Stock FORTY FORMULA SYSTEMS (1985) LTD.
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Financials Formula Systems (1985) Ltd.

Equities

FORTY

IL0002560162

IT Services & Consulting

Market Closed - TEL AVIV STOCK EXCHANGE
Other stock markets
 15:24:13 27/06/2024 BST 		5-day change 1st Jan Change
26,480 ILa -0.11% Intraday chart for Formula Systems (1985) Ltd. +0.88% +10.10%
05-28 Formula Systems Ltd. Appoints Itay Meroz as Member of the Board CI
05-22 Earnings Flash (FORTY) FORMULA SYSTEMS (1985) Reports Q1 Revenue $698.4M MT

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 547.2 1,042 1,321 1,871 1,112 1,021
Enterprise Value (EV) 1 633.3 1,240 1,456 2,071 1,315 1,163
P/E ratio 17.3 x 27.9 x 28.7 x 34.9 x 13.9 x 16.2 x
Yield 0.92% 1.44% 1.37% 1.28% 0.85% 1.89%
Capitalization / Revenue 0.37 x 0.61 x 0.68 x 0.78 x 0.43 x 0.39 x
EV / Revenue 0.42 x 0.73 x 0.75 x 0.86 x 0.51 x 0.44 x
EV / EBITDA 4 x 6.46 x 6.28 x 7.1 x 4.72 x 4.05 x
EV / FCF 7.68 x 9.08 x 6.97 x 12.8 x 5.07 x 6.19 x
FCF Yield 13% 11% 14.4% 7.79% 19.7% 16.1%
Price to Book 1.49 x 2.47 x 2.62 x 3.46 x 2.01 x 1.63 x
Nbr of stocks (in thousands) 14,740 15,294 15,294 15,294 15,318 15,333
Reference price 2 37.12 68.12 86.35 122.3 72.60 66.59
Announcement Date 15/05/19 29/06/20 17/05/21 16/05/22 15/05/23 15/05/24
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 1,493 1,701 1,934 2,404 2,572 2,621
EBITDA 1 158.4 191.9 231.7 291.9 278.8 287.2
EBIT 1 109.6 138.5 170.6 212.7 232.4 239.4
Operating Margin 7.34% 8.14% 8.82% 8.85% 9.03% 9.13%
Earnings before Tax (EBT) 1 101.7 121.6 145.3 184.5 254.9 211.8
Net income 1 32.36 38.82 46.78 54.58 81.39 64.01
Net margin 2.17% 2.28% 2.42% 2.27% 3.16% 2.44%
EPS 2 2.143 2.442 3.006 3.504 5.212 4.122
Free Cash Flow 1 82.51 136.6 209 161.4 259.4 187.7
FCF margin 5.53% 8.03% 10.81% 6.71% 10.08% 7.16%
FCF Conversion (EBITDA) 52.1% 71.21% 90.19% 55.31% 93.05% 65.36%
FCF Conversion (Net income) 254.92% 351.98% 446.83% 295.74% 318.71% 293.22%
Dividend per Share 2 0.3400 0.9800 1.180 1.560 0.6200 1.260
Announcement Date 15/05/19 29/06/20 17/05/21 16/05/22 15/05/23 15/05/24
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 86.1 198 135 200 203 142
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.544 x 1.034 x 0.5841 x 0.6868 x 0.7285 x 0.4938 x
Free Cash Flow 1 82.5 137 209 161 259 188
ROE (net income / shareholders' equity) 9.81% 11.1% 11.4% 12.4% 16.9% 13.3%
ROA (Net income/ Total Assets) 4.25% 4.61% 4.63% 5.05% 5.24% 5.34%
Assets 1 762.4 841.8 1,011 1,082 1,553 1,200
Book Value Per Share 2 24.90 27.60 32.90 35.40 36.00 40.80
Cash Flow per Share 2 18.20 24.10 32.80 31.70 35.50 29.50
Capex 1 11.6 22.4 16.7 17.4 22.1 16.7
Capex / Sales 0.78% 1.32% 0.86% 0.72% 0.86% 0.64%
Announcement Date 15/05/19 29/06/20 17/05/21 16/05/22 15/05/23 15/05/24
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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1st Jan change Capi.
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