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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | ₪35.19 - ₪76.92 | ₪49.64 |
| Upside | -14.2% - 87.5% | 21.0% |
| 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 | 15,644 | 16,915 | 17,507 | 17,857 | 18,214 | 18,579 | |
| % Growth | 3.0% | 8.1% | 3.5% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 1,435 | 1,083 | 1,121 | 1,143 | 1,166 | 1,190 | |
| % of Revenue | 9.2% | 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 | Terminal | |
| EBITDA | 1,083 | 1,121 | 1,143 | 1,166 | 1,190 | 1,190 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (231) | (239) | (244) | (249) | (254) | (446) | |
| EBIT | 852 | 882 | 899 | 917 | 936 | 744 | |
| Pro forma Taxes | (204) | (212) | (216) | (220) | (225) | (179) | |
| NOPAT | 720 | 648 | 670 | 684 | 697 | 711 | 565 |
| Capital Expenditures | (265) | (427) | (442) | (451) | (460) | (469) | (469) |
| NWC Investment | 58 | 160 | 75 | 44 | 45 | 46 | 117 |
| (+) D&A | 488 | 231 | 239 | 244 | 249 | 254 | 446 |
| Free Cash Flow | 1,001 | 612 | 542 | 521 | 531 | 542 | 659 |
| % Growth | -39% | -11% | -4% | 2% | 2% | 22% | |