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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17,2x - 19,0x | 18,1x |
| Selected Fwd EBITDA Multiple | 11,8x - 13,0x | 12,4x |
| Fair Value | ₪395,48 - ₪457,58 | ₪426,53 |
| Upside | 5,7% - 22,3% | 14,0% |
| Benchmarks | Ticker | Full Ticker |
| Africa Israel Residences Ltd | AFRE | TASE:AFRE |
| Aura Investments Ltd. | AURA | TASE:AURA |
| Prashkovsky Investments and Construction Ltd. | PRSK | TASE:PRSK |
| Inter Gamma Investment Company Ltd | INTR | TASE:INTR |
| Hiron-Trade Investments & Industrial Buildings Ltd | HRON | TASE:HRON |
| Y.H. Dimri Construction & Development Ltd | DIMRI | TASE:DIMRI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AFRE | AURA | PRSK | INTR | HRON | DIMRI | ||
| TASE:AFRE | TASE:AURA | TASE:PRSK | TASE:INTR | TASE:HRON | TASE:DIMRI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.9% | 64.7% | -12.0% | -6.7% | 9.8% | 26.1% | |
| 3Y CAGR | 23.3% | 34.5% | -24.9% | -9.7% | 3.1% | 24.8% | |
| Latest Twelve Months | 3.6% | 71.4% | 21.6% | -8.3% | 2.6% | 33.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.2% | 12.5% | 26.9% | 48.7% | 47.9% | 29.0% | |
| Prior Fiscal Year | 17.5% | 13.9% | 32.2% | 34.5% | 53.8% | 30.2% | |
| Latest Fiscal Year | 17.9% | 18.4% | 19.7% | 31.7% | 55.7% | 33.2% | |
| Latest Twelve Months | 18.7% | 18.8% | 19.1% | 31.7% | 53.1% | 35.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.45x | 6.04x | 8.88x | 8.56x | 9.32x | 5.85x | |
| EV / LTM EBITDA | 23.8x | 32.1x | 46.4x | 27.0x | 17.6x | 16.6x | |
| EV / LTM EBIT | 24.5x | 32.9x | 49.0x | 27.6x | 18.0x | 16.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 17.6x | 27.0x | 46.4x | ||||
| Historical EV / LTM EBITDA | 15.3x | 20.6x | 23.0x | ||||
| Selected EV / LTM EBITDA | 17.2x | 18.1x | 19.0x | ||||
| (x) LTM EBITDA | 711 | 711 | 711 | ||||
| (=) Implied Enterprise Value | 12,194 | 12,836 | 13,478 | ||||
| (-) Non-shareholder Claims * | (4,030) | (4,030) | (4,030) | ||||
| (=) Equity Value | 8,165 | 8,806 | 9,448 | ||||
| (/) Shares Outstanding | 20.7 | 20.7 | 20.7 | ||||
| Implied Value Range | 394.00 | 424.97 | 455.94 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 394.00 | 424.97 | 455.94 | 374.00 | |||
| Upside / (Downside) | 5.3% | 13.6% | 21.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AFRE | AURA | PRSK | INTR | HRON | DIMRI | |
| Enterprise Value | 4,475 | 9,221 | 6,040 | 149 | 1,194 | 11,780 | |
| (+) Cash & Short Term Investments | 186 | 111 | 52 | 0 | 0 | 201 | |
| (+) Investments & Other | 513 | 80 | 22 | 0 | 8 | 0 | |
| (-) Debt | (1,499) | (2,709) | (3,275) | 0 | (69) | (4,231) | |
| (-) Other Liabilities | (81) | (18) | 0 | 0 | 0 | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,594 | 6,686 | 2,838 | 149 | 1,133 | 7,750 | |
| (/) Shares Outstanding | 12.7 | 280.6 | 21.1 | 2.0 | 0.5 | 20.7 | |
| Implied Stock Price | 283.80 | 23.83 | 134.80 | 73.55 | 2,494.20 | 374.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 283.80 | 23.83 | 134.80 | 73.55 | 2,494.20 | 374.00 | |
| Trading Currency | ILS | ILS | ILS | ILS | ILS | ILS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |