<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1612178991541-b48cc8e92a4d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1612178991541-b48cc8e92a4d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>在我们持续进行的 <em>The Acquirer’s Multiple</em> 系列中，每周我们都会重点介绍一只可能被严重低估的股票。本周的重点是 <strong>MIND C.T.I. Ltd (MNDO)</strong> — 一家小型以色列软件公司，主要为全球电信和企业客户提供计费、客户服务和企业资源管理解决方案。</p>
<p><strong>业务概述</strong></p>
<p>MIND 开发、许可和支持融合计费和客户服务软件，帮助电信运营商和企业管理复杂的计费、评级和客户关系。其模块化套件涵盖实时计费、中介、分析和收入管理，为客户提供灵活性和可扩展性，而无需承担高额的定制成本。</p>
<p>凭借超过二十年的运营历史和在 40 多个国家的长期客户关系，MNDO 产生了持续的高利润收入流，得益于多年服务合同和维护续约。该公司还保持无债务的资产负债表和严格的分红政策。</p>
<p><strong>什么是 IV/P（内在价值与价格比）？</strong></p>
<p>IV/P 告诉你一只股票是否提供了比你支付的价格更高的内在价值。该比率结合了盈利能力、再投资效率和资本回报政策，以估算保守的价值衡量标准。</p>
<ul>
<li><strong>IV/P &gt; 1 → 被低估</strong></li>
<li><strong>IV/P &lt; 1 → 被高估</strong></li>
</ul>
<p>MNDO 的 <strong>IV/P = 2.10</strong>，这意味着其内在价值估计比当前市场价格高出约 <strong>110%</strong> — 这是潜在低估的强烈信号。</p>
<p><strong>支持指标</strong></p>
<table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>市值</strong></td>
<td>≈ 2160 万美元</td>
</tr>
<tr>
<td><strong>企业价值</strong></td>
<td>≈ 1100 万美元</td>
</tr>
<tr>
<td><strong>自由现金流（TTM）</strong></td>
<td>≈ 285 万美元</td>
</tr>
<tr>
<td><strong>自由现金流收益率</strong></td>
<td>≈ 13%</td>
</tr>
<tr>
<td><strong>收购者倍数</strong></td>
<td>3.67</td>
</tr>
</tbody>
</table>
<p>MIND 强劲的自由现金流生成相对于其小市值突显了其深度价值特征。收购者倍数低于 4 表明市场将该公司的现金流定价为将永久下降 — 然而现金生成在过去几年中保持一致。</p>
<p><strong>收入与盈利能力</strong></p>
<table>
<thead>
<tr>
<th>指标</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>收入</strong></td>
<td>2020 万美元</td>
</tr>
<tr>
<td><strong>营业收入</strong></td>
<td>270 万美元</td>
</tr>
<tr>
<td><strong>营业利润率</strong></td>
<td>≈ 13%</td>
</tr>
<tr>
<td><strong>净收入</strong></td>
<td>310 万美元</td>
</tr>
<tr>
<td><strong>净利润率</strong></td>
<td>≈ 15%</td>
</tr>
<tr>
<td><strong>稀释每股收益（TTM）</strong></td>
<td>0.15 美元</td>
</tr>
</tbody>
</table>
<p>MIND 稳定的收入和双位数的营业利润率突显了严格的费用管理和持续的许可证续约。尽管规模较小，但盈利能力在市场周期中保持积极 — 这证明了保守的管理和稳定的企业客户。</p>
<p><strong>资产负债表强度</strong></p>
<table>
<thead>
<tr>
<th>项目</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>现金及现金等价物</strong></td>
<td>1580 万美元</td>
</tr>
<tr>
<td><strong>总债务</strong></td>
<td>83 万美元</td>
</tr>
<tr>
<td><strong>净现金</strong></td>
<td>≈ 1500 万美元</td>
</tr>
<tr>
<td><strong>股东权益</strong></td>
<td>≈ 2400 万美元</td>
</tr>
</tbody>
</table>
<p>MIND 运营时拥有大量净现金和零杠杆，为未来的分红或收购提供了稳定性和选择性。其流动资金约为 1560 万美元，流动性风险微乎其微。</p>
<p><strong>资本回报</strong></p>
<table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>股息收益率（TTM）</strong></td>
<td>≈ 8–9%</td>
</tr>
<tr>
<td><strong>支付的股息（TTM）</strong></td>
<td>450 万美元</td>
</tr>
<tr>
<td><strong>自由现金流（TTM）</strong></td>
<td>285 万美元</td>
</tr>
</tbody>
</table>
<p>该公司始终支付慷慨的年度股息，资金来自累积的现金储备，将大部分自由现金流返还给股东。其低再投资需求使得这一政策在运营保持稳定的情况下可持续。</p>
<p><strong>为什么 MIND 可能被低估</strong></p>
<p>微型外资软件股票通常因流动性有限和分析师覆盖不足而以深度折扣交易。然而，MNDO 结合了良好的财务状况、稳定的自由现金流、无债务的资产负债表和高股东回报。其 IV/P 为 2.10 和 AM 为 3.67 暗示市场对每一美元的运营收益的估值远低于内在价值。</p>
<p><strong>结论</strong></p>
<p>凭借 2.10 的 IV/P、3.67 的收购者倍数和约 13% 的自由现金流收益率，MIND C.T.I. Ltd (MNDO) 突出表现为一只纪律严明、现金充裕的微型复合型公司，交易于深度价值水平。对于寻求稳定股息和由净现金储备支持的下行保护的耐心投资者而言，MNDO 可能代表一个小型软件企业表现得像一个持久的、产生收入的资产的罕见案例。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>能源和金融引领本周的深度价值筛选</p>
