SPNS
Sapiens International Corporation N.V.

Market cap $459.27M
Enterprise value $448.25M
Employees 2,500
Revenue $255M
EBITDA $14.8M
Income $966k
EPS 0.01
P/E 923.00
Forward P/E 17.42
EV/EBITDA 30.21
PEG 1.43
Earnings date 2018-05-09
Volume 1.17k / 49k
Relative vol. 0.02 ×
Sales Q/Q 26.09%
Sales Y/Y 17.18%
Est. EPS Q/Q 8.33%
Beta 0.40
Mean Recomm. 2.40
IPO year 1992
Country Israel
RSI 19.70
Range $9.18 – $9.29
52 weeks $9.14 – $15.41
SMA 50 $12 +26.42%
SMA 200 $12 +32.77%
1 year target $12 +25.00%

Intraday

5 days

1 month

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All time

Overweight → Equal-Weight
Barclays 15 February 2018
Outperform Cowen & Co. 5 September 2017

Sapiens International N.V executives

Insider Title Age Since Compensation
Uzi Netanel (81)
Independent Director since 2005
Independent Director 81 2005
Yacov Elinav (72)
Independent Director since 2005
Independent Director 72 2005
Eyal Ben-Chelouche (55)
Independent Director since 2008
Independent Director 55 2008
Naamit Salomon (53)
Director since 2003
Director 53 2003
Roni Giladi (46)
Chief Financial Officer since 2007
Chief Financial Officer 46 2007
Roni Al Dor (56)
President, Chief Executive Officer, Director since 2005
President, Chief Executive Officer, Director 56 2005
Guy Bernstein (49)
Chairman of the Board since 2009
Chairman of the Board 49 2009
Sapiens International Corporation N.V. logo

Sapiens International Corporation N.V. provides software solutions for the insurance and financial services industries in North America, the United Kingdom, other European countries, Israel, and the Asia Pacific. It offers various solutions for life, pension, and annuity providers, including Sapiens ALIS, Sapiens Closed Books, Life Portraits, LifeApply, and LifeSuite. The company also provides Sapiens IDIT, Stream, Sapiens Stingray, Sapiens Reinsurance, URS, and FRS that support various business lines for property and casualty carriers, including personal, commercial, and specialty lines, as well as a solution for the management of reinsurance contracts. In addition, its Power Suite and Comp Suite are tailored for workers' compensation. Further, the company's Sapiens Digital Suite enables digital transformation and includes advanced analytics, a portal for consumers and agents, personalized video capabilities, a customer engagement platform, and cloud offerings and services for agents, customers, and assorted insurance personnel. Additionally, it offers Sapiens DECISION, an enterprise-scale platform that enables institutions to author, store, and manage various organizational business logic; and eMerge platform, which provides end-to-end, modular, and technology-based business solutions. The company also provides end-to-end solutions that include project delivery and implementation, business and technical consulting related to products, project and program management, training, user acceptance testing, migration, maintenance and support, hosting and managed services, product upgrades, and business transformation services. It markets and sells its products and services through direct sales force, as well as through channel partners and system integrators. Sapiens International Corporation N.V. was founded in 1982 and is headquartered in Holon, Israel.

  • Sapiens International Corporation N.V., Azrieli Center, Holon 5885800, Israel
  • sapiens.com
  • 972 3 790 2000

Quarterly EPS estimates

Profit margin

Debt to assets

Cash flow

Balance sheet

(in millions) 2017Q3 2017Q2 2017Q1 2016Q4
Current assets
Cash $80.493 $46.416 $35.115 $60.908
Short term investments $18.22
Net receivables $64.373 $58.638 $60.873 $41.073
Inventory
Other current assets
Total current assets $144.866 $105.054 $95.988 $120.201
Long term investments $17.228
Property, plant & equipment $9.285 $10.435 $10.945 $9.807
Goodwill $73.597
Intangible assets $219.978 $224.57 $225.845 $28.354
Other assets $8.372 $7.65 $8.296 $8.664
Deferred long term asset charges $2.261
Total assets $382.501 $347.709 $341.074 $257.851
Current liabilities
Accounts payable $6.816 $7.566 $7.136 $6.562
Short long term debt $78.238 $38 $40
Other current liabilities $20.821 $24.297 $18.729 $9.137
Total current liabilities $71.301 $88.207 $77.889 $47.748
Long term debt $78.238 $30 $32
Other liabilities $28.929 $28.644 $31.785 $14.804
Deferred long term liabilities
Minority interest $0.908 $0.908 $0.908 $1.704
Total liabilities $178.468 $146.851 $141.674 $62.552
Stockholders' equity
Stock option warrants
Common stock $203.125 $199.95 $198.492 $0.681
Retained earnings -$13.278
Treasury stock -$20.59
Capital surplus $226.782
Other stockholder equity -$11.167
Total stockholder equity $203.125 $199.95 $198.492 $193.595
Net tangible assets -$16.853 -$24.62 -$27.353 $91.644
(in millions) 2016 2015 2014
Current assets
Cash $60.908 $54.351 $47.4
Short term investments $18.22 $8.776
Net receivables $41.073 $35.216 $35.796
Inventory
Other current assets $1.37 $0.484
Total current assets $120.201 $98.343 $83.196
Long term investments $17.228 $30.875 $33.098
Property, plant & equipment $9.807 $5.675 $5.011
Goodwill $73.597 $70.035 $67.698
Intangible assets $28.354 $27.54 $27.905
Other assets $8.664 $9.803 $16.302
Deferred long term asset charges $2.261 $2.779 $3.014
Total assets $257.851 $242.271 $233.21
Current liabilities
Accounts payable $38.611 $36.733 $30.261
Short long term debt
Other current liabilities $9.137 $10.268 $9.272
Total current liabilities $47.748 $47.001 $39.533
Long term debt
Other liabilities $14.804 $13.076 $15.225
Deferred long term liabilities
Minority interest $0.796 $0.867 $0.689
Total liabilities $62.552 $60.077 $54.758
Stockholders' equity
Stock option warrants $0.908 $0.385 $0.159
Common stock $0.681 $0.678 $0.667
Retained earnings -$13.278 -$32.614 -$52.63
Treasury stock -$9.423 -$9.423 -$9.423
Capital surplus $226.782 $233.98 $249.271
Other stockholder equity -$11.167 -$11.679 -$10.281
Total stockholder equity $193.595 $180.942 $177.604
Net tangible assets $91.644 $83.367 $82.001

