Perion Network Ltd.
PERIdata completeness 88%17 fiscal years on filePerion Network Ltd. earns about 12% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 11% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $9.53 and $15.08 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $478.5M1 | $640.3M2 | $743.2M3 | $498.3M3 | $439.9M3 |
| Net income | $38.7M4 | $97.5M5 | $115M6 | $12.6M6 | −$7.93M6 |
| Operating cash flow | $71.1M7 | $122.1M8 | $155.5M9 | $6.94M9 | $41.9M9 |
| Capital expenditure | $627,00010 | $1.06M11 | $811,00012 | $6.87M12 | $3.8M12 |
| Free cash flow (derived) | $70.5M7 | $121.1M8 | $154.7M9 | $67,0009 | $38.1M9 |
| Total debt | $013 | — | — | — | — |
| Cash & equivalents | $104.4M14 | $176.2M15 | $187.6M16 | $156.2M16 | $90M16 |
| Diluted shares | 37.8M | 48.1M | 50.1M | 49.6M | 42.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $160.58 of net worth that earned you −$1.88 and generated $9.06 of cash last year.
It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 11% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $9.53 and $15.08 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$38.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$38.1M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$38.7M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $15.08 |
| Base | 0.0% | $15.08 |
| Bull | 5.0% | $18.21 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001251 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001021 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000927 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001251 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001021 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000927 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001251 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001021 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000927 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001251 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001021 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000927 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001178913-22-001146 (DebtCurrent)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001251 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001021 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-000927 (CashAndCashEquivalentsAtCarryingValue)