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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 2.0% - 3.0% | 2.5% |
| Fair Value | ₪392.40 - ₪501.27 | ₪437.58 |
| Upside | 33.3% - 70.3% | 48.7% |
| 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 | 7,383 | 7,531 | 7,682 | 7,835 | 7,992 | 8,152 | 8,315 | 8,481 | 8,651 | 8,824 | 9,000 | |
| % Growth | 2.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 469 | 506 | 517 | 527 | 537 | 548 | 559 | 570 | 582 | 593 | 605 | |
| % of Revenue | 6.4% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | |
| 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 | 506 | 517 | 527 | 537 | 548 | 559 | 570 | 582 | 593 | 605 | 605 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (151) | (154) | (157) | (160) | (163) | (167) | (170) | (173) | (177) | (180) | (149) | |
| EBIT | 355 | 363 | 370 | 377 | 385 | 392 | 400 | 408 | 416 | 425 | 456 | |
| Pro forma Taxes | (85) | (87) | (89) | (91) | (92) | (94) | (96) | (98) | (100) | (102) | (109) | |
| NOPAT | 279 | 270 | 276 | 281 | 287 | 292 | 298 | 304 | 310 | 316 | 323 | 347 |
| Capital Expenditures | (164) | (146) | (149) | (153) | (156) | (159) | (156) | (157) | (157) | (157) | (157) | (157) |
| NWC Investment | 26 | 19 | 19 | 20 | 20 | 21 | 21 | 21 | 22 | 22 | 23 | 29 |
| (+) D&A | 103 | 151 | 154 | 157 | 160 | 163 | 167 | 170 | 173 | 177 | 180 | 149 |
| Free Cash Flow | 243 | 294 | 300 | 305 | 311 | 317 | 330 | 339 | 348 | 359 | 369 | 368 |
| % Growth | 21% | 2% | 2% | 2% | 2% | 4% | 3% | 3% | 3% | 3% | 0% | |