Intrinsic value of Systemax - SYX

Previous Close

$27.96

  Intrinsic Value

$222.92

stock screener

  Rating & Target

str. buy

+697%

Previous close

$27.96

 
Intrinsic value

$222.92

 
Up/down potential

+697%

 
Rating

str. buy

We calculate the intrinsic value of SYX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  1,468
  1,687
  1,921
  2,171
  2,437
  2,717
  3,011
  3,320
  3,644
  3,981
  4,333
  4,699
  5,080
  5,476
  5,887
  6,315
  6,760
  7,222
  7,702
  8,202
  8,721
  9,262
  9,826
  10,413
  11,025
  11,663
  12,329
  13,025
  13,751
  14,510
Variable operating expenses, $m
  798
  917
  1,044
  1,180
  1,324
  1,476
  1,636
  1,804
  1,979
  2,163
  2,352
  2,551
  2,758
  2,973
  3,196
  3,428
  3,670
  3,920
  4,181
  4,452
  4,734
  5,028
  5,334
  5,653
  5,985
  6,331
  6,693
  7,070
  7,465
  7,877
Fixed operating expenses, $m
  529
  541
  553
  565
  578
  590
  603
  617
  630
  644
  658
  673
  687
  702
  718
  734
  750
  766
  783
  800
  818
  836
  854
  873
  892
  912
  932
  953
  974
  995
Total operating expenses, $m
  1,327
  1,458
  1,597
  1,745
  1,902
  2,066
  2,239
  2,421
  2,609
  2,807
  3,010
  3,224
  3,445
  3,675
  3,914
  4,162
  4,420
  4,686
  4,964
  5,252
  5,552
  5,864
  6,188
  6,526
  6,877
  7,243
  7,625
  8,023
  8,439
  8,872
Operating income, $m
  140
  229
  324
  426
  535
  650
  772
  900
  1,034
  1,175
  1,323
  1,476
  1,635
  1,801
  1,973
  2,153
  2,340
  2,535
  2,738
  2,949
  3,169
  3,398
  3,637
  3,887
  4,147
  4,420
  4,704
  5,001
  5,312
  5,638
EBITDA, $m
  146
  235
  331
  434
  544
  660
  782
  911
  1,046
  1,188
  1,336
  1,490
  1,650
  1,817
  1,991
  2,172
  2,361
  2,557
  2,761
  2,973
  3,195
  3,426
  3,667
  3,918
  4,181
  4,455
  4,741
  5,040
  5,354
  5,681
Interest expense (income), $m
  1
  0
  3
  6
  10
  13
  17
  21
  25
  30
  34
  39
  44
  50
  55
  61
  67
  73
  80
  86
  93
  101
  108
  116
  124
  133
  142
  151
  160
  171
  181
Earnings before tax, $m
  140
  226
  318
  417
  522
  633
  751
  875
  1,004
  1,140
  1,283
  1,431
  1,585
  1,745
  1,912
  2,086
  2,267
  2,455
  2,651
  2,855
  3,068
  3,290
  3,521
  3,763
  4,015
  4,278
  4,553
  4,841
  5,142
  5,457
Tax expense, $m
  38
  61
  86
  112
  141
  171
  203
  236
  271
  308
  346
  386
  428
  471
  516
  563
  612
  663
  716
  771
  828
  888
  951
  1,016
  1,084
  1,155
  1,229
  1,307
  1,388
  1,473
Net income, $m
  102
  165
  232
  304
  381
  462
  548
  638
  733
  832
  937
  1,045
  1,157
  1,274
  1,396
  1,523
  1,655
  1,792
  1,935
  2,084
  2,240
  2,402
  2,571
  2,747
  2,931
  3,123
  3,324
  3,534
  3,754
  3,983

