Results are highly cyclical for APCS.BK, so multiple-based fair value is less reliable here.
| FY | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | — | — | — | — | — | — | — | — | — | — | — | — | 4.78 |
| Low | — | — | — | — | — | — | — | — | — | — | — | — | 3.60 |
| Adj EPS | 0.39 | 0.32 | -0.05 | -0.21 | -0.01 | 0.08 | 0.21 | 0.34 | 0.36 | 0.02 | 0.32 | -0.32 | 0.15 |
| Chg/Yr | — | -18% | -116% | — | — | — | +155% | +56% | +8% | -94% | +1397% | -201% | — |
| Div | 0.13 | 0.00 | 0.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | 0.06 | 0.06 | 0.06 | 0.00 |
Fair value (7.0x) multiplies each year's earnings per share by a growth-based multiple: steady growers (5–15% a year) get 15x, faster growers get their growth rate as the multiple (capped at 30x), and slower growers step down below 15x. APCS.BK has grown earnings about -7.9% a year, so the line uses 7.0x.
Earnings are adjusted figures on the same basis analysts forecast, built from reported quarters; years beyond the last completed fiscal year use the analyst consensus (dashed). The verdict calls a stock over- or undervalued only when the price sits more than 10% from the fair value line. Analyst estimates for this listing are published in its home currency; they are converted to the reported basis using the historical relationship between the two.