Bikurey Hasade Holdings Ltd


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
(ILS in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	1,175	1,635	1,695	1,777	2,211	2,211

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	105	60	42	49	74	74
(+) Net Interest Expense	5	7	11	18	15	15
(+) Other Non Operating Exp.	(6)	(3)	(4)	(5)	(9)	(9)
(+) D&A	37	54	25	26	59	59
(+) Non-recurring Items	(55)
Adjusted EBITDA	86	117	73	89	139	139

(-) D&A	(37)	(54)	(25)	(26)	(59)	(59)

Adjusted EBIT	48	63	49	62	80	80
% of Revenue	4.1%	3.9%	2.9%	3.5%	3.6%	3.6%


	Low	Median	High

Adjusted EBIT Margin	2.9%	3.6%	4.1%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(ILS in millions)	Low	Mid	High	Market
Enterprise Value	857	1,246	1,706	1,015
(+) Cash & Short Term Investments	5	5	5	5
(+) Investments & Other	47	47	47	47
(-) Debt	(554)	(554)	(554)	(554)
(-) Other Liabilities	0	0	0	0
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	355	744	1,204	513
(/) Shares Outstanding	149.7	149.7	149.7	149.7
Implied Stock Price (ILS)	2.37	4.97	8.04	3.43
FX Rate: ILS/ILS	1.00	1.00	1.00	1.00
Implied Stock Price (ILS)	2.37	4.97	8.04	3.43

Upside / (Downside)	-30.90%	44.95%	134.64%


Stock Price	3.43
Stock Price Close	3.43
Restatment Type	Original
Reporting Currency	ILS
Trading Currency	ILS
FX Rate: ILS/ILS	1.00
Market Cap	513.2
Shares Outstanding	149.7
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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