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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Perpetuity Growth Rate | 2.3% - 3.3% | 2.8% |
| Fair Value | ₪8.12 - ₪16.19 | ₪11.45 |
| Upside | -65.8% - -31.8% | -51.8% |
| 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 | |
| Revenue | 166 | 224 | 269 | 303 | 325 | 337 | |
| % Growth | 58.3% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% | |
| EBITDA | 6 | 23 | 41 | 54 | 62 | 64 | |
| % of Revenue | 3.7% | 10.4% | 15.4% | 17.9% | 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 | Terminal | |
| EBITDA | 23 | 41 | 54 | 62 | 64 | 64 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (1) | (1) | (1) | (1) | (11) | |
| EBIT | 23 | 41 | 53 | 61 | 63 | 53 | |
| Pro forma Taxes | (6) | (10) | (13) | (15) | (16) | (13) | |
| NOPAT | 4 | 17 | 31 | 40 | 45 | 47 | 40 |
| Capital Expenditures | (2) | (8) | (9) | (10) | (11) | (11) | (11) |
| NWC Investment | (46) | (43) | (33) | (25) | (17) | (9) | (7) |
| (+) D&A | 0 | 1 | 1 | 1 | 1 | 1 | 11 |
| Free Cash Flow | (43) | (33) | (11) | 6 | 18 | 28 | 32 |
| % Growth | NM | NM | NM | 233% | 53% | 14% | |