Income statement

(in millions) 2017Q3 2017Q2 2017Q1 2016Q4
Revenue
Total revenue $72.011 $69.049 $56.534 $57.113
Cost of revenue $46.774 $45.74 $37.388 $34.648
Gross profit $25.237 $23.309 $19.146 $22.465
Operating expenses
Research & development $8.381 $8.952 $6.195 $5.087
Selling, general & administrative $12.363 $17.343 $14.588 $11.787
Non-recurring
Other operating expenses
Total operating expenses $67.518 $72.035 $58.171 $51.522
Operating income $4.493 -$2.986 -$1.637 $5.591
Income from continuing operations
Net other income -$0.863 -$0.709 -$0.438 -$0.098
EBIT $4.493 -$2.986 -$1.637 $5.591
Interest expense -$0.863 -$0.709 -$0.438 -$0.438
Income before tax $3.63 -$3.695 -$2.075 $5.493
Income tax expense $0.679 -$0.109 $0.167 $1.383
Minority interest $0.908 $0.908 $0.908 $1.704
Net income from continuing ops $2.951 -$3.586 -$2.242 $4.11
Non-recurring events
Discontinued operations
Extraordinary items
Effect of accounting change
Other items
Net income
EBITDA $2.945 -$3.578 -$2.212 $3.811
Income (for common shares) $2.945 -$3.578 -$2.212 $3.811
(in millions) 2016 2015 2014
Revenue
Total revenue $216.19 $185.636 $157.45
Cost of revenue $130.402 $111.192 $99.095
Gross profit $85.788 $74.444 $58.355
Operating expenses
Research & development $16.488 $10.235 $11.352
Selling, general & administrative $44.46 $39.859 $32.097
Non-recurring
Other operating expenses
Total operating expenses
Operating income $24.84 $24.35 $14.906
Income from continuing operations
Net other income $0.533 $0.163 $0.124
EBIT $25.373 $24.513 $15.03
Interest expense
Income before tax $25.373 $24.513 $15.03
Income tax expense $5.772 $4.213 $0.454
Minority interest $0.796 $0.867 $0.689
Net income from continuing ops $19.336 $20.016 $14.463
Non-recurring events
Discontinued operations
Extraordinary items
Effect of accounting change
Other items
Net income
EBITDA $19.336 $20.016 $14.463
Income (for common shares) $19.336 $20.016 $14.463

Cash flow

(in millions) 2017Q3 2017Q2 2017Q1 2016Q4
Net income $2.945 -$3.578 -$2.212 $3.811
Operating activities
Depreciation $0.906 $3.924 $3.151 $1.398
Net income adjustments $0.378 $0.4 $0.934 $0.685
Change in accounts receivable -$5.29 $7.274 -$10.51 -$5.446
Changes in liabilities -$2.157 $5.291 -$0.224 -$2.07
Changes in inventory
Changes in other operating activities -$2.258 $1.061 $1.54 $2.53
Total cash flow from operations -$1.922 $14.372 -$7.321 $2
Investing activities
Capital expenditures -$0.585 -$0.522 -$0.58 -$0.932
Investments $35.369 $5.092
Other cash flows from investing $1.389
Total cash flows from investing -$4.722 -$3.212 -$60.387 $4.937
Financing activities
Dividends paid
Sale and purchase of stock $0.053 $0.275 $0.11 $0.081
Net borrowings $40.224 -$2.013 $39.987 -$0.182
Other cash flows from financing $9.713
Total cash flows from financing $40.277 -$1.738 $40.097 -$0.174
Effect of exchange rate $0.444 $1.879 $1.818 -$2.083
Change in cash and equivalents $34.077 $11.301 -$25.793 $4.68
(in millions) 2016 2015 2014
Net income $19.336 $20.016 $14.463
Operating activities
Depreciation $9.505 $9.172 $8.492
Net income adjustments $1.955 $1.349 $1.067
Change in accounts receivable -$5.435 $1.893 -$6.637
Changes in liabilities $2.058 $6.786 $4.956
Changes in inventory
Changes in other operating activities -$1.645 $0.94 -$0.893
Total cash flow from operations $26.039 $40.44 $21.561
Investing activities
Capital expenditures -$4.664 -$2.815 -$1.468
Investments $4.881 -$6.179 -$33.363
Other cash flows from investing -$8.534 -$9.859 -$7.919
Total cash flows from investing -$8.317 -$18.853 -$42.75
Financing activities
Dividends paid -$11.299 -$15.745 -$0.106
Sale and purchase of stock $0.89 $1.568 $1.569
Net borrowings -$0.824 -$0.824 -$0.824
Other cash flows from financing -$1.513 -$8.559 -$0.106
Total cash flows from financing -$11.233 -$14.177 $1.463
Effect of exchange rate $0.068 -$0.459 -$3.187
Change in cash and equivalents $6.557 $6.951 -$22.913
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