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Perion Network

TASE:PERI
Snowflake Description

Very undervalued with flawless balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PERI
TASE
$112M
Market Cap
  1. Home
  2. IL
  3. Media
Company description

Perion Network Ltd., a technology company, delivers advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. The last earnings update was 19 days ago. More info.


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  • Perion Network has significant price volatility in the past 3 months.
PERI Share Price and Events
7 Day Returns
-12.3%
TASE:PERI
-3.1%
Asia Media
2%
IL Market
1 Year Returns
50%
TASE:PERI
-32.4%
Asia Media
-12.8%
IL Market
PERI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Perion Network (PERI) -12.3% -35.2% -30.6% 50% -26.8% -63.1%
Asia Media -3.1% -16% -20.2% -32.4% -46.4% -58.4%
IL Market 2% -18.8% -25.4% -12.8% -1.4% 5.5%
1 Year Return vs Industry and Market
  • PERI outperformed the Media industry which returned -32.4% over the past year.
  • PERI outperformed the Market in Israel which returned -12.8% over the past year.
Price Volatility
PERI
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Perion Network undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Perion Network to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Perion Network.

TASE:PERI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.4%
Perpetual Growth Rate 10-Year IL Government Bond Rate 0.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TASE:PERI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IL Govt Bond Rate 0.9%
Equity Risk Premium S&P Global 6.3%
Media Unlevered Beta Simply Wall St/ S&P Global 0.64
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.637 (1 + (1- 23%) (36.28%))
0.876
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.85% + (0.876 * 6.33%)
6.39%

Discounted Cash Flow Calculation for TASE:PERI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Perion Network is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TASE:PERI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.39%)
2020 30.40 Analyst x1 28.57
2021 38.50 Analyst x1 34.01
2022 40.15 Est @ 4.29% 33.34
2023 41.46 Est @ 3.26% 32.35
2024 42.51 Est @ 2.53% 31.18
2025 43.37 Est @ 2.03% 29.90
2026 44.10 Est @ 1.68% 28.57
2027 44.73 Est @ 1.43% 27.24
2028 45.29 Est @ 1.25% 25.92
2029 45.80 Est @ 1.13% 24.64
Present value of next 10 years cash flows $295.00
TASE:PERI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $45.80 × (1 + 0.85%) ÷ (6.39% – 0.85%)
$833.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $833.02 ÷ (1 + 6.39%)10
$448.18
TASE:PERI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $295.00 + $448.18
$743.18
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $743.18 / 26.71
$27.83
TASE:PERI Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in TASE:PERI represents 3.74042x of NasdaqGS:PERI
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
3.74042x
Value per Share
(Listing Adjusted, ILS)
= Value per Share (USD) x Listing Adjustment Factor
= $ 27.83 x 3.74042
₪104.08
Value per share (ILS) From above. ₪104.08
Current discount Discount to share price of ₪15.71
= -1 x (₪15.71 - ₪104.08) / ₪104.08
84.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Perion Network is available for.
Intrinsic value
>50%
Share price is ₪15.71 vs Future cash flow value of ₪104.08
Current Discount Checks
For Perion Network to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Perion Network's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Perion Network's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Perion Network's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Perion Network's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TASE:PERI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.50
NasdaqGS:PERI Share Price ** NasdaqGS (2020-04-02) in USD $4.2
Asia Media Industry PE Ratio Median Figure of 249 Publicly-Listed Media Companies 13.97x
Israel Market PE Ratio Median Figure of 241 Publicly-Listed Companies 10.33x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Perion Network.

TASE:PERI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:PERI Share Price ÷ EPS (both in USD)

= 4.2 ÷ 0.50

8.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Perion Network is good value based on earnings compared to the Asia Media industry average.
  • Perion Network is good value based on earnings compared to the Israel market.
Price based on expected Growth
Does Perion Network's expected growth come at a high price?
Raw Data
TASE:PERI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.46x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
24.3%per year
Asia Media Industry PEG Ratio Median Figure of 81 Publicly-Listed Media Companies 0.98x
Israel Market PEG Ratio Median Figure of 8 Publicly-Listed Companies 0.78x

*Line of best fit is calculated by linear regression .

