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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.7x - 6.3x | 6.0x |
| Selected Fwd Revenue Multiple | 6.0x - 6.7x | 6.3x |
| Fair Value | ₪16 - ₪21.20 | ₪18.60 |
| Upside | -50.2% - -34.0% | -42.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Africa Israel Residences Ltd | AFRE | TASE:AFRE |
| Kardan Real Estate Enterprise and Development Ltd | KARE | TASE:KARE |
| Amram Avraham Construction Company Ltd | AMRM | TASE:AMRM |
| Bait Vegag Real Estate Development Ltd | BVGG | TASE:BVGG |
| Aura Investments Ltd. | AURA | TASE:AURA |
| Carasso Real Estate Ltd | CRSR | TASE:CRSR |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AFRE | KARE | AMRM | BVGG | AURA | CRSR | |||
| TASE:AFRE | TASE:KARE | TASE:AMRM | TASE:BVGG | TASE:AURA | TASE:CRSR | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -5.6% | 7.6% | NM- | 6.0% | 24.4% | NM- | ||
| 3Y CAGR | 6.3% | -6.3% | 79.8% | -22.0% | 19.4% | 7.8% | ||
| Latest Twelve Months | -10.4% | -11.1% | -5.5% | 7.9% | 46.4% | 2.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.6% | 15.3% | 27.4% | 3.8% | 11.4% | 12.6% | ||
| Prior Fiscal Year | 17.0% | 18.7% | 28.5% | -6.5% | 13.5% | 13.3% | ||
| Latest Fiscal Year | 17.4% | 13.5% | 32.3% | -2.3% | 18.0% | 14.9% | ||
| Latest Twelve Months | 17.4% | 13.5% | 21.3% | -2.3% | 18.0% | 15.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.01x | 2.76x | 6.26x | 3.39x | 4.76x | 7.61x | ||
| EV / LTM EBIT | 23.1x | 20.5x | 29.4x | -148.8x | 26.5x | 48.0x | ||
| Price / LTM Sales | 3.14x | 1.76x | 2.89x | 2.97x | 3.35x | 3.73x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.76x | 4.01x | 6.26x | |||||
| Historical EV / LTM Revenue | 3.72x | 4.99x | 6.26x | |||||
| Selected EV / LTM Revenue | 5.74x | 6.04x | 6.34x | |||||
| (x) LTM Revenue | 467 | 467 | 467 | |||||
| (=) Implied Enterprise Value | 2,680 | 2,821 | 2,962 | |||||
| (-) Non-shareholder Claims * | (1,811) | (1,811) | (1,811) | |||||
| (=) Equity Value | 869 | 1,010 | 1,151 | |||||
| (/) Shares Outstanding | 54.2 | 54.2 | 54.2 | |||||
| Implied Value Range | 16.04 | 18.64 | 21.25 | |||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 16.04 | 18.64 | 21.25 | 32.12 | ||||
| Upside / (Downside) | -50.1% | -42.0% | -33.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AFRE | KARE | AMRM | BVGG | AURA | CRSR | |
| Enterprise Value | 3,878 | 1,483 | 5,188 | 480 | 7,251 | 3,550 | |
| (+) Cash & Short Term Investments | 322 | 96 | 107 | 37 | 137 | 201 | |
| (+) Investments & Other | 510 | 31 | 362 | 0 | 82 | 0 | |
| (-) Debt | (1,597) | (661) | (3,207) | (96) | (2,345) | (1,996) | |
| (-) Other Liabilities | (79) | (3) | (52) | (1) | (18) | (16) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,035 | 947 | 2,398 | 420 | 5,106 | 1,740 | |
| (/) Shares Outstanding | 12.7 | 186.8 | 75.0 | 55.2 | 280.6 | 54.2 | |
| Implied Stock Price | 239.80 | 5.07 | 31.97 | 7.61 | 18.20 | 32.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 239.80 | 5.07 | 31.97 | 7.61 | 18.20 | 32.12 | |
| Trading Currency | ILS | ILS | ILS | ILS | ILS | ILS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |