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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 44.5x - 49.2x | 46.9x |
Selected Fwd Revenue Multiple | 1.5x - 1.7x | 1.6x |
Fair Value | ₪12.66 - ₪14.86 | ₪13.76 |
Upside | -2.2% - 14.9% | 6.4% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Meshek Energy - Renewable Energies Ltd. | MSKE | TASE:MSKE |
Solaer Renewable Energies Ltd | SOLR | TASE:SOLR |
Doral Group Renewable Energy Resources Ltd | DORL | TASE:DORL |
Zephyrus Wing Energies Ltd | ZPRS | TASE:ZPRS |
Sunflower Sustainable Investments Ltd | SNFL | TASE:SNFL |
Prime Energy P.E. Ltd | PRIM | TASE:PRIM |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
MSKE | SOLR | DORL | ZPRS | SNFL | PRIM | |||
TASE:MSKE | TASE:SOLR | TASE:DORL | TASE:ZPRS | TASE:SNFL | TASE:PRIM | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 65.4% | 45.5% | 124.0% | 120.8% | 24.2% | 88.5% | ||
3Y CAGR | 32.5% | 66.5% | 35.4% | 10.7% | 47.4% | 23.9% | ||
Latest Twelve Months | 33.9% | 48.9% | 294.2% | -20.7% | -5.3% | 29.2% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -49.8% | -67.9% | -49.4% | 57.1% | 23.9% | -142.7% | ||
Prior Fiscal Year | -41.0% | -38.2% | -93.5% | 56.8% | 15.9% | -129.1% | ||
Latest Fiscal Year | -20.0% | -19.4% | -33.4% | 40.9% | 42.0% | -61.9% | ||
Latest Twelve Months | -20.0% | -23.6% | -33.4% | 40.9% | 42.0% | -61.9% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 9.04x | 21.99x | 9.16x | 6.95x | 3.51x | 46.82x | ||
EV / LTM EBIT | -45.2x | -93.4x | -27.5x | 17.0x | 8.4x | -75.6x | ||
Price / LTM Sales | 17.91x | 7.47x | 6.39x | 3.53x | 1.22x | 28.17x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 3.51x | 9.04x | 21.99x | |||||
Historical EV / LTM Revenue | 23.10x | 38.75x | 46.82x | |||||
Selected EV / LTM Revenue | 44.53x | 46.88x | 49.22x | |||||
(x) LTM Revenue | 13 | 13 | 13 | |||||
(=) Implied Enterprise Value | 588 | 619 | 650 | |||||
(-) Non-shareholder Claims * | (244) | (244) | (244) | |||||
(=) Equity Value | 343 | 374 | 405 | |||||
(/) Shares Outstanding | 29.5 | 29.5 | 29.5 | |||||
Implied Value Range | 11.64 | 12.69 | 13.73 | |||||
FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 11.64 | 12.69 | 13.73 | 12.94 | ||||
Upside / (Downside) | -10.1% | -2.0% | 6.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MSKE | SOLR | DORL | ZPRS | SNFL | PRIM | |
Enterprise Value | 977 | 1,529 | 2,880 | 1,382 | 619 | 626 | |
(+) Cash & Short Term Investments | 53 | 124 | 540 | 144 | 151 | 91 | |
(+) Investments & Other | 2,439 | 15 | 2,159 | 48 | 0 | 2 | |
(-) Debt | (1,180) | (1,152) | (3,528) | (875) | (540) | (338) | |
(-) Other Liabilities | (372) | 6 | (31) | 0 | (12) | 1 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,917 | 522 | 2,021 | 699 | 218 | 382 | |
(/) Shares Outstanding | 710.6 | 16.4 | 177.7 | 65.0 | 38.6 | 29.5 | |
Implied Stock Price | 2.70 | 31.82 | 11.37 | 10.75 | 5.65 | 12.94 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.70 | 31.82 | 11.37 | 10.75 | 5.65 | 12.94 | |
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 |