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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 9.0% - 8.0% | 8.5% |
Perpetuity Growth Rate | 0.2% - 1.3% | 0.8% |
Fair Value | ₪10.45 - ₪15.28 | ₪12.56 |
Upside | -46.0% - -21.0% | -35.0% |
Select Revenue and EBITDA Forecast | ||||||||||||
(ILS in millions) | Input Projections | |||||||||||
Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
Revenue | 166 | 224 | 269 | 303 | 325 | 337 | 343 | 350 | 357 | 364 | 372 | |
% Growth | 58.3% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
EBITDA | 6 | 23 | 41 | 54 | 62 | 64 | 65 | 66 | 68 | 69 | 70 | |
% of Revenue | 3.7% | 10.4% | 15.4% | 17.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% |
Calculation of Free Cash Flow | ||||||||||||
Projected Unlevered Cash Flow | ||||||||||||
(ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
EBITDA | 23 | 41 | 54 | 62 | 64 | 65 | 66 | 68 | 69 | 70 | 70 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (10) | |
EBIT | 23 | 41 | 53 | 61 | 63 | 64 | 65 | 67 | 68 | 69 | 60 | |
Pro forma Taxes | (6) | (10) | (13) | (15) | (16) | (16) | (16) | (17) | (17) | (17) | (15) | |
NOPAT | 4 | 17 | 31 | 40 | 45 | 47 | 48 | 49 | 50 | 51 | 52 | 45 |
Capital Expenditures | (2) | (8) | (9) | (10) | (11) | (11) | (11) | (11) | (11) | (11) | (11) | (11) |
NWC Investment | (43) | (40) | (31) | (23) | (16) | (8) | (5) | (5) | (5) | (5) | (5) | (2) |
(+) D&A | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 10 |
Free Cash Flow | (40) | (30) | (9) | 7 | 20 | 29 | 33 | 34 | 35 | 36 | 37 | 42 |
% Growth | NM | NM | NM | 169% | 46% | 16% | 2% | 3% | 3% | 2% | 15% |