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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | ₪38.62 - ₪60.23 | ₪46.73 |
| Upside | -39.9% - -6.2% | -27.3% |
| 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 | 438 | 514 | 559 | 579 | 591 | 602 | |
| % Growth | 12.3% | 17.5% | 8.7% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 151 | 238 | 261 | 270 | 275 | 281 | |
| % of Revenue | 34.5% | 46.2% | 46.6% | 46.6% | 46.6% | 46.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (ILS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 238 | 261 | 270 | 275 | 281 | 281 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (65) | (76) | (78) | (80) | (81) | (46) | |
| EBIT | 172 | 185 | 192 | 196 | 199 | 235 | |
| Pro forma Taxes | (41) | (44) | (46) | (47) | (48) | (56) | |
| NOPAT | 101 | 131 | 141 | 146 | 149 | 152 | 179 |
| Capital Expenditures | (35) | (41) | (45) | (46) | (47) | (48) | (48) |
| NWC Investment | 8 | 13 | 8 | 3 | 2 | 2 | 4 |
| (+) D&A | 18 | 65 | 76 | 78 | 80 | 81 | 46 |
| Free Cash Flow | 92 | 169 | 179 | 181 | 183 | 187 | 180 |
| % Growth | 83% | 6% | 1% | 1% | 2% | -3% | |