<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>圖片來源：Unsplash</em></p>
<p>在我們持續進行的 <em>The Acquirer’s Multiple</em> 系列中，每週我們都會重點介紹一隻可能被嚴重低估的股票。本週的重點是 <strong>MIND C.T.I. Ltd (MNDO)</strong> — 一家小型以色列軟件公司，主要為全球電信和企業客户提供計費、客户服務和企業資源管理解決方案。</p>
<p><strong>業務概述</strong></p>
<p>MIND 開發、許可和支持融合計費和客户服務軟件，幫助電信運營商和企業管理複雜的計費、評級和客户關係。其模塊化套件涵蓋實時計費、中介、分析和收入管理，為客户提供靈活性和可擴展性，而無需承擔高額的定製成本。</p>
<p>憑藉超過二十年的運營歷史和在 40 多個國家的長期客户關係，MNDO 產生了持續的高利潤收入流，得益於多年服務合同和維護續約。該公司還保持無債務的資產負債表和嚴格的分紅政策。</p>
<p><strong>什麼是 IV/P（內在價值與價格比）？</strong></p>
<p>IV/P 告訴你一隻股票是否提供了比你支付的價格更高的內在價值。該比率結合了盈利能力、再投資效率和資本回報政策，以估算保守的價值衡量標準。</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>，這意味着其內在價值估計比當前市場價格高出約 <strong>110%</strong> — 這是潛在低估的強烈信號。</p>
<p><strong>支持指標</strong></p>
<table>
<thead>
<tr>
<th>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>市值</strong></td>
<td>≈ 2160 萬美元</td>
</tr>
<tr>
<td><strong>企業價值</strong></td>
<td>≈ 1100 萬美元</td>
</tr>
<tr>
<td><strong>自由現金流（TTM）</strong></td>
<td>≈ 285 萬美元</td>
</tr>
<tr>
<td><strong>自由現金流收益率</strong></td>
<td>≈ 13%</td>
</tr>
<tr>
<td><strong>收購者倍數</strong></td>
<td>3.67</td>
</tr>
</tbody>
</table>
<p>MIND 強勁的自由現金流生成相對於其小市值突顯了其深度價值特徵。收購者倍數低於 4 表明市場將該公司的現金流定價為將永久下降 — 然而現金生成在過去幾年中保持一致。</p>
<p><strong>收入與盈利能力</strong></p>
<table>
<thead>
<tr>
<th>指標</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>收入</strong></td>
<td>2020 萬美元</td>
</tr>
<tr>
<td><strong>營業收入</strong></td>
<td>270 萬美元</td>
</tr>
<tr>
<td><strong>營業利潤率</strong></td>
<td>≈ 13%</td>
</tr>
<tr>
<td><strong>淨收入</strong></td>
<td>310 萬美元</td>
</tr>
<tr>
<td><strong>淨利潤率</strong></td>
<td>≈ 15%</td>
</tr>
<tr>
<td><strong>稀釋每股收益（TTM）</strong></td>
<td>0.15 美元</td>
</tr>
</tbody>
</table>
<p>MIND 穩定的收入和雙位數的營業利潤率突顯了嚴格的費用管理和持續的許可證續約。儘管規模較小，但盈利能力在市場週期中保持積極 — 這證明了保守的管理和穩定的企業客户。</p>
<p><strong>資產負債表強度</strong></p>
<table>
<thead>
<tr>
<th>項目</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>現金及現金等價物</strong></td>
<td>1580 萬美元</td>
</tr>
<tr>
<td><strong>總債務</strong></td>
<td>83 萬美元</td>
</tr>
<tr>
<td><strong>淨現金</strong></td>
<td>≈ 1500 萬美元</td>
</tr>
<tr>
<td><strong>股東權益</strong></td>
<td>≈ 2400 萬美元</td>
</tr>
</tbody>
</table>
<p>MIND 運營時擁有大量淨現金和零槓桿，為未來的分紅或收購提供了穩定性和選擇性。其流動資金約為 1560 萬美元，流動性風險微乎其微。</p>
<p><strong>資本回報</strong></p>
<table>
<thead>
<tr>
<th>指標</th>
<th>數值</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 萬美元</td>
</tr>
<tr>
<td><strong>自由現金流（TTM）</strong></td>
