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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 3.0x - 5.0x | 4.0x |
| Fair Value | ₪23.91 - ₪57.16 | ₪40.22 |
| Upside | -46.6% - 27.6% | -10.2% |
| 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 | 482 | 651 | 781 | 879 | 945 | 978 |
| % Growth | 62.4% | 35.0% | 20.0% | 12.5% | 7.5% | 3.5% |
| EBITDA | 105 | 215 | 297 | 356 | 392 | 406 |
| % of Revenue | 21.7% | 33.0% | 38.0% | 40.5% | 41.5% | 41.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 215 | 297 | 356 | 392 | 406 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (2) | (2) | (2) | (3) | |
| EBIT | 213 | 295 | 354 | 390 | 403 | |
| Pro forma Taxes | (55) | (77) | (92) | (101) | (105) | |
| NOPAT | 77 | 158 | 218 | 262 | 288 | 298 |
| Capital Expenditures | (6) | (6) | (7) | (8) | (9) | (9) |
| NWC Investment | (285) | (259) | (200) | (150) | (101) | (51) |
| (+) D&A | 1 | 2 | 2 | 2 | 2 | 3 |
| Free Cash Flow | (213) | (106) | 13 | 105 | 180 | 241 |
| % Growth | NM | NM | 739% | 71% | 33% | |