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SPNS - Sapiens: Accelerating In Q4 With Margin Levers Pulled
Sapiens International Corporation N.V.
2024-04-16 10:44:48 ET
Summary
Sapiens is seeing the promised margin lift from growing recurring revenue in the mix.
New customers seem to be coming in at a constant pace, with growth driven by the Nordics.
They are changing their billing and revenue recognition model in a typical shift to a subscription model, with some negative impact on reported guidance.
Private equity firms might be in the mix looking to buy Sapiens. We think they have an attractive profile, and the valuation wouldn't be bad. The only issue is war may slow a deal down.