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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,7x - 8,5x | 8,1x |
| Selected Fwd EBITDA Multiple | 10,6x - 11,7x | 11,1x |
| Fair Value | ₪67,38 - ₪72,50 | ₪69,94 |
| Upside | -7,1% - 0,0% | -3,6% |
| Benchmarks | Ticker | Full Ticker |
| Shufersal Ltd | SHUF.F | OTCPK:SHUF.F |
| Rami Levi Chain Stores Hashikma Marketing 2006 Ltd | RLEV.F | OTCPK:RLEV.F |
| Jerónimo Martins, SGPS, S.A. | JRON.F | OTCPK:JRON.F |
| Hong Kong Technology Venture Company Limited | HKTV.Y | OTCPK:HKTV.Y |
| Organización Soriana, S. A. B. de C. V. | ONZB.F | OTCPK:ONZB.F |
| G. Willi-Food International Ltd. | WILC | TASE:WILC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SHUF.F | RLEV.F | JRON.F | HKTV.Y | ONZB.F | WILC | ||
| OTCPK:SHUF.F | OTCPK:RLEV.F | OTCPK:JRON.F | OTCPK:HKTV.Y | OTCPK:ONZB.F | TASE:WILC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.8% | 2.4% | 9.1% | NM- | 0.3% | 6.6% | |
| 3Y CAGR | 7.2% | 4.1% | 10.8% | 11.8% | 1.1% | 8.9% | |
| Latest Twelve Months | 40.5% | 8.2% | 3.1% | 1.2% | -4.7% | 192.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 6.2% | 5.7% | 2.8% | 7.2% | 10.3% | |
| Prior Fiscal Year | 6.8% | 5.7% | 5.7% | 1.8% | 7.0% | 4.6% | |
| Latest Fiscal Year | 9.2% | 6.4% | 5.1% | 1.9% | 6.7% | 12.4% | |
| Latest Twelve Months | 9.7% | 6.2% | 5.2% | 1.9% | 6.6% | 15.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.98x | 0.70x | 0.50x | 0.22x | 0.36x | 1.33x | |
| EV / LTM EBITDA | 10.1x | 11.4x | 9.5x | 12.0x | 5.6x | 8.7x | |
| EV / LTM EBIT | 14.9x | 14.8x | 14.3x | -18.2x | 7.8x | 9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.6x | 10.1x | 12.0x | ||||
| Historical EV / LTM EBITDA | 6.5x | 9.0x | 11.3x | ||||
| Selected EV / LTM EBITDA | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBITDA | 92 | 92 | 92 | ||||
| (=) Implied Enterprise Value | 712 | 749 | 787 | ||||
| (-) Non-shareholder Claims * | 260 | 260 | 260 | ||||
| (=) Equity Value | 971 | 1,009 | 1,046 | ||||
| (/) Shares Outstanding | 13.9 | 13.9 | 13.9 | ||||
| Implied Value Range | 69.97 | 72.66 | 75.36 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 69.97 | 72.66 | 75.36 | 72.53 | |||
| Upside / (Downside) | -3.5% | 0.2% | 3.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SHUF.F | RLEV.F | JRON.F | HKTV.Y | ONZB.F | WILC | |
| Enterprise Value | 13,421 | 4,581 | 18,275 | 1,134 | 65,084 | 747 | |
| (+) Cash & Short Term Investments | 2,380 | 988 | 1,453 | 583 | 7,540 | 214 | |
| (+) Investments & Other | 29 | 1 | 0 | 130 | 4,511 | 50 | |
| (-) Debt | (6,350) | (2,065) | (5,235) | (416) | (30,154) | (4) | |
| (-) Other Liabilities | (104) | (69) | (229) | 0 | (124) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,376 | 3,436 | 14,264 | 1,430 | 46,857 | 1,007 | |
| (/) Shares Outstanding | 438.0 | 13.8 | 628.4 | 44.2 | 1,800.0 | 13.9 | |
| Implied Stock Price | 21.40 | 249.43 | 22.70 | 32.36 | 26.03 | 72.53 | |
| FX Conversion Rate to Trading Currency | 3.37 | 3.37 | 0.85 | 7.82 | 18.59 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.35 | 74.00 | 26.60 | 4.14 | 1.40 | 72.53 | |
| Trading Currency | USD | USD | USD | USD | USD | ILS | |
| FX Rate to Reporting Currency | 3.37 | 3.37 | 0.85 | 7.82 | 18.59 | 1.00 | |