<p>Meta Platforms 2025 年第三季度：人工智能扩展推动强劲增长，投资创纪录</p>
<p>Westlake Chemical Partners：深度价值，8% 收益率和基于费用的现金流强者</p>

思维终端科技

<p>MIND C.T.I. Ltd (MNDO) 是一家以色列软件公司，被认为是一只被严重低估的股票。它提供计费和客户服务解决方案，产生高利润率的收入，并且没有债务。该公司的内在价值与价格比率（IV/P）为 2.10，表明其显著低估。MNDO 的市值为 2160 万美元，强劲的自由现金流和稳定的股息，使其被视为一只现金充裕的小型股，提供稳定的股息和下行保护的潜力</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1612178991541-b48cc8e92a4d/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1NWHd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh3PSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1612178991541-b48cc8e92a4d?ixlib=rb-1.2.1&amp;ixid=MXwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHw%3D&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>As part of our ongoing series at <em>The Acquirer’s Multiple</em>, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued gem hiding in plain sight. This week’s spotlight is <strong>MIND C.T.I. Ltd (MNDO)</strong> — a small Israeli software company that provides billing, customer care, and enterprise resource management solutions primarily to telecom and enterprise customers around the world.</p>
<div class="lb-trans"><p>在我们持续进行的 <em>The Acquirer’s Multiple</em> 系列中，每周我们都会重点介绍一只可能被严重低估的股票。本周的重点是 <strong>MIND C.T.I. Ltd (MNDO)</strong> — 一家小型以色列软件公司，主要为全球电信和企业客户提供计费、客户服务和企业资源管理解决方案。</p>
</div><p><strong>Business Overview</strong></p>
<div class="lb-trans"><p><strong>业务概述</strong></p>
</div><p>MIND develops, licenses, and supports convergent billing and customer care software that helps telecom operators and enterprises manage complex billing, rating, and customer relationships. Its modular suite covers real-time billing, mediation, analytics, and revenue management, giving clients flexibility and scalability without heavy customization costs.</p>
<div class="lb-trans"><p>MIND 开发、许可和支持融合计费和客户服务软件，帮助电信运营商和企业管理复杂的计费、评级和客户关系。其模块化套件涵盖实时计费、中介、分析和收入管理，为客户提供灵活性和可扩展性，而无需承担高额的定制成本。</p>
</div><p>With over two decades of operating history and long-term customer relationships across more than 40 countries, MNDO generates recurring, high-margin revenue streams supported by multi-year service contracts and maintenance renewals. The company also maintains a debt-free balance sheet and a disciplined dividend policy.</p>
<div class="lb-trans"><p>凭借超过二十年的运营历史和在 40 多个国家的长期客户关系，MNDO 产生了持续的高利润收入流，得益于多年服务合同和维护续约。该公司还保持无债务的资产负债表和严格的分红政策。</p>
</div><p><strong>What Is IV/P (Intrinsic Value to Price)?</strong></p>
<div class="lb-trans"><p><strong>什么是 IV/P（内在价值与价格比）？</strong></p>
</div><p>IV/P tells you whether a stock offers more intrinsic value than the price you’re paying for it. The ratio blends earnings power, reinvestment efficiency, and capital-return policy to estimate a conservative measure of worth.</p>
<div class="lb-trans"><p>IV/P 告诉你一只股票是否提供了比你支付的价格更高的内在价值。该比率结合了盈利能力、再投资效率和资本回报政策，以估算保守的价值衡量标准。</p>
</div><ul>
<li><strong>IV/P &gt; 1 → Undervalued</strong></li>
<li><strong>IV/P &lt; 1 → Overvalued</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>IV/P &gt; 1 → 被低估</strong></li>
<li><strong>IV/P &lt; 1 → 被高估</strong></li>
</ul>
</div><p>MNDO’s <strong>IV/P = 2.10</strong>, meaning its intrinsic value is estimated to be roughly <strong>110 % higher</strong> than its current market price — a strong signal of potential undervaluation.</p>
<div class="lb-trans"><p>MNDO 的 <strong>IV/P = 2.10</strong>，这意味着其内在价值估计比当前市场价格高出约 <strong>110%</strong> — 这是潜在低估的强烈信号。</p>
</div><p><strong>Supporting Metrics</strong></p>
<div class="lb-trans"><p><strong>支持指标</strong></p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Market Cap</strong></td>
<td>≈ US $ 21.6 M</td>
</tr>
<tr>
<td><strong>Enterprise Value</strong></td>
<td>≈ US $ 11 M</td>
</tr>
<tr>
<td><strong>Free Cash Flow (TTM)</strong></td>
<td>≈ US $ 2.85 M</td>
</tr>
<tr>
<td><strong>FCF Yield</strong></td>
<td>≈ 13 %</td>
</tr>
<tr>
<td><strong>Acquirer’s Multiple</strong></td>
<td>3.67</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>市值</strong></td>
<td>≈ 2160 万美元</td>
</tr>
<tr>
<td><strong>企业价值</strong></td>
<td>≈ 1100 万美元</td>
</tr>
<tr>
<td><strong>自由现金流（TTM）</strong></td>
<td>≈ 285 万美元</td>
</tr>
<tr>
<td><strong>自由现金流收益率</strong></td>
<td>≈ 13%</td>
</tr>
<tr>
<td><strong>收购者倍数</strong></td>
<td>3.67</td>
</tr>
</tbody>
</table>
</div><p>MIND’s strong free-cash-flow generation relative to its small market cap highlights its deep-value characteristics. An Acquirer’s Multiple below 4 suggests the market is pricing the company as if its cash flows will decline permanently — yet cash generation has remained consistent for several years.</p>
<div class="lb-trans"><p>MIND 强劲的自由现金流生成相对于其小市值突显了其深度价值特征。收购者倍数低于 4 表明市场将该公司的现金流定价为将永久下降 — 然而现金生成在过去几年中保持一致。</p>
</div><p><strong>Revenue &amp; Profitability</strong></p>
<div class="lb-trans"><p><strong>收入与盈利能力</strong></p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Revenue</strong></td>
<td>US $ 20.2 M</td>
</tr>
<tr>
<td><strong>Operating Income</strong></td>
<td>US $ 2.7 M</td>
</tr>
<tr>
<td><strong>Operating Margin</strong></td>
<td>≈ 13 %</td>
</tr>
<tr>
<td><strong>Net Income</strong></td>
<td>US $ 3.1 M</td>
</tr>
<tr>
<td><strong>Net Margin</strong></td>
<td>≈ 15 %</td>
</tr>
<tr>
<td><strong>Diluted EPS (TTM)</strong></td>
<td>US $ 0.15</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>收入</strong></td>
<td>2020 万美元</td>
</tr>
<tr>
<td><strong>营业收入</strong></td>
<td>270 万美元</td>
</tr>
<tr>
<td><strong>营业利润率</strong></td>
<td>≈ 13%</td>
</tr>
<tr>
<td><strong>净收入</strong></td>
<td>310 万美元</td>
</tr>
<tr>
<td><strong>净利润率</strong></td>
<td>≈ 15%</td>
</tr>
<tr>
<td><strong>稀释每股收益（TTM）</strong></td>
<td>0.15 美元</td>
</tr>
</tbody>
</table>
</div><p>MIND’s steady top-line and double-digit operating margins underscore disciplined expense management and recurring license renewals. Despite its small size, profitability has remained positive across market cycles — a testament to conservative management and sticky enterprise clients.</p>
<div class="lb-trans"><p>MIND 稳定的收入和双位数的营业利润率突显了严格的费用管理和持续的许可证续约。尽管规模较小，但盈利能力在市场周期中保持积极 — 这证明了保守的管理和稳定的企业客户。</p>
</div><p><strong>Balance Sheet Strength</strong></p>
<div class="lb-trans"><p><strong>资产负债表强度</strong></p>
</div><table>
<thead>
<tr>
<th>Item</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Cash &amp; Equivalents</strong></td>
<td>US $ 15.8 M</td>
</tr>
<tr>
<td><strong>Total Debt</strong></td>
<td>US $ 0.83 M</td>
</tr>
<tr>
