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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.5x - 7.2x | 6.9x |
| Selected Fwd EBIT Multiple | 2.9x - 3.2x | 3.0x |
| Fair Value | ₪5.59 - ₪6.17 | ₪5.88 |
| Upside | -11.4% - -2.2% | -6.8% |
| Benchmarks | Ticker | Full Ticker |
| Holmes Place International Ltd | HLMS | TASE:HLMS |
| Issta Ltd | ISTA | TASE:ISTA |
| Fattal Holdings (1998) Ltd | FTAL | TASE:FTAL |
| Cofix Group Ltd | CFX | TASE:CFX |
| Tarya Israel Ltd | TRA | TASE:TRA |
| Y.Z. Queenco Ltd. | QNCO | TASE:QNCO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HLMS | ISTA | FTAL | CFX | TRA | QNCO | ||
| TASE:HLMS | TASE:ISTA | TASE:FTAL | TASE:CFX | TASE:TRA | TASE:QNCO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.5% | 33.0% | 15.0% | NM- | NM- | 16.2% | |
| 3Y CAGR | NM- | NM- | 57.3% | -3.3% | NM- | NM- | |
| Latest Twelve Months | 7.1% | 392.0% | 41.3% | 203.2% | 122.9% | 60.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -1.2% | -12.2% | 4.2% | 0.3% | -41.6% | 7.2% | |
| Prior Fiscal Year | 16.8% | 3.0% | 16.1% | -0.9% | -139.7% | 8.5% | |
| Latest Fiscal Year | 16.6% | 14.3% | 21.2% | 1.0% | 23.0% | 21.2% | |
| Latest Twelve Months | 16.6% | 14.3% | 21.2% | 1.0% | 23.0% | 20.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.00x | 7.37x | 3.96x | 0.73x | 2.49x | 1.44x | |
| EV / LTM EBITDA | 7.9x | 42.2x | 10.5x | 15.6x | 10.2x | 4.8x | |
| EV / LTM EBIT | 18.1x | 51.5x | 18.7x | 74.1x | 10.8x | 7.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.8x | 18.7x | 74.1x | ||||
| Historical EV / LTM EBIT | -129.0x | 4.1x | 19.6x | ||||
| Selected EV / LTM EBIT | 6.5x | 6.9x | 7.2x | ||||
| (x) LTM EBIT | 27 | 27 | 27 | ||||
| (=) Implied Enterprise Value | 173 | 182 | 192 | ||||
| (-) Non-shareholder Claims * | 2 | 2 | 2 | ||||
| (=) Equity Value | 176 | 185 | 194 | ||||
| (/) Shares Outstanding | 29.8 | 29.8 | 29.8 | ||||
| Implied Value Range | 5.90 | 6.21 | 6.52 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.90 | 6.21 | 6.52 | 6.31 | |||
| Upside / (Downside) | -6.4% | -1.5% | 3.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLMS | ISTA | FTAL | CFX | TRA | QNCO | |
| Enterprise Value | 1,658 | 3,076 | 29,465 | 218 | 131 | 185 | |
| (+) Cash & Short Term Investments | 27 | 55 | 660 | 14 | 41 | 38 | |
| (+) Investments & Other | 31 | 305 | 0 | 0 | 0 | 23 | |
| (-) Debt | (1,121) | (1,807) | (22,113) | (110) | (1) | (31) | |
| (-) Other Liabilities | 0 | (187) | (51) | 9 | 0 | (28) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 595 | 1,442 | 7,962 | 131 | 172 | 188 | |
| (/) Shares Outstanding | 91.8 | 17.1 | 16.5 | 31.3 | 296.9 | 29.8 | |
| Implied Stock Price | 6.49 | 84.35 | 483.60 | 4.19 | 0.58 | 6.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.49 | 84.35 | 483.60 | 4.19 | 0.58 | 6.31 | |
| 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 | |