New Risk • Mar 31
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 8.7% 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 Risk Share price has been highly volatile over the past 3 months (8.7% average weekly change). Minor Risk Large one-off items impacting financial results. New Risk • Mar 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: ₪3.38 (vs ₪4.04 in FY 2024) Full year 2025 results: EPS: ₪3.38 (down from ₪4.04 in FY 2024). Revenue: ₪4.14b (up 9.4% from FY 2024). Net income: ₪74.0m (down 16% from FY 2024). Profit margin: 1.8% (down from 2.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪107, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 21x in the IT industry in Israel. Total returns to shareholders of 62% over the past three years. New Risk • Feb 04
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 4.7% 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: Minor Risks High level of debt (43% net debt to equity). Share price has been volatile over the past 3 months (4.7% average weekly change). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₪109, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 26x in the IT industry in Israel. Total returns to shareholders of 51% over the past three years. Reported Earnings • Nov 22
Third quarter 2025 earnings released: EPS: ₪1.52 (vs ₪1.42 in 3Q 2024) Third quarter 2025 results: EPS: ₪1.52 (up from ₪1.42 in 3Q 2024). Revenue: ₪1.12b (up 23% from 3Q 2024). Net income: ₪33.2m (up 6.9% from 3Q 2024). Profit margin: 3.0% (down from 3.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 22% per year. Duyuru • Nov 20
Malam - Team Ltd, Annual General Meeting, Jan 06, 2026 Malam - Team Ltd, Annual General Meeting, Jan 06, 2026. Location: co. offices, Israel Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪144, the stock trades at a trailing P/E ratio of 31.7x. Average forward P/E is 21x in the IT industry in Israel. Total returns to shareholders of 84% over the past three years. Buy Or Sell Opportunity • Oct 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to ₪123. The fair value is estimated to be ₪101, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 22%. Buy Or Sell Opportunity • Sep 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to ₪122. The fair value is estimated to be ₪101, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 22%. Reported Earnings • Aug 23
Second quarter 2025 earnings released: EPS: ₪0.76 (vs ₪0.67 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.76 (up from ₪0.67 in 2Q 2024). Revenue: ₪910.6m (up 8.4% from 2Q 2024). Net income: ₪16.6m (up 14% from 2Q 2024). Profit margin: 1.8% (in line with 2Q 2024). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 22
First quarter 2025 earnings released: EPS: ₪1.37 (vs ₪0.97 in 1Q 2024) First quarter 2025 results: EPS: ₪1.37 (up from ₪0.97 in 1Q 2024). Revenue: ₪1.00b (up 2.4% from 1Q 2024). Net income: ₪30.0m (up 41% from 1Q 2024). Profit margin: 3.0% (up from 2.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₪71.23. The fair value is estimated to be ₪89.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 12%. Buy Or Sell Opportunity • Mar 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₪70.07. The fair value is estimated to be ₪89.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: ₪4.04 (vs ₪2.92 in FY 2023) Full year 2024 results: EPS: ₪4.04 (up from ₪2.92 in FY 2023). Revenue: ₪3.78b (up 25% from FY 2023). Net income: ₪88.5m (up 39% from FY 2023). Profit margin: 2.3% (up from 2.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₪73.50, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 19x in the IT industry in Israel. Total loss to shareholders of 20% over the past three years. Duyuru • Feb 17
Malam - Team Ltd to Report Q4, 2024 Results on Mar 18, 2025 Malam - Team Ltd announced that they will report Q4, 2024 results on Mar 18, 2025 Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: ₪1.42 (vs ₪0.47 in 3Q 2023) Third quarter 2024 results: EPS: ₪1.42 (up from ₪0.47 in 3Q 2023). Revenue: ₪909.5m (up 29% from 3Q 2023). Net income: ₪31.0m (up 205% from 3Q 2023). Profit margin: 3.4% (up from 1.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Duyuru • Nov 21
Malam - Team Ltd, Annual General Meeting, Jan 07, 2025 Malam - Team Ltd, Annual General Meeting, Jan 07, 2025. Location: co. offices, Israel Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₪75.00, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 20x in the IT industry in Israel. Total loss to shareholders of 23% over the past three years. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ₪0.67 (vs ₪0.52 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.67 (up from ₪0.52 in 2Q 2023). Revenue: ₪839.9m (up 20% from 2Q 2023). Net income: ₪14.6m (up 27% from 2Q 2023). Profit margin: 1.7% (up from 1.6% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 29
First quarter 2024 earnings released: EPS: ₪0.97 (vs ₪0.91 in 1Q 2023) First quarter 2024 results: EPS: ₪0.97 (up from ₪0.91 in 1Q 2023). Revenue: ₪978.7m (up 40% from 1Q 2023). Net income: ₪21.3m (up 7.4% from 1Q 2023). Profit margin: 2.2% (down from 2.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year and the company’s share price has also fallen by 15% per year. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₪2.92 (vs ₪2.56 in FY 2022) Full year 2023 results: EPS: ₪2.92 (up from ₪2.56 in FY 2022). Revenue: ₪3.03b (up 12% from FY 2022). Net income: ₪63.9m (up 14% from FY 2022). Profit margin: 2.1% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 14% per year. New Risk • Feb 04
