Nayax Ltd.

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 1✗ 27▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS498.9x

  ✗Graham<= 15x

  Price-to-Book Ratio8.2x

  ✗Graham<= 1.5x

  P/E x P/B4,112.1

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)P/E 54.1x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value1.9%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.9%, ROC=80.7%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS54.1x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)47.3x

  ✗Dreman< 8x

  Price / Book Value per Share8.2x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=54.1x, OE Yield=2.0%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=54.1x, FCF Yield=1.8%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=54.1x, P/B=8.2x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-3225.7% (IV=$1.53 vs Price=$51.05)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share54.5x

  ✗Ackman<= 25

  Price vs. Trailing Low151% of trailing low ($33.85)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization+1.83%; #2780/6340 (top 43.8%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.1187; #4645/6449 (top 72.0%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS54.1x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share8.24x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+1293.1%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.2058; #3750/5247 (top 71.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+1.80%; #2285/4519 (top 50.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-27.58%; #4306/6202 (top 69.4%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models0% pass✗ 7▾

  NYAX overvalued: all 7 models price fair value below $51.05 (median $12.31)

  Graham fair value$11.46

  ✗Graham-345.5% margin vs $51.05

  Buffett fair value$12.31

  ✗Buffett-314.7% margin vs $51.05

  Greenblatt fair value$2.00

  ✗Greenblatt-2452.5% margin vs $51.05

  Dreman fair value$1.53

  ✗Dreman-3236.6% margin vs $51.05

  Munger fair value$17.07

  ✗Munger-199.1% margin vs $51.05

  Pabrai fair value$18.24

  ✗Pabrai-179.9% margin vs $51.05

  Ackman fair value$33.57

  ✗Ackman-52.1% margin vs $51.05
• Debt & Leverage8% pass✓ 4✗ 11▾

  11 of 12 flag NYAX's debt & leverage — Buffett, Lynch, Piotroski +8 more

  LT Debt vs Net Current AssetsLT Debt $314.1M vs NCA $345.7M

  ✓GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.36, IC: 2.7x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.36

  ✗Lynch< 0.33

  Cash - Long-term Debt$5.5M

  ✓LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 36.83%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities2.26

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.36

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.36

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=2.7x, D/EBITDA=6.8x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.36

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.3595; #3515/4210 (top 83.5%)

  ✗AsnessTop 30% of eligible cross-section
• Profitability13% pass✓ 12✗ 23▾

  14 of 16 flag NYAX's profitability — Graham, Buffett, Lynch +11 more

  Positive EPS (10 years)1/7 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)1/7 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-11.8%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)9.4% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$38.8M

  ✓BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)P/E 54.1x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE15.4%

  ✓Lynch> 15%

  EBIT / Enterprise Value1.9%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.9%, ROC=80.7%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets4.17%

  ✓PiotroskiROA > 0

  ROA Change YoY-1.30% -> 4.17% (delta: +5.47%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=4.73%, ROA=4.17%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY45.1% -> 48.2%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue8.6%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity15.4%

  ✓Dreman> 12%

  Margin of SafetyP/E=54.1x, P/B=8.2x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-1.4% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-3225.7% (IV=$1.53 vs Price=$51.05)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency1/6 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue9.4%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity15.4%

  ✓Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-5.3% (2023) -> 9.4% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 37.5% -> 48.2%, operating margin -5.3% -> 9.4%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+1.83%; #2780/6340 (top 43.8%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+22.63%; #1879/3702 (top 50.8%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+15.37%; #1124/5226 (top 21.5%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0724; #3068/5884 (top 52.1%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years1/6 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth13% pass✓ 4✗ 9▾

  7 of 8 flag NYAX's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)P/E 54.1x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 44.6% vs Rev: 27.5%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction$-0.25 (2020) -> $0.94 (2025)

  ✓DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency1/6 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth33.3%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 37.5% -> 48.2%, operating margin -5.3% -> 9.4%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR38.4%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Verdicts13% pass✓ 2✗ 13▾

  Split decision: 12 FAIL · 2 NEUTRAL · 2 PASS

  Overall verdict

  ✗GrahamFAIL (3/9)✗BuffettFAIL (2/9)✗LynchFAIL (2/7)✗GreenblattRank #1067•PiotroskiNEUTRAL (F-Score 6)✓DremanPASS (5/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✗TempletonFAIL (2/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1576/2370 (Top 66.5%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Efficiency38% pass✓ 4✗ 7▾

  5 of 8 flag NYAX's efficiency — Buffett, Piotroski, Munger +2 more

  Current Ratio2.26

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)-13.6%

  ✗Buffett> 10%

  ROIC - WACC-23.6%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)80.7%

  ✓Greenblatt> 25%

  Current Ratio Change YoY1.31 -> 2.26

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.73x -> 0.47x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities2.26

  ✓Dreman> 1.5

  Return on Invested Capital5.4%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-9.4%; FY2024: ROIC=1.3%; FY2025: ROIC=5.4%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC5.4% (RR=100% x ROIC=5.4%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 5.4%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag NYAX's cash flow — Lynch, Dreman, Pabrai +3 more

  Free Cash Flow Proxy$38.8M

  ✓BuffettPositive and growing

  FCF Positive and Growing$35.0M

  ✗LynchPositive and growing

  Operating Cash Flow$40.3M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=4.73%, ROA=4.17%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)47.3x

  ✗Dreman< 8x

  P/E or FCF YieldP/E=54.1x, FCF Yield=1.8%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive4/6 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap1.8%

  ✗Ackman>= 4%

  Price / FCF per Share54.5x

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency4/6 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$35.0M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+1.80%; #2285/4519 (top 50.6%)

  ✗OshaughnessyTop 10% of eligible cross-section