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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 16.0x - 17.7x | 16.9x |
Selected Fwd EBIT Multiple | 14.2x - 15.6x | 14.9x |
Fair Value | ₪10.12 - ₪12.40 | ₪11.26 |
Upside | -28.6% - -12.5% | -20.5% |
Benchmarks | Ticker | Full Ticker |
Sunflower Sustainable Investments Ltd | SNFL | TASE:SNFL |
Solaer Renewable Energies Ltd | SOLR | TASE:SOLR |
Doral Group Renewable Energy Resources Ltd | DORL | TASE:DORL |
Meshek Energy - Renewable Energies Ltd. | MSKE | TASE:MSKE |
OPC Energy Ltd. | OPCE | TASE:OPCE |
Zephyrus Wing Energies Ltd | ZPRS | TASE:ZPRS |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SNFL | SOLR | DORL | MSKE | OPCE | ZPRS | ||
TASE:SNFL | TASE:SOLR | TASE:DORL | TASE:MSKE | TASE:OPCE | TASE:ZPRS | ||
Historical EBIT Growth | |||||||
5Y CAGR | 20.8% | NM- | NM- | NM- | -3.1% | NM- | |
3Y CAGR | 159.0% | NM- | NM- | NM- | 24.7% | -1.5% | |
Latest Twelve Months | 43.7% | -64.6% | -33.1% | 47.0% | 25.0% | -34.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 23.3% | -63.0% | -45.2% | -46.9% | 7.9% | 56.2% | |
Prior Fiscal Year | 15.9% | -19.4% | -93.5% | -41.0% | 6.8% | 56.8% | |
Latest Fiscal Year | 42.0% | -20.8% | -31.0% | -20.0% | 7.8% | 40.9% | |
Latest Twelve Months | 37.7% | -17.8% | -29.6% | -16.0% | 7.7% | 41.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.57x | 12.28x | 11.52x | 19.43x | 4.88x | 8.28x | |
EV / LTM EBITDA | 6.5x | -176.9x | -102.4x | 60.4x | 26.7x | 12.1x | |
EV / LTM EBIT | 12.1x | -68.9x | -39.0x | -121.8x | 63.5x | 20.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -121.8x | -39.0x | 63.5x | ||||
Historical EV / LTM EBIT | 12.0x | 16.9x | 21.9x | ||||
Selected EV / LTM EBIT | 16.0x | 16.9x | 17.7x | ||||
(x) LTM EBIT | 83 | 83 | 83 | ||||
(=) Implied Enterprise Value | 1,330 | 1,400 | 1,470 | ||||
(-) Non-shareholder Claims * | (753) | (753) | (753) | ||||
(=) Equity Value | 577 | 647 | 717 | ||||
(/) Shares Outstanding | 65.0 | 65.0 | 65.0 | ||||
Implied Value Range | 8.87 | 9.95 | 11.03 | ||||
FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 8.87 | 9.95 | 11.03 | 14.17 | |||
Upside / (Downside) | -37.4% | -29.8% | -22.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SNFL | SOLR | DORL | MSKE | OPCE | ZPRS | |
Enterprise Value | 724 | 1,402 | 4,107 | 2,175 | 13,657 | 1,675 | |
(+) Cash & Short Term Investments | 84 | 112 | 645 | 275 | 837 | 170 | |
(+) Investments & Other | 0 | 22 | 2,160 | 2,476 | 5,715 | 46 | |
(-) Debt | (544) | (885) | (3,891) | (1,454) | (4,668) | (969) | |
(-) Other Liabilities | (12) | (20) | (13) | (381) | (1,714) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 252 | 631 | 3,009 | 3,091 | 13,827 | 921 | |
(/) Shares Outstanding | 38.6 | 16.4 | 178.0 | 710.6 | 277.2 | 65.0 | |
Implied Stock Price | 6.52 | 38.47 | 16.90 | 4.35 | 49.88 | 14.17 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 6.52 | 38.47 | 16.90 | 4.35 | 49.88 | 14.17 | |
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 |