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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 10.7x - 12.7x | 11.7x |
| Fair Value | ₪331.26 - ₪427.80 | ₪378.60 |
| Upside | 8.0% - 39.5% | 23.4% |
| 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 | 1,991 | 2,389 | 2,687 | 2,889 | 2,990 | 3,050 |
| % Growth | 46.9% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | 661 | 867 | 1,043 | 1,150 | 1,190 | 1,214 |
| % of Revenue | 33.2% | 36.3% | 38.8% | 39.8% | 39.8% | 39.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 867 | 1,043 | 1,150 | 1,190 | 1,214 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (9) | (10) | (11) | (11) | (11) | |
| EBIT | 858 | 1,033 | 1,139 | 1,179 | 1,203 | |
| Pro forma Taxes | (197) | (238) | (262) | (271) | (277) | |
| NOPAT | 505 | 661 | 795 | 877 | 908 | 926 |
| Capital Expenditures | (21) | (25) | (28) | (30) | (31) | (32) |
| NWC Investment | (499) | (312) | (234) | (158) | (79) | (47) |
| (+) D&A | 6 | 9 | 10 | 11 | 11 | 11 |
| Free Cash Flow | (9) | 332 | 542 | 699 | 808 | 858 |
| % Growth | NM | 63% | 29% | 16% | 6% | |