Financials Bezeq The Israel Telecommunication Corp. Ltd

Equities

BEZQ

IL0002300114

Integrated Telecommunications Services

Market Closed - TEL AVIV STOCK EXCHANGE 10:24:29 2024-05-30 am EDT 5-day change 1st Jan Change
447 ILa -1.48% Intraday chart for Bezeq The Israel Telecommunication Corp. Ltd +1.13% -9.70%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,674 8,847 14,212 16,773 13,696 12,368 - -
Enterprise Value (EV) 1 15,634 17,590 20,340 22,395 18,891 17,596 17,499 12,368
P/E ratio -7.12 x 11 x 12 x 16.8 x 11.5 x 10.7 x 9.43 x 9.47 x
Yield - - - 1.47% 5.59% 6.67% 8.02% 8.25%
Capitalization / Revenue 0.86 x 1.01 x 1.61 x 1.87 x 1.5 x 1.38 x 1.37 x 1.37 x
EV / Revenue 1.75 x 2.02 x 2.31 x 2.49 x 2.08 x 1.97 x 1.95 x 1.37 x
EV / EBITDA 5.39 x 4.81 x 5.48 x 5.99 x 4.95 x 4.63 x 4.46 x 3.04 x
EV / FCF - 8,428,265 x 13,461,172 x 10,416,126 x 8,902,338 x - - -
FCF Yield - 0% 0% 0% 0% - - -
Price to Book -11.4 x -59 x 13 x 10.3 x 6.23 x 4.68 x 4.15 x -
Nbr of stocks (in thousands) 2,765,486 2,765,486 2,765,486 2,765,486 2,766,820 2,766,904 - -
Reference price 2 2.775 3.199 5.139 6.065 4.950 4.470 4.470 4.470
Announcement Date 3/19/20 3/25/21 3/23/22 3/13/23 3/13/24 - - -
1ILS in Million2ILS
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,929 8,723 8,821 8,986 9,103 8,939 8,995 9,022
EBITDA 1 2,901 3,659 3,709 3,736 3,817 3,801 3,928 4,067
EBIT 1 989 1,455 1,870 1,637 1,779 1,911 2,037 2,176
Operating Margin 11.08% 16.68% 21.2% 18.22% 19.54% 21.38% 22.65% 24.12%
Earnings before Tax (EBT) 1 438 1,084 1,565 1,336 1,535 1,591 1,725 1,821
Net income 1 -1,087 796 1,183 1,000 1,189 1,279 1,408 -
Net margin -12.17% 9.13% 13.41% 11.13% 13.06% 14.3% 15.65% -
EPS 2 -0.3900 0.2900 0.4300 0.3600 0.4300 0.4160 0.4740 0.4720
Free Cash Flow - 2,087 1,511 2,150 2,122 - - -
FCF margin - 23.93% 17.13% 23.93% 23.31% - - -
FCF Conversion (EBITDA) - 57.04% 40.74% 57.55% 55.59% - - -
FCF Conversion (Net income) - 262.19% 127.73% 215% 178.47% - - -
Dividend per Share 2 - - - 0.0889 0.2768 0.2984 0.3584 0.3688
Announcement Date 3/19/20 3/25/21 3/23/22 3/13/23 3/13/24 - - -
1ILS in Million2ILS
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 2,258 2,255 2,225 2,262 2,244 2,308 2,299 2,265 2,231 2,255 2,220 2,211 2,203
EBITDA 1 909 958 924 947 907 936 987 974 920 917 950.8 973.4 933.8
EBIT 1 356 460 463 466 248 468 506 425 380 345 517.5 497.3 431.5
Operating Margin 15.77% 20.4% 20.81% 20.6% 11.05% 20.28% 22.01% 18.76% 17.03% 15.3% 23.31% 22.49% 19.59%
Earnings before Tax (EBT) 1 286 375 396 393 172 - 443 371 318 393 427.5 386.3 333.7
Net income 197 282 307 302 109 - 343 297 238 - - - -
Net margin 8.72% 12.51% 13.8% 13.35% 4.86% - 14.92% 13.11% 10.67% - - - -
EPS 0.0700 0.1000 0.1100 0.1100 0.0400 - 0.1200 0.1100 0.0900 - - - -
Dividend per Share 2 - - 0.1100 - - - 0.0889 - 0.1350 - 0.1522 - 0.1461
Announcement Date 3/23/22 5/23/22 8/10/22 11/16/22 3/13/23 5/17/23 8/9/23 11/14/23 3/13/24 5/22/24 - - -
1ILS in Million2ILS
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 7,960 8,743 6,128 5,622 5,195 5,228 5,131 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.744 x 2.389 x 1.652 x 1.505 x 1.361 x 1.375 x 1.306 x -
Free Cash Flow - 2,087 1,511 2,150 2,122 - - -
ROE (net income / shareholders' equity) - - - 73.6% 62.2% 50.2% 46.8% 43.1%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 -0.2400 -0.0500 0.4000 0.5900 0.8000 0.9600 1.080 -
Cash Flow per Share - - - - - - - -
Capex 1 1,095 1,133 1,328 1,353 1,333 1,667 1,634 -
Capex / Sales 12.26% 12.99% 15.05% 15.06% 14.64% 18.65% 18.17% -
Announcement Date 3/19/20 3/25/21 3/23/22 3/13/23 3/13/24 - - -
1ILS in Million2ILS
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
4.47 ILS
Average target price
6.6 ILS
Spread / Average Target
+47.65%
Consensus
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