$Sapiens International (SPNS.US)$In the analysis on January ...

The Israeli company listed in 1992 (the largest shareholder Formula Systems holds 43.62%, also an Israeli software solutions company), mainly operates in the insurance industry software solutions business, with the main markets in Europe and the USA, with the current price at 32.68.

Over the past 5 years, revenue, operating profit, and net income have continued to grow, with average growth rates in the past 4 years of 12.1%, 20%, and 24%. The growth rates in 2023 have decreased to 8.4%, 18.6%, and 18.8%. Starting in 2023, interest expenses have turned into interest income. The gross margin has increased from 39.8% to 42.7% in the past 5 years, the net margin has increased from 8.1% to 12.2%, and the return on equity has increased from 12.4% to 14.7%.

Over the past 5 years, the asset-liability ratio has decreased from 50.2% to 34.8%, with significant increases in total assets and net assets. The proportion and growth rate of accounts receivable are relatively normal, goodwill and other intangible assets are 0.317 billion, accounting for 70.4% of the net assets of 0.45 billion, long-term borrowings are 0.04 billion, and the leverage ratio is very low.

Over the past 5 years, the cumulative cash flow from operations has been higher than the net investment, resulting in shareholder surplus.

Currently PE is 29.4, valuation is in a reasonable range, temporarily lack of attractiveness.