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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 17.1x - 18.9x | 18.0x |
Selected Fwd EBITDA Multiple | 8.1x - 8.9x | 8.5x |
Fair Value | ₪21.34 - ₪25.06 | ₪23.20 |
Upside | 20.7% - 41.8% | 31.3% |
Benchmarks | Ticker | Full Ticker |
Zvi Sarfati & Sons Investments & Constructions Ltd. | SRFT | TASE:SRFT |
Mishorim Real Estate Investments Ltd | MSHR | TASE:MSHR |
Hagag Group Real Estate Entrepreneurship Ltd | HGG | TASE:HGG |
Bait Vegag Real Estate Development Ltd | BVGG | TASE:BVGG |
Amram Avraham Construction Company Ltd | AMRM | TASE:AMRM |
Maslavi Construction Company Ltd | MSLA | TASE:MSLA |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SRFT | MSHR | HGG | BVGG | AMRM | MSLA | ||
TASE:SRFT | TASE:MSHR | TASE:HGG | TASE:BVGG | TASE:AMRM | TASE:MSLA | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 27.3% | -9.0% | 36.0% | NM- | 39.6% | 26.5% | |
3Y CAGR | -18.8% | -9.5% | 16.9% | NM- | 29.3% | 20.0% | |
Latest Twelve Months | 18.2% | 24.7% | -28.1% | 47.0% | 22.0% | 43.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 26.5% | 22.0% | 33.0% | 3.5% | 27.2% | 14.3% | |
Prior Fiscal Year | 22.4% | 18.6% | 33.5% | -6.4% | 33.1% | 12.8% | |
Latest Fiscal Year | 21.7% | 20.0% | 27.9% | -2.1% | 21.3% | 15.0% | |
Latest Twelve Months | 19.6% | 21.7% | 32.8% | -3.9% | 20.2% | 14.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.87x | 4.00x | 6.98x | 4.03x | 5.04x | 2.17x | |
EV / LTM EBITDA | 14.6x | 18.4x | 21.3x | -102.3x | 24.9x | 14.6x | |
EV / LTM EBIT | 14.7x | 43.8x | 21.8x | -97.2x | 26.2x | 15.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -102.3x | 18.4x | 24.9x | ||||
Historical EV / LTM EBITDA | 11.0x | 13.7x | 18.7x | ||||
Selected EV / LTM EBITDA | 17.1x | 18.0x | 18.9x | ||||
(x) LTM EBITDA | 49 | 49 | 49 | ||||
(=) Implied Enterprise Value | 837 | 881 | 926 | ||||
(-) Non-shareholder Claims * | (317) | (317) | (317) | ||||
(=) Equity Value | 520 | 564 | 608 | ||||
(/) Shares Outstanding | 22.6 | 22.6 | 22.6 | ||||
Implied Value Range | 23.05 | 25.00 | 26.95 | ||||
FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 23.05 | 25.00 | 26.95 | 17.67 | |||
Upside / (Downside) | 30.4% | 41.5% | 52.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SRFT | MSHR | HGG | BVGG | AMRM | MSLA | |
Enterprise Value | 1,338 | 1,815 | 3,254 | 542 | 6,465 | 716 | |
(+) Cash & Short Term Investments | 56 | 269 | 279 | 27 | 143 | 67 | |
(+) Investments & Other | 105 | 19 | 540 | 0 | 385 | 0 | |
(-) Debt | (678) | (1,566) | (2,655) | (85) | (3,826) | (384) | |
(-) Other Liabilities | 0 | (279) | (201) | (1) | (54) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 821 | 257 | 1,218 | 483 | 3,113 | 399 | |
(/) Shares Outstanding | 17.4 | 34.8 | 62.0 | 55.2 | 78.8 | 22.6 | |
Implied Stock Price | 47.19 | 7.38 | 19.63 | 8.75 | 39.50 | 17.67 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 47.19 | 7.38 | 19.63 | 8.75 | 39.50 | 17.67 | |
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 |