Intrinsic value of Formula Systems (1985) ADR - FORTY

Previous Close

$43.65

  Intrinsic Value

$478.95

stock screener

  Rating & Target

str. buy

+997%

Previous close

$43.65

 
Intrinsic value

$478.95

 
Up/down potential

+997%

 
Rating

str. buy

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

We calculate the intrinsic value of FORTY 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  13.98
  22.50
  20.75
  19.18
  17.76
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
Revenue, $m
  1,109
  1,359
  1,640
  1,955
  2,302
  2,682
  3,093
  3,535
  4,008
  4,510
  5,041
  5,601
  6,188
  6,804
  7,447
  8,117
  8,815
  9,542
  10,298
  11,083
  11,899
  12,747
  13,629
  14,545
  15,498
  16,489
  17,521
  18,595
  19,714
  20,880
  22,096
Variable operating expenses, $m
 
  1,217
  1,459
  1,729
  2,028
  2,354
  2,707
  3,087
  3,493
  3,924
  4,381
  4,812
  5,316
  5,845
  6,397
  6,973
  7,573
  8,197
  8,847
  9,521
  10,222
  10,951
  11,708
  12,495
  13,314
  14,166
  15,052
  15,975
  16,936
  17,938
  18,983
Fixed operating expenses, $m
 
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
Total operating expenses, $m
  1,020
  1,234
  1,477
  1,747
  2,047
  2,373
  2,727
  3,107
  3,514
  3,945
  4,403
  4,834
  5,339
  5,868
  6,421
  6,998
  7,598
  8,223
  8,874
  9,548
  10,250
  10,980
  11,737
  12,525
  13,345
  14,198
  15,084
  16,008
  16,970
  17,973
  19,019
Operating income, $m
  89
  124
  163
  207
  256
  309
  366
  428
  494
  564
  639
  767
  849
  935
  1,025
  1,119
  1,217
  1,319
  1,424
  1,534
  1,649
  1,768
  1,891
  2,019
  2,153
  2,292
  2,436
  2,587
  2,744
  2,907
  3,078
EBITDA, $m
  121
  182
  223
  268
  319
  374
  434
  498
  567
  640
  718
  799
  885
  975
  1,068
  1,166
  1,268
  1,374
  1,484
  1,599
  1,718
  1,841
  1,970
  2,104
  2,243
  2,387
  2,538
  2,695
  2,858
  3,028
  3,206
Interest expense (income), $m
  7
  6
  13
  22
  31
  41
  52
  64
  77
  91
  106
  122
  138
  156
  174
  193
  212
  233
  254
  277
  300
  324
  349
  375
  402
  430
  459
  490
  521
  554
  589
Earnings before tax, $m
  77
  118
  150
  186
  225
  268
  314
  364
  417
  473
  533
  645
  711
  780
  851
  926
  1,004
  1,086
  1,170
  1,258
  1,349
  1,444
  1,542
  1,645
  1,751
  1,862
  1,977
  2,097
  2,223
  2,353
  2,489
Tax expense, $m
  21
  32
  41
  50
  61
  72
  85
  98
  113
  128
  144
  174
  192
  210
  230
  250
  271
  293
  316
  340
  364
  390
  416
  444
  473
  503
  534
  566
  600
  635
  672
Net income, $m
  22
  86
  110
  136
  164
  195
  229
  265
  304
  345
  389
  471
  519
  569
  622
  676
  733
  792
  854
  918
  985
  1,054
  1,126
  1,201
  1,278
  1,359
  1,443
  1,531
  1,622
  1,718
  1,817

