Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 14.3x - 16.3x | 15.3x |
| Fair Value | ₪24.86 - ₪32.25 | ₪28.42 |
| Upside | -29.8% - -8.9% | -19.7% |
| 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 | 15,644 | 16,915 | 17,507 | 17,857 | 18,214 | 18,579 | 18,950 | 19,329 | 19,716 | 20,110 | 20,512 |
| % Growth | 3.0% | 8.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,556 | 1,083 | 1,121 | 1,143 | 1,166 | 1,190 | 1,213 | 1,238 | 1,262 | 1,288 | 1,313 |
| % of Revenue | 9.9% | 6.4% | 6.4% | 6.4% | 6.4% | 6.4% | 6.4% | 6.4% | 6.4% | 6.4% | 6.4% |
| 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 | |
| EBITDA | 1,083 | 1,121 | 1,143 | 1,166 | 1,190 | 1,213 | 1,238 | 1,262 | 1,288 | 1,313 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (231) | (239) | (244) | (249) | (254) | (259) | (264) | (269) | (275) | (280) | |
| EBIT | 852 | 882 | 899 | 917 | 936 | 955 | 974 | 993 | 1,013 | 1,033 | |
| Pro forma Taxes | (204) | (212) | (216) | (220) | (225) | (229) | (234) | (238) | (243) | (248) | |
| NOPAT | 754 | 648 | 670 | 684 | 697 | 711 | 725 | 740 | 755 | 770 | 785 |
| Capital Expenditures | (265) | (427) | (442) | (451) | (460) | (469) | (460) | (463) | (464) | (462) | (463) |
| NWC Investment | 52 | 144 | 67 | 40 | 41 | 41 | 42 | 43 | 44 | 45 | 46 |
| (+) D&A | 564 | 231 | 239 | 244 | 249 | 254 | 259 | 264 | 269 | 275 | 280 |
| Free Cash Flow | 1,105 | 596 | 535 | 516 | 527 | 537 | 567 | 584 | 604 | 627 | 648 |
| % Growth | -46% | -10% | -3% | 2% | 2% | 5% | 3% | 3% | 4% | 3% | |