Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪20.11, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 27x in the Software industry in Israel. Total returns to shareholders of 165% over the past three years. Announcement • Mar 30
Synel M.L.L Payway Ltd to Report Q4, 2025 Results on Mar 31, 2026 Synel M.L.L Payway Ltd announced that they will report Q4, 2025 results on Mar 31, 2026 New Risk • Dec 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.2% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 285% Cash payout ratio: 182% Earnings have declined by 17% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (6.2% net profit margin). Market cap is less than US$100m (₪96.5m market cap, or US$29.9m). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₪16.88, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 17x in the Software industry in Israel. Total returns to shareholders of 39% over the past three years. Reported Earnings • Sep 01
Second quarter 2025 earnings released: ₪0.054 loss per share (vs ₪0.54 profit in 2Q 2024) Second quarter 2025 results: ₪0.054 loss per share (down from ₪0.54 profit in 2Q 2024). Revenue: ₪13.9m (down 37% from 2Q 2024). Net loss: ₪305.0k (down 110% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Sep 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 136% Cash payout ratio: 293% Earnings have declined by 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (₪130.6m market cap, or US$39.0m). Announcement • Aug 18
Accel Solutions Group Ltd (TASE:ACCL) signed an agreement to acquire 69% stake in Synel M.L.L Payway Ltd (TASE:SNEL) from Gavriel and Erez Boganem for ILS 93 million. Accel Solutions Group Ltd (TASE:ACCL) signed an agreement to acquire 69% stake in Synel M.L.L Payway Ltd (TASE:SNEL) from Gavriel and Erez Boganem for ILS 93 million on August 18, 2025. A cash consideration of ILS 93 million valued at ILS 23.75 per share will be paid by Accel Solutions Group Ltd. As part of consideration, ILS 93 million is paid towards common equity of Synel M.L.L Payway Ltd. On completion of the deal, Gavriel Boganem will leave Synel M.L.L Payway. The acquisition gives Synel M.L.L Payway a valuation of ILS 134 million. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪22.73, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 21x in the Software industry in Israel. Total returns to shareholders of 297% over the past three years. Reported Earnings • May 29
First quarter 2025 earnings released: EPS: ₪0.32 (vs ₪0.04 loss in 1Q 2024) First quarter 2025 results: EPS: ₪0.32 (up from ₪0.04 loss in 1Q 2024). Revenue: ₪23.2m (up 8.1% from 1Q 2024). Net income: ₪1.79m (up ₪2.01m from 1Q 2024). Profit margin: 7.7% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • May 29
Synel M.L.L Payway Ltd, Annual General Meeting, Jul 03, 2025 Synel M.L.L Payway Ltd, Annual General Meeting, Jul 03, 2025. Location: co. offices, Israel Reported Earnings • Mar 25
Full year 2024 earnings released: EPS: ₪2.11 (vs ₪2.47 in FY 2023) Full year 2024 results: EPS: ₪2.11 (down from ₪2.47 in FY 2023). Revenue: ₪92.9m (down 5.7% from FY 2023). Net income: ₪11.9m (down 14% from FY 2023). Profit margin: 13% (down from 14% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 28
Third quarter 2024 earnings released: EPS: ₪0.57 (vs ₪0.99 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.57 (down from ₪0.99 in 3Q 2023). Revenue: ₪23.0m (down 13% from 3Q 2023). Net income: ₪3.26m (down 42% from 3Q 2023). Profit margin: 14% (down from 21% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ₪0.54 (vs ₪0.45 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.54 (up from ₪0.45 in 2Q 2023). Revenue: ₪22.0m (down 3.5% from 2Q 2023). Net income: ₪3.08m (up 20% from 2Q 2023). Profit margin: 14% (up from 11% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 42% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (₪90.1m market cap, or US$24.2m). New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 42% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (₪91.6m market cap, or US$24.8m). Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₪16.18, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 13x in the Software industry in Israel. Total returns to shareholders of 237% over the past three years. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪20.44, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 13x in the Software industry in Israel. Total returns to shareholders of 352% over the past three years. Announcement • Feb 28
