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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,3x - 11,4x | 10,8x |
| Selected Fwd EBITDA Multiple | 6,8x - 7,6x | 7,2x |
| Fair Value | ₪12,26 - ₪14,69 | ₪13,47 |
| Upside | -48,3% - -38,0% | -43,1% |
| Benchmarks | Ticker | Full Ticker |
| Ratio Energies - Limited Partnership | RATI | TASE:RATI |
| Isramco Negev 2 Limited Partnership | ISRA | TASE:ISRA |
| Tamar Petroleum Ltd | TMRP | TASE:TMRP |
| NewMed Energy - Limited Partnership | NWMD | TASE:NWMD |
| Chevron Corporation | CVX | SNSE:CVX |
| Tomer Energy Royalties (2012) Ltd | TOEN | TASE:TOEN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RATI | ISRA | TMRP | NWMD | CVX | TOEN | ||
| TASE:RATI | TASE:ISRA | TASE:TMRP | TASE:NWMD | SNSE:CVX | TASE:TOEN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -10.7% | -10.7% | 103.9% | 6.7% | -14.8% | |
| 3Y CAGR | 7.5% | 6.3% | 4.1% | 7.5% | 6.0% | -0.4% | |
| Latest Twelve Months | 0.5% | 9.6% | 8.9% | 2.8% | -6.7% | -8.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 79.2% | 69.1% | 68.8% | 84.5% | 20.6% | 72.4% | |
| Prior Fiscal Year | 80.6% | 59.0% | 58.1% | 81.9% | 21.7% | 60.0% | |
| Latest Fiscal Year | 79.5% | 57.4% | 56.2% | 80.8% | 20.5% | 46.1% | |
| Latest Twelve Months | 79.5% | 57.4% | 56.2% | 80.8% | 19.7% | 46.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.57x | 4.42x | 5.82x | 6.21x | 1.15x | 7.19x | |
| EV / LTM EBITDA | 7.0x | 7.7x | 10.4x | 7.7x | 5.8x | 15.6x | |
| EV / LTM EBIT | 7.9x | 9.8x | 14.4x | 8.6x | 10.4x | 27.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.8x | 7.7x | 10.4x | ||||
| Historical EV / LTM EBITDA | 5.5x | 7.6x | 15.6x | ||||
| Selected EV / LTM EBITDA | 10.3x | 10.8x | 11.4x | ||||
| (x) LTM EBITDA | 13 | 13 | 13 | ||||
| (=) Implied Enterprise Value | 129 | 136 | 143 | ||||
| (-) Non-shareholder Claims * | (61) | (61) | (61) | ||||
| (=) Equity Value | 68 | 75 | 82 | ||||
| (/) Shares Outstanding | 20.0 | 20.0 | 20.0 | ||||
| Implied Value Range | 3.40 | 3.74 | 4.08 | ||||
| FX Rate: USD/ILS | 0.3 | 0.3 | 0.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.10 | 13.31 | 14.51 | 23.70 | |||
| Upside / (Downside) | -49.0% | -43.9% | -38.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RATI | ISRA | TMRP | NWMD | CVX | TOEN | |
| Enterprise Value | 1,722 | 1,896 | 1,518 | 6,011 | 229,672 | 195 | |
| (+) Cash & Short Term Investments | 138 | 54 | 64 | 385 | 4,643 | 14 | |
| (+) Investments & Other | 24 | 58 | 0 | 62 | 49,150 | 0 | |
| (-) Debt | (528) | (357) | (699) | (1,628) | (29,681) | (75) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (836) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,357 | 1,651 | 883 | 4,830 | 252,948 | 133 | |
| (/) Shares Outstanding | 1,123.9 | 2,599.8 | 88.6 | 1,173.8 | 1,557.2 | 20.0 | |
| Implied Stock Price | 1.21 | 0.63 | 9.96 | 4.11 | 162.44 | 6.67 | |
| FX Conversion Rate to Trading Currency | 0.28 | 0.28 | 0.28 | 0.28 | 1.00 | 0.28 | |
| Implied Stock Price (Trading Cur) | 4.29 | 2.26 | 35.38 | 14.62 | 162.44 | 23.70 | |
| Trading Currency | ILS | ILS | ILS | ILS | USD | ILS | |
| FX Rate to Reporting Currency | 0.28 | 0.28 | 0.28 | 0.28 | 1.00 | 0.28 | |