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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9.0x - 10.0x | 9.5x |
Selected Fwd EBITDA Multiple | 7.2x - 8.0x | 7.6x |
Fair Value | ₪24.59 - ₪29.58 | ₪27.09 |
Upside | -42.3% - -30.6% | -36.4% |
Benchmarks | Ticker | Full Ticker |
Isramco Negev 2 Limited Partnership | ISRA | TASE:ISRA |
NewMed Energy - Limited Partnership | NWMD | TASE:NWMD |
Tomer Energy Royalties (2012) Ltd | TOEN | TASE:TOEN |
Vår Energi AS | 0AAY | LSE:0AAY |
Diversified Energy Company PLC | DEC | LSE:DEC |
Tamar Petroleum Ltd | TMRP | TASE:TMRP |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
ISRA | NWMD | TOEN | 0AAY | DEC | TMRP | ||
TASE:ISRA | TASE:NWMD | TASE:TOEN | LSE:0AAY | LSE:DEC | TASE:TMRP | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -10.7% | 103.9% | -14.8% | 27.0% | -6.0% | -10.7% | |
3Y CAGR | 6.3% | 7.5% | -0.4% | 6.7% | NM- | 4.1% | |
Latest Twelve Months | 0.7% | 8.4% | -5.8% | 10.0% | -84.7% | 0.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 67.3% | 84.4% | 69.7% | 78.4% | 28.0% | 66.9% | |
Prior Fiscal Year | 59.0% | 81.9% | 60.0% | 80.4% | 173.5% | 58.1% | |
Latest Fiscal Year | 57.4% | 80.8% | 46.1% | 78.0% | 28.3% | 56.2% | |
Latest Twelve Months | 54.0% | 81.6% | 45.6% | 78.9% | 28.3% | 52.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.58x | 6.98x | 7.15x | 1.87x | 3.99x | 6.82x | |
EV / LTM EBITDA | 8.5x | 8.6x | 15.7x | 2.4x | 14.1x | 12.9x | |
EV / LTM EBIT | 11.0x | 9.6x | 28.0x | 3.8x | -55.7x | 18.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 2.4x | 8.6x | 15.7x | ||||
Historical EV / LTM EBITDA | 5.1x | 7.2x | 9.4x | ||||
Selected EV / LTM EBITDA | 9.0x | 9.5x | 10.0x | ||||
(x) LTM EBITDA | 139 | 139 | 139 | ||||
(=) Implied Enterprise Value | 1,250 | 1,316 | 1,382 | ||||
(-) Non-shareholder Claims * | (601) | (601) | (601) | ||||
(=) Equity Value | 648 | 714 | 780 | ||||
(/) Shares Outstanding | 88.6 | 88.6 | 88.6 | ||||
Implied Value Range | 7.32 | 8.06 | 8.80 | ||||
FX Rate: USD/ILS | 0.3 | 0.3 | 0.3 | Market Price | |||
Implied Value Range (Trading Cur) | 24.59 | 27.09 | 29.58 | 42.60 | |||
Upside / (Downside) | -42.3% | -36.4% | -30.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ISRA | NWMD | TOEN | 0AAY | DEC | TMRP | |
Enterprise Value | 1,943 | 6,632 | 188 | 13,251 | 2,890 | 1,725 | |
(+) Cash & Short Term Investments | 106 | 437 | 11 | 661 | 6 | 69 | |
(+) Investments & Other | 86 | 62 | 0 | 1 | 6 | 0 | |
(-) Debt | (354) | (1,587) | (70) | (5,570) | (1,738) | (671) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (12) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,781 | 5,545 | 129 | 8,343 | 1,152 | 1,123 | |
(/) Shares Outstanding | 2,599.8 | 1,173.8 | 20.0 | 2,496.4 | 78.1 | 88.6 | |
Implied Stock Price | 0.69 | 4.72 | 6.46 | 3.34 | 14.75 | 12.67 | |
FX Conversion Rate to Trading Currency | 0.30 | 0.30 | 0.30 | 0.10 | 1.34 | 0.30 | |
Implied Stock Price (Trading Cur) | 2.30 | 15.88 | 21.72 | 34.29 | 11.02 | 42.60 | |
Trading Currency | ILS | ILS | ILS | NOK | GBP | ILS | |
FX Rate to Reporting Currency | 0.30 | 0.30 | 0.30 | 0.10 | 1.34 | 0.30 |