Top Systems-L (TOPS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Top Systems-L stock ILS 19.80, price ILS 8.80, upside +125.0%, quality 59 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 5.84 ILS – 15.31 ILS · fair‑value band 12.52 ILS – 25.66 ILS · the 8.80 ILS price screens below the 19.80 ILS fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
Follow Top Systems-L in your weekly email
Every Wednesday you see whether Top Systems-L is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Top Ramdor Systems & Computers Co. (1990) Ltd develops, markets, and sells software products and services in Israel and internationally.
Show moreShow less
The company provides Engineering Project Management, a construction project control and management system solution; Task Management Processes software solution for tracking and controlling organizational processes; Feedback Management software system for managing customer experience using satisfaction surveys.
It also offers BI & Analytics, an AI powered analytical tool for studying organizational information; Oracle EPM - Budget Control, a solution for budget planning, control, forecasts and report consolidation; Automotive business solution for the automotive industry; GRC, a software solution for risk management, SOX, internal audit, cyber security and privacy protection.
In addition, the company provides Top NetSuite, a cloud ERP solution; PPM, an integrated system for managing projects, work plans, products, resources, and portfolios; Supply Chain Management, a solution for supply chain analytics, inventory, warehouse, and distribution management; product life cycle management solution; recruiting and outsourcing solution; recruitment management and performance evaluation, a human capital management software; Imanage - Document Management, an software for managing documents; ERP for construction, and real estate; and Ligal Document Management software for editing legal documents.
Additionally, it offers integration solutions for IT systems, a solution for virtualization, information security and communication, cloud-based and on-prem infrastructures; supply chain management solution, a cloud system based on advanced technologies; and procurement automation, a solution for process automation.
The company was incorporated in 1990 and is based in Tel Aviv-Yafo, Israel.
Stock analysis
Top Systems-L (TOPS) currently trades at 8.80 ILS, while our model-based Fair Value estimate is 19.80 ILS, implying the stock looks roughly 56% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of 20.61 ILS per share, and 21 of the 24 models we run sit above the 8.80 ILS price.
Bear case: the Dividend Discount group reads lowest at 3.05 ILS, and 3 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 12.52 ILS (bear) to 25.66 ILS (bull), the price of 8.80 ILS sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Top Systems-L reported revenue of 269M ILS in FY2024 versus 126M ILS in FY2020, a compound +20.7%/yr. Reported net income was 15.5M ILS in FY2024, compounding +13.6%/yr from FY2020.
Key figures
Market cap 281M ILS Micro · P/E ratio 14.6 · P/S ratio 0.69 · EPS (TTM) 0.6010 ILS · Net margin 5.8% · Return on equity 20.5% · Return on assets (EBIT) 7.7% (5-year average) · Operating margin 11.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 20% fair-value upside, at 125%, TOPS screens cheaper than that median.
Fair Value models
Bear12.52 ILSFair Value 19.80 ILSBull25.66 ILS
Price 8.80 ILS · Upside +125.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2024 figures (about 12 months old). Earnings retained since then (0.6010 ILS per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+13.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.3%
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.8%
’13
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+16.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.5%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.16.5% vs 11.5%, picking up
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 9%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Israel: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about −2.5% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Information Technology Services · 479 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+125.0% · Top 25%
Profitability
Return on equity (12 months)20.5% · Top 25%
Return on assets4.6% · Above median
Net margin (12 months)5.8% · Above median
Operating margin (12 months)11.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)15.7% · Above median
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Information Technology Services median · lower = cheaper
P/E (12 months)14.6× · Cheaper than median
P/B3.66× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.05× · Cheaper than median
Price / free cash flow (fiscal year)14.9× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Top Systems-L Fair Value". https://www.fairvalue-calculator.com/stock/TOPS
Frequently asked questions
Is Top Systems-L (TOPS) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 19.80 ILS versus a price of 8.80 ILS, about +125% upside (undervalued).
What is the fair value of TOPS?
Our model-based fair value for Top Systems-L is 19.80 ILS (as of Nov 9, 2026), built from audited fundamentals. The current price: 8.80 ILS.
What is the quality score of TOPS?
Top Systems-L has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Top Systems-L (TOPS)?
Our model-based price target is the fair value of 19.80 ILS (as of Nov 9, 2026) from 24 valuation models. Cautious scenario 12.52 ILS, optimistic scenario 25.66 ILS. It is a calculation from audited fundamentals, not an analyst target.
What is the Top Systems-L stock forecast for 2026?
Our models put fair value at 19.80 ILS, about +125% upside versus a price of 8.80 ILS (undervalued). Cautious scenario 12.52 ILS, optimistic scenario 25.66 ILS. The calculation is refreshed regularly with new filings.
What is the revenue of Top Systems-L (TOPS)?