<td>285 萬美元</td>
</tr>
</tbody>
</table>
<p>該公司始終支付慷慨的年度股息，資金來自累積的現金儲備，將大部分自由現金流返還給股東。其低再投資需求使得這一政策在運營保持穩定的情況下可持續。</p>
<p><strong>為什麼 MIND 可能被低估</strong></p>
<p>微型外資軟件股票通常因流動性有限和分析師覆蓋不足而以深度折扣交易。然而，MNDO 結合了良好的財務狀況、穩定的自由現金流、無債務的資產負債表和高股東回報。其 IV/P 為 2.10 和 AM 為 3.67 暗示市場對每一美元的運營收益的估值遠低於內在價值。</p>
<p><strong>結論</strong></p>
<p>憑藉 2.10 的 IV/P、3.67 的收購者倍數和約 13% 的自由現金流收益率，MIND C.T.I. Ltd (MNDO) 突出表現為一隻紀律嚴明、現金充裕的微型複合型公司，交易於深度價值水平。對於尋求穩定股息和由淨現金儲備支持的下行保護的耐心投資者而言，MNDO 可能代表一個小型軟件企業表現得像一個持久的、產生收入的資產的罕見案例。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>能源和金融引領本週的深度價值篩選</p>
<p>Meta Platforms 2025 年第三季度：人工智能擴展推動強勁增長，投資創紀錄</p>
<p>Westlake Chemical Partners：深度價值，8% 收益率和基於費用的現金流強者</p>

思維終端科技

<p>MIND C.T.I. Ltd (MNDO) 是一家以色列軟件公司，被認為是一隻被嚴重低估的股票。它提供計費和客户服務解決方案，產生高利潤率的收入，並且沒有債務。該公司的內在價值與價格比率（IV/P）為 2.10，表明其顯著低估。MNDO 的市值為 2160 萬美元，強勁的自由現金流和穩定的股息，使其被視為一隻現金充裕的小型股，提供穩定的股息和下行保護的潛力</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>圖片來源：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>在我們持續進行的 <em>The Acquirer’s Multiple</em> 系列中，每週我們都會重點介紹一隻可能被嚴重低估的股票。本週的重點是 <strong>MIND C.T.I. Ltd (MNDO)</strong> — 一家小型以色列軟件公司，主要為全球電信和企業客户提供計費、客户服務和企業資源管理解決方案。</p>
</div><p><strong>Business Overview</strong></p>
<div class="lb-trans"><p><strong>業務概述</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 開發、許可和支持融合計費和客户服務軟件，幫助電信運營商和企業管理複雜的計費、評級和客户關係。其模塊化套件涵蓋實時計費、中介、分析和收入管理，為客户提供靈活性和可擴展性，而無需承擔高額的定製成本。</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>憑藉超過二十年的運營歷史和在 40 多個國家的長期客户關係，MNDO 產生了持續的高利潤收入流，得益於多年服務合同和維護續約。該公司還保持無債務的資產負債表和嚴格的分紅政策。</p>
</div><p><strong>What Is IV/P (Intrinsic Value to Price)?</strong></p>
<div class="lb-trans"><p><strong>什麼是 IV/P（內在價值與價格比）？</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 告訴你一隻股票是否提供了比你支付的價格更高的內在價值。該比率結合了盈利能力、再投資效率和資本回報政策，以估算保守的價值衡量標準。</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>，這意味着其內在價值估計比當前市場價格高出約 <strong>110%</strong> — 這是潛在低估的強烈信號。</p>
</div><p><strong>Supporting Metrics</strong></p>
<div class="lb-trans"><p><strong>支持指標</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>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>市值</strong></td>
<td>≈ 2160 萬美元</td>
</tr>
<tr>
<td><strong>企業價值</strong></td>
<td>≈ 1100 萬美元</td>
</tr>
<tr>
<td><strong>自由現金流（TTM）</strong></td>
<td>≈ 285 萬美元</td>
</tr>
<tr>
<td><strong>自由現金流收益率</strong></td>
<td>≈ 13%</td>
</tr>
<tr>
