд ¥		1.04	1.09	161.54	1.08	1.02	0.9885	1.05	1.15	1.1	1.09	1.08	1.97
CAPEX, млрд ¥	0.1581	0.0163		6.45								2.21	244.25

	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 ¥	16.16	16.55	20.43	20.53	22.7	23.04	25.63	25.63	22.47	4.64
Short Term Investments ¥		1.1	1	1	1.5	1	1.5	1.5	1.20	8.45
Total Receivables ¥		7.02	7.64	8.07	8.6	8.58	7.88	7.88	8.15	0.62
Total Current Assets ¥		24.82	29.19	29.81	33	32.83	35.2	35.2	32.01	3.82
Чистые активы, млрд ¥	24.21	24.82	29.19	29.81	9.54	9.34		9.34	20.54	-17.76
Активы, млрд ¥	40.66	40.13	42.81	44.31	46.82	48.17	50.81	50.81	46.58	3.49
Short Term Debt ¥		-0.1475	-0.1845	-0.2869	0.4927	0.4672	0.7887	0.7887	0.2554	-233.72
Задолженность, млрд ¥	6.42	6.85	7.93	8.12	8.7	8.39	8.95	8.95	8.42	2.45
Чистый долг, млрд ¥	-16.16	-16.55	-20.43	-20.53	-22.7	-23.04	-25.63	-25.63	-22.4660	4.64
Расходы на обслуживание долга ¥			0.0777	0.0464	0.018	0.0683		0.0683	0.0526	-3.17
Чист. проц. доходы, млрд ¥	0.0393	0.0368	0.0281	0.0179	0.0204	0.0287	0.0341	0.0287	0.0258	3.95
Амортизация, млрд ¥		0.259	0.2608	0.2501	0.24	0.2208	0.2327	0.2327	0.2409	-2.25
Себестоимость, млрд ¥			23.56	23.91	25.7	27.08	27.89	27.89	25.63	3.43
Товарно материальные запасы ¥		0.0139	0.0153	0.000867	0.0086	0.0188	0.005	0.005	0.0097	-20.04

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				22.66	22.4	3 620.39	23.58	24.92	25.16	25.13	24.65	24.88	25.23	25.01	0.06
Short Term Investments ¥			1.6	1.5	0.9999	157.11	0.9999	1	1.5	2	1.5	1.5		1.50	8.45
Total Receivables ¥				7.49	7.99	1 347.41	7.04	7.57	7.48	7.88	7.07	7.6	8.05	7.62	1.48
Total Current Assets ¥				32.02	31.85	5 158.7	32.18	33.82	34.41	35.2	33.59	34.29	33.55	34.21	-0.50
Чистые активы, млрд ¥	31.25	33	30.93	32.02	31.85	1 467.78	9.31							314.38	-21.35
Активы, млрд ¥				47.09	47.1	7 567.95	47.21	49.08	49.36	50.84	49.06	50.57	50.79	50.12	0.57
Short Term Debt ¥						73.41				0.7887				37.10	-89.63
Задолженность, млрд ¥				8.32	8.08	1 318.48	7.34	8.42	8.22	8.98	7.45	8.13	8.04	8.16	-0.44
Чистый долг, млрд ¥				-22.66	-22.4	-3 620.39	-23.58	-24.92	-25.16	-25.13	-24.65	-24.88	-25.23	-25.0100	0.06
Расходы на обслуживание долга ¥		0.0045	0.0051	0.0074	0.008	2.86								0.5770	263.61
Чист. проц. доходы, млрд ¥	0.0045	0.0045	0.0051	0.0074	0.008	1.27	1.47	1.12	1.39	0.0088				1.05	-63.01
Амортизация, млрд ¥				0	-0.000215	-0.0539	0.0562	0.0569	0.0584	0.0612	0.058	0.057	0.058	0.0585	-0.14
Себестоимость, млрд ¥							6.56	6.99	6.82	7.52	6.8	6.98	7.11	7.05	0.84
Товарно материальные запасы ¥				0.0113	0.1633	2.95	0.2155	0.000837	0.0064	0.005	0.003	0.004	0.031	0.0099	37.10

	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	134.3	145.06	163.38	162.54	198.65	207.91	216.91		216.91	189.88	5.83
Цена акции ао					4135	3030	3365	3315	3315	3461.25	-5.38
Число акций ао, млн		14.41	14.04	14.04	14.04	14.04	14.04		14.04	14.04	0.00
FCF/акцию	95.93	133.21	206.21	151.6	197.43	206.95	326.75		326.75	217.79	9.64

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	53.45	51.74	8505.78	41.45	57.13	67.75	50.58	46.8	58.27	72.02			59.08	1.23
Цена акции ао											3500	3315	3407.50	-2.68
FCF/акцию		8.29	8.78	8.01	8.11	8.31							8.30	0.05

	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, %	5.91	6.19	6.73	6.42	7.51	7.49	7.46		7.46	11.35	7.12	2.08
ROA, %	4.86	5.17	5.53	5.24	6.12	6.15	6.15		6.15	7.17	5.84	2.15
ROS, %			7.44	7.29	8.23	8.21	8.37	8.37	8.37	8.67	8.09	2.80
ROCE, %	8.24	9.09	9.26	8.94	10.3	10.25	10.08	10.39	10.39	15.53	9.99	3.05
Ebit margin, %			11.06	10.78	12.06	11.88	11.95	11.95	11.95		11.72	2.08
Рентаб EBITDA, %	11.33	11.58	11.65	11.73	12.77	12.5	12.59	12.59	12.59	17.26	12.44	1.43
Чистая рентаб, %	7.18	7.18	7.44	7.29	8.23	8.21	8.37		8.37	8.67	7.91	2.38
Operation Margin, %			10.83	10.76	11.91	11.85	11.95	11.95	11.95	11.42	11.68	2.12

