Financials Perion Network Ltd. TEL AVIV STOCK EXCHANGE

Equities

PERI

IL0010958192

Software

Market Closed - TEL AVIV STOCK EXCHANGE Other stock markets 10:24:36 2024-07-04 am EDT			5-day change	1st Jan Change
3,179 ^ILa	-1.30%		+0.25%	-71.49%

Jun. 11	Lake Street Adjusts Price Target on Perion Network to $10 From $16, Maintains Hold Rating	MT
Jun. 10	Sector Update: Tech Stocks Lean Lower Premarket Monday	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	163.2	343.3	1,042	1,130	1,452	413	-
Enterprise Value (EV) ¹	163.2	343.3	1,042	1,130	979.4	413	413
P/E ratio	12.7 x	35.4 x	23.6 x	12.3 x	13.2 x	21.3 x	33.8 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	0.62 x	1.05 x	2.18 x	1.76 x	1.95 x	0.83 x	0.88 x
EV / Revenue	0.62 x	1.05 x	2.18 x	1.76 x	1.95 x	0.83 x	0.88 x
EV / EBITDA	5.04 x	10.5 x	15 x	8.54 x	8.59 x	8.24 x	9.3 x
EV / FCF	3.71 x	15.9 x	14.8 x	9.33 x	9.39 x	9.52 x	10.8 x
FCF Yield	27%	6.28%	6.77%	10.7%	10.7%	10.5%	9.29%
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	26,230	26,966	43,331	44,663	47,039	48,422	-
Reference price ²	6.220	12.73	24.05	25.30	30.87	8.530	8.530
Announcement Date	2/12/20	2/9/21	2/9/22	2/8/23	2/7/24	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	261.4	328.1	478.5	640.3	743.2	499.9	468.6
EBITDA ¹	32.39	32.78	69.61	132.4	169.1	50.1	44.41
EBIT ¹	18.01	12.25	45.9	109.2	116.7	1.277	-10.35
Operating Margin	6.89%	3.73%	9.59%	17.05%	15.71%	0.26%	-2.21%
Earnings before Tax (EBT) ¹	14.54	9.615	45.32	113.7	137.7	21.87	15.02
Net income ¹	12.89	10.22	38.71	99.22	117.4	19.67	12.38
Net margin	4.93%	3.12%	8.09%	15.5%	15.8%	3.94%	2.64%
EPS ²	0.4900	0.3600	1.020	2.060	2.340	0.4000	0.2525
Free Cash Flow ¹	44.02	21.54	70.57	121.1	154.7	43.36	38.38
FCF margin	16.84%	6.57%	14.75%	18.91%	20.81%	8.67%	8.19%
FCF Conversion (EBITDA)	135.91%	65.71%	101.39%	91.46%	91.46%	86.56%	86.42%
FCF Conversion (Net income)	341.46%	210.7%	182.33%	122.01%	131.74%	220.41%	310.04%
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	2/12/20	2/9/21	2/9/22	2/8/23	2/7/24	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	121	158	125.3	146.7	158.6	209.7	145.2	178.5	185.3	234.2	157.8	107	103.8	131.2	92.22
EBITDA ¹	17.61	28.95	22.67	28.46	33.01	48.23	31.27	41.24	42.7	53.9	20.28	6.991	6.979	15.86	3.032
EBIT ¹	12.38	20.8	16.51	21.87	29.6	41.19	24.5	19.89	32.47	39.88	8.505	-5.688	-5.065	3.438	-10.34
Operating Margin	10.23%	13.16%	13.17%	14.91%	18.66%	19.64%	16.88%	11.14%	17.52%	17.03%	5.39%	-5.32%	-4.88%	2.62%	-11.22%
Earnings before Tax (EBT) ¹	12.37	20.33	17.11	22.78	30.62	43.16	27.93	25.04	38.57	46.15	13.99	0.2062	-0.133	8.437	-4.395
Net income ¹	10.62	17.7	15.47	19.5	25.58	38.68	23.78	21.41	32.82	39.4	11.77	-0.1328	0.5087	7.663	-3.537
Net margin	8.78%	11.2%	12.34%	13.3%	16.13%	18.45%	16.39%	11.99%	17.71%	16.82%	7.46%	-0.12%	0.49%	5.84%	-3.84%
EPS ²	0.2800	0.4400	0.3300	0.4100	0.5300	0.7900	0.4800	0.4300	0.6500	0.7800	0.2400	-0.008000	0.0120	0.1640	-0.0733
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/26/21	2/9/22	4/28/22	8/3/22	11/9/22	2/8/23	5/3/23	8/2/23	11/1/23	2/7/24	5/8/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	473	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	44	21.5	70.6	121	155	43.4	38.4
ROE (net income / shareholders' equity)	8.21%	5.85%	11.9%	18.9%	18%	4%	-
ROA (Net income/ Total Assets)	4.77%	3.18%	-	-	-	-	-
Assets ¹	270.1	321.2	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	0.72	0.5	0.53	10.6	0.78	1	1
Capex / Sales	0.27%	0.15%	0.11%	1.66%	0.11%	0.2%	0.21%
Announcement Date	2/12/20	2/9/21	2/9/22	2/8/23	2/7/24	-	-

¹USD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Perion Network Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

8.53 USD

Average target price

9.667 USD

Spread / Average Target

+13.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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Application Software