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  276
  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
  1,358
  1,325
  1,600
  1,907
  2,246
  2,616
  3,017
  3,449
  3,910
  4,400
  4,918
  5,464
  6,038
  6,638
  7,265
  7,919
  8,600
  9,309
  10,046
  10,813
  11,609
  12,436
  13,296
  14,190
  15,120
  16,087
  17,093
  18,141
  19,233
  20,371
  21,557
Adjusted assets (=assets-cash), $m
  1,082
  1,325
  1,600
  1,907
  2,246
  2,616
  3,017
  3,449
  3,910
  4,400
  4,918
  5,464
  6,038
  6,638
  7,265
  7,919
  8,600
  9,309
  10,046
  10,813
  11,609
  12,436
  13,296
  14,190
  15,120
  16,087
  17,093
  18,141
  19,233
  20,371
  21,557
Revenue / Adjusted assets
  1.025
  1.026
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
Average production assets, $m
  118
  144
  174
  207
  244
  284
  328
  375
  425
  478
  534
  594
  656
  721
  789
  860
  934
  1,011
  1,092
  1,175
  1,261
  1,351
  1,445
  1,542
  1,643
  1,748
  1,857
  1,971
  2,090
  2,213
  2,342
Working capital, $m
  275
  106
  128
  152
  180
  209
  241
  276
  313
  352
  393
  437
  483
  531
  581
  633
  688
  744
  803
  864
  928
  994
  1,063
  1,135
  1,209
  1,286
  1,367
  1,450
  1,538
  1,629
  1,723
Total debt, $m
  259
  381
  618
  883
  1,175
  1,495
  1,841
  2,213
  2,611
  3,034
  3,481
  3,953
  4,447
  4,965
  5,507
  6,071
  6,659
  7,271
  7,907
  8,568
  9,255
  9,970
  10,712
  11,483
  12,285
  13,120
  13,989
  14,893
  15,835
  16,817
  17,841
Total liabilities, $m
  1,022
  1,144
  1,381
  1,646
  1,938
  2,258
  2,604
  2,976
  3,374
  3,797
  4,244
  4,716
  5,210
  5,728
  6,270
  6,834
  7,422
  8,034
  8,670
  9,331
  10,018
  10,733
  11,475
  12,246
  13,048
  13,883
  14,752
  15,656
  16,598
  17,580
  18,604
Total equity, $m
  336
  182
  219
  261
  308
  358
  413
  472
  536
  603
  674
  749
  827
  909
  995
  1,085
  1,178
  1,275
  1,376
  1,481
  1,590
  1,704
  1,822
  1,944
  2,071
  2,204
  2,342
  2,485
  2,635
  2,791
  2,953
Total liabilities and equity, $m
  1,358
  1,326
  1,600
  1,907
  2,246
  2,616
  3,017
  3,448
  3,910
  4,400
  4,918
  5,465
  6,037
  6,637
  7,265
  7,919
  8,600
  9,309
  10,046
  10,812
  11,608
  12,437
  13,297
  14,190
  15,119
  16,087
  17,094
  18,141
  19,233
  20,371
  21,557
Debt-to-equity ratio
  0.771
  2.100
  2.820
  3.380
  3.820
  4.170
  4.450
  4.680
  4.870
  5.030
  5.170
  5.280
  5.380
  5.460
  5.530
  5.600
  5.650
  5.700
  5.740
  5.780
  5.820
  5.850
  5.880
  5.910
  5.930
  5.950
  5.970
  5.990
  6.010
  6.030
  6.040
Adjusted equity ratio
  0.055
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137
  0.137

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  86
  110
  136
  164
  195
  229
  265
  304
  345
  389
  471
  519
  569
  622
  676
  733
  792
  854
  918
  985
  1,054
  1,126
  1,201
  1,278
  1,359
  1,443
  1,531
  1,622
  1,718
  1,817
Depreciation, amort., depletion, $m
  32
  58
  59
  61
  63
  65
  68
  70
  73
  76
  79
  32
  36
  39
  43
  47
  51
  55
  60
  64
  69
  74
  79
  84
  90
  96
  101
  108
  114
  121
  128
Funds from operations, $m
  60
  144
  169
  197
  227
  261
  297
  336
  377
  421
  468
  503
  555
  609
  665
  723
  784
  848
  914
  982
  1,054
  1,128
  1,205
  1,285
  1,368
  1,455
  1,545
  1,639
  1,737
  1,839
  1,945
Change in working capital, $m
  -15
  19
  22
  25
  27
  30
  32
  34
  37
  39
  41
  44
  46
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  71
  74
  77
  80
  84
  87
  91
  95
Cash from operations, $m
  75
  125
  147
  172
  200
  231
  265
  301
  340
  382
  426
  460
  509
  561
  615
  671
  730
  791
  855
  921
  990
  1,062
  1,136
  1,213
  1,294
  1,377
  1,464
  1,555
  1,649
  1,748
  1,850
Maintenance CAPEX, $m
  0
  -6
  -8
  -10
  -11
  -13
  -16
  -18
  -20
  -23
  -26
  -29
  -32
  -36
  -39
  -43
  -47
  -51
  -55
  -60
  -64
  -69
  -74
  -79
  -84
  -90
  -96
  -101
  -108
  -114
  -121
New CAPEX, $m
  -19
  -27
  -30
  -33
  -37
  -40
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
Cash from investing activities, $m
  -79
  -33
  -38
  -43
  -48
  -53
  -60
  -65
  -70
  -76
  -82
  -88
  -94
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -215
  -227
  -238
  -250
Free cash flow, $m
  -4
  92
  109
  129
  152
  178
  206
  236
  270
  306
  344
  371
  414
  459
  507
  557
  609
  663
  719
  778
  839
  903
  969
  1,037
  1,108
  1,183
  1,260
  1,340
  1,423
  1,510
  1,600
Issuance/(repayment) of debt, $m
  32
  210
  237
  265
  292
  319
  346
  372
  398
  423
  447
  471
  495
  518
  541
  564
  588
  612
  636
  661
  687
  714
  742
  771
  802
  835
  869
  904
  942
  982
  1,024
Issuance/(repurchase) of shares, $m
  1
  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  
  3
  210
  237
  265
  292
  319
  346
  372
  398
  423
  447
  471
  495
  518
  541
  564
  588
  612
  636
  661
  687
  714
  742
  771
  802
  835
  869
  904
  942
  982
  1,024
Total cash flow (excl. dividends), $m
  -1
  301
  347
  394
  444
  497
  552
  609
  668
  729
  791
  842
  909
  977
  1,048
  1,121
  1,197
  1,275
  1,356
  1,439
  1,526
  1,617
  1,711
  1,809
  1,911
  2,017
  2,128
  2,244
  2,365
  2,492
  2,624
Retained Cash Flow (-), $m
  -6
  -34
  -38
  -42
  -46
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -79
  -82
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -138
  -144
  -150
  -156
  -163
Prev. year cash balance distribution, $m
 