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  640
  735
  837
  947
  1,062
  1,184
  1,313
  1,447
  1,588
  1,735
  1,889
  2,048
  2,214
  2,387
  2,566
  2,753
  2,947
  3,148
  3,357
  3,575
  3,802
  4,038
  4,283
  4,539
  4,806
  5,084
  5,375
  5,678
  5,994
  6,325
Adjusted assets (=assets-cash), $m
  640
  735
  837
  947
  1,062
  1,184
  1,313
  1,447
  1,588
  1,735
  1,889
  2,048
  2,214
  2,387
  2,566
  2,753
  2,947
  3,148
  3,357
  3,575
  3,802
  4,038
  4,283
  4,539
  4,806
  5,084
  5,375
  5,678
  5,994
  6,325
Revenue / Adjusted assets
  2.294
  2.295
  2.295
  2.293
  2.295
  2.295
  2.293
  2.294
  2.295
  2.295
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
  2.294
Average production assets, $m
  26
  30
  35
  39
  44
  49
  54
  60
  66
  72
  78
  85
  91
  99
  106
  114
  122
  130
  139
  148
  157
  167
  177
  187
  198
  210
  222
  234
  248
  261
Working capital, $m
  -7
  -8
  -10
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
Total debt, $m
  55
  113
  176
  243
  315
  390
  469
  552
  639
  729
  824
  922
  1,024
  1,131
  1,241
  1,356
  1,476
  1,600
  1,729
  1,863
  2,002
  2,148
  2,299
  2,457
  2,621
  2,792
  2,971
  3,158
  3,353
  3,557
Total liabilities, $m
  394
  453
  516
  583
  654
  729
  809
  892
  978
  1,069
  1,163
  1,262
  1,364
  1,470
  1,581
  1,696
  1,815
  1,939
  2,068
  2,202
  2,342
  2,487
  2,638
  2,796
  2,960
  3,132
  3,311
  3,497
  3,692
  3,896
Total equity, $m
  246
  282
  322
  363
  408
  455
  504
  556
  610
  666
  725
  787
  850
  917
  986
  1,057
  1,132
  1,209
  1,289
  1,373
  1,460
  1,550
  1,645
  1,743
  1,845
  1,952
  2,064
  2,180
  2,302
  2,429
Total liabilities and equity, $m
  640
  735
  838
  946
  1,062
  1,184
  1,313
  1,448
  1,588
  1,735
  1,888
  2,049
  2,214
  2,387
  2,567
  2,753
  2,947
  3,148
  3,357
  3,575
  3,802
  4,037
  4,283
  4,539
  4,805
  5,084
  5,375
  5,677
  5,994
  6,325
Debt-to-equity ratio
  0.220
  0.400
  0.550
  0.670
  0.770
  0.860
  0.930
  0.990
  1.050
  1.090
  1.140
  1.170
  1.200
  1.230
  1.260
  1.280
  1.300
  1.320
  1.340
  1.360
  1.370
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.460
Adjusted equity ratio
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  165
  232
  304
  381
  462
  548
  638
  733
  832
  937
  1,045
  1,157
  1,274
  1,396
  1,523
  1,655
  1,792
  1,935
  2,084
  2,240
  2,402
  2,571
  2,747
  2,931
  3,123
  3,324
  3,534
  3,754
  3,983
Depreciation, amort., depletion, $m
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
Funds from operations, $m
  108
  171
  239
  312
  390
  472
  559
  650
  746
  846
  950
  1,059
  1,172
  1,291
  1,414
  1,542
  1,675
  1,814
  1,959
  2,109
  2,266
  2,430
  2,600
  2,778
  2,964
  3,158
  3,361
  3,573
  3,795
  4,027
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from operations, $m
  109
  172
  240
  313
  391
  473
  560
  651
  747
  847
  951
  1,061
  1,174
  1,293
  1,416
  1,544
  1,677
  1,816
  1,961
  2,112
  2,269
  2,432
  2,603
  2,781
  2,967
  3,161
  3,364
  3,576
  3,798
  4,031
Maintenance CAPEX, $m
  -4
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
New CAPEX, $m
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
Cash from investing activities, $m
  -7
  -8
  -9
  -11
  -12
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -26
  -27
  -28
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -50
  -52
  -55
Free cash flow, $m
  102
  164
  231
  303
  380
  461
  547
  637
  731
  830
  933
  1,041
  1,153
  1,270
  1,392
  1,519
  1,650
  1,788
  1,931
  2,079
  2,235
  2,396
  2,565
  2,741
  2,925
  3,117
  3,317
  3,527
  3,746
  3,976
Issuance/(repayment) of debt, $m
  55
  59
  63
  67
  71
  75
  79
  83
  87
  91
  94
  98
  102
  106
  111
  115
  119
  124
  129
  134
  140
  145
  151
  158
  164
  171
  179
  187
  195
  204
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  55
  59
  63
  67
  71
  75
  79
  83
  87
  91
  94
  98
  102
  106
  111
  115
  119
  124
  129
  134
  140
  145
  151
  158
  164
  171
  179
  187
  195
  204
Total cash flow (excl. dividends), $m
  157
  223
  294
  370
  451
  536
  626
  720
  818
  921
  1,028
  1,139
  1,256
  1,377
  1,502
  1,633
  1,770
  1,912
  2,060
  2,214
  2,374
  2,542
  2,716
  2,899
  3,089
  3,288
  3,496
  3,714
  3,941
  4,180
Retained Cash Flow (-), $m
  -34
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  123
  186
  255
  328
  406
  489
  576
  668
  764
  864
  969
  1,078
  1,192
  1,310
  1,434
  1,562
  1,695
  1,834
  1,979
  2,130
  2,287
  2,451
  2,622
  2,800
  2,987
  3,181
  3,385
  3,597
  3,820
  4,053
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  118
  170
  222
  270
  315
  355
  389
  418
  439
  453
  460
  460
  453
  440
  421
  397
  369
  338
  305
  271
  237
  203
  172
  143
  116
  93
  73
  56
  42
  31
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Systemax Inc. is a direct marketer of brand name and private label products. The Company's segments are Industrial Products Group (IPG), EMEA Technology Products Group (EMEA), and Corporate and Other (Corporate). The IPG segment sells an array of maintenance, repair and operational (MRO) products, which are marketed in North America. The Company offers a selection of products that are manufactured for its own design and marketed under the trademarks: Global, GlobalIndustrial.com, Nexel Relius, Paramount and Interion. EMEA sells products categorized as Information and Communications Technology (ICT) and Consumer Electronics (CE), as well as related technical services, such as configuration, implementation, network security, and other technical services. CE products include television and video; audio; cameras and surveillance; Global Positioning System (GPS); cell phones; video games, and home and electronics accessories.

