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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 79.9x - 88.3x | 84.1x |
| Selected Fwd EBITDA Multiple | 72.4x - 80.0x | 76.2x |
| Fair Value | ₪6 - ₪8.43 | ₪7.21 |
| Upside | -52.2% - -32.9% | -42.5% |
| Benchmarks | Ticker | Full Ticker |
| Skyline Investments Inc. | SKLN | TASE:SKLN |
| Buligo Capital Ltd | BLGO | TASE:BLGO |
| GR Holding S.A. | GRHOLDC1 | BVL:GRHOLDC1 |
| Altisource Asset Management Corporation | AAMC.F | OTCPK:AAMC.F |
| Inovest B.S.C. | INOVEST | BAX:INOVEST |
| Israel Canada (T.R) Ltd | ISCN | TASE:ISCN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SKLN | BLGO | GRHOLDC1 | AAMC.F | INOVEST | ISCN | ||
| TASE:SKLN | TASE:BLGO | BVL:GRHOLDC1 | OTCPK:AAMC.F | BAX:INOVEST | TASE:ISCN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -44.3% | 1.3% | 6.0% | NM- | NM- | 0.4% | |
| 3Y CAGR | -53.7% | -27.9% | 9.5% | NM- | NM- | -10.2% | |
| Latest Twelve Months | 267.7% | -29.2% | 10.7% | -131.2% | -331.3% | -9.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.3% | 64.6% | 21.6% | -214.5% | 39.1% | 25.9% | |
| Prior Fiscal Year | 1.3% | 57.9% | 20.6% | -273.4% | 33.4% | 19.0% | |
| Latest Fiscal Year | 1.7% | 48.5% | 24.1% | -896.9% | 460.9% | 17.1% | |
| Latest Twelve Months | 2.3% | 45.1% | 24.1% | 4209.0% | 249.7% | 18.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.41x | 3.32x | 0.77x | -1.73x | -28.56x | 18.74x | |
| EV / LTM EBITDA | 104.0x | 7.4x | 3.2x | 0.0x | -11.4x | 102.6x | |
| EV / LTM EBIT | -15.1x | 7.6x | 3.5x | 0.0x | -10.6x | 205.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -11.4x | 3.2x | 104.0x | ||||
| Historical EV / LTM EBITDA | 16.7x | 74.1x | 96.7x | ||||
| Selected EV / LTM EBITDA | 79.9x | 84.1x | 88.3x | ||||
| (x) LTM EBITDA | 96 | 96 | 96 | ||||
| (=) Implied Enterprise Value | 7,639 | 8,041 | 8,443 | ||||
| (-) Non-shareholder Claims * | (5,655) | (5,655) | (5,655) | ||||
| (=) Equity Value | 1,984 | 2,386 | 2,788 | ||||
| (/) Shares Outstanding | 330.9 | 330.9 | 330.9 | ||||
| Implied Value Range | 6.00 | 7.21 | 8.43 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.00 | 7.21 | 8.43 | 12.55 | |||
| Upside / (Downside) | -52.2% | -42.5% | -32.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SKLN | BLGO | GRHOLDC1 | AAMC.F | INOVEST | ISCN | |
| Enterprise Value | 278 | 62 | 760 | 1 | 28 | 9,808 | |
| (+) Cash & Short Term Investments | 18 | 22 | 262 | 8 | 10 | 492 | |
| (+) Investments & Other | 0 | 36 | 103 | 4 | 104 | 1,358 | |
| (-) Debt | (184) | (1) | (683) | (12) | (0) | (6,537) | |
| (-) Other Liabilities | (26) | 0 | (397) | 0 | (26) | (967) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 85 | 120 | 44 | 1 | 116 | 4,153 | |
| (/) Shares Outstanding | 16.7 | 56.0 | 148.6 | 2.6 | 225.1 | 330.9 | |
| Implied Stock Price | 5.09 | 2.14 | 0.30 | 0.50 | 0.52 | 12.55 | |
| FX Conversion Rate to Trading Currency | 0.39 | 0.29 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.91 | 7.45 | 0.30 | 0.50 | 0.52 | 12.55 | |
| Trading Currency | ILS | ILS | PEN | USD | USD | ILS | |
| FX Rate to Reporting Currency | 0.39 | 0.29 | 1.00 | 1.00 | 1.00 | 1.00 | |