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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,7x - 9,6x | 9,2x |
| Selected Fwd EBIT Multiple | 7,2x - 7,9x | 7,6x |
| Fair Value | ₪52,61 - ₪60,08 | ₪56,35 |
| Upside | -39,6% - -31,0% | -35,3% |
| Benchmarks | Ticker | Full Ticker |
| I.B.I. Investment House Ltd | IBI | TASE:IBI |
| Generation Capital Ltd | GNRS | TASE:GNRS |
| Y.D. More Investments Ltd | MRIN | TASE:MRIN |
| Keystone Infra Ltd | KSTN | TASE:KSTN |
| Analyst I.M.S. Investment Management Services Ltd | ANLT | TASE:ANLT |
| Meitav Investment House Ltd | MTAV | TASE:MTAV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IBI | GNRS | MRIN | KSTN | ANLT | MTAV | ||
| TASE:IBI | TASE:GNRS | TASE:MRIN | TASE:KSTN | TASE:ANLT | TASE:MTAV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.5% | 18.4% | 27.9% | NM- | 27.6% | 21.3% | |
| 3Y CAGR | 12.7% | -12.5% | 49.1% | 36.6% | 67.5% | 22.2% | |
| Latest Twelve Months | 26.9% | -20.2% | 43.2% | -52.7% | 127.5% | 59.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 31.8% | 87.2% | 15.4% | 83.8% | 15.9% | 31.4% | |
| Prior Fiscal Year | 32.5% | 89.5% | 17.6% | 94.3% | 17.7% | 31.1% | |
| Latest Fiscal Year | 28.7% | 85.6% | 18.9% | 82.4% | 23.3% | 38.2% | |
| Latest Twelve Months | 26.9% | 83.2% | 20.6% | 83.9% | 25.0% | 39.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.15x | 11.99x | 3.28x | 9.59x | 3.22x | 4.86x | |
| EV / LTM EBITDA | 10.4x | NA | 15.2x | NA | 12.2x | 11.8x | |
| EV / LTM EBIT | 11.7x | 14.4x | 15.9x | 11.4x | 12.9x | 12.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.4x | 12.9x | 15.9x | ||||
| Historical EV / LTM EBIT | 5.2x | 5.8x | 7.1x | ||||
| Selected EV / LTM EBIT | 8.7x | 9.2x | 9.6x | ||||
| (x) LTM EBIT | 681 | 681 | 681 | ||||
| (=) Implied Enterprise Value | 5,922 | 6,233 | 6,545 | ||||
| (-) Non-shareholder Claims * | (1,450) | (1,450) | (1,450) | ||||
| (=) Equity Value | 4,472 | 4,783 | 5,095 | ||||
| (/) Shares Outstanding | 78.7 | 78.7 | 78.7 | ||||
| Implied Value Range | 56.80 | 60.76 | 64.72 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 56.80 | 60.76 | 64.72 | 87.08 | |||
| Upside / (Downside) | -34.8% | -30.2% | -25.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IBI | GNRS | MRIN | KSTN | ANLT | MTAV | |
| Enterprise Value | 3,665 | (1,117) | 2,716 | (889) | 1,179 | 8,305 | |
| (+) Cash & Short Term Investments | 566 | 541 | 249 | 125 | 178 | 542 | |
| (+) Investments & Other | 227 | 3,727 | 51 | 3,724 | 81 | 1,241 | |
| (-) Debt | (348) | (1,768) | (239) | (1,470) | (14) | (2,957) | |
| (-) Other Liabilities | (203) | 0 | (70) | 0 | 0 | (276) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,908 | 1,383 | 2,707 | 1,489 | 1,424 | 6,855 | |
| (/) Shares Outstanding | 13.6 | 1,270.0 | 73.2 | 187.4 | 11.7 | 78.7 | |
| Implied Stock Price | 286.50 | 1.09 | 37.00 | 7.95 | 121.60 | 87.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 286.50 | 1.09 | 37.00 | 7.95 | 121.60 | 87.08 | |
| 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 | |