<td><strong>Net Cash</strong></td>
<td>≈ US $ 15 M</td>
</tr>
<tr>
<td><strong>Shareholders’ Equity</strong></td>
<td>≈ US $ 24 M</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>项目</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>现金及现金等价物</strong></td>
<td>1580 万美元</td>
</tr>
<tr>
<td><strong>总债务</strong></td>
<td>83 万美元</td>
</tr>
<tr>
<td><strong>净现金</strong></td>
<td>≈ 1500 万美元</td>
</tr>
<tr>
<td><strong>股东权益</strong></td>
<td>≈ 2400 万美元</td>
</tr>
</tbody>
</table>
</div><p>MIND operates with substantial net cash and zero leverage, providing both stability and optionality for future dividends or acquisitions. With working capital of roughly US $ 15.6 M, liquidity risk is negligible.</p>
<div class="lb-trans"><p>MIND 运营时拥有大量净现金和零杠杆，为未来的分红或收购提供了稳定性和选择性。其流动资金约为 1560 万美元，流动性风险微乎其微。</p>
</div><p><strong>Capital Returns</strong></p>
<div class="lb-trans"><p><strong>资本回报</strong></p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Dividend Yield (TTM)</strong></td>
<td>≈ 8–9 %</td>
</tr>
<tr>
<td><strong>Dividends Paid (TTM)</strong></td>
<td>US $ 4.5 M</td>
</tr>
<tr>
<td><strong>Free Cash Flow (TTM)</strong></td>
<td>US $ 2.85 M</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>股息收益率（TTM）</strong></td>
<td>≈ 8–9%</td>
</tr>
<tr>
<td><strong>支付的股息（TTM）</strong></td>
<td>450 万美元</td>
</tr>
<tr>
<td><strong>自由现金流（TTM）</strong></td>
<td>285 万美元</td>
</tr>
</tbody>
</table>
</div><p>The company has consistently paid generous annual dividends funded by accumulated cash reserves, returning most free cash flow to shareholders. Its low reinvestment needs make this policy sustainable so long as operations remain stable.</p>
<div class="lb-trans"><p>该公司始终支付慷慨的年度股息，资金来自累积的现金储备，将大部分自由现金流返还给股东。其低再投资需求使得这一政策在运营保持稳定的情况下可持续。</p>
</div><p><strong>Why MIND Might Be Undervalued</strong></p>
<div class="lb-trans"><p><strong>为什么 MIND 可能被低估</strong></p>
</div><p>Micro-cap foreign software stocks often trade at deep discounts due to limited liquidity and minimal analyst coverage. Yet MNDO combines clean financials, steady free cash flow, a debt-free balance sheet, and high shareholder payouts. Its IV/P of 2.10 and AM of 3.67 imply the market is valuing each dollar of operating earnings far below intrinsic worth.</p>
<div class="lb-trans"><p>微型外资软件股票通常因流动性有限和分析师覆盖不足而以深度折扣交易。然而，MNDO 结合了良好的财务状况、稳定的自由现金流、无债务的资产负债表和高股东回报。其 IV/P 为 2.10 和 AM 为 3.67 暗示市场对每一美元的运营收益的估值远低于内在价值。</p>
</div><p><strong>Conclusion</strong></p>
<div class="lb-trans"><p><strong>结论</strong></p>
</div><p>With an IV/P of 2.10, an Acquirer’s Multiple of 3.67, and a free-cash-flow yield of about 13 %, MIND C.T.I. Ltd (MNDO) stands out as a disciplined, cash-rich micro-cap compounder trading at deep-value levels. For patient investors seeking steady dividends and downside protection backed by net-cash reserves, MNDO may represent a rare case where a small software business behaves like a durable, income-generating asset.</p>
<div class="lb-trans"><p>凭借 2.10 的 IV/P、3.67 的收购者倍数和约 13% 的自由现金流收益率，MIND C.T.I. Ltd (MNDO) 突出表现为一只纪律严明、现金充裕的微型复合型公司，交易于深度价值水平。对于寻求稳定股息和由净现金储备支持的下行保护的耐心投资者而言，MNDO 可能代表一个小型软件企业表现得像一个持久的、产生收入的资产的罕见案例。</p>
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思维终端科技有限公司 - 现金充裕的小市值软件股票以深度价值进行交易