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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 2.6x - 2.9x | 2.7x |
Selected Fwd Ps Multiple | 2.7x - 2.9x | 2.8x |
Fair Value | ₪17.70 - ₪19.57 | ₪18.64 |
Upside | 6.0% - 17.2% | 11.6% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Mishorim Real Estate Investments Ltd | - | TASE:MSHR |
Almogim Holdings Ltd | - | TASE:ALMA |
Polygon Real Estate Ltd | - | TASE:POLY |
Bonei Hatichon Civil Engineering & Infrastructures Ltd. | - | TASE:BOTI |
Lodzia Real Estate Ltd. | - | TASE:LODZ |
Hagag Group Real Estate Entrepreneurship Ltd | - | TASE:HGG |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
MSHR | ALMA | POLY | BOTI | LODZ | HGG | |||
TASE:MSHR | TASE:ALMA | TASE:POLY | TASE:BOTI | TASE:LODZ | TASE:HGG | |||
Historical Sales Growth | ||||||||
5Y CAGR | -8.6% | 17.4% | 9.5% | 18.9% | 42.0% | 27.1% | ||
3Y CAGR | 0.9% | -9.3% | 9.6% | -6.7% | 54.4% | 24.2% | ||
Latest Twelve Months | -0.5% | 2.9% | 4.7% | 45.6% | 24.5% | -27.6% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -1.6% | 9.3% | 58.0% | 3.7% | 131.6% | 39.0% | ||
Prior Fiscal Year | -8.5% | 7.5% | 58.8% | 2.0% | 36.0% | 34.1% | ||
Latest Fiscal Year | -4.8% | 0.6% | 64.3% | -1.5% | 17.4% | 20.0% | ||
Latest Twelve Months | -4.8% | 0.6% | 64.3% | -1.5% | 17.4% | 20.0% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 21.1x | 33.8x | 6.3x | 35.2x | 34.9x | 25.4x | ||
Price / LTM Sales | 0.5x | 1.3x | 8.4x | 1.7x | 3.5x | 2.5x | ||
LTM P/E Ratio | -11.1x | 204.9x | 13.1x | -109.0x | 20.1x | 12.4x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.5x | 1.7x | 8.4x | |||||
Historical LTM P/S Ratio | 2.5x | 4.4x | 6.4x | |||||
Selected Price / Sales Multiple | 2.6x | 2.7x | 2.9x | |||||
(x) LTM Sales | 418 | 418 | 418 | |||||
(=) Equity Value | 1,086 | 1,143 | 1,200 | |||||
(/) Shares Outstanding | 62.0 | 62.0 | 62.0 | |||||
Implied Value Range | 17.50 | 18.43 | 19.35 | |||||
FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 17.50 | 18.43 | 19.35 | 16.70 | ||||
Upside / (Downside) | 4.8% | 10.3% | 15.9% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | MSHR | ALMA | POLY | BOTI | LODZ | HGG | |
Value of Common Equity | 247 | 386 | 253 | 704 | 107 | 1,036 | |
(/) Shares Outstanding | 34.8 | 43.2 | 5.1 | 15.7 | 4.1 | 62.0 | |
Implied Stock Price | 7.10 | 8.94 | 49.14 | 44.88 | 26.22 | 16.70 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 7.10 | 8.94 | 49.14 | 44.88 | 26.22 | 16.70 | |
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 |