Stock AFRE AFRICA ISRAEL RESIDENCES LTD
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Financials Africa Israel Residences Ltd

Equities

AFRE

IL0010979487

Homebuilding

Market Closed - TEL AVIV STOCK EXCHANGE
Other stock markets
 13:49:49 12/05/2024 BST 		5-day change 1st Jan Change
24,530 ILa -1.57% Intraday chart for Africa Israel Residences Ltd +4.25% +28.09%
2023 Africa Israel Residences Ltd Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI
2023 Africa Israel Residences Ltd Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 954.8 671.1 1,208 1,653 2,525 1,966
Enterprise Value (EV) 1 2,803 2,351 2,967 3,586 4,399 3,284
P/E ratio 6.77 x 7.78 x 11.1 x 16.1 x 11.5 x 9.76 x
Yield 5.23% 7.44% 4.13% 3.63% 2.38% 3.66%
Capitalization / Revenue 0.97 x 0.66 x 0.93 x 1.23 x 2.27 x 2.04 x
EV / Revenue 2.86 x 2.31 x 2.28 x 2.67 x 3.95 x 3.41 x
EV / EBITDA 23.3 x 18.2 x 19.5 x 25.3 x 32 x 19.8 x
EV / FCF -4.44 x 10.3 x -16.1 x 26.4 x -18.6 x 9.19 x
FCF Yield -22.5% 9.73% -6.22% 3.79% -5.38% 10.9%
Price to Book 0.97 x 0.67 x 1.13 x 1.48 x 2.03 x 1.44 x
Nbr of stocks (in thousands) 12,644 12,644 12,644 12,644 12,644 12,644
Reference price 2 75.52 53.08 95.53 130.7 199.7 155.5
Announcement Date 13/03/18 17/03/19 16/03/20 17/03/21 13/03/22 19/03/23
1ILS in Million2ILS
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 981.7 1,019 1,303 1,343 1,114 962.5
EBITDA 1 120.2 129.4 152.5 141.6 137.4 165.9
EBIT 1 115.5 123.4 147.3 137.9 130.2 164
Operating Margin 11.76% 12.11% 11.31% 10.26% 11.69% 17.04%
Earnings before Tax (EBT) 1 166.6 110.5 139.4 131.6 272.1 245.4
Net income 1 141 86.26 109 102.6 219.8 201.5
Net margin 14.36% 8.46% 8.37% 7.64% 19.72% 20.93%
EPS 2 11.15 6.823 8.622 8.112 17.38 15.94
Free Cash Flow 1 -631.9 228.8 -184.4 135.8 -236.6 357.3
FCF margin -64.37% 22.44% -14.15% 10.11% -21.24% 37.12%
FCF Conversion (EBITDA) - 176.75% - 95.89% - 215.38%
FCF Conversion (Net income) - 265.21% - 132.43% - 177.3%
Dividend per Share 2 3.950 3.950 3.950 4.746 4.746 5.694
Announcement Date 13/03/18 17/03/19 16/03/20 17/03/21 13/03/22 19/03/23
1ILS in Million2ILS
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 1,849 1,680 1,759 1,934 1,874 1,318
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 15.38 x 12.98 x 11.53 x 13.65 x 13.64 x 7.948 x
Free Cash Flow 1 -632 229 -184 136 -237 357
ROE (net income / shareholders' equity) 15.6% 8.66% 10.5% 9.41% 18.6% 15.4%
ROA (Net income/ Total Assets) 2.08% 2.1% 2.49% 2.3% 2.06% 2.53%
Assets 1 6,772 4,102 4,372 4,455 10,689 7,962
Book Value Per Share 2 78.00 79.50 84.20 88.30 98.60 108.0
Cash Flow per Share 2 14.70 13.60 6.640 8.180 13.50 9.400
Capex 1 1.83 1.94 0.74 1.11 1.72 0.94
Capex / Sales 0.19% 0.19% 0.06% 0.08% 0.15% 0.1%
Announcement Date 13/03/18 17/03/19 16/03/20 17/03/21 13/03/22 19/03/23
1ILS in Million2ILS
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Residential Builders - Multifamily Homes

1st Jan change Capi.
AFRICA ISRAEL RESIDENCES LTD Stock Africa Israel Residences Ltd
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Residential Builders - Multifamily Homes
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