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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 17.8x - 19.6x | 18.7x |
Selected Fwd EBIT Multiple | 17.1x - 18.9x | 18.0x |
Fair Value | ₪5.27 - ₪7.14 | ₪6.21 |
Upside | -24.6% - 2.2% | -11.2% |
Benchmarks | Ticker | Full Ticker |
Tarya Israel Ltd | TRA | TASE:TRA |
Fattal Holdings (1998) Ltd | FTAL | TASE:FTAL |
Dan Hotels Ltd | DANH | TASE:DANH |
Y.Z. Queenco Ltd. | QNCO | TASE:QNCO |
Cofix Group Ltd | CFX | TASE:CFX |
Holmes Place International Ltd | HLMS | TASE:HLMS |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
TRA | FTAL | DANH | QNCO | CFX | HLMS | ||
TASE:TRA | TASE:FTAL | TASE:DANH | TASE:QNCO | TASE:CFX | TASE:HLMS | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 10.9% | -17.2% | 4.7% | NM- | 14.5% | |
3Y CAGR | NM- | 48.2% | NM- | 110.1% | -2.5% | NM- | |
Latest Twelve Months | 155.4% | 4.2% | -92.7% | -1.1% | -87.7% | 7.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -8.4% | 4.2% | 4.0% | 7.6% | 0.3% | -0.8% | |
Prior Fiscal Year | -39.3% | 16.1% | 12.2% | 21.2% | -0.9% | 16.8% | |
Latest Fiscal Year | 23.0% | 17.7% | 4.8% | 19.6% | 1.0% | 16.6% | |
Latest Twelve Months | 15.8% | 16.5% | 1.0% | 19.6% | 0.0% | 16.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.31x | 4.35x | 2.15x | 1.52x | 0.80x | 3.16x | |
EV / LTM EBITDA | 14.0x | 19.3x | 27.7x | 5.5x | 21.0x | 14.0x | |
EV / LTM EBIT | 14.6x | 26.3x | 219.4x | 7.7x | 1825.4x | 19.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 7.7x | 26.3x | 1825.4x | ||||
Historical EV / LTM EBIT | -59.8x | 16.9x | 21.7x | ||||
Selected EV / LTM EBIT | 17.8x | 18.7x | 19.6x | ||||
(x) LTM EBIT | 93 | 93 | 93 | ||||
(=) Implied Enterprise Value | 1,658 | 1,746 | 1,833 | ||||
(-) Non-shareholder Claims * | (1,148) | (1,148) | (1,148) | ||||
(=) Equity Value | 510 | 598 | 685 | ||||
(/) Shares Outstanding | 91.8 | 91.8 | 91.8 | ||||
Implied Value Range | 5.56 | 6.51 | 7.46 | ||||
FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 5.56 | 6.51 | 7.46 | 6.99 | |||
Upside / (Downside) | -20.5% | -6.9% | 6.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TRA | FTAL | DANH | QNCO | CFX | HLMS | |
Enterprise Value | 120 | 32,339 | 3,127 | 204 | 234 | 1,790 | |
(+) Cash & Short Term Investments | 39 | 754 | 46 | 38 | 8 | 8 | |
(+) Investments & Other | 0 | 0 | 4 | 22 | 0 | 35 | |
(-) Debt | (1) | (23,540) | (664) | (26) | (104) | (1,191) | |
(-) Other Liabilities | 0 | (56) | 0 | (29) | 9 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 159 | 9,497 | 2,514 | 209 | 148 | 642 | |
(/) Shares Outstanding | 296.9 | 16.5 | 97.4 | 29.8 | 31.3 | 91.8 | |
Implied Stock Price | 0.53 | 576.30 | 25.80 | 7.02 | 4.73 | 6.99 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.53 | 576.30 | 25.80 | 7.02 | 4.73 | 6.99 | |
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 |