  188
  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
 
  456
  309
  352
  398
  446
  497
  550
  605
  661
  720
  768
  830
  895
  962
  1,032
  1,103
  1,178
  1,255
  1,334
  1,417
  1,503
  1,593
  1,686
  1,783
  1,885
  1,990
  2,100
  2,216
  2,336
  2,462
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
 
  437
  283
  306
  328
  346
  361
  371
  378
  380
  378
  364
  354
  340
  323
  303
  280
  256
  231
  205
  180
  156
  132
  111
  91
  73
  58
  45
  34
  25
  19
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

Formula Systems (1985) Ltd. (Formula) is a global information technology (IT) solutions and services holding company. The Company, through its directly held subsidiary and affiliated companies, is engaged in providing software solutions and services, software product marketing and support, computer infrastructure and integration solutions, and learning and integration. The Company operates through two segments: software services and IT professional services. The software services segment develops markets, sells and supports an application platform, software applications, business and process integration solutions, and related services. The IT professional services segment offers IT services in the areas of infrastructure design and delivery, application development, technology planning and implementation services, communications services and solutions, as well as supplemental outsourcing services.

FINANCIAL RATIOS  of  Formula Systems (1985) ADR (FORTY)

Valuation Ratios
P/E Ratio 29.2
Price to Sales 0.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate 14%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.8%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 50.9%
Total Debt to Equity 77.1%
Interest Coverage 12
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 11.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 21.3%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 9.3%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 2%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio 45.5%

FORTY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FORTY stock intrinsic value calculation we used $1109 million for the last fiscal year's total revenue generated by Formula Systems (1985) ADR. The default revenue input number comes from 2016 income statement of Formula Systems (1985) ADR. 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 FORTY stock valuation model: a) initial revenue growth rate of 22.5% 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 FORTY is calculated based on our internal credit rating of Formula Systems (1985) ADR, 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 Formula Systems (1985) ADR.
    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 FORTY stock the variable cost ratio is equal to 90.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $17 million in the base year in the intrinsic value calculation for FORTY 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 Formula Systems (1985) ADR.

Corporate tax rate of 27% is the nominal tax rate for Formula Systems (1985) ADR. 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 FORTY 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 FORTY are equal to 10.6%.

Life of production assets of 18.3 years is the average useful life of capital assets used in Formula Systems (1985) ADR 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 FORTY is equal to 7.8%. 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 - $336 million for Formula Systems (1985) ADR - 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 15.008 million for Formula Systems (1985) ADR 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 Formula Systems (1985) ADR at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Formula Systems posts 3Q profit   [Nov-20-17 05:09AM  Associated Press]
▶ Formula Systems posts 2Q profit   [Aug-17-17 07:36PM  Associated Press]
▶ Sapiens Reports Q2 2017 Financial Results   [Aug-07-17 01:53AM  PR Newswire]
▶ Formula Systems posts 1Q profit   [08:51AM  Associated Press]
▶ Sapiens Reports Q1 2017 Financial Results   [May-15-17 06:18AM  PR Newswire]
▶ Formula Systems posts 4Q profit   [Mar-16-17 05:00AM  Associated Press]
▶ Sapiens Reports Q4 2016 Financial Results   [Feb-28-17 03:00AM  PR Newswire]
▶ Sapiens Reports Q3 2016 Financial Results   [Nov-07-16 05:59AM  PR Newswire]
▶ Formula Systems posts 2Q profit   [Aug-18-16 09:31AM  AP]
▶ Sapiens Reports Q2 2016 Financial Results   [Aug-04-16 04:31AM  PR Newswire]
▶ Formula Systems Announces Distribution of Cash Dividend   [Jun-29-16 06:35AM  PR Newswire]
▶ A Look at Five Stocks in Spotlight on Wednesday   [Jun-22-16 09:06AM  at Insider Monkey]
▶ Sapiens Reports 20.9% Revenue Growth in Q1 2016   [May-10-16 04:07AM  PR Newswire]
▶ Sapiens Reports 16.5% Revenue Growth in Q4 2015   [Feb-17-16 04:44AM  PR Newswire]
▶ Formula Systems Announces Distribution of Cash Dividend   [Jan-07-16 09:35AM  PR Newswire]
▶ Formula Systems Reports Third Quarter Results for 2015   [Nov-12  06:50AM  PR Newswire]
▶ Formula Systems Reports First Quarter Results for 2014   [May-14  02:23AM  PR Newswire]
▶ Sapiens Reports Results for the First Quarter 2014   [May-12  02:30AM  PR Newswire]
▶ Formula Systems to Pay Dividend of $0.37   [Jun-10  02:23PM  at Motley Fool]
▶ Formula Systems Reports First Quarter Results for 2013   [May-13  05:51AM  PR Newswire]
Financial statements of FORTY
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