Top Systems-L reported trailing-twelve-month revenue of about 269M ILS (latest available figure, as of Nov 9, 2026).
What growth is priced into Top Systems-L (TOPS)?
For today's price to be fair in a discounted-cash-flow model, Top Systems-L would have to grow free cash flow by -0.5 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of TOPS use?
Our models discount Top Systems-L at 13.1 %: a base by market capitalisation (micro), damped by beta 0.53, country premium for Israel. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Top Systems-L that is -0.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Top Systems-L (TOPS) delivered so far?
Over the past 5 years revenue at Top Systems-L grew +16.3 % a year. The price currently implies free-cash-flow growth of -0.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Top Systems-L (TOPS) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Top Systems-L (-0.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Top Systems-L (TOPS)?
The free-cash-flow yield on the price is 10.19 %: that much free cash flow Top Systems-L produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Top Systems-L (TOPS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Top Systems-L it is 19.80 ILS per share (as of Nov 9, 2026), against a price of 8.80 ILS. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Top Systems-L stock overvalued or undervalued in 2026?
As of Nov 9, 2026, TOPS trades below its calculated fair value: price 8.80 ILS, fair value 19.80 ILS, a gap of about +125% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TOPS?
No. The price is what the market pays today (8.80 ILS); the fair value is what the company's own numbers justify (19.80 ILS). For Top Systems-L the two are 11.00 ILS per share apart. That gap is exactly why we show both numbers side by side.
How much is Top Systems-L worth?
The market values Top Systems-L at about 281M ILS (market capitalisation, as of Nov 9, 2026). Per share that is 8.80 ILS; our models calculate a fair value of 19.80 ILS per share.
What do the bullish and bearish scenarios say about TOPS?
Our models span a range for Top Systems-L: cautious scenario 12.52 ILS, base 19.80 ILS, optimistic 25.66 ILS per share (as of Nov 9, 2026, price 8.80 ILS). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TOPS?
Top Systems-L trades at a price-to-earnings ratio of 14.6 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 19.80 ILS is built from several models across several years. Other multiples: P/B 3.7, P/S 1.0, EV/EBITDA 8.9.
How solid is the balance sheet of Top Systems-L (TOPS)?
Balance-sheet figures for Top Systems-L (as of Nov 9, 2026): return on equity 20.5%, debt of 0.08 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is TOPS from its 52-week high?
Top Systems-L trades at 8.80 ILS, about 40% below its 52-week high of 14.66 ILS and at the low of 8.80 ILS (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 19.80 ILS is for.
Which stocks are comparable to Top Systems-L?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Top Systems-L stock attractive at the current price?
The data as of Nov 9, 2026: price 8.80 ILS, calculated fair value 19.80 ILS (+125%), Quality Score 59/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TOPS calculated?
We run Top Systems-L through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 19.80 ILS builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Top Systems-L currently trades 56% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Top Systems-L (TOPS)?
The closing price on Nov 6, 2026 was 8.80 ILS. Our model-based fair value is 19.80 ILS, about +125% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Top Systems-L right now?
The price is below even our cautious bear case (12.52 ILS). The market is more pessimistic than our downside scenario. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (12.52 ILS to 25.66 ILS) leaves room in how you read the outcome.
Where does the earnings growth of Top Systems-L (TOPS) come from?
Earnings per share at Top Systems-L grew +13.6 % a year from 2013 to 2024. Broken into its drivers: revenue per share +14.2 %, EBIT margin +4.5 %, tax rate −2.5 %, residual (interest, one-offs) −2.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Top Systems-L
How large is the market capitalisation of Top Systems-L (TOPS)?
The market capitalisation of Top Systems-L is 281M ILS. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Top Systems-L (TOPS)?
The price-to-sales ratio of Top Systems-L is 0.69 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Top Systems-L (TOPS)?
Earnings per share at Top Systems-L are 0.6010 ILS (price ÷ EPS = P/E 14.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Top Systems-L (TOPS)?
The net margin of Top Systems-L is 5.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Top Systems-L (TOPS)?
The return on equity (ROE) of Top Systems-L is 20.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Top Systems-L (TOPS)?
On an EBIT basis the return on assets of Top Systems-L is 7.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Top Systems-L (TOPS)?
The operating margin of Top Systems-L is 11.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Top Systems-L (TOPS)?
Revenue at Top Systems-L is growing +15.7% versus a year earlier (3y avg +15.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Top Systems-L (TOPS)?
Earnings per share at Top Systems-L are growing +12.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Top Systems-L (TOPS) carry?
The net debt of Top Systems-L is 81.0M ILS (fiscal year 2024, ≈ 4.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Top Systems-L in the live analysis
One click puts Top Systems-L on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 9, 2026