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 6.5% 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 Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Earnings have declined by 8.4% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪49.39, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 16x in the IT industry in Israel. Total loss to shareholders of 24% over the past three years. Reported Earnings • Nov 21
Third quarter 2023 earnings released: EPS: ₪0.47 (vs ₪0.82 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.47 (down from ₪0.82 in 3Q 2022). Revenue: ₪706.0m (down 1.3% from 3Q 2022). Net income: ₪10.2m (down 43% from 3Q 2022). Profit margin: 1.4% (down from 2.5% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ₪0.52 (vs ₪0.64 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.52 (down from ₪0.64 in 2Q 2022). Revenue: ₪702.5m (up 2.6% from 2Q 2022). Net income: ₪11.4m (down 18% from 2Q 2022). Profit margin: 1.6% (down from 2.0% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 29
Upcoming dividend of ₪1.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 14 June 2023. Payout ratio is on the higher end at 93% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Israeli dividend payers (7.2%). Higher than average of industry peers (3.2%). Reported Earnings • May 26
First quarter 2023 earnings released: EPS: ₪0.91 (vs ₪0.77 in 1Q 2022) First quarter 2023 results: EPS: ₪0.91 (up from ₪0.77 in 1Q 2022). Revenue: ₪701.0m (up 16% from 1Q 2022). Net income: ₪19.8m (up 17% from 1Q 2022). Profit margin: 2.8% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₪2.56 (vs ₪3.10 in FY 2021) Full year 2022 results: EPS: ₪2.56 (down from ₪3.10 in FY 2021). Revenue: ₪2.70b (up 19% from FY 2021). Net income: ₪56.0m (down 17% from FY 2021). Profit margin: 2.1% (down from 3.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 27
Upcoming dividend of ₪1.00 per share Eligible shareholders must have bought the stock before 04 December 2022. Payment date: 12 December 2022. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Israeli dividend payers (7.4%). Lower than average of industry peers (4.2%). Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: ₪0.82 (vs ₪0.47 in 3Q 2021) Third quarter 2022 results: EPS: ₪0.82 (up from ₪0.47 in 3Q 2021). Revenue: ₪715.0m (up 49% from 3Q 2021). Net income: ₪18.0m (up 73% from 3Q 2021). Profit margin: 2.5% (up from 2.2% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ₪0.64 (vs ₪0.86 in 2Q 2021) Second quarter 2022 results: EPS: ₪0.64 (down from ₪0.86 in 2Q 2021). Revenue: ₪684.9m (up 21% from 2Q 2021). Net income: ₪14.0m (down 26% from 2Q 2021). Profit margin: 2.0% (down from 3.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • May 31
Upcoming dividend of ₪1.00 per share Eligible shareholders must have bought the stock before 07 June 2022. Payment date: 16 June 2022. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Israeli dividend payers (5.9%). In line with average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₪82.50, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 23x in the IT industry in Israel. Total returns to shareholders of 94% over the past three years. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS ₪0.47 (vs ₪1.06 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₪480.5m (down 5.6% from 3Q 2020). Net income: ₪10.4m (down 55% from 3Q 2020). Profit margin: 2.2% (down from 4.6% in 3Q 2020). 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 increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ₪0.86 (vs ₪0.71 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₪565.0m (up 7.2% from 2Q 2020). Net income: ₪18.8m (up 21% from 2Q 2020). Profit margin: 3.3% (up from 3.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 24
Upcoming dividend of ₪1.00 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 08 June 2021. Trailing yield: 2.6%. Lower than top quartile of Israeli dividend payers (4.8%). Higher than average of industry peers (2.2%). Upcoming Dividend • Mar 22
Upcoming Dividend of ₪1.50 Per Share Will be paid on the 6th of April to those who are registered shareholders by the 29th of March. The trailing yield of 3.2% is below the top quartile of Israeli dividend payers (5.0%), but it is higher than industry peers (2.4%). Reported Earnings • Mar 17
Full year 2020 earnings released: EPS ₪3.47 (vs ₪4.76 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₪2.24b (up 4.1% from FY 2019). Net income: ₪75.9m (down 27% from FY 2019). Profit margin: 3.4% (down from 4.8% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 10
New 90-day high: ₪954 The company is up 48% from its price of ₪646 on 12 November 2020. The Israeli market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 18% share price gain to ₪840, the stock is trading at a trailing P/E ratio of 28.4x, up from the previous P/E ratio of 24.1x. This compares to an average P/E of 27x in the IT industry in Israel. Total returns to shareholders over the past three years are 135%. Is New 90 Day High Low • Dec 23
New 90-day high: ₪712 The company is up 24% from its price of ₪574 on 23 September 2020. The Israeli market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₪689 The company is up 17% from its price of ₪590 on 08 September 2020. The Israeli market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: ₪660 The company is up 1.0% from its price of ₪652 on 20 August 2020. The Israeli market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 9.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: ₪570 The company is down 21% from its price of ₪721 on 25 June 2020. The Israeli market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is down 3.0% over the same period.