Intrinsic value of Perion Network - PERI

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$1.92

  Intrinsic Value

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  Value-price divergence*

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$1.92

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PERI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  41.63
  39.60
  36.14
  33.03
  30.22
  27.70
  25.43
  23.39
  21.55
  19.89
  18.40
  17.06
  15.86
  14.77
  13.79
  12.92
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.79
  8.41
  8.07
  7.76
  7.48
  7.24
  7.01
  6.81
  6.63
Revenue, $m
  313
  309
  420
  559
  728
  929
  1,165
  1,438
  1,748
  2,096
  2,481
  2,905
  3,365
  3,862
  4,395
  4,963
  5,565
  6,200
  6,867
  7,567
  8,299
  9,064
  9,860
  10,689
  11,551
  12,447
  13,379
  14,347
  15,353
  16,399
  17,486
Variable operating expenses, $m
 
  77
  98
  123
  154
  191
  234
  285
  341
  405
  476
  534
  618
  710
  807
  912
  1,022
  1,139
  1,261
  1,390
  1,525
  1,665
  1,811
  1,963
  2,122
  2,286
  2,458
  2,635
  2,820
  3,012
  3,212
Fixed operating expenses, $m
 
  238
  244
  250
  256
  262
  269
  276
  283
  290
  297
  304
  312
  320
  328
  336
  344
  353
  362
  371
  380
  390
  399
  409
  420
  430
  441
  452
  463
  475
  487
Total operating expenses, $m
  301
  315
  342
  373
  410
  453
  503
  561
  624
  695
  773
  838
  930
  1,030
  1,135
  1,248
  1,366
  1,492
  1,623
  1,761
  1,905
  2,055
  2,210
  2,372
  2,542
  2,716
  2,899
  3,087
  3,283
  3,487
  3,699
Operating income, $m
  11
  -6
  79
  186
  317
  476
  662
  878
  1,124
  1,401
  1,708
  2,067
  2,435
  2,833
  3,260
  3,715
  4,198
  4,708
  5,244
  5,806
  6,395
  7,009
  7,649
  8,316
  9,010
  9,731
  10,480
  11,260
  12,070
  12,912
  13,787
EBITDA, $m
  37
  18
  104
  213
  347
  507
  697
  916
  1,166
  1,447
  1,759
  2,103
  2,477
  2,881
  3,314
  3,776
  4,267
  4,784
  5,329
  5,900
  6,497
  7,121
  7,771
  8,448
  9,152
  9,884
  10,645
  11,436
  12,259
  13,114
  14,003
Interest expense (income), $m
  0
  3
  6
  9
  14
  20
  27
  35
  45
  55
  67
  81
  95
  111
  128
  147
  166
  187
  209
  232
  256
  281
  308
  335
  364
  394
  425
  457
  490
  525
  561
Earnings before tax, $m
  3
  -9
  73
  176
  303
  455
  635
  842
  1,079
  1,345
  1,641
  1,986
  2,340
  2,722
  3,132
  3,569
  4,032
  4,521
  5,035
  5,574
  6,139
  6,728
  7,341
  7,981
  8,646
  9,337
  10,056
  10,803
  11,579
  12,387
  13,226
Tax expense, $m
  0
  0
  20
  48
  82
  123
  171
  227
  291
  363
  443
  536
  632
  735
  846
  964
  1,089
  1,221
  1,359
  1,505
  1,657
  1,816
  1,982
  2,155
  2,334
  2,521
  2,715
  2,917
  3,126
  3,344
  3,571
Net income, $m
  0
  -9
  53
  129
  221
  332
  463
  615
  788
  982
  1,198
  1,450
  1,708
  1,987
  2,286
  2,605
  2,943
  3,300
  3,676
  4,069
  4,481
  4,911
  5,359
  5,826
  6,311
  6,816
  7,341
  7,886
  8,453
  9,042
  9,655