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	1.98	1.9	1.96	1.49	2.03	2.37	1.75	1.6	1.97	2.41		11.35	2.02	0.34
ROA, %	1.62	1.54	1.6	1.22	1.67	1.93	1.42	1.32	1.64	1.99		7.17	1.66	0.61
ROS, %				6.86	8.75	10.35	7.44	7.38	8.85	10.48	8.37	8.67	8.50	2.38
ROCE, %		2.64	2.72	2.07	2.67	3.16	2.34	2.23	2.7	3.36	10.39	15.53	4.20	34.73
Ebit margin, %				9.97	12.01	14.36	10.34	10.66	12.58	15.11	11.95		12.13	2.94
Рентаб EBITDA, %		11.76	11.95	10.64	12.63	15	10.98	11.31	13.19	15.71	12.59	17.26	12.76	2.77
Чистая рентаб, %	8.48	8.1	8.26	6.86	8.75	10.35	7.44	7.38	8.85	10.48		8.67	8.90	0.25
Operation Margin, %				9.97	12.63	15	10.14	10.65	12.58	15.11	11.95	11.42	12.09	3.34

	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	16.96	18.09	16.05	22.61	20.34	19.48	15.17		15.17	228.62	18.73	-1.12
P/BV	0.9872	1.14	1.06	1.43	1.49	1.43	1.1		1.1	200.63	1.30	0.74
P/S	1.22	1.3	1.19	1.65	1.67	1.6	1.27		1.27	200.20	1.48	1.31
P/FCF						17.08	10.83	10.83	10.83	-0.61	12.91	-14.09
E/P						0.0588	0.0613	0.0613	0.0613	0.37	0.0605	1.40
EV/EBIT			4.81	9.2	8.33	8.01	4.73	4.73	4.73		7.00	-12.46
EV/EBITDA	5.61	6.31	4.56	8.46	7.87	7.61	4.49		4.49	207.38	6.60	-0.31
EV/S			0.5318	0.9918	1	0.9512	0.5651	0.5651	0.5651	199.94	0.8146	-10.64
EV/FCF			5.66	14.59	12.27	11.64	4.48	4.48	4.48	68.94	9.49	-21.03
Debt/EBITDA						0	0	0	0	0.94
Netdebt/Ebitda			-5.69	-5.59	-5.25	-5.18	-5.59	-5.59	-5.59	-0.94	-5.4400	0.00
Debt/Ratio						0	0	0	0	0.12
Debt/Equity						0	0	0.2137	0.2137	0.84	0.2137	0.00
Debt/Net Income						0	0	0	0	2.64
PEG								1.11	1.11		1.11	0.00
Бета						0.7082	3.17	0.7398	0.7398	-32.72	1.54	1.47
Индекс Альтмана						2.05	1.99	1.99	1.99	4.49	2.01	-0.99

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	20.1	19.84	19.14	17.51	13.87	13.46	15.17	14.15	13.34	14.78			228.62	14.18	1.89
P/BV	1.49	1.49	1.4	1.24	0.9791	1.01	1.1	1.06	0.9857	1.11			200.63	1.05	1.91
P/S	1.65	1.63	1.57	1.39	1.11	1.16	1.27	1.2	1.13	1.27			200.20	1.21	1.83
P/FCF												10.83	-0.61	10.83	0.00
E/P												0.0613	0.37	0.0613	0.00
EV/EBIT				30.45	13.54	12.51	21.34	20.55	14.59	15.1		4.73		15.26	-26.02
EV/EBITDA	8.45	8.43	7.79	5.94	3.42	3.58	4.7	4.25	3.64	4.6			207.38	4.15	5.14
EV/S				3.04	1.63	1.8	2.21	2.19	1.84	2.28		0.5651	199.94	1.82	-23.87
EV/FCF				229.18	130.87	141.43						4.48	68.94	126.49	-62.61
Netdebt/Ebitda				-26.12	-21.53	-18.26	-23.98	-24.48	-20.41	-16.64		-5.59	-0.94	-18.2200	-25.27
Debt/Equity												0.2137	0.84	0.2137	0.00
PEG												1.11		1.11	0.00
Бета											-0.5753	0.7398	-32.72	0.0822	-213.40
Индекс Альтмана											1.99	1.99	4.49	1.99	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	0.9641	0.722	0.7025	0.9826	0.7024	1.26	0.9827			0.9827		0.9260	6.94
Дивиденд	45	50	50	45	17.98	65	70	115	25	75		58.60	6.81
Див доход, ао, %	1.87	1.88	1.77	1.27	0.6536	2.2	3.7	5.02	4.36	4.69	68.89	3.19	46.16
Дивиденды / прибыль, %		48.39	34.55	30.62	43.06	25.19	43.26	32.27		32.27	38.99	34.88	1.06
Dividend Coverage Ratio									3.1	3.1		3.10	0.00

	2022Q1	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.7024	0.7715	198.41			66.63	556.13
Дивиденды / прибыль, %	91.93	102.81	166.15		38.99	120.30	21.81
Dividend Coverage Ratio				3.1		3.10	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	0.3269	0.3524	0.4668	0.1155	0.329	0.329	0.13
Персонал, чел				2 944	2 944		0.00

	CAGR 5

	CAGR 5