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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,6x - 10,6x | 10,1x |
| Selected Fwd EBITDA Multiple | 8,7x - 9,6x | 9,2x |
| Fair Value | ₪253,86 - ₪288,43 | ₪271,15 |
| Upside | -15,9% - -4,4% | -10,1% |
| Benchmarks | Ticker | Full Ticker |
| Shufersal Ltd | SAE | TASE:SAE |
| Diplomat Holdings Ltd | DIPL | TASE:DIPL |
| Bikurey Hasade (Holdings) Ltd | BKRY | TASE:BKRY |
| Victory Supermarket Chain Ltd | VCTR | TASE:VCTR |
| Tiv Taam Holdings 1 Ltd. | TTAM | TASE:TTAM |
| Rami Levi Chain Stores Hashikma Marketing 2006 Ltd | RMLI | TASE:RMLI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SAE | DIPL | BKRY | VCTR | TTAM | RMLI | ||
| TASE:SAE | TASE:DIPL | TASE:BKRY | TASE:VCTR | TASE:TTAM | TASE:RMLI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.8% | 1.9% | 40.7% | 11.0% | 2.4% | 2.4% | |
| 3Y CAGR | 7.2% | 0.7% | -3.4% | -3.7% | -8.7% | 4.1% | |
| Latest Twelve Months | 40.5% | 19.1% | 12.9% | 26.1% | -18.2% | 3.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 5.4% | 5.4% | 5.2% | 11.1% | 6.2% | |
| Prior Fiscal Year | 6.8% | 5.1% | 4.8% | 4.9% | 11.2% | 5.7% | |
| Latest Fiscal Year | 9.2% | 5.2% | 4.8% | 5.0% | 8.3% | 6.4% | |
| Latest Twelve Months | 9.7% | 5.6% | 4.8% | 5.5% | 8.3% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.95x | 0.50x | 0.47x | 0.72x | 0.75x | 0.69x | |
| EV / LTM EBITDA | 9.8x | 8.9x | 9.8x | 13.1x | 9.0x | 11.0x | |
| EV / LTM EBIT | 14.5x | 10.8x | 13.2x | 18.1x | 13.6x | 14.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.9x | 9.8x | 13.1x | ||||
| Historical EV / LTM EBITDA | 9.4x | 9.8x | 12.2x | ||||
| Selected EV / LTM EBITDA | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBITDA | 473 | 473 | 473 | ||||
| (=) Implied Enterprise Value | 4,551 | 4,791 | 5,030 | ||||
| (-) Non-shareholder Claims * | (1,027) | (1,027) | (1,027) | ||||
| (=) Equity Value | 3,524 | 3,764 | 4,003 | ||||
| (/) Shares Outstanding | 13.8 | 13.8 | 13.8 | ||||
| Implied Value Range | 255.82 | 273.21 | 290.60 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 255.82 | 273.21 | 290.60 | 301.70 | |||
| Upside / (Downside) | -15.2% | -9.4% | -3.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAE | DIPL | BKRY | VCTR | TTAM | RMLI | |
| Enterprise Value | 14,607 | 1,781 | 1,014 | 1,825 | 1,393 | 5,183 | |
| (+) Cash & Short Term Investments | 2,380 | 185 | 7 | 118 | 46 | 1,052 | |
| (+) Investments & Other | 29 | 37 | 51 | 18 | 2 | 3 | |
| (-) Debt | (6,350) | (589) | (526) | (1,300) | (593) | (2,013) | |
| (-) Other Liabilities | (104) | (21) | 0 | 0 | 0 | (68) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,562 | 1,393 | 547 | 662 | 847 | 4,156 | |
| (/) Shares Outstanding | 266.6 | 27.5 | 149.7 | 14.0 | 106.5 | 13.8 | |
| Implied Stock Price | 39.62 | 50.63 | 3.65 | 47.14 | 7.95 | 301.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 39.62 | 50.63 | 3.65 | 47.14 | 7.95 | 301.70 | |
| 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 | |