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  368
  533
  725
  965
  1,257
  1,605
  2,013
  2,484
  3,019
  3,619
  4,285
  5,017
  5,812
  6,671
  7,591
  8,572
  9,611
  10,708
  11,861
  13,070
  14,334
  15,654
  17,029
  18,461
  19,950
  21,498
  23,107
  24,779
  26,516
  28,322
  30,200
Adjusted assets (=assets-cash), $m
  336
  533
  725
  965
  1,257
  1,605
  2,013
  2,484
  3,019
  3,619
  4,285
  5,017
  5,812
  6,671
  7,591
  8,572
  9,611
  10,708
  11,861
  13,070
  14,334
  15,654
  17,029
  18,461
  19,950
  21,498
  23,107
  24,779
  26,516
  28,322
  30,200
Revenue / Adjusted assets
  0.932
  0.580
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
Average production assets, $m
  69
  75
  102
  136
  178
  227
  284
  351
  426
  511
  605
  709
  821
  942
  1,072
  1,211
  1,358
  1,513
  1,676
  1,846
  2,025
  2,212
  2,406
  2,608
  2,818
  3,037
  3,264
  3,501
  3,746
  4,001
  4,267
Working capital, $m
  27
  2
  2
  3
  4
  5
  6
  7
  9
  10
  12
  15
  17
  19
  22
  25
  28
  31
  34
  38
  41
  45
  49
  53
  58
  62
  67
  72
  77
  82
  87
Total debt, $m
  78
  161
  271
  408
  575
  773
  1,006
  1,275
  1,581
  1,924
  2,304
  2,722
  3,176
  3,666
  4,192
  4,751
  5,345
  5,971
  6,630
  7,320
  8,042
  8,795
  9,581
  10,398
  11,248
  12,132
  13,051
  14,006
  14,998
  16,029
  17,101
Total liabilities, $m
  160
  304
  414
  551
  718
  916
  1,149
  1,418
  1,724
  2,067
  2,447
  2,865
  3,319
  3,809
  4,335
  4,894
  5,488
  6,114
  6,773
  7,463
  8,185
  8,938
  9,724
  10,541
  11,391
  12,275
  13,194
  14,149
  15,141
  16,172
  17,244
Total equity, $m
  208
  229
  311
  414
  539
  688
  864
  1,065
  1,295
  1,553
  1,838
  2,152
  2,493
  2,862
  3,257
  3,677
  4,123
  4,594
  5,088
  5,607
  6,149
  6,715
  7,306
  7,920
  8,559
  9,223
  9,913
  10,630
  11,376
  12,150
  12,956
Total liabilities and equity, $m
  368
  533
  725
  965
  1,257
  1,604
  2,013
  2,483
  3,019
  3,620
  4,285
  5,017
  5,812
  6,671
  7,592
  8,571
  9,611
  10,708
  11,861
  13,070
  14,334
  15,653
  17,030
  18,461
  19,950
  21,498
  23,107
  24,779
  26,517
  28,322
  30,200
Debt-to-equity ratio
  0.375
  0.710
  0.870
  0.990
  1.070
  1.120
  1.170
  1.200
  1.220
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.300
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
Adjusted equity ratio
  0.524
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429
  0.429