TASE:PERI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.46x ÷ 24.3%

0.35x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Perion Network is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Perion Network's assets?
Raw Data
TASE:PERI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $6.29
NasdaqGS:PERI Share Price * NasdaqGS (2020-04-02) in USD $4.2
Asia Media Industry PB Ratio Median Figure of 354 Publicly-Listed Media Companies 1.05x
Israel Market PB Ratio Median Figure of 344 Publicly-Listed Companies 0.95x
TASE:PERI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:PERI Share Price ÷ Book Value per Share (both in USD)

= 4.2 ÷ 6.29

0.67x

* Primary Listing of Perion Network.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Perion Network is good value based on assets compared to the Asia Media industry average.
X
Value checks
We assess Perion Network's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Media industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Media industry average (and greater than 0)? (1 check)
  5. Perion Network has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Perion Network expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
24.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Perion Network expected to grow at an attractive rate?
  • Perion Network's earnings growth is expected to exceed the low risk savings rate of 0.9%.
Growth vs Market Checks
  • Perion Network's earnings growth is expected to exceed the Israel market average.
  • Perion Network's revenue growth is expected to exceed the Israel market average.
Annual Growth Rates Comparison
Raw Data
TASE:PERI Future Growth Rates Data Sources
Data Point Source Value (per year)
TASE:PERI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 24.3%
TASE:PERI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 10.6%
Asia Media Industry Earnings Growth Rate Market Cap Weighted Average 17.5%
Asia Media Industry Revenue Growth Rate Market Cap Weighted Average 8.8%
Israel Market Earnings Growth Rate Market Cap Weighted Average 16.5%
Israel Market Revenue Growth Rate Market Cap Weighted Average 5.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TASE:PERI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TASE:PERI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 324 39 21 3
2020-12-31 307 31 16 3
2020-04-04
TASE:PERI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 261 45 13
2019-09-30 255 38 12
2019-06-30 247 38 11
2019-03-31 246 32 9
2018-12-31 253 33 8
2018-09-30 258 36 -34
2018-06-30 266 42 -34
2018-03-31 273 42 -71
2017-12-31 274 36 -73
2017-09-30 281 41 -35
2017-06-30 291 34 -35
2017-03-31 299 35 3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Perion Network's earnings are expected to grow significantly at over 20% yearly.
  • Perion Network's revenue is expected to grow by 10.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TASE:PERI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Perion Network Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TASE:PERI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.77 0.86 0.62 3.00
2020-12-31 0.58 0.71 0.33 3.00
2020-04-04
TASE:PERI Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.50
2019-09-30 0.46
2019-06-30 0.43
2019-03-31 0.36
2018-12-31 0.31
2018-09-30 -1.32
2018-06-30 -1.30
2018-03-31 -2.73
2017-12-31 -2.81
2017-09-30 -1.36
2017-06-30 -1.36
2017-03-31 0.11

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Perion Network is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Perion Network's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Perion Network has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Perion Network performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Perion Network's growth in the last year to its industry (Media).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Perion Network's year on year earnings growth rate has been positive over the past 5 years.
  • Perion Network's 1-year earnings growth exceeds its 5-year average (58.8% vs 0.3%)
  • Perion Network's earnings growth has exceeded the Asia Media industry average in the past year (58.8% vs 2.1%).
Earnings and Revenue History
Perion Network's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Perion Network Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TASE:PERI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 261.45 12.89 49.74 22.59
2019-09-30 255.16 11.89 49.58 20.77
2019-06-30 246.56 11.21 49.89 19.13
2019-03-31 245.79 9.30 52.76 18.20
2018-12-31 252.85 8.12 55.37 18.88
2018-09-30 258.16 -34.04 61.15 18.97
2018-06-30 266.02 -33.62 65.95 18.44
2018-03-31 272.92 -70.62 70.56 17.71
2017-12-31 273.99 -72.75 74.65 17.19
2017-09-30 281.25 -35.16 85.54 19.79
2017-06-30 290.67 -34.89 74.55 19.66
2017-03-31 298.98 2.80 88.41 24.44
2016-12-31 312.79 2.85 83.39 25.22
2016-09-30 295.86 -19.61 91.24 30.59
2016-06-30 274.04 -64.53 75.54 25.61
2016-03-31 244.60 -84.20 68.92 28.33
2015-12-31 220.95 -41.66 49.01 21.69
2015-09-30 231.43 -59.78 43.29 28.83
2015-06-30 265.08 33.84 43.58 30.78
2015-03-31 326.05 39.75 47.86 38.67
2014-12-31 388.73 49.31 52.72 37.43
2014-09-30 394.77 60.37 57.46 41.45
2014-06-30 389.42 46.97 48.88 36.11
2014-03-31 361.03 51.29 41.35 30.59
2013-12-31 325.51 62.41 29.41 22.39

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Perion Network has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Perion Network used its assets more efficiently than the Asia Media industry average last year based on Return on Assets.
  • Perion Network has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Perion Network's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Media industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Perion Network has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Perion Network's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Perion Network's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Perion Network is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Perion Network's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Perion Network's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 6.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Perion Network Company Filings, last reported 3 months ago.

