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The Screen · Technology · Software - Infrastructure
SANGSangoma Technologies Corp
SANG · NASDAQ · USD · Market cap $154M · 645 employees
Sangoma Technologies Corporation, together with its subsidiaries, develops, manufactures, distributes, and supports voice and data connectivity components for software-based communication applications in the United State…
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price4.59 USD
Fair value3.19Our model only; only one analyst covers it, too few to cross-check it.
Ethical score70.0/100
Value readOvervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-29Read Markdown4.66-1.5% to today ✓Markup gives way to Markdown after a 34% rise in 4 weeks
2026-10-02Read Markup3.48+31.9% to today ✓Markdown gives way to Markup after a 10% slide in 3 weeks
2026-09-12Read Markdown3.87+18.6% to today Markup gives way to Markdown after a 6% slide in 4 weeks
2026-08-12Read Markup4.10+12.0% to today ✓Distribution gives way to Markup after a 14% rise in 6 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Sangoma Technologies Corp holds its Markdown at $4.59. Consolidating, no directional conviction, held for 3 days.
As held on the ledger · 2026-11-06
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 3 days
Price at the screen
$4.59
Valuation
N/A trailing · 35.31 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.87
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
16.19%
Below 33%
Interest-bearing debt is just 16.2% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
6.96%
Below 49%
Money owed to the company is 7.0% of assets, under the 49% limit.
Pass
Revenue purity
0.10%
Below 5%
Only 0.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Sangoma Technologies clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 16%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when SANG's ethical verdict changes
Today SANG passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; only one analyst covers it, too few to cross-check it.
Our analysis reads Overvalued vs our fair value, as of 6 Nov 2026: it trades above our $3.19 fair value estimate, none competitive moat.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. The price runs 43.9% above the base estimate.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $3.19, with a range of $3.19 to $3.66, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Why it gives us pause
At 35.3x forward earnings, the price already runs ahead of the business. It trades 44% above our $3.19 fair value, so you would be buying at a premium, not a discount. The none moat is real, but quality alone does not make an expensive price cheap.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Canada and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
SANG trades on NASDAQ (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-29Markdown · changed$4.66-2.5%Entry 8
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 37%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (1 analysts) rates it none, with a mean price target of $4.
2026-10-22Markup$4.78+37.4%Entry 7
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 37.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 37%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (1 analysts) rates it none, with a mean price target of $4. Since the last review it dropped out of the Titan Ethical 500; its composite score eased.
2026-10-02Markup · changed$3.48-10.1%Entry 6
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 10.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 37%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (1 analysts) rates it none, with a mean price target of $4. Since the last review it entered the Titan Ethical 500.
2026-09-12Markdown · changed$3.87-5.6%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 37%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (1 analysts) rates it none, with a mean price target of $4.
2026-08-12Markup · changed$4.10+13.6%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 13.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 37%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (1 analysts) rates it none, with a mean price target of $4.
2026-07-18Distribution$3.61+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 37%. Our forward projection puts the odds of a 10% gain over the next month near 21%. The street (1 analysts) rates it none, with a mean price target of $4.
2026-07-03Distribution$3.61+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$3.61Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.