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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5,6x - 6,2x | 5,9x |
| Selected Fwd Revenue Multiple | 5,9x - 6,6x | 6,2x |
| Fair Value | ₪15,16 - ₪20,27 | ₪17,72 |
| Upside | -50,5% - -33,7% | -42,1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Africa Israel Residences Ltd | AFRE | TASE:AFRE |
| Kardan Real Estate Enterprise and Development Ltd | KARE | TASE:KARE |
| Amram Avraham Construction Company Ltd | AMRM | TASE:AMRM |
| Bait Vegag Real Estate Development Ltd | BVGG | TASE:BVGG |
| Aura Investments Ltd. | AURA | TASE:AURA |
| Carasso Real Estate Ltd | CRSR | TASE:CRSR |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AFRE | KARE | AMRM | BVGG | AURA | CRSR | |||
| TASE:AFRE | TASE:KARE | TASE:AMRM | TASE:BVGG | TASE:AURA | TASE:CRSR | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -5.6% | 7.6% | NM- | 6.0% | 24.4% | NM- | ||
| 3Y CAGR | 6.3% | -6.3% | 79.8% | -22.0% | 19.4% | 7.8% | ||
| Latest Twelve Months | -10.4% | -11.1% | -5.5% | 7.9% | 46.4% | 2.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.6% | 15.3% | 27.4% | 3.8% | 11.4% | 12.6% | ||
| Prior Fiscal Year | 17.0% | 18.7% | 28.5% | -6.5% | 13.5% | 13.3% | ||
| Latest Fiscal Year | 17.4% | 13.5% | 32.3% | -2.3% | 18.0% | 14.9% | ||
| Latest Twelve Months | 17.4% | 13.5% | 21.3% | -2.3% | 18.0% | 15.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.97x | 2.70x | 6.20x | 3.39x | 4.61x | 7.43x | ||
| EV / LTM EBIT | 22.9x | 20.1x | 29.1x | -148.8x | 25.7x | 46.9x | ||
| Price / LTM Sales | 3.10x | 1.71x | 2.83x | 2.97x | 3.21x | 3.55x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.70x | 3.97x | 6.20x | |||||
| Historical EV / LTM Revenue | 3.72x | 4.99x | 6.26x | |||||
| Selected EV / LTM Revenue | 5.64x | 5.93x | 6.23x | |||||
| (x) LTM Revenue | 467 | 467 | 467 | |||||
| (=) Implied Enterprise Value | 2,632 | 2,770 | 2,909 | |||||
| (-) Non-shareholder Claims * | (1,811) | (1,811) | (1,811) | |||||
| (=) Equity Value | 821 | 959 | 1,098 | |||||
| (/) Shares Outstanding | 54.2 | 54.2 | 54.2 | |||||
| Implied Value Range | 15.16 | 17.72 | 20.27 | |||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 15.16 | 17.72 | 20.27 | 30.60 | ||||
| Upside / (Downside) | -50.5% | -42.1% | -33.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AFRE | KARE | AMRM | BVGG | AURA | CRSR | |
| Enterprise Value | 3,836 | 1,453 | 5,140 | 480 | 7,026 | 3,468 | |
| (+) Cash & Short Term Investments | 322 | 96 | 107 | 37 | 137 | 201 | |
| (+) Investments & Other | 510 | 31 | 362 | 0 | 82 | 0 | |
| (-) Debt | (1,597) | (661) | (3,207) | (96) | (2,345) | (1,996) | |
| (-) Other Liabilities | (79) | (3) | (52) | (1) | (18) | (16) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,993 | 917 | 2,350 | 420 | 4,882 | 1,657 | |
| (/) Shares Outstanding | 12.7 | 186.8 | 75.0 | 55.2 | 280.6 | 54.2 | |
| Implied Stock Price | 236.50 | 4.91 | 31.33 | 7.61 | 17.40 | 30.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 236.50 | 4.91 | 31.33 | 7.61 | 17.40 | 30.60 | |
| Trading Currency | ILS | ILS | ILS | ILS | ILS | ILS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |