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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 2.0x - 2.3x | 2.2x |
| Fair Value | ₪9.36 - ₪10.49 | ₪9.92 |
| Upside | 9.6% - 22.8% | 16.1% |
| 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 |
| Revenue | 526 | 592 | 636 | 658 | 672 | 685 |
| % Growth | 18.1% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 85 | 95 | 108 | 112 | 114 | 116 |
| % of Revenue | 16.1% | 16.0% | 17.0% | 17.0% | 17.0% | 17.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 95 | 108 | 112 | 114 | 116 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (3) | (3) | (3) | (3) | |
| EBIT | 92 | 105 | 109 | 111 | 113 | |
| Pro forma Taxes | (24) | (27) | (28) | (29) | (29) | |
| NOPAT | 62 | 68 | 78 | 81 | 82 | 84 |
| Capital Expenditures | (0) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | (4) | (3) | (2) | (1) | (1) | (1) |
| (+) D&A | 2 | 3 | 3 | 3 | 3 | 3 |
| Free Cash Flow | 59 | 66 | 77 | 81 | 83 | 85 |
| % Growth | 13% | 17% | 5% | 3% | 2% | |