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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 | ₪242.14 - ₪276.29 | ₪259.21 |
Upside | -22.1% - -11.1% | -16.6% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Shufersal Ltd | SAE | TASE:SAE |
Diplomat Holdings Ltd | DIPL | TASE:DIPL |
Tiv Taam Holdings 1 Ltd. | TTAM | TASE:TTAM |
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 | TTAM | YHNF | WLFD | RMLI | |||
TASE:SAE | TASE:DIPL | TASE:TTAM | TASE:YHNF | TASE:WLFD | TASE:RMLI | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 3.2% | 5.2% | 6.2% | 9.8% | 7.8% | 4.5% | ||
3Y CAGR | 1.9% | 9.1% | 5.2% | 9.7% | 8.2% | 4.6% | ||
Latest Twelve Months | 3.0% | 5.4% | 92.0% | 12.6% | 6.0% | 2.8% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 4.3% | 4.3% | 6.1% | 7.4% | 9.2% | 4.5% | ||
Prior Fiscal Year | 3.9% | 4.1% | 4.9% | 6.5% | 3.5% | 4.4% | ||
Latest Fiscal Year | 6.1% | 4.3% | 5.6% | 7.8% | 11.3% | 5.0% | ||
Latest Twelve Months | 6.1% | 4.3% | 5.7% | 7.8% | 11.3% | 5.0% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.89x | 0.43x | 0.43x | 1.23x | 0.60x | 0.73x | ||
EV / LTM EBIT | 14.8x | 10.1x | 7.5x | 15.7x | 5.3x | 14.8x | ||
Price / LTM Sales | 0.60x | 0.34x | 0.26x | 0.90x | 0.69x | 0.58x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.43x | 0.60x | 1.23x | |||||
Historical EV / LTM Revenue | 0.55x | 0.64x | 0.73x | |||||
Selected EV / LTM Revenue | 0.60x | 0.64x | 0.67x | |||||
(x) LTM Revenue | 7,383 | 7,383 | 7,383 | |||||
(=) Implied Enterprise Value | 4,466 | 4,701 | 4,936 | |||||
(-) Non-shareholder Claims * | (1,134) | (1,134) | (1,134) | |||||
(=) Equity Value | 3,332 | 3,567 | 3,802 | |||||
(/) Shares Outstanding | 13.8 | 13.8 | 13.8 | |||||
Implied Value Range | 241.89 | 258.96 | 276.02 | |||||
FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 241.89 | 258.96 | 276.02 | 310.90 | ||||
Upside / (Downside) | -22.2% | -16.7% | -11.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SAE | DIPL | TTAM | YHNF | WLFD | RMLI | |
Enterprise Value | 13,956 | 1,510 | 1,401 | 5,550 | 344 | 5,417 | |
(+) Cash & Short Term Investments | 1,983 | 183 | 46 | 346 | 259 | 945 | |
(+) Investments & Other | 29 | 36 | 2 | 36 | 48 | 3 | |
(-) Debt | (6,472) | (526) | (593) | (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 | 9,393 | 1,184 | 855 | 4,045 | 396 | 4,283 | |
(/) Shares Outstanding | 266.5 | 27.5 | 106.5 | 14.5 | 13.2 | 13.8 | |
Implied Stock Price | 35.25 | 43.03 | 8.03 | 279.20 | 30.00 | 310.90 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 35.25 | 43.03 | 8.03 | 279.20 | 30.00 | 310.90 | |
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 |