FINANCIAL RATIOS  of  Systemax (SYX)

Valuation Ratios
P/E Ratio -31.3
Price to Sales 0.6
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow -18.1
Price to Free Cash Flow -17.2
Growth Rates
Sales Growth Rate -9.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -72.7%
Cap. Spend. - 3 Yr. Gr. Rate -26.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 3
Management Effectiveness
Return On Assets -5.8%
Ret/ On Assets - 3 Yr. Avg. -7.3%
Return On Total Capital -14.1%
Ret/ On T. Cap. - 3 Yr. Avg. -18.8%
Return On Equity -14.1%
Return On Equity - 3 Yr. Avg. -18.9%
Asset Turnover 2.6
Profitability Ratios
Gross Margin 19.3%
Gross Margin - 3 Yr. Avg. 18.6%
EBITDA Margin 0.7%
EBITDA Margin - 3 Yr. Avg. -0.3%
Operating Margin 0.2%
Oper. Margin - 3 Yr. Avg. -0.6%
Pre-Tax Margin 0.1%
Pre-Tax Margin - 3 Yr. Avg. -0.9%
Net Profit Margin -2%
Net Profit Margin - 3 Yr. Avg. -3.1%
Effective Tax Rate 500%
Eff/ Tax Rate - 3 Yr. Avg. 134.3%
Payout Ratio -12.1%

