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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Selected Fwd Revenue Multiple | 0.6x - 0.6x | 0.6x |
| Fair Value | ₪230.74 - ₪263.70 | ₪247.22 |
| Upside | -21.7% - -10.6% | -16.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Shufersal Ltd | SAE | TASE:SAE |
| Diplomat Holdings Ltd | DIPL | TASE:DIPL |
| Hamama Meir Trading (1996) Ltd. | HMAM | TASE:HMAM |
| M.Yochananof and Sons (1988) Ltd | YHNF | TASE:YHNF |
| Willy-Food Investments Ltd | WLFD | TASE:WLFD |
| Rami Levi Chain Stores Hashikma Marketing 2006 Ltd | RMLI | TASE:RMLI |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SAE | DIPL | HMAM | YHNF | WLFD | RMLI | |||
| TASE:SAE | TASE:DIPL | TASE:HMAM | TASE:YHNF | TASE:WLFD | TASE:RMLI | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.2% | 5.2% | -5.5% | 9.8% | 7.8% | 4.5% | ||
| 3Y CAGR | 1.9% | 9.1% | -4.2% | 9.7% | 8.2% | 4.6% | ||
| Latest Twelve Months | 3.0% | 5.4% | -10.4% | 12.6% | 6.0% | 2.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.3% | 4.3% | 3.3% | 7.4% | 9.2% | 4.5% | ||
| Prior Fiscal Year | 3.9% | 4.1% | 3.3% | 6.5% | 3.5% | 4.4% | ||
| Latest Fiscal Year | 6.3% | 4.3% | 3.3% | 7.8% | 11.3% | 5.0% | ||
| Latest Twelve Months | 6.3% | 4.3% | 3.3% | 7.8% | 11.3% | 5.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.89x | 0.42x | 0.33x | 1.15x | 0.58x | 0.70x | ||
| EV / LTM EBIT | 14.0x | 9.8x | 9.9x | 14.6x | 5.1x | 14.1x | ||
| Price / LTM Sales | 0.59x | 0.32x | 0.23x | 0.81x | 0.67x | 0.55x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.33x | 0.58x | 1.15x | |||||
| Historical EV / LTM Revenue | 0.55x | 0.64x | 0.70x | |||||
| Selected EV / LTM Revenue | 0.59x | 0.62x | 0.65x | |||||
| (x) LTM Revenue | 7,383 | 7,383 | 7,383 | |||||
| (=) Implied Enterprise Value | 4,351 | 4,580 | 4,809 | |||||
| (-) Non-shareholder Claims * | (1,134) | (1,134) | (1,134) | |||||
| (=) Equity Value | 3,217 | 3,446 | 3,675 | |||||
| (/) Shares Outstanding | 13.8 | 13.8 | 13.8 | |||||
| Implied Value Range | 233.56 | 250.19 | 266.81 | |||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 233.56 | 250.19 | 266.81 | 294.80 | ||||
| Upside / (Downside) | -20.8% | -15.1% | -9.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAE | DIPL | HMAM | YHNF | WLFD | RMLI | |
| Enterprise Value | 13,881 | 1,515 | 81 | 5,347 | 331 | 5,195 | |
| (+) Cash & Short Term Investments | 1,983 | 183 | 6 | 346 | 259 | 945 | |
| (+) Investments & Other | 29 | 36 | 0 | 36 | 48 | 3 | |
| (-) Debt | (6,472) | (526) | (30) | (1,865) | (5) | (2,014) | |
| (-) Other Liabilities | (103) | (21) | 0 | (22) | (251) | (68) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,318 | 1,188 | 56 | 3,842 | 383 | 4,061 | |
| (/) Shares Outstanding | 266.5 | 27.5 | 14.2 | 14.5 | 13.2 | 13.8 | |
| Implied Stock Price | 34.97 | 43.19 | 3.96 | 265.20 | 29.02 | 294.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 34.97 | 43.19 | 3.96 | 265.20 | 29.02 | 294.80 | |
| 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 | |