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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,4x - 10,4x | 9,9x |
| Selected Fwd EBITDA Multiple | 6,3x - 7,0x | 6,7x |
| Fair Value | ₪10,29 - ₪12,41 | ₪11,35 |
| Upside | -52,9% - -43,3% | -48,1% |
| Benchmarks | Ticker | Full Ticker |
| Ratio Energies - Limited Partnership | RATI | TASE:RATI |
| Tamar Petroleum Ltd | TMRP | TASE:TMRP |
| Isramco Negev 2 Limited Partnership | ISRA | TASE:ISRA |
| 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 | TMRP | ISRA | NWMD | CVX | TOEN | ||
| TASE:RATI | TASE:TMRP | TASE:ISRA | 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% | 4.1% | 6.3% | 7.5% | 6.0% | -0.4% | |
| Latest Twelve Months | -5.8% | 10.4% | 11.6% | -5.8% | -10.9% | NM | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 81.1% | 65.1% | 65.6% | 84.1% | 20.6% | 67.0% | |
| Prior Fiscal Year | 80.6% | 58.1% | 59.0% | 81.9% | 21.7% | 60.0% | |
| Latest Fiscal Year | 79.5% | 56.2% | 57.4% | 80.8% | 20.5% | 46.1% | |
| Latest Twelve Months | 80.1% | 53.2% | 54.6% | 81.0% | 19.3% | 44.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.64x | 6.35x | 4.45x | 7.19x | 1.57x | 6.46x | |
| EV / LTM EBITDA | 8.3x | 11.9x | 8.2x | 8.9x | 8.1x | 14.4x | |
| EV / LTM EBIT | 9.4x | 17.6x | 10.8x | 10.0x | 15.3x | 26.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.1x | 8.3x | 11.9x | ||||
| Historical EV / LTM EBITDA | 5.5x | 7.6x | 12.1x | ||||
| Selected EV / LTM EBITDA | 9.4x | 9.9x | 10.4x | ||||
| (x) LTM EBITDA | 13 | 13 | 13 | ||||
| (=) Implied Enterprise Value | 120 | 126 | 133 | ||||
| (-) Non-shareholder Claims * | (59) | (59) | (59) | ||||
| (=) Equity Value | 61 | 67 | 74 | ||||
| (/) Shares Outstanding | 20.0 | 20.0 | 20.0 | ||||
| Implied Value Range | 3.06 | 3.37 | 3.69 | ||||
| FX Rate: USD/ILS | 0.3 | 0.3 | 0.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.17 | 11.22 | 12.28 | 21.88 | |||
| Upside / (Downside) | -53.5% | -48.7% | -43.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RATI | TMRP | ISRA | NWMD | CVX | TOEN | |
| Enterprise Value | 1,953 | 1,691 | 1,957 | 6,489 | 274,742 | 191 | |
| (+) Cash & Short Term Investments | 177 | 87 | 60 | 388 | 4,066 | 11 | |
| (+) Investments & Other | 4 | 0 | 96 | 62 | 48,033 | 0 | |
| (-) Debt | (534) | (672) | (353) | (1,241) | (29,467) | (70) | |
| (-) Other Liabilities | 0 | 0 | 0 | (0) | (841) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,600 | 1,106 | 1,760 | 5,698 | 296,533 | 131 | |
| (/) Shares Outstanding | 1,123.9 | 88.6 | 2,599.8 | 1,173.8 | 2,029.2 | 20.0 | |
| Implied Stock Price | 1.42 | 12.48 | 0.68 | 4.85 | 146.13 | 6.57 | |
| FX Conversion Rate to Trading Currency | 0.30 | 0.30 | 0.30 | 0.30 | 1.00 | 0.30 | |
| Implied Stock Price (Trading Cur) | 4.74 | 41.55 | 2.25 | 16.16 | 146.13 | 21.88 | |
| Trading Currency | ILS | ILS | ILS | ILS | USD | ILS | |
| FX Rate to Reporting Currency | 0.30 | 0.30 | 0.30 | 0.30 | 1.00 | 0.30 | |