SYX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYX stock intrinsic value calculation we used $1265.4 million for the last fiscal year's total revenue generated by Systemax. The default revenue input number comes from 0001 income statement of Systemax. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SYX stock valuation model: a) initial revenue growth rate of 16% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SYX is calculated based on our internal credit rating of Systemax, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Systemax.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SYX stock the variable cost ratio is equal to 54.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $518 million in the base year in the intrinsic value calculation for SYX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Systemax.

Corporate tax rate of 27% is the nominal tax rate for Systemax. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SYX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SYX are equal to 1.8%.

Life of production assets of 6 years is the average useful life of capital assets used in Systemax operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SYX is equal to -0.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $211.8 million for Systemax - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 37.192 million for Systemax is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Systemax at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Systemax: 3Q Earnings Snapshot   [Oct-30-18 06:51PM  Associated Press]
▶ Systemax Inc (NYSE:SYX): Time For A Financial Health Check   [Oct-17-18 01:09PM  Simply Wall St.]
▶ Systemax Closes Sale Of France Operations   [Sep-04-18 07:00AM  PR Newswire]
▶ Systemax: 2Q Earnings Snapshot   [Jul-31-18 07:02PM  Associated Press]
▶ Systemax Inc. to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ A Holistic Look At Systemax Inc (NYSE:SYX)   [Jun-25-18 08:08AM  Simply Wall St.]
▶ Systemax Declares $1.00 Per Share Special Dividend   [Jun-14-18 04:30PM  PR Newswire]
▶ Systemax: 1Q Earnings Snapshot   [06:44PM  Associated Press]
▶ Systemax Reports Fourth Quarter 2017 Financial Results   [Feb-27-18 04:33PM  PR Newswire]
▶ ETFs with exposure to Systemax, Inc. : December 27, 2017   [Dec-27-17 11:53AM  Capital Cube]
▶ Systemax Declares $1.50 Per Share Special Dividend   [Dec-26-17 04:16PM  PR Newswire]
▶ ETFs with exposure to Systemax, Inc. : November 13, 2017   [Nov-13-17 01:20PM  Capital Cube]
▶ Is There Now An Opportunity In Systemax Inc (SYX)?   [Nov-06-17 01:32PM  Simply Wall St.]
▶ ETFs with exposure to Systemax, Inc. : November 2, 2017   [Nov-02-17 12:36PM  Capital Cube]
▶ Systemax posts 3Q profit   [Oct-31-17 05:29PM  Associated Press]
▶ Systemax Inc. to Host Earnings Call   [09:50AM  ACCESSWIRE]
▶ ETFs with exposure to Systemax, Inc. : October 23, 2017   [Oct-23-17 11:07AM  Capital Cube]
▶ ETFs with exposure to Systemax, Inc. : October 11, 2017   [Oct-11-17 12:05PM  Capital Cube]
▶ Systemax posts 2Q profit   [Aug-01-17 06:39PM  Associated Press]
▶ ETFs with exposure to Systemax, Inc. : July 4, 2017   [Jul-04-17 03:31PM  Capital Cube]
▶ ETFs with exposure to Systemax, Inc. : June 22, 2017   [Jun-22-17 04:28PM  Capital Cube]
▶ Why Systemax Stock Surged Today   [May-05-17 01:22PM  Motley Fool]
▶ Systemax reports 1Q loss   [05:03AM  Associated Press]
▶ Systemax Reports First Quarter 2017 Financial Results   [May-04-17 04:34PM  PR Newswire]
▶ Systemax reports 4Q loss   [Feb-28-17 06:59PM  Associated Press]
▶ Vapor Corp. Announces Appointment of New CFO   [Dec-15-16 09:00AM  PR Newswire]

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