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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 2.0% - 3.0% | 2.5% |
| Fair Value | ₪32.19 - ₪41.97 | ₪36.44 |
| Upside | -28.1% - -6.2% | -18.6% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 1,349 | 1,376 | 1,403 | 1,432 | 1,460 | 1,489 | 1,519 | 1,550 | 1,581 | 1,612 | 1,644 | |
| % Growth | 2.7% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 436 | 444 | 453 | 462 | 471 | 481 | 490 | 500 | 510 | 520 | 531 | |
| % of Revenue | 32.3% | 32.3% | 32.3% | 32.3% | 32.3% | 32.3% | 32.3% | 32.3% | 32.3% | 32.3% | 32.3% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 444 | 453 | 462 | 471 | 481 | 490 | 500 | 510 | 520 | 531 | 531 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (61) | (62) | (64) | (65) | (66) | (67) | (69) | (70) | (72) | (73) | (11) | |
| EBIT | 383 | 391 | 399 | 407 | 415 | 423 | 431 | 440 | 449 | 458 | 520 | |
| Pro forma Taxes | (134) | (137) | (139) | (142) | (145) | (148) | (151) | (154) | (157) | (160) | (182) | |
| NOPAT | 224 | 249 | 254 | 259 | 264 | 270 | 275 | 280 | 286 | 292 | 298 | 338 |
| Capital Expenditures | (12) | (10) | (11) | (11) | (11) | (11) | (11) | (11) | (11) | (11) | (11) | (11) |
| NWC Investment | (19) | (14) | (14) | (15) | (15) | (15) | (15) | (16) | (16) | (16) | (17) | (21) |
| (+) D&A | 91 | 61 | 62 | 64 | 65 | 66 | 67 | 69 | 70 | 72 | 73 | 11 |
| Free Cash Flow | 285 | 286 | 291 | 297 | 303 | 309 | 316 | 322 | 329 | 336 | 343 | 316 |
| % Growth | 0% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | 2% | -8% | |