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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 15.8x - 17.8x | 16.8x |
| Fair Value | ₪61.64 - ₪79.99 | ₪70.50 |
| Upside | -44.0% - -27.3% | -35.9% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (ILS in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 1,915 | 1,982 | 2,022 | 2,063 | 2,104 | 2,146 | 2,189 | 2,233 | 2,277 | 2,323 | 2,369 |
| % Growth | 6.6% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 519 | 511 | 521 | 531 | 542 | 553 | 564 | 575 | 587 | 599 | 610 |
| % of Revenue | 27.1% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 511 | 521 | 531 | 542 | 553 | 564 | 575 | 587 | 599 | 610 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (120) | (123) | (125) | (128) | (130) | (133) | (136) | (138) | (141) | (144) | |
| EBIT | 390 | 398 | 406 | 414 | 423 | 431 | 440 | 448 | 457 | 467 | |
| Pro forma Taxes | (90) | (92) | (93) | (95) | (97) | (99) | (101) | (103) | (105) | (107) | |
| NOPAT | 309 | 301 | 307 | 313 | 319 | 325 | 332 | 339 | 345 | 352 | 359 |
| Capital Expenditures | (538) | (382) | (388) | (436) | (402) | (409) | (328) | (335) | (342) | (335) | (337) |
| NWC Investment | 15 | 8 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 |
| (+) D&A | 118 | 120 | 123 | 125 | 128 | 130 | 133 | 136 | 138 | 141 | 144 |
| Free Cash Flow | (97) | 48 | 46 | 7 | 50 | 52 | 142 | 145 | 148 | 164 | 172 |
| % Growth | NM | -2% | -85% | 604% | 5% | 171% | 2% | 2% | 11% | 5% | |