Ceragon Networks Ltd Dossier
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SectorInformation Technology IndustryCommunications Equipment Beta (adjusted)1.26 Intrinsic Value $2.41median of 3 methodsbased on filings through 31 Dec 2025 Market Price $2.10Price as of 1 Oct 2026 Near fair valueIntrinsic value is 15% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $191.7M Enterprise Value $172.3M Shares Outstanding 89.8M diluted Moat Rating None Next Earnings Date15 Nov 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Ceragon Networks is well-positioned to capitalize on the global 5G wireless transport cycle, particularly in high-growth regions like India and North America. Despite near-term macroeconomic cost pressures and adverse foreign currency trends, the company's technological leadership in E-band and millimeter-wave solutions, combined with its expansion into private networks and fixed wireless access, supports a robust long-term growth profile. Operational discipline and a strong balance sheet with positive free cash flow further reinforce the investment case. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$3.00 Mean target$4.83 High · most bullish analyst$9.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario Persistent supply chain disruptions, customer delivery deferrals, and intense competition from larger RAN vendors (e.g., Nokia, Ericsson) pressure market share and margins. Adverse FX trends continue to erode profitability. Base CaseCentral scenario The company successfully executes on its reiterated 2026 guidance, driven by strong bookings in India and a recovery in North American Tier 1 carrier orders starting in Q3. Gross margins continue to improve due to a favorable product mix and cost synergies from the Siklu integration. Bull CaseUpside scenario Ceragon's bull case is driven by a structural geographic rotation away from the volatile Indian carrier market toward higher-margin North American private networks and 5G transport upgrades. This transition is supported by a North American backlog that nearly doubled entering 2026, providing strong visibility for a return to ~9% revenue growth in FY26. Additionally, the company maintains a robust balance sheet with zero net debt, providing financial flexibility to fund R&D and integrate strategic acquisitions like Siklu and End 2 End Technologies. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |