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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.8x - 16.3x | 15.6x |
| Selected Fwd EBITDA Multiple | 17.4x - 19.2x | 18.3x |
| Fair Value | ₪2.80 - ₪3.51 | ₪3.15 |
| Upside | -45.8% - -32.0% | -38.9% |
| Benchmarks | Ticker | Full Ticker |
| Canzon Israel Ltd | CNZN-M | TASE:CNZN-M |
| Lodzia Real Estate Ltd. | LODZ | TASE:LODZ |
| Bonei Hatichon Civil Engineering & Infrastructures Ltd. | BOTI | TASE:BOTI |
| Rotshtein Realestate Ltd | ROTS | TASE:ROTS |
| Almogim Holdings Ltd | ALMA | TASE:ALMA |
| Lewinsky-Ofer Ltd. | LEOF | TASE:LEOF |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CNZN-M | LODZ | BOTI | ROTS | ALMA | LEOF | ||
| TASE:CNZN-M | TASE:LODZ | TASE:BOTI | TASE:ROTS | TASE:ALMA | TASE:LEOF | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 32.2% | 110.9% | -1.5% | 44.1% | |
| 3Y CAGR | NM- | 97.2% | -27.9% | 33.4% | -19.1% | NM- | |
| Latest Twelve Months | 65.6% | 124.5% | -6.5% | 55.7% | 43.0% | 260.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -4261.4% | 6.6% | 10.8% | 16.0% | 17.1% | -20.4% | |
| Prior Fiscal Year | -3868.7% | 14.2% | 8.2% | 16.4% | 13.9% | -85.2% | |
| Latest Fiscal Year | -814.2% | 25.6% | 8.6% | 20.1% | 11.2% | 46.6% | |
| Latest Twelve Months | -814.2% | 25.6% | 6.8% | 21.0% | 12.0% | 38.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.67x | 9.70x | 3.48x | 2.92x | 4.06x | 7.14x | |
| EV / LTM EBITDA | -0.3x | 37.9x | 51.1x | 13.9x | 33.9x | 18.8x | |
| EV / LTM EBIT | -0.3x | 39.8x | 60.7x | 14.2x | 35.3x | 18.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.3x | 33.9x | 51.1x | ||||
| Historical EV / LTM EBITDA | -419.2x | -48.7x | -16.8x | ||||
| Selected EV / LTM EBITDA | 14.8x | 15.6x | 16.3x | ||||
| (x) LTM EBITDA | 16 | 16 | 16 | ||||
| (=) Implied Enterprise Value | 231 | 243 | 255 | ||||
| (-) Non-shareholder Claims * | (131) | (131) | (131) | ||||
| (=) Equity Value | 100 | 112 | 124 | ||||
| (/) Shares Outstanding | 32.9 | 32.9 | 32.9 | ||||
| Implied Value Range | 3.03 | 3.40 | 3.77 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.03 | 3.40 | 3.77 | 5.16 | |||
| Upside / (Downside) | -41.2% | -34.1% | -26.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CNZN-M | LODZ | BOTI | ROTS | ALMA | LEOF | |
| Enterprise Value | 0 | 297 | 1,496 | 2,433 | 1,303 | 301 | |
| (+) Cash & Short Term Investments | 0 | 10 | 217 | 81 | 39 | 2 | |
| (+) Investments & Other | 3 | 7 | 0 | 40 | 125 | 18 | |
| (-) Debt | 0 | (202) | (923) | (1,146) | (973) | (151) | |
| (-) Other Liabilities | 0 | (31) | 0 | (60) | 2 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4 | 82 | 790 | 1,348 | 496 | 170 | |
| (/) Shares Outstanding | 4.1 | 4.1 | 15.7 | 16.9 | 43.2 | 32.9 | |
| Implied Stock Price | 1.00 | 20.02 | 50.30 | 79.95 | 11.48 | 5.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.00 | 20.02 | 50.30 | 79.95 | 11.48 | 5.16 | |
| 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 | |