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -9
  53
  129
  221
  332
  463
  615
  788
  982
  1,198
  1,450
  1,708
  1,987
  2,286
  2,605
  2,943
  3,300
  3,676
  4,069
  4,481
  4,911
  5,359
  5,826
  6,311
  6,816
  7,341
  7,886
  8,453
  9,042
  9,655
Depreciation, amort., depletion, $m
  26
  24
  26
  27
  29
  32
  35
  38
  42
  46
  51
  36
  41
  48
  54
  61
  69
  76
  85
  93
  102
  112
  122
  132
  142
  153
  165
  177
  189
  202
  215
Funds from operations, $m
  28
  15
  79
  156
  251
  364
  498
  653
  830
  1,028
  1,249
  1,486
  1,750
  2,035
  2,340
  2,666
  3,012
  3,377
  3,760
  4,163
  4,583
  5,023
  5,481
  5,958
  6,454
  6,969
  7,506
  8,063
  8,642
  9,244
  9,871
Change in working capital, $m
  -2
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
Cash from operations, $m
  30
  40
  78
  155
  250
  363
  497
  652
  828
  1,026
  1,247
  1,484
  1,747
  2,032
  2,338
  2,663
  3,009
  3,373
  3,757
  4,159
  4,580
  5,019
  5,477
  5,953
  6,449
  6,965
  7,501
  8,058
  8,637
  9,239
  9,865
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -7
  -9
  -11
  -14
  -18
  -22
  -26
  -31
  -36
  -41
  -48
  -54
  -61
  -69
  -76
  -85
  -93
  -102
  -112
  -122
  -132
  -142
  -153
  -165
  -177
  -189
  -202
New CAPEX, $m
  -6
  -21
  -27
  -34
  -41
  -49
  -58
  -67
  -76
  -85
  -94
  -103
  -112
  -121
  -130
  -139
  -147
  -155
  -163
  -171
  -179
  -186
  -194
  -202
  -210
  -219
  -227
  -236
  -245
  -255
  -265
Cash from investing activities, $m
  29
  -24
  -31
  -39
  -48
  -58
  -69
  -81
  -94
  -107
  -120
  -134
  -148
  -162
  -178
  -193
  -208
  -224
  -239
  -256
  -272
  -288
  -306
  -324
  -342
  -361
  -380
  -401
  -422
  -444
  -467
Free cash flow, $m
  59
  16
  47
  116
  202
  305
  428
  571
  735
  920
  1,127
  1,350
  1,599
  1,869
  2,160
  2,471
  2,801
  3,150
  3,518
  3,904
  4,308
  4,730
  5,171
  5,630
  6,107
  6,604
  7,120
  7,657
  8,215
  8,795
  9,398
Issuance/(repayment) of debt, $m
  -23
  86
  110
  137
  167
  199
  233
  269
  306
  343
  380
  418
  454
  490
  525
  560
  593
  626
  658
  690
  722
  754
  785
  817
  850
  884
  919
  955
  992
  1,031
  1,072
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -53
  86
  110
  137
  167
  199
  233
  269
  306
  343
  380
  418
  454
  490
  525
  560
  593
  626
  658
  690
  722
  754
  785
  817
  850
  884
  919
  955
  992
  1,031
  1,072
Total cash flow (excl. dividends), $m
  6
  102
  157
  253
  368
  504
  661
  840
  1,040
  1,263
  1,507
  1,767
  2,053
  2,360
  2,686
  3,031
  3,394
  3,776
  4,176
  4,594
  5,030
  5,484
  5,956
  6,447
  6,958
  7,488
  8,039
  8,612
  9,207
  9,826
  10,470
Retained Cash Flow (-), $m
  -8
  -65
  -83
  -103
  -125
  -149
  -175
  -202
  -230
  -258
  -286
  -314
  -341
  -368
  -395
  -421
  -446
  -470
  -495
  -519
  -542
  -566
  -590
  -614
  -639
  -664
  -690
  -717
  -745
  -775
  -806
Prev. year cash balance distribution, $m
 
  36
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  73
  75
  150
  243
  355
  486
  638
  811
  1,005
  1,221
  1,453
  1,712
  1,991
  2,291
  2,610
  2,948
  3,306
  3,681
  4,075
  4,487
  4,918
  5,366
  5,833
  6,319
  6,824
  7,349
  7,894
  8,462
  9,051
  9,664
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  70
  68
  131
  200
  275
  353
  431
  507
  578
  640
  690
  731
  757
  769
  766
  749
  719
  678
  627
  570
  509
  445
  382
  322
  265
  214
  169
  131
  99
  73
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Perion Network Ltd., a technology company, delivers advertising solutions to brands, advertising agencies, and publishers in North America, Europe, and internationally. It develops digital advertising solutions to capture consumer attention and drive engagement, as well as delivers those ads across a portfolio of Websites and mobile applications. The company’s proprietary social and mobile marketing platform offers a single dashboard for marketers that make mobile media buying efficient across ad networks, exchanges, and direct publishers, as well as streamlines the process of buying ads across various channels with an integrated solution suite that delivers reports for results analysis, performance optimization, and increased return on investment. Its mobile marketing platform allows customers to acquire users from the industry traffic sources, including Google, Facebook, Twitter, and Instagram, as well as provides them with access to their performance data and revenue information. In addition, the company offers search-based monetization solutions for publishers with analytics capabilities to track and monitor their business performance; toolbar platform, which allows publishers to create, implement, and distribute Web browser toolbars; IncrediMail a messaging application that enables consumers to manage various email accounts in a single place; and Smilebox, a photo sharing and social expression product. 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.

