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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 2.2x - 2.5x | 2.4x |
| Fair Value | ₪9.40 - ₪10.65 | ₪10 |
| Upside | 10.0% - 24.7% | 17.1% |
| 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 | 526 | 592 | 636 | 658 | 672 | 685 | 699 | 713 | 727 | 742 | 756 |
| % Growth | 18.1% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 85 | 95 | 108 | 112 | 114 | 116 | 119 | 121 | 123 | 126 | 128 |
| % of Revenue | 16.1% | 16.0% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% | 17.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 95 | 108 | 112 | 114 | 116 | 119 | 121 | 123 | 126 | 128 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | |
| EBIT | 92 | 105 | 109 | 111 | 113 | 115 | 118 | 120 | 123 | 125 | |
| Pro forma Taxes | (24) | (27) | (28) | (29) | (29) | (30) | (31) | (31) | (32) | (33) | |
| NOPAT | 62 | 68 | 78 | 81 | 82 | 84 | 85 | 87 | 89 | 91 | 93 |
| Capital Expenditures | (0) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | (4) | (3) | (2) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Free Cash Flow | 59 | 66 | 77 | 81 | 83 | 85 | 87 | 88 | 90 | 92 | 94 |
| % Growth | 17% | 5% | 3% | 2% | 2% | 2% | 2% | 2% | 2% | ||