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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 | ₪380.81 - ₪501.29 | ₪430.61 |
| Upside | 29.4% - 70.3% | 46.3% |
| 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 | 7,383 | 7,531 | 7,682 | 7,835 | 7,992 | 8,152 | |
| % Growth | 2.8% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 469 | 506 | 517 | 527 | 537 | 548 | |
| % of Revenue | 6.4% | 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 | Terminal | |
| EBITDA | 506 | 517 | 527 | 537 | 548 | 548 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (151) | (154) | (157) | (160) | (163) | (151) | |
| EBIT | 355 | 363 | 370 | 377 | 385 | 397 | |
| Pro forma Taxes | (85) | (87) | (89) | (91) | (92) | (95) | |
| NOPAT | 279 | 270 | 276 | 281 | 287 | 292 | 302 |
| Capital Expenditures | (164) | (146) | (149) | (153) | (156) | (159) | (159) |
| NWC Investment | 26 | 19 | 19 | 20 | 20 | 21 | 26 |
| (+) D&A | 103 | 151 | 154 | 157 | 160 | 163 | 151 |
| Free Cash Flow | 243 | 294 | 300 | 305 | 311 | 317 | 320 |
| % Growth | 21% | 2% | 2% | 2% | 2% | 1% | |