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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₪0.52 - ₪0.52 | ₪0.52 |
| Adjusted Dividend Yield | 7.6% - 7.6% | 7.6% |
| Perpetuity Growth Rate | 1.8% - 2.3% | 2.0% |
| Discount Rate | 18.4% - 16.4% | 17.4% |
| Fair Value | ₪3.20 - ₪3.78 | ₪3.47 |
| Upside | -53.6% - -45.1% | -49.7% |
| Calculate Adjusted Dividend | ||||||||
| (ILS in millions) | Latest | Notes | ||||||
| Net Income To Common | 47 | |||||||
| (-) Cash Dividends Paid | (48) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 47 | 47 | 47 | |||||
| (=) Cash Required | 9 | 6 | 3 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (9) | (6) | (3) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (ILS) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 91.8 | 91.8 | 91.8 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.52 | 0.52 | 0.52 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.52 | 0.52 | 0.52 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.52 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 16.4% | 16.9% | 17.4% | 17.9% | 18.4% | |||
| 0.0% | 3.19 | 3.10 | 3.01 | 2.92 | 2.85 | |||
| 1.0% | 3.43 | 3.33 | 3.22 | 3.13 | 3.04 | |||
| 2.0% | 3.71 | 3.59 | 3.47 | 3.36 | 3.26 | |||
| 3.0% | 4.03 | 3.88 | 3.75 | 3.62 | 3.50 | |||
| 4.0% | 4.39 | 4.22 | 4.07 | 3.92 | 3.78 | |||