Synel M.L.L Payway Ltd, Annual General Meeting, Mar 31, 2024 Synel M.L.L Payway Ltd, Annual General Meeting, Mar 31, 2024, at 11:00 Israel Standard Time. Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: ₪0.99 (vs ₪0.63 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.99 (up from ₪0.63 in 3Q 2022). Revenue: ₪26.5m (up 20% from 3Q 2022). Net income: ₪5.62m (up 58% from 3Q 2022). Profit margin: 21% (up from 16% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. New Risk • Nov 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 38% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (155% cash payout ratio). Market cap is less than US$100m (₪79.2m market cap, or US$21.5m). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ₪14.00, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 11x in the Software industry in Israel. Total returns to shareholders of 249% over the past three years. Reported Earnings • Jun 03
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₪23.8m (down 39% from 1Q 2022). Net income: ₪2.38m (down 73% from 1Q 2022). Profit margin: 10.0% (down from 23% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₪9.00, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Software industry in Israel. Total returns to shareholders of 134% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Chairman of the Board Yaeli Shefi is the most experienced director on the board, commencing their role in 2021. Independent Outside Director Leah Schwartz-Ruth was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Buying Opportunity • Nov 06
Now 76% undervalued after recent price drop Over the last 90 days, the stock is down 78%. The fair value is estimated to be ₪48.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Sep 03
Second quarter 2022 earnings released: EPS: ₪2.48 (vs ₪1.41 in 2Q 2021) Second quarter 2022 results: EPS: ₪2.48 (up from ₪1.41 in 2Q 2021). Revenue: ₪39.9m (up 3.9% from 2Q 2021). Net income: ₪14.0m (up 77% from 2Q 2021). Profit margin: 35% (up from 21% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₪51.87, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 28x in the Software industry in Asia. Total returns to shareholders of 73% over the past three years. Board Change • Jun 18
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Chairman of the Board Yaeli Shefi is the most experienced director on the board, commencing their role in 2021. Independent Outside Director Leah Schwartz-Ruth was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: ₪8.42 (vs ₪4.72 in FY 2020) Full year 2021 results: EPS: ₪8.42 (up from ₪4.72 in FY 2020). Revenue: ₪155.8m (up 4.6% from FY 2020). Net income: ₪47.6m (up 78% from FY 2020). Profit margin: 31% (up from 18% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: ₪3.26 (up from ₪1.10 in 3Q 2020). Revenue: ₪40.7m (up 9.6% from 3Q 2020). Net income: ₪18.4m (up 180% from 3Q 2020). Profit margin: 45% (up from 18% in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₪28.00, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 27x in the Software industry in Israel. Total returns to shareholders of 15% over the past three years. Upcoming Dividend • Mar 28
Upcoming dividend of ₪1.41 per share Eligible shareholders must have bought the stock before 04 April 2021. Payment date: 19 April 2021. Trailing yield: 4.5%. Lower than top quartile of Israeli dividend payers (5.2%). Higher than average of industry peers (0.7%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS ₪4.72 (vs ₪4.80 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₪149.0m (down 3.8% from FY 2019). Net income: ₪26.7m (down 1.6% from FY 2019). Profit margin: 18% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 03
New 90-day high: ₪35.70 The company is up 25% from its price of ₪28.61 on 04 November 2020. The Israeli market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: ₪33.70 The company is up 17% from its price of ₪28.72 on 14 October 2020. The Israeli market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₪33.41 The company is up 10.0% from its price of ₪30.44 on 08 September 2020. The Israeli market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₪32.46 The company is up 1.0% from its price of ₪32.13 on 20 August 2020. The Israeli market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 3.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ₪1.10 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₪37.1m (down 3.6% from 3Q 2019). Net income: ₪6.59m (up 58% from 3Q 2019). Profit margin: 18% (up from 11% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Is New 90 Day High Low • Oct 01
New 90-day low: ₪27.51 The company is down 4.0% from its price of ₪28.67 on 02 July 2020. The Israeli market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 18% over the same period.