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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10.7x - 11.9x | 11.3x |
Selected Fwd EBIT Multiple | 11.7x - 12.9x | 12.3x |
Fair Value | ₪50.97 - ₪57.82 | ₪54.39 |
Upside | -1.1% - 12.2% | 5.5% |
Benchmarks | Ticker | Full Ticker |
Shufersal Ltd | SAE | TASE:SAE |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd | RMLI | TASE:RMLI |
Bikurey Hasade (Holdings) Ltd | BKRY | TASE:BKRY |
Victory Supermarket Chain Ltd | VCTR | TASE:VCTR |
Tiv Taam Holdings 1 Ltd. | TTAM | TASE:TTAM |
Diplomat Holdings Ltd | DIPL | TASE:DIPL |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SAE | RMLI | BKRY | VCTR | TTAM | DIPL | ||
TASE:SAE | TASE:RMLI | TASE:BKRY | TASE:VCTR | TASE:TTAM | TASE:DIPL | ||
Historical EBIT Growth | |||||||
5Y CAGR | 13.1% | 13.6% | 45.4% | 11.7% | 14.9% | 6.1% | |
3Y CAGR | 9.5% | 4.2% | 8.0% | -7.2% | -2.6% | 5.9% | |
Latest Twelve Months | 62.9% | 2.1% | 19.2% | 34.9% | 26.1% | 24.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.4% | 4.6% | 3.5% | 3.8% | 6.1% | 4.4% | |
Prior Fiscal Year | 3.9% | 4.4% | 3.3% | 3.5% | 4.9% | 4.1% | |
Latest Fiscal Year | 6.1% | 5.0% | 3.6% | 3.4% | 5.6% | 4.3% | |
Latest Twelve Months | 6.6% | 4.9% | 3.6% | 4.0% | 5.5% | 4.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.98x | 0.72x | 0.47x | 0.73x | 0.76x | 0.50x | |
EV / LTM EBITDA | 10.1x | 11.4x | 9.7x | 13.3x | 9.2x | 9.0x | |
EV / LTM EBIT | 15.0x | 14.7x | 13.0x | 18.4x | 13.8x | 10.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 13.0x | 14.7x | 18.4x | ||||
Historical EV / LTM EBIT | 8.5x | 10.9x | 11.7x | ||||
Selected EV / LTM EBIT | 10.7x | 11.3x | 11.9x | ||||
(x) LTM EBIT | 166 | 166 | 166 | ||||
(=) Implied Enterprise Value | 1,781 | 1,875 | 1,969 | ||||
(-) Non-shareholder Claims * | (388) | (388) | (388) | ||||
(=) Equity Value | 1,393 | 1,486 | 1,580 | ||||
(/) Shares Outstanding | 27.5 | 27.5 | 27.5 | ||||
Implied Value Range | 50.63 | 54.04 | 57.45 | ||||
FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 50.63 | 54.04 | 57.45 | 51.55 | |||
Upside / (Downside) | -1.8% | 4.8% | 11.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SAE | RMLI | BKRY | VCTR | TTAM | DIPL | |
Enterprise Value | 15,090 | 5,391 | 1,010 | 1,856 | 1,415 | 1,806 | |
(+) Cash & Short Term Investments | 2,380 | 1,052 | 7 | 118 | 46 | 185 | |
(+) Investments & Other | 29 | 3 | 51 | 18 | 2 | 37 | |
(-) Debt | (6,350) | (2,013) | (526) | (1,300) | (593) | (589) | |
(-) Other Liabilities | (104) | (68) | 0 | 0 | 0 | (21) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 11,045 | 4,364 | 543 | 693 | 869 | 1,418 | |
(/) Shares Outstanding | 266.6 | 13.8 | 149.7 | 14.0 | 106.5 | 27.5 | |
Implied Stock Price | 41.43 | 316.80 | 3.63 | 49.33 | 8.16 | 51.55 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 41.43 | 316.80 | 3.63 | 49.33 | 8.16 | 51.55 | |
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 |