FINANCIAL RATIOS  of  Perion Network (PERI)

Valuation Ratios
P/E Ratio 0
Price to Sales 0.5
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 6.2
Growth Rates
Sales Growth Rate 41.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 28.8%
Total Debt to Equity 37.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 94.6%
Gross Margin - 3 Yr. Avg. 96%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 5.5%
Operating Margin 3.8%
Oper. Margin - 3 Yr. Avg. 0.8%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -6.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 5.3%
Payout Ratio 0%

PERI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PERI stock intrinsic value calculation we used $221 million for the last fiscal year's total revenue generated by Perion Network. The default revenue input number comes from 2016 income statement of Perion Network. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PERI stock valuation model: a) initial revenue growth rate of 39.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PERI is calculated based on our internal credit rating of Perion Network, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Perion Network.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PERI stock the variable cost ratio is equal to 27.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $232 million in the base year in the intrinsic value calculation for PERI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Perion Network.

Corporate tax rate of 27% is the nominal tax rate for Perion Network. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PERI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PERI are equal to 24.4%.

Life of production assets of 19.8 years is the average useful life of capital assets used in Perion Network operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PERI is equal to 0.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $200 million for Perion Network - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 77.512 million for Perion Network is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Perion Network at the current share price and the inputted number of shares is $0.1 billion.


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COMPANY NEWS

▶ Perion Network reports 1Q loss   [May-04-17 09:24AM  Associated Press]
▶ Perion Reports First Quarter 2017 Results   [07:40AM  GlobeNewswire]
▶ Perion to Present at The MicroCap Conference on April 4   [Mar-28-17 10:00AM  GlobeNewswire]
▶ Perion Network posts 4Q profit   [Mar-07-17 07:26AM  Associated Press]
▶ Perion Reports Q3 2016 Results   [07:00AM  GlobeNewswire]
▶ Undertone Names Robert Schwartz as President   [Oct-13-16 10:00AM  Marketwired]
▶ Josef Mandelbaum to Step Down as CEO of Perion   [Sep-27-16 02:44AM  GlobeNewswire]
▶ Perion Network posts 2Q profit   [Aug-03-16 08:41AM  AP]
▶ Perion Network Rises on Improved Guidance   [Dec-31  08:50AM  24/7 Wall St.]
▶ Perion Network Ltd (PERI) May Be Best Avoided   [Dec-07  03:32PM  at Insider Monkey]
▶ Perion Acquires Undertone   [09:00AM  Business Wire]
▶ Harmony Merger Corp (HRMNU): Hedge Fund Sentiment Unchanged   [Nov-24  03:51PM  at Insider Monkey]
▶ Growmobile Launches Expanded Offering in Europe   [Nov-18  04:22AM  Business Wire]
▶ Perion Network reports 3Q loss   [Nov-03  07:57AM  AP]
▶ Perion Reports Third Quarter 2015 Results   [07:00AM  Business Wire]
▶ Perion Reports Second Quarter 2015 Results   [07:00AM  Business Wire]
▶ Perion to Present at Upcoming Investor Conferences   [Jul-30  08:00AM  Business Wire]
▶ Perion to Participate in ad:tech San Francisco 2015   [May-19  09:00AM  Business Wire]
Stock chart of PERI Financial statements of PERI Annual reports of PERI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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