New Risk • Mar 29
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 122% Dividend yield: 2.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 23
Full year 2025 earnings released: EPS: ₪1.06 (vs ₪0.75 in FY 2024) Full year 2025 results: EPS: ₪1.06 (up from ₪0.75 in FY 2024). Revenue: ₪1.40b (up 25% from FY 2024). Net income: ₪156.1m (up 42% from FY 2024). Profit margin: 11% (up from 9.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 03
Upcoming dividend of ₪0.13 per share Eligible shareholders must have bought the stock before 10 December 2025. Payment date: 31 December 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Israeli dividend payers (5.2%). Lower than average of industry peers (1.8%). Reported Earnings • Dec 02
Third quarter 2025 earnings released: EPS: ₪0.27 (vs ₪0.27 in 3Q 2024) Third quarter 2025 results: EPS: ₪0.27 (in line with 3Q 2024). Revenue: ₪391.2m (up 14% from 3Q 2024). Net income: ₪40.0m (up 2.5% from 3Q 2024). Profit margin: 10% (down from 11% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Anuncio • Nov 05
Inrom Construction Industries Ltd, Annual General Meeting, Dec 10, 2025 Inrom Construction Industries Ltd, Annual General Meeting, Dec 10, 2025. Location: co. offices, Israel Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₪23.45, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 23x in the Building industry in Israel. Total returns to shareholders of 87% over the past three years. Reported Earnings • Aug 23
Second quarter 2025 earnings released: EPS: ₪0.26 (vs ₪0.13 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.26 (up from ₪0.13 in 2Q 2024). Revenue: ₪322.4m (up 25% from 2Q 2024). Net income: ₪38.2m (up 100% from 2Q 2024). Profit margin: 12% (up from 7.4% in 2Q 2024). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪23.54, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 28x in the Building industry in Israel. Total returns to shareholders of 54% over the past three years. New Risk • Jun 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.6% net profit margin). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪19.50, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 23x in the Building industry in Israel. Total returns to shareholders of 40% over the past three years. Reported Earnings • May 22
First quarter 2025 earnings released: EPS: ₪0.23 (vs ₪0.16 in 1Q 2024) First quarter 2025 results: EPS: ₪0.23 (up from ₪0.16 in 1Q 2024). Revenue: ₪314.4m (up 67% from 1Q 2024). Net income: ₪33.5m (up 43% from 1Q 2024). Profit margin: 11% (down from 13% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. New Risk • Apr 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 214% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.8% net profit margin). Upcoming Dividend • Mar 30
Upcoming dividend of ₪0.094 per share Eligible shareholders must have bought the stock before 06 April 2025. Payment date: 23 April 2025. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Israeli dividend payers (6.3%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 29
Full year 2024 earnings released: EPS: ₪0.75 (vs ₪1.54 in FY 2023) Full year 2024 results: EPS: ₪0.75 (down from ₪1.54 in FY 2023). Revenue: ₪1.12b (flat on FY 2023). Net income: ₪109.6m (down 43% from FY 2023). Profit margin: 9.8% (down from 17% in FY 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ₪0.27 (vs ₪0.29 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.27. Revenue: ₪341.9m (down 1.0% from 3Q 2023). Net income: ₪39.0m (up 9.1% from 3Q 2023). Profit margin: 11% (up from 10% in 3Q 2023). Anuncio • Oct 14
Inrom Construction Industries Ltd, Annual General Meeting, Nov 14, 2024 Inrom Construction Industries Ltd, Annual General Meeting, Nov 14, 2024. Location: co. offices, Israel Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: ₪0.13 (vs ₪0.22 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.13 (down from ₪0.22 in 2Q 2023). Revenue: ₪257.6m (down 14% from 2Q 2023). Net income: ₪19.1m (down 31% from 2Q 2023). Profit margin: 7.4% (down from 9.3% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 02
Upcoming dividend of ₪0.04 per share Eligible shareholders must have bought the stock before 09 June 2024. Payment date: 19 June 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Israeli dividend payers (7.0%). Lower than average of industry peers (2.5%). New Risk • Apr 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Apr 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: ₪1.54 (vs ₪1.03 in FY 2022) Full year 2023 results: EPS: ₪1.54 (up from ₪1.03 in FY 2022). Revenue: ₪1.12b (down 6.3% from FY 2022). Net income: ₪193.0m (up 50% from FY 2022). Profit margin: 17% (up from 11% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 02
Third quarter 2023 earnings released: EPS: ₪0.29 (vs ₪0.26 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.29 (up from ₪0.26 in 3Q 2022). Revenue: ₪345.4m (up 8.2% from 3Q 2022). Net income: ₪35.8m (up 8.3% from 3Q 2022). Profit margin: 10% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₪9.90, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 17x in the Building industry in Israel. Total loss to shareholders