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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 0.0% - 0.8% | 0.3% |
| Fair Value | ₪38.36 - ₪52.54 | ₪43.90 |
| Upside | -18.1% - 12.1% | -6.3% |
| 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 | 1,619 | 1,821 | 1,958 | 2,027 | 2,067 | 2,108 | |
| % Growth | 23.3% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 641 | 717 | 790 | 818 | 834 | 851 | |
| % of Revenue | 39.6% | 39.4% | 40.4% | 40.4% | 40.4% | 40.4% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 717 | 790 | 818 | 834 | 851 | 851 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (53) | (57) | (59) | (61) | (62) | (13) | |
| EBIT | 663 | 733 | 758 | 774 | 789 | 837 | |
| Pro forma Taxes | (232) | (256) | (265) | (271) | (276) | (293) | |
| NOPAT | 402 | 431 | 476 | 493 | 503 | 513 | 544 |
| Capital Expenditures | (12) | (12) | (13) | (13) | (14) | (14) | (14) |
| NWC Investment | (164) | (109) | (73) | (37) | (22) | (22) | (3) |
| (+) D&A | 23 | 53 | 57 | 59 | 61 | 62 | 13 |
| Free Cash Flow | 248 | 364 | 447 | 502 | 528 | 538 | 541 |
| % Growth | 46% | 23% | 12% | 5% | 2% | 0% | |