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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ₪4.58 - ₪5.30 | ₪5.01 |
| Adjusted Dividend Yield | 5.6% - 6.5% | 6.1% |
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 16.0% - 14.0% | 15.0% |
| Fair Value | ₪28.63 - ₪38.62 | ₪33.41 |
| Upside | -65.0% - -52.8% | -59.2% |
| Calculate Adjusted Dividend | ||||||||
| (ILS in millions) | Latest | Notes | ||||||
| Net Income To Common | 98 | |||||||
| (-) Cash Dividends Paid | (50) | |||||||
| (=) Cash Retained | 48 | 49.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 98 | 98 | 98 | |||||
| (=) Cash Required | 20 | 12 | 7 | |||||
| Cash Retained | 48 | 48 | 48 | |||||
| (-) Cash Required | (20) | (12) | (7) | |||||
| (=) Excess Retained | 28 | 36 | 41 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (ILS) | 28 | 36 | 41 | |||||
| (/) Shares Outstanding | 17.1 | 17.1 | 17.1 | |||||
| (=) Excess Retained per Share | 1.66 | 2.09 | 2.38 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 2.92 | 2.92 | 2.92 | |||||
| (+) Excess Retained per Share | 1.66 | 2.09 | 2.38 | |||||
| Adjusted Dividend | 4.58 | 5.01 | 5.30 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 5.01 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 14.0% | 14.5% | 15.0% | 15.5% | 16.0% | |||
| 0.0% | 35.79 | 34.56 | 33.41 | 32.33 | 31.32 | |||
| 0.0% | 35.79 | 34.56 | 33.41 | 32.33 | 31.32 | |||
| 0.0% | 35.79 | 34.56 | 33.41 | 32.33 | 31.32 | |||
| 1.0% | 38.93 | 37.49 | 36.15 | 34.90 | 33.74 | |||
| 2.0% | 42.59 | 40.89 | 39.32 | 37.86 | 36.51 | |||