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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Selected Fwd Revenue Multiple | 3.6x - 4.0x | 3.8x |
| Fair Value | ₪517.15 - ₪695.76 | ₪606.45 |
| Upside | 7.9% - 45.1% | 26.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Dan Hotels Ltd | DANH | TASE:DANH |
| Holmes Place International Ltd | HLMS | TASE:HLMS |
| Tarya Israel Ltd | TRA | TASE:TRA |
| Cofix Group Ltd | CFX | TASE:CFX |
| Pie Siam Ltd | PIES | TASE:PIES |
| Fattal Holdings (1998) Ltd | FTAL | TASE:FTAL |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| DANH | HLMS | TRA | CFX | PIES | FTAL | |||
| TASE:DANH | TASE:HLMS | TASE:TRA | TASE:CFX | TASE:PIES | TASE:FTAL | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 0.0% | 5.5% | NM- | 1.8% | NM- | 6.9% | ||
| 3Y CAGR | 15.5% | 21.1% | -9.2% | -0.4% | 24.4% | 34.8% | ||
| Latest Twelve Months | -7.3% | 8.6% | -21.0% | -3.7% | -24.3% | 7.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.4% | -1.2% | -35.1% | 0.3% | -28.8% | 4.0% | ||
| Prior Fiscal Year | 12.2% | 16.8% | -39.3% | -0.9% | -3.4% | 16.1% | ||
| Latest Fiscal Year | 4.8% | 16.6% | 23.0% | 1.0% | -49.2% | 17.7% | ||
| Latest Twelve Months | 4.8% | 16.6% | 23.0% | 1.0% | -49.2% | 17.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.86x | 3.02x | 2.38x | 0.76x | 58.88x | 3.66x | ||
| EV / LTM EBIT | 38.5x | 18.2x | 10.3x | 77.6x | -119.6x | 20.7x | ||
| Price / LTM Sales | 1.50x | 1.14x | 3.13x | 0.47x | 24.20x | 1.05x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.76x | 2.38x | 58.88x | |||||
| Historical EV / LTM Revenue | 3.66x | 4.42x | 9.29x | |||||
| Selected EV / LTM Revenue | 3.73x | 3.93x | 4.12x | |||||
| (x) LTM Revenue | 7,444 | 7,444 | 7,444 | |||||
| (=) Implied Enterprise Value | 27,777 | 29,239 | 30,700 | |||||
| (-) Non-shareholder Claims * | (19,422) | (19,422) | (19,422) | |||||
| (=) Equity Value | 8,355 | 9,817 | 11,279 | |||||
| (/) Shares Outstanding | 16.5 | 16.5 | 16.5 | |||||
| Implied Value Range | 507.49 | 596.29 | 685.09 | |||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 507.49 | 596.29 | 685.09 | 479.40 | ||||
| Upside / (Downside) | 5.9% | 24.4% | 42.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DANH | HLMS | TRA | CFX | PIES | FTAL | |
| Enterprise Value | 2,810 | 1,673 | 126 | 228 | 1,655 | 27,314 | |
| (+) Cash & Short Term Investments | 33 | 39 | 41 | 14 | 34 | 660 | |
| (+) Investments & Other | 3 | 0 | 0 | 0 | 43 | 2,084 | |
| (-) Debt | (569) | (1,080) | (2) | (110) | (1,051) | (22,115) | |
| (-) Other Liabilities | 0 | 0 | 0 | 9 | 0 | (51) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,276 | 632 | 165 | 142 | 680 | 7,892 | |
| (/) Shares Outstanding | 97.4 | 91.8 | 296.9 | 31.3 | 18.6 | 16.5 | |
| Implied Stock Price | 23.36 | 6.89 | 0.56 | 4.53 | 36.55 | 479.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.36 | 6.89 | 0.56 | 4.53 | 36.55 | 479.40 | |
| 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 | |