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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8.9x - 9.8x | 9.4x |
Selected Fwd EBIT Multiple | 4.1x - 4.6x | 4.4x |
Fair Value | ₪48.92 - ₪55.38 | ₪52.15 |
Upside | -28.8% - -19.4% | -24.1% |
Benchmarks | Ticker | Full Ticker |
Modiin Energy-Limited Partnership | MDIN | TASE:MDIN |
Cohen Development Gas & Oil Ltd. | CDEV | TASE:CDEV |
Navitas Petroleum, Limited Partnership | NVPT | TASE:NVPT |
Upsellon Brands Holdings Ltd | UPSL | TASE:UPSL |
Ratio Energies - Limited Partnership | RATI | TASE:RATI |
Ashdod Refinery Ltd | ARF | TASE:ARF |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
MDIN | CDEV | NVPT | UPSL | RATI | ARF | ||
TASE:MDIN | TASE:CDEV | TASE:NVPT | TASE:UPSL | TASE:RATI | TASE:ARF | ||
Historical EBIT Growth | |||||||
5Y CAGR | 90.5% | 26.3% | NM- | NM- | NM- | NM- | |
3Y CAGR | -14.6% | 20.2% | -23.3% | NM- | 8.5% | NM- | |
Latest Twelve Months | -8.4% | 7.8% | -42.9% | 57.9% | 7.0% | -78.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -22.6% | 88.7% | 30.9% | -111.5% | 70.0% | 1.5% | |
Prior Fiscal Year | 23.6% | 88.2% | 28.2% | -24.5% | 71.9% | 5.1% | |
Latest Fiscal Year | 12.8% | 86.1% | 21.2% | -11.9% | 70.3% | 0.2% | |
Latest Twelve Months | 17.7% | 86.1% | 18.0% | -11.9% | 71.4% | 0.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.25x | 12.06x | 58.47x | 0.36x | 6.27x | 0.09x | |
EV / LTM EBITDA | 7.3x | 14.0x | 166.5x | -4.3x | 7.8x | 3.5x | |
EV / LTM EBIT | 18.4x | 14.0x | 325.6x | -3.0x | 8.8x | 12.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -3.0x | 14.0x | 325.6x | ||||
Historical EV / LTM EBIT | 1.5x | 6.4x | 11.3x | ||||
Selected EV / LTM EBIT | 8.9x | 9.4x | 9.8x | ||||
(x) LTM EBIT | 24 | 24 | 24 | ||||
(=) Implied Enterprise Value | 214 | 225 | 236 | ||||
(-) Non-shareholder Claims * | (47) | (47) | (47) | ||||
(=) Equity Value | 167 | 178 | 189 | ||||
(/) Shares Outstanding | 12.5 | 12.5 | 12.5 | ||||
Implied Value Range | 13.34 | 14.24 | 15.14 | ||||
FX Rate: USD/ILS | 0.3 | 0.3 | 0.3 | Market Price | |||
Implied Value Range (Trading Cur) | 44.27 | 47.26 | 50.25 | 68.70 | |||
Upside / (Downside) | -35.6% | -31.2% | -26.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MDIN | CDEV | NVPT | UPSL | RATI | ARF | |
Enterprise Value | 71 | 374 | 4,410 | 5 | 1,975 | 306 | |
(+) Cash & Short Term Investments | 20 | 10 | 231 | 1 | 181 | 253 | |
(+) Investments & Other | 4 | 15 | 0 | 0 | 2 | 0 | |
(-) Debt | (79) | 0 | (1,151) | (2) | (529) | (300) | |
(-) Other Liabilities | 0 | 0 | (83) | (0) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 16 | 399 | 3,408 | 4 | 1,629 | 259 | |
(/) Shares Outstanding | 34.3 | 6.4 | 103.7 | 21.4 | 1,123.9 | 12.5 | |
Implied Stock Price | 0.47 | 62.08 | 32.85 | 0.18 | 1.45 | 20.70 | |
FX Conversion Rate to Trading Currency | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | |
Implied Stock Price (Trading Cur) | 1.55 | 206.00 | 109.00 | 0.58 | 4.81 | 68.70 | |
Trading Currency | ILS | ILS | ILS | ILS | ILS | ILS | |
FX Rate to Reporting Currency | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 |