The Phoenix Holdings Ltd. (TLV:PHOE) Might Not Be As Mispriced As It Looks
May 02
Israeli (TA) Market Analysis & Valuation
UpdatedMay 02, 2024
DataAggregated Company Financials
Companies467
- 7D-0.9%
- 3M3.9%
- 1Y5.1%
- YTD-0.9%
The market has been flat over the last week. As for the longer term, the market has risen 5.1% in the past 12 months. Earnings are forecast to grow by 8.2% annually.
Market Valuation and Performance
Has the Israeli Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 02 May 2024 | ₪817.6b | ₪753.6b | ₪59.0b | 12.1x | 13.9x | 1.1x |
| Sat, 30 Mar 2024 | ₪856.1b | ₪749.1b | ₪58.0b | 12.6x | 14.8x | 1.1x |
| Mon, 26 Feb 2024 | ₪824.8b | ₪746.0b | ₪55.6b | 11.9x | 14.8x | 1.1x |
| Wed, 24 Jan 2024 | ₪785.8b | ₪757.5b | ₪56.0b | 11.3x | 14x | 1x |
| Fri, 22 Dec 2023 | ₪806.4b | ₪751.1b | ₪56.3b | 11x | 14.3x | 1.1x |
| Sun, 19 Nov 2023 | ₪752.1b | ₪741.3b | ₪61.3b | 10.3x | 12.3x | 1x |
| Tue, 17 Oct 2023 | ₪731.3b | ₪758.3b | ₪64.8b | 10.4x | 11.3x | 1x |
| Thu, 14 Sep 2023 | ₪786.6b | ₪746.6b | ₪64.8b | 11.2x | 12.1x | 1.1x |
| Sat, 12 Aug 2023 | ₪821.6b | ₪685.8b | ₪70.0b | 10.8x | 11.7x | 1.2x |
| Mon, 10 Jul 2023 | ₪770.7b | ₪686.2b | ₪71.5b | 10.6x | 10.8x | 1.1x |
| Wed, 07 Jun 2023 | ₪761.3b | ₪681.8b | ₪74.1b | 10.4x | 10.3x | 1.1x |
| Fri, 05 May 2023 | ₪772.1b | ₪664.8b | ₪84.5b | 9.4x | 9.1x | 1.2x |
| Sun, 02 Apr 2023 | ₪741.8b | ₪659.1b | ₪84.3b | 9.2x | 8.8x | 1.1x |
| Tue, 28 Feb 2023 | ₪740.0b | ₪670.2b | ₪97.2b | 8.3x | 7.6x | 1.1x |
| Thu, 26 Jan 2023 | ₪803.5b | ₪653.6b | ₪95.5b | 9.1x | 8.4x | 1.2x |
| Sat, 24 Dec 2022 | ₪796.4b | ₪660.3b | ₪96.3b | 9.1x | 8.3x | 1.2x |
| Mon, 21 Nov 2022 | ₪872.3b | ₪655.7b | ₪94.6b | 10x | 9.2x | 1.3x |
| Wed, 19 Oct 2022 | ₪883.3b | ₪649.0b | ₪92.0b | 10.5x | 9.6x | 1.4x |
| Fri, 16 Sep 2022 | ₪919.5b | ₪646.1b | ₪91.3b | 11.1x | 10.1x | 1.4x |
| Sun, 14 Aug 2022 | ₪961.6b | ₪653.4b | ₪89.4b | 12.1x | 10.8x | 1.5x |
| Tue, 12 Jul 2022 | ₪887.7b | ₪654.1b | ₪85.1b | 11.8x | 10.4x | 1.4x |
| Thu, 09 Jun 2022 | ₪891.5b | ₪658.8b | ₪84.0b | 11.8x | 10.6x | 1.4x |
| Sat, 07 May 2022 | ₪942.7b | ₪642.6b | ₪76.1b | 12.4x | 12.4x | 1.5x |
| Mon, 04 Apr 2022 | ₪992.3b | ₪634.7b | ₪74.4b | 13.4x | 13.3x | 1.6x |
| Wed, 02 Mar 2022 | ₪967.9b | ₪622.1b | ₪60.1b | 15.4x | 16.1x | 1.6x |
| Fri, 28 Jan 2022 | ₪958.0b | ₪617.5b | ₪58.7b | 15.7x | 16.3x | 1.6x |
| Sun, 26 Dec 2021 | ₪941.7b | ₪615.7b | ₪58.5b | 15.8x | 16.1x | 1.5x |
| Tue, 23 Nov 2021 | ₪914.2b | ₪596.2b | ₪53.3b | 15.3x | 17.2x | 1.5x |
| Thu, 21 Oct 2021 | ₪853.6b | ₪588.4b | ₪52.1b | 14.9x | 16.4x | 1.5x |
| Sat, 18 Sep 2021 | ₪829.1b | ₪586.3b | ₪51.7b | 14.6x | 16x | 1.4x |
| Mon, 16 Aug 2021 | ₪774.9b | ₪574.6b | ₪52.0b | 13.6x | 14.9x | 1.3x |
| Mon, 31 May 2021 | ₪759.9b | ₪548.0b | ₪41.4b | 15.3x | 18.4x | 1.4x |
Price to Earnings Ratio
17.3x
Current Market PE
- Investors are optimistic on the Israeli market, and appear confident in strong long term growth rates.
- The market is trading at a PE ratio of 13.9x which is higher than its 3-year average PE of 12.6x.
Past Earnings Growth
- The earnings for Israeli listed companies have grown 13% per year over the last three years.
- Revenues for these companies have grown 11% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Sector Trends
Which sectors have driven the changes within the Israeli Market?
| IL Market | -0.89% | |
| Utilities | 1.14% | |
| Consumer Staples | 1.13% | |
| Financials | -0.22% | |
| Real Estate | -0.46% | |
| Healthcare | -0.52% | |
| Consumer Discretionary | -0.59% | |
| Industrials | -1.74% | |
| Energy | -1.96% | |
| Tech | -2.45% | |
| Materials | -2.47% | |
| Telecom | -2.52% | |
Sector PE
- Investors favour the Tech sector the most for future growth even though it's trading below its 3-year average PE ratio of 55.1x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 23.1%, which is higher than its past year's earnings growth of 9.4% per year.
Forecasted Growth
- Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 48% over the next 5 years.
- This is better than its past earnings decline of 35% per year.
- In contrast, the Consumer Staples sector is expected to see its earnings decline by 80% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| MZTF Mizrahi Tefahot Bank | ₪135.50 | 0.6% +₪206.5m | 12.7% | PB1.3x | Financials | |
| PHOE Phoenix Holdings | ₪35.90 | 2.3% +₪196.8m | -8.7% | PE11.7x | Financials | |
| ALRPR Alrov Properties and Lodgings | ₪155.40 | 5.9% +₪181.4m | -0.1% | PS2.5x | Real Estate | |
| KEN Kenon Holdings | ₪85.51 | 4.0% +₪171.5m | -14.4% | PS1.7x | Utilities | |
| AURA Aura Investments | ₪14.71 | 3.8% +₪149.8m | 162.4% | PE34.7x | Real Estate |
