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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.0x - 17.7x | 16.8x |
| Selected Fwd EBITDA Multiple | 10.8x - 12.0x | 11.4x |
| Fair Value | ₪52.33 - ₪67.29 | ₪59.81 |
| Upside | -12.3% - 12.7% | 0.2% |
| Benchmarks | Ticker | Full Ticker |
| O.Y. Nofar Energy Ltd | NOFR | TASE:NOFR |
| MPC Caribbean Clean Energy Limited | MPCCEL | JMSE:MPCCEL |
| AleAnna, Inc. | ANNA | NasdaqCM:ANNA |
| Clear Blue Technologies International Inc. | CBLU | TSXV:CBLU |
| Orrön Energy AB (publ) | LNDN.F | OTCPK:LNDN.F |
| Enlight Renewable Energy Ltd | ENLT | TASE:ENLT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOFR | MPCCEL | ANNA | CBLU | LNDN.F | ENLT | ||
| TASE:NOFR | JMSE:MPCCEL | NasdaqCM:ANNA | TSXV:CBLU | OTCPK:LNDN.F | TASE:ENLT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.5% | NM- | NM- | NM- | -69.6% | 53.6% | |
| 3Y CAGR | -31.9% | NM- | NM- | NM- | NM- | 65.8% | |
| Latest Twelve Months | -71.6% | NM | NM | 14.0% | 283.3% | 52.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.9% | 0.0% | -1022.0% | -102.3% | -1481.1% | 65.2% | |
| Prior Fiscal Year | 47.9% | NA | NA | -180.8% | -8.5% | 68.3% | |
| Latest Fiscal Year | 2.3% | NA | NA | -54.2% | 12.0% | 70.6% | |
| Latest Twelve Months | 17.1% | NA | -1022.0% | -73.5% | 12.0% | 70.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 18.34x | 6.67x | 952.21x | 5.50x | 4.33x | 12.58x | |
| EV / LTM EBITDA | 107.2x | NA | -93.2x | -7.5x | 36.1x | 17.8x | |
| EV / LTM EBIT | -207.8x | 5.0x | -90.7x | -6.2x | -13.8x | 28.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -93.2x | 14.3x | 107.2x | ||||
| Historical EV / LTM EBITDA | 17.8x | 36.5x | 72.7x | ||||
| Selected EV / LTM EBITDA | 16.0x | 16.8x | 17.7x | ||||
| (x) LTM EBITDA | 267 | 267 | 267 | ||||
| (=) Implied Enterprise Value | 4,263 | 4,487 | 4,712 | ||||
| (-) Non-shareholder Claims * | (2,878) | (2,878) | (2,878) | ||||
| (=) Equity Value | 1,385 | 1,609 | 1,833 | ||||
| (/) Shares Outstanding | 119.1 | 119.1 | 119.1 | ||||
| Implied Value Range | 11.63 | 13.51 | 15.39 | ||||
| FX Rate: USD/ILS | 0.3 | 0.3 | 0.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 43.21 | 50.22 | 57.22 | 59.69 | |||
| Upside / (Downside) | -27.6% | -15.9% | -4.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOFR | MPCCEL | ANNA | CBLU | LNDN.F | ENLT | |
| Enterprise Value | 5,757 | (12) | 617 | 24 | 160 | 4,791 | |
| (+) Cash & Short Term Investments | 621 | 33 | 43 | 0 | 18 | 388 | |
| (+) Investments & Other | 1,099 | 0 | 0 | 0 | 41 | 123 | |
| (-) Debt | (3,537) | (10) | (2) | (15) | (84) | (3,130) | |
| (-) Other Liabilities | (956) | 0 | (0) | 0 | (3) | (260) | |
| (-) Preferred Stock | 0 | 0 | (370) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,985 | 11 | 288 | 9 | 132 | 1,913 | |
| (/) Shares Outstanding | 35.5 | 26.9 | 40.6 | 463.3 | 323.6 | 119.1 | |
| Implied Stock Price | 84.00 | 0.41 | 7.11 | 0.02 | 0.41 | 16.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.01 | 1.00 | 1.00 | 0.92 | 0.27 | |
| Implied Stock Price (Trading Cur) | 84.00 | 64.00 | 7.11 | 0.02 | 0.44 | 59.69 | |
| Trading Currency | ILS | JMD | USD | CAD | USD | ILS | |
| FX Rate to Reporting Currency | 1.00 | 0.01 | 1.00 | 1.00 | 0.92 | 0.27 | |