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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.8x - 11.9x | 11.4x |
| Selected Fwd EBIT Multiple | 7.4x - 8.1x | 7.8x |
| Fair Value | ₪11.76 - ₪13.97 | ₪12.87 |
| Upside | -3.9% - 14.2% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
| Zvi Sarfati & Sons Investments & Constructions Ltd. | SRFT | TASE:SRFT |
| Y.H. Dimri Construction & Development Ltd | DIMRI | TASE:DIMRI |
| Aura Investments Ltd. | AURA | TASE:AURA |
| Mordechai Aviv Taasiot Beniyah (1973) Ltd. | AVIV | TASE:AVIV |
| Hiron-Trade Investments & Industrial Buildings Ltd | HRON | TASE:HRON |
| Maslavi Construction Company Ltd | MSLA | TASE:MSLA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SRFT | DIMRI | AURA | AVIV | HRON | MSLA | ||
| TASE:SRFT | TASE:DIMRI | TASE:AURA | TASE:AVIV | TASE:HRON | TASE:MSLA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 27.6% | 27.4% | 68.3% | 13.9% | 10.1% | NM- | |
| 3Y CAGR | -18.9% | 24.9% | 34.9% | 27.2% | 3.4% | 19.4% | |
| Latest Twelve Months | 58.7% | 62.4% | 95.4% | 12.1% | 10.6% | 73.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 26.3% | 27.6% | 11.4% | 9.1% | 45.4% | 13.2% | |
| Prior Fiscal Year | 22.0% | 29.8% | 13.5% | 9.3% | 52.1% | 14.8% | |
| Latest Fiscal Year | 21.5% | 33.0% | 18.0% | 16.1% | 54.4% | 12.1% | |
| Latest Twelve Months | 21.5% | 33.0% | 18.0% | 12.4% | 54.4% | 15.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.45x | 5.10x | 4.59x | 2.50x | 7.88x | 1.69x | |
| EV / LTM EBITDA | 11.3x | 15.3x | 25.0x | 18.5x | 14.1x | 10.6x | |
| EV / LTM EBIT | 11.4x | 15.5x | 25.5x | 20.2x | 14.5x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.4x | 15.5x | 25.5x | ||||
| Historical EV / LTM EBIT | 13.9x | 18.1x | 56.7x | ||||
| Selected EV / LTM EBIT | 10.8x | 11.4x | 11.9x | ||||
| (x) LTM EBIT | 44 | 44 | 44 | ||||
| (=) Implied Enterprise Value | 472 | 497 | 521 | ||||
| (-) Non-shareholder Claims * | (209) | (209) | (209) | ||||
| (=) Equity Value | 263 | 288 | 313 | ||||
| (/) Shares Outstanding | 22.6 | 22.6 | 22.6 | ||||
| Implied Value Range | 11.66 | 12.76 | 13.86 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.66 | 12.76 | 13.86 | 12.24 | |||
| Upside / (Downside) | -4.7% | 4.3% | 13.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SRFT | DIMRI | AURA | AVIV | HRON | MSLA | |
| Enterprise Value | 1,195 | 10,340 | 7,038 | 865 | 986 | 485 | |
| (+) Cash & Short Term Investments | 57 | 541 | 137 | 18 | 0 | 50 | |
| (+) Investments & Other | 96 | 0 | 82 | 12 | 8 | 0 | |
| (-) Debt | (638) | (4,387) | (2,345) | (645) | (46) | (259) | |
| (-) Other Liabilities | 0 | 0 | (18) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 710 | 6,495 | 4,893 | 250 | 948 | 276 | |
| (/) Shares Outstanding | 17.4 | 20.5 | 280.6 | 13.2 | 0.5 | 22.6 | |
| Implied Stock Price | 40.83 | 316.10 | 17.44 | 18.90 | 2,086.90 | 12.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 40.83 | 316.10 | 17.44 | 18.90 | 2,086.90 | 12.24 | |
| 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 | |