TASE:PERI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 165.18 16.67 61.62
2019-09-30 157.99 18.75 52.03
2019-06-30 154.02 20.83 42.14
2019-03-31 150.68 30.97 45.09
2018-12-31 148.78 40.45 43.11
2018-09-30 143.39 39.69 40.88
2018-06-30 140.57 40.79 34.66
2018-03-31 139.14 50.22 41.74
2017-12-31 138.33 60.71 37.48
2017-09-30 175.03 62.31 35.48
2017-06-30 171.77 64.41 22.43
2017-03-31 206.99 64.63 22.81
2016-12-31 208.14 77.73 32.38
2016-09-30 206.23 86.93 31.41
2016-06-30 200.09 86.17 44.04
2016-03-31 197.63 92.47 48.76
2015-12-31 199.84 99.05 59.96
2015-09-30 205.26 37.77 129.44
2015-06-30 273.36 39.29 127.90
2015-03-31 262.49 37.05 119.97
2014-12-31 246.00 40.00 116.18
2014-09-30 248.98 42.10 96.93
2014-06-30 221.70 5.40 35.55
2014-03-31 198.94 20.81 51.17
2013-12-31 10.03 0.00 0.95
  • Perion Network's level of debt (10.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (16.2% vs 10.1% today).
  • Debt is well covered by operating cash flow (268.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 13.5x coverage).
X
Financial health checks
We assess Perion Network's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Perion Network has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Perion Network's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Perion Network dividends.
If you bought ₪2,000 of Perion Network shares you are expected to receive ₪0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Perion Network's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Perion Network's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TASE:PERI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Asia Media Industry Average Dividend Yield Market Cap Weighted Average of 185 Stocks 2.9%
Israel Market Average Dividend Yield Market Cap Weighted Average of 150 Stocks 4.1%
Israel Minimum Threshold Dividend Yield 10th Percentile 1.5%
Israel Bottom 25% Dividend Yield 25th Percentile 2.6%
Israel Top 25% Dividend Yield 75th Percentile 7.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TASE:PERI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2020-04-04

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Perion Network has not reported any payouts.
  • Unable to verify if Perion Network's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Perion Network's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Perion Network has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Perion Network's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Perion Network afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Perion Network has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Perion Network's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Doron Gerstel
COMPENSATION $2,278,000
AGE 59
TENURE AS CEO 3 years
CEO Bio

Mr. Doron Gerstel has been Chief Executive Officer at Perion Network Ltd. since April 2, 2017 and has been its Director since May 2018. He serves as Chief Executive Officer at Undertone Networks Inc. since February 2019. Mr. Gerstel served as Chief Executive Officer of Panaya Ltd. (also known as Panaya, Inc) since April 2014. Mr. Gerstel served as the Chief Executive Officer at Nolio Ltd. He served as the Chief Executive Officer of Syneron Medical Ltd. from May 14, 2007 to February 2, 2009 and also served as its President of North America Division since May 2006. Mr. Gerstel has over 20 years of executive experience in the international hi-tech industry. He has a proven track record of combining strategic planning and operations with world-class visionary skills and creative management to achieve global business objectives. Mr. Gerstel served as President of Syneron Medical Ltd., Syneron Inc. and Syneron Canada Corporation subsidiaries of Syneron Medical Ltd. Mr. Gerstel served as Vice President, Operations at Fibronics, Ltd. He co-founded Zend Technologies, Inc. in 1999 and served as its Chief Executive Officer and President from 1999 to May 2006. Mr. Gerstel served as an Acting Chief Operating Officer and Vice President, Operations for Lumenis Ltd. (formerly ESC Medical Systems) from 1996 to 1999, where he was responsible for worldwide operations in production, engineering, IT, service and support, procurement, logistics and QA/QC. He served as a variety of senior management positions at Fibonics, Ltd. (acquired by Elbit) and U.S. Health care, Inc. Mr. Gerstel serves as a Director of Fluorinex Active Ltd. He served as a Director of Nolio Ltd. Mr. Gerstel serves on the advisory board of Fritz, Inc. (acquired by UPS), the third largest logistics provider in the U.S. He served as a Director of Wso2, inc., since July 25, 2006. He served as a Member of Board of Advisors of Sugarcrm, Inc. He holds an MBA in Marketing from Tel-Aviv University in Israel and a B.Sc. in Economics and Management, Information Systems from Technion Institute of Technology in Haifa.