<td><strong>收購者倍數</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 強勁的自由現金流生成相對於其小市值突顯了其深度價值特徵。收購者倍數低於 4 表明市場將該公司的現金流定價為將永久下降 — 然而現金生成在過去幾年中保持一致。</p>
</div><p><strong>Revenue &amp; Profitability</strong></p>
<div class="lb-trans"><p><strong>收入與盈利能力</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>指標</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>收入</strong></td>
<td>2020 萬美元</td>
</tr>
<tr>
<td><strong>營業收入</strong></td>
<td>270 萬美元</td>
</tr>
<tr>
<td><strong>營業利潤率</strong></td>
<td>≈ 13%</td>
</tr>
<tr>
<td><strong>淨收入</strong></td>
<td>310 萬美元</td>
</tr>
<tr>
<td><strong>淨利潤率</strong></td>
<td>≈ 15%</td>
</tr>
<tr>
<td><strong>稀釋每股收益（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 穩定的收入和雙位數的營業利潤率突顯了嚴格的費用管理和持續的許可證續約。儘管規模較小，但盈利能力在市場週期中保持積極 — 這證明了保守的管理和穩定的企業客户。</p>
</div><p><strong>Balance Sheet Strength</strong></p>
<div class="lb-trans"><p><strong>資產負債表強度</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>項目</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>現金及現金等價物</strong></td>
<td>1580 萬美元</td>
</tr>
<tr>
<td><strong>總債務</strong></td>
<td>83 萬美元</td>
</tr>
<tr>
<td><strong>淨現金</strong></td>
<td>≈ 1500 萬美元</td>
</tr>
<tr>
<td><strong>股東權益</strong></td>
<td>≈ 2400 萬美元</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 運營時擁有大量淨現金和零槓桿，為未來的分紅或收購提供了穩定性和選擇性。其流動資金約為 1560 萬美元，流動性風險微乎其微。</p>
</div><p><strong>Capital Returns</strong></p>
<div class="lb-trans"><p><strong>資本回報</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>指標</th>
<th>數值</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 萬美元</td>
</tr>
<tr>
<td><strong>自由現金流（TTM）</strong></td>
<td>285 萬美元</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>該公司始終支付慷慨的年度股息，資金來自累積的現金儲備，將大部分自由現金流返還給股東。其低再投資需求使得這一政策在運營保持穩定的情況下可持續。</p>
</div><p><strong>Why MIND Might Be Undervalued</strong></p>
<div class="lb-trans"><p><strong>為什麼 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>微型外資軟件股票通常因流動性有限和分析師覆蓋不足而以深度折扣交易。然而，MNDO 結合了良好的財務狀況、穩定的自由現金流、無債務的資產負債表和高股東回報。其 IV/P 為 2.10 和 AM 為 3.67 暗示市場對每一美元的運營收益的估值遠低於內在價值。</p>
</div><p><strong>Conclusion</strong></p>
<div class="lb-trans"><p><strong>結論</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>憑藉 2.10 的 IV/P、3.67 的收購者倍數和約 13% 的自由現金流收益率，MIND C.T.I. Ltd (MNDO) 突出表現為一隻紀律嚴明、現金充裕的微型複合型公司，交易於深度價值水平。對於尋求穩定股息和由淨現金儲備支持的下行保護的耐心投資者而言，MNDO 可能代表一個小型軟件企業表現得像一個持久的、產生收入的資產的罕見案例。</p>
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思維終端科技有限公司 - 現金充裕的小市值軟件股票以深度價值進行交易