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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.9x - 18.7x | 17.8x |
| Selected Fwd EBITDA Multiple | 12.0x - 13.3x | 12.6x |
| Fair Value | ₪251.92 - ₪322.10 | ₪287.01 |
| Upside | 25.8% - 60.9% | 43.4% |
| Benchmarks | Ticker | Full Ticker |
| Prashkovsky Investments and Construction Ltd. | PRSK | TASE:PRSK |
| I.E.S Holdings Ltd | IES | TASE:IES |
| Amram Avraham Construction Company Ltd | AMRM | TASE:AMRM |
| Hagag Group Real Estate Entrepreneurship Ltd | HGG | TASE:HGG |
| Maslavi Construction Company Ltd | MSLA | TASE:MSLA |
| Alrov Properties and Lodgings Ltd. | ALRPR | TASE:ALRPR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PRSK | IES | AMRM | HGG | MSLA | ALRPR | ||
| TASE:PRSK | TASE:IES | TASE:AMRM | TASE:HGG | TASE:MSLA | TASE:ALRPR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -12.0% | 9.8% | 39.6% | 36.0% | 26.5% | 14.0% | |
| 3Y CAGR | -24.9% | 11.3% | 29.3% | 16.9% | 20.0% | 11.8% | |
| Latest Twelve Months | 21.6% | 6.6% | 22.0% | -28.1% | 43.2% | 66.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.9% | 68.9% | 27.2% | 33.0% | 14.3% | 43.0% | |
| Prior Fiscal Year | 32.2% | 70.4% | 33.1% | 33.5% | 12.8% | 37.9% | |
| Latest Fiscal Year | 19.7% | 70.5% | 21.3% | 27.9% | 15.0% | 50.0% | |
| Latest Twelve Months | 19.1% | 70.4% | 20.2% | 32.8% | 14.9% | 50.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.13x | 15.23x | 4.93x | 6.88x | 2.16x | 7.82x | |
| EV / LTM EBITDA | 42.5x | 21.6x | 24.4x | 21.0x | 14.5x | 15.6x | |
| EV / LTM EBIT | 44.9x | 21.6x | 25.6x | 21.5x | 15.2x | 18.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.5x | 21.6x | 42.5x | ||||
| Historical EV / LTM EBITDA | 15.6x | 22.0x | 35.5x | ||||
| Selected EV / LTM EBITDA | 16.9x | 17.8x | 18.7x | ||||
| (x) LTM EBITDA | 811 | 811 | 811 | ||||
| (=) Implied Enterprise Value | 13,737 | 14,460 | 15,183 | ||||
| (-) Non-shareholder Claims * | (8,546) | (8,546) | (8,546) | ||||
| (=) Equity Value | 5,190 | 5,913 | 6,636 | ||||
| (/) Shares Outstanding | 20.6 | 20.6 | 20.6 | ||||
| Implied Value Range | 251.92 | 287.01 | 322.10 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 251.92 | 287.01 | 322.10 | 200.20 | |||
| Upside / (Downside) | 25.8% | 43.4% | 60.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PRSK | IES | AMRM | HGG | MSLA | ALRPR | |
| Enterprise Value | 5,529 | 880 | 6,317 | 3,211 | 713 | 12,671 | |
| (+) Cash & Short Term Investments | 52 | 495 | 143 | 279 | 67 | 1,222 | |
| (+) Investments & Other | 22 | 0 | 385 | 540 | 0 | 13 | |
| (-) Debt | (3,275) | (2) | (3,826) | (2,655) | (384) | (8,324) | |
| (-) Other Liabilities | 0 | (0) | (54) | (201) | 0 | (1,457) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,328 | 1,373 | 2,965 | 1,174 | 395 | 4,125 | |
| (/) Shares Outstanding | 21.1 | 5.5 | 78.8 | 62.0 | 22.6 | 20.6 | |
| Implied Stock Price | 110.50 | 248.50 | 37.63 | 18.93 | 17.52 | 200.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 110.50 | 248.50 | 37.63 | 18.93 | 17.52 | 200.20 | |
| 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 | |