CEO Compensation
  • Doron's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Doron's remuneration is higher than average for companies of similar size in Israel.
Management Team Tenure

Average tenure and age of the Perion Network management team in years:

2.7
Average Tenure
50
Average Age
  • The tenure for the Perion Network management team is about average.
Management Team

Doron Gerstel

TITLE
CEO & Director
COMPENSATION
$2M
AGE
59
TENURE
3 yrs

Maoz Sigron

TITLE
Chief Financial Officer
COMPENSATION
$486K
AGE
41
TENURE
2.2 yrs

Miki Kolko

TITLE
Chief Technology Officer
COMPENSATION
$562K
AGE
56
TENURE
5.3 yrs

Ran Cohen

TITLE
Senior Vice President of Product
COMPENSATION
$534K
AGE
48
TENURE
2.3 yrs

Tal Jacobson

TITLE
General Manager of CodeFuel Business Unit
COMPENSATION
$736K
AGE
44
TENURE
1.4 yrs

Rami Rozen

TITLE
Vice President of Investor Relations

Adi Mates

TITLE
Vice President of Human Resource

Dan Aks

TITLE
President of Undertone
AGE
59
TENURE
0.7 yrs

Amir Nahmias

TITLE
General Manager of CodeFuel Business Unit
COMPENSATION
$1M
AGE
50
TENURE
5.3 yrs

Joanna Bailey

TITLE
Global Chief Revenue Officer of Growmobile
TENURE
5 yrs
Board of Directors Tenure

Average tenure and age of the Perion Network board of directors in years:

2.6
Average Tenure
59
Average Age
  • The average tenure for the Perion Network board of directors is less than 3 years, this suggests a new board.
Board of Directors

Eyal Kaplan

TITLE
Independent Chairman of the Board
AGE
59
TENURE
1.9 yrs

Doron Gerstel

TITLE
CEO & Director
COMPENSATION
$2M
AGE
59
TENURE
1.9 yrs

Mike Vorhaus

TITLE
Independent Director
AGE
61
TENURE
5 yrs

Sarit Firon

TITLE
External Independent Director
AGE
52
TENURE
3.3 yrs

Dror Erez

TITLE
Director
AGE
50
TENURE
6.3 yrs

Rami Schwartz

TITLE
Independent Director
AGE
61

Joy Marcus

TITLE
Independent Director
AGE
57
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₪) Value (₪)
30. Dec 19 Buy Dror Erez Individual 17. Oct 19 19. Dec 19 274,540 ₪21.36 ₪5,864,634
16. Sep 19 Sell Ronen Shilo Individual 14. May 19 30. Aug 19 -375,329 ₪24.00 ₪-9,008,444
X
Management checks
We assess Perion Network's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Perion Network has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Perion Network Ltd., a technology company, delivers advertising solutions to brands, agencies, and publishers in North America, Europe, and internationally. The company develops digital advertising solutions to capture consumer attention and drive engagement, as well as delivers ads across a portfolio of Websites and mobile applications. Its proprietary social marketing platform offers a dashboard for marketers that make media buying efficient on Facebook, Snapchat, Instagram, Twitter, and other social networks and platforms. The company’s platform allows advertisers to control their marketing expenditures, in-house planning and strategy, and utilize the technical tool to create operational marketing efficiencies. In addition, it provides search-based monetization solutions for publishers with analytics capabilities to track and monitor their business performance; Smilebox that enables people to tell the stories of their lives with customizable eCards, slideshows, invitations, and collages; and IncrediMail a messaging application that enables consumers to manage various email accounts in one place. The company was formerly known as IncrediMail Ltd. and changed its name to Perion Network Ltd. in November 2011. Perion Network Ltd. was incorporated in 1999 and is headquartered in Holon, Israel.

Details
Name: Perion Network Ltd.
PERI
Exchange: TASE
Founded: 1999
$407,694,493
26,708,705
Website: http://www.perion.com
Address: Perion Network Ltd.
Building A,
4th Floor,
Holon,
5885849,
Israel
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS PERI Ordinary Shares Nasdaq Global Select US USD 16. Mar 2010
DB IW2 Ordinary Shares Deutsche Boerse AG DE EUR 16. Mar 2010
TASE PERI Ordinary Shares The Tel-Aviv Stock Exchange IL ILS 16. Mar 2010
Number of employees
Current staff
Staff numbers
399
Perion Network employees.
Industry
Advertising
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 16:37
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/03/23
Last earnings filing: 2020/03/16
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.