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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,1x - 13,4x | 12,7x |
| Selected Fwd EBIT Multiple | 12,2x - 13,5x | 12,8x |
| Fair Value | ₪12,27 - ₪15,09 | ₪13,68 |
| Upside | -47,9% - -35,9% | -41,9% |
| Benchmarks | Ticker | Full Ticker |
| Partner Communications Company Ltd. | PTNR | TASE:PTNR |
| Bezeq The Israel Telecommunication Corp. Ltd | BEZQ | TASE:BEZQ |
| National Mobile Telecommunications Company K.S.C.P. | OOREDOO | KWSE:OOREDOO |
| MTN Group Limited | MTN | JSE:MTN |
| Palestine Telecommunications Company P.L.C | PALTEL | PLSE:PALTEL |
| Cellcom Israel Ltd. | CEL | TASE:CEL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PTNR | BEZQ | OOREDOO | MTN | PALTEL | CEL | ||
| TASE:PTNR | TASE:BEZQ | KWSE:OOREDOO | JSE:MTN | PLSE:PALTEL | TASE:CEL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 34.1% | 3.1% | 11.7% | 3.6% | -2.7% | 58.8% | |
| 3Y CAGR | 38.1% | 2.4% | 29.2% | -5.7% | -10.1% | 22.4% | |
| Latest Twelve Months | 52.0% | -5.7% | -20.7% | -24.2% | -5.9% | 5.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 20.7% | 12.1% | 27.0% | 23.0% | 5.0% | |
| Prior Fiscal Year | 7.4% | 22.8% | 21.7% | 25.8% | 20.9% | 8.0% | |
| Latest Fiscal Year | 11.3% | 22.0% | 15.8% | 22.9% | 22.9% | 8.4% | |
| Latest Twelve Months | 11.3% | 22.0% | 15.8% | 22.9% | 22.9% | 8.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.69x | 2.46x | 0.79x | 1.61x | 2.33x | 1.40x | |
| EV / LTM EBITDA | 7.1x | 7.4x | 2.6x | 4.6x | 5.2x | 4.8x | |
| EV / LTM EBIT | 14.9x | 11.2x | 5.0x | 7.0x | 10.2x | 16.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.0x | 10.2x | 14.9x | ||||
| Historical EV / LTM EBIT | -229.7x | 16.5x | 51.1x | ||||
| Selected EV / LTM EBIT | 12.1x | 12.7x | 13.4x | ||||
| (x) LTM EBIT | 374 | 374 | 374 | ||||
| (=) Implied Enterprise Value | 4,518 | 4,755 | 4,993 | ||||
| (-) Non-shareholder Claims * | (2,415) | (2,415) | (2,415) | ||||
| (=) Equity Value | 2,103 | 2,340 | 2,578 | ||||
| (/) Shares Outstanding | 166.6 | 166.6 | 166.6 | ||||
| Implied Value Range | 12.62 | 14.05 | 15.47 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.62 | 14.05 | 15.47 | 23.54 | |||
| Upside / (Downside) | -46.4% | -40.3% | -34.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PTNR | BEZQ | OOREDOO | MTN | PALTEL | CEL | |
| Enterprise Value | 5,751 | 21,769 | 564 | 304,598 | 564 | 6,337 | |
| (+) Cash & Short Term Investments | 692 | 2,692 | 281 | 39,263 | 38 | 226 | |
| (+) Investments & Other | 0 | 8 | 2 | 28,878 | 21 | 0 | |
| (-) Debt | (1,572) | (9,614) | (221) | (158,322) | (87) | (2,641) | |
| (-) Other Liabilities | 0 | (2) | (102) | (15,002) | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,871 | 14,853 | 524 | 199,415 | 536 | 3,922 | |
| (/) Shares Outstanding | 186.4 | 2,771.1 | 501.2 | 1,806.6 | 131.6 | 166.6 | |
| Implied Stock Price | 26.13 | 5.36 | 1.05 | 110.38 | 4.07 | 23.54 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.13 | 5.36 | 1.05 | 110.38 | 4.07 | 23.54 | |
| Trading Currency | ILS | ILS | KWD | ZAR | JOD | ILS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |