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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.0% - 13.0% | 13.5% |
| Perpetuity Growth Rate | 1.7% - 2.8% | 2.3% |
| Fair Value | ₪8.60 - ₪13 | ₪10.61 |
| Upside | -33.2% - 1.0% | -17.6% |
| 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 | 314 | 376 | 423 | 455 | 471 | 480 | |
| % Growth | 40.9% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | |
| EBITDA | 47 | 74 | 94 | 105 | 109 | 111 | |
| % of Revenue | 15.0% | 19.7% | 22.2% | 23.2% | 23.2% | 23.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 74 | 94 | 105 | 109 | 111 | 111 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (3) | (3) | (3) | (4) | (8) | |
| EBIT | 71 | 91 | 102 | 106 | 108 | 103 | |
| Pro forma Taxes | (9) | (12) | (13) | (14) | (14) | (13) | |
| NOPAT | 39 | 62 | 79 | 89 | 92 | 94 | 90 |
| Capital Expenditures | (5) | (6) | (7) | (8) | (8) | (8) | (8) |
| NWC Investment | (65) | (45) | (33) | (23) | (11) | (7) | (8) |
| (+) D&A | 2 | 3 | 3 | 3 | 3 | 4 | 8 |
| Free Cash Flow | (29) | 14 | 41 | 62 | 76 | 82 | 82 |
| % Growth | NM | 201% | 49% | 23% | 8% | -1% | |