Stock MTAV MEITAV INVESTMENT HOUSE LTD
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Financials Meitav Investment House Ltd

Equities

MTAV

IL0010818438

Investment Management & Fund Operators

Delayed TEL AVIV STOCK EXCHANGE
Other stock markets
 07:24:09 2024-04-25 am EDT 		5-day change 1st Jan Change
1,646 ILa -1.20% Intraday chart for Meitav Investment House Ltd -3.06% +15.19%
Mar. 14 Meitav Investment House Ltd Reports Earnings Results for the Full Year Ended December 31, 2023 CI
2023 Meitav Investment House Ltd Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 622 845.2 926.5 1,112 759.1 1,122
Enterprise Value (EV) 1 1,557 2,070 1,936 2,674 3,050 3,408
P/E ratio 9.81 x 10.9 x 5.66 x -2.6 x 10.4 x 8.63 x
Yield 6.79% 4.15% 5.42% 2.28% - 5.81%
Capitalization / Revenue 0.7 x 0.91 x 0.93 x 1 x 0.64 x 0.85 x
EV / Revenue 1.75 x 2.24 x 1.95 x 2.4 x 2.56 x 2.6 x
EV / EBITDA 5.97 x 7.7 x 6.15 x 7.29 x 8.27 x 7.74 x
EV / FCF 8.13 x 20.6 x 7.58 x 8.54 x -23.1 x 23.3 x
FCF Yield 12.3% 4.85% 13.2% 11.7% -4.32% 4.3%
Price to Book 0.79 x 0.99 x 0.95 x 2.19 x 1.54 x 1.55 x
Nbr of stocks (in thousands) 62,142 66,135 65,200 66,645 67,056 78,501
Reference price 2 10.01 12.78 14.21 16.69 11.32 14.29
Announcement Date 3/28/19 3/19/20 3/17/21 3/16/22 3/15/23 3/14/24
1ILS in Million2ILS
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 890 925 995 1,112 1,192 1,313
EBITDA 1 261 269 315 367 369 440
EBIT 1 219 230 282 339 340 416
Operating Margin 24.61% 24.86% 28.34% 30.49% 28.52% 31.68%
Earnings before Tax (EBT) 1 133 146 281 -299 172 251
Net income 1 67 78 162 -414 74 130
Net margin 7.53% 8.43% 16.28% -37.23% 6.21% 9.9%
EPS 2 1.020 1.170 2.510 -6.427 1.090 1.656
Free Cash Flow 1 191.5 100.5 255.4 313.2 -131.9 146.5
FCF margin 21.52% 10.86% 25.67% 28.17% -11.06% 11.16%
FCF Conversion (EBITDA) 73.37% 37.36% 81.07% 85.35% - 33.3%
FCF Conversion (Net income) 285.82% 128.85% 157.64% - - 112.69%
Dividend per Share 2 0.6800 0.5300 0.7700 0.3800 - 0.8300
Announcement Date 3/28/19 3/19/20 3/17/21 3/16/22 3/15/23 3/14/24
1ILS in Million2ILS
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 935 1,225 1,010 1,562 2,291 2,286
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.582 x 4.554 x 3.206 x 4.256 x 6.209 x 5.195 x
Free Cash Flow 1 192 101 255 313 -132 147
ROE (net income / shareholders' equity) 8.2% 9.84% 16.8% -39.5% 12.5% 18.6%
ROA (Net income/ Total Assets) 0.8% 4.7% 5.2% 5.52% 4.78% 5.38%
Assets 1 8,411 1,658 3,117 -7,498 1,549 2,416
Book Value Per Share 2 12.70 12.90 15.00 7.610 7.330 9.200
Cash Flow per Share 2 4.270 4.340 4.920 4.700 4.370 4.060
Capex 1 4 3 8 8 5 10
Capex / Sales 0.45% 0.32% 0.8% 0.72% 0.42% 0.76%
Announcement Date 3/28/19 3/19/20 3/17/21 3/16/22 3/15/23 3/14/24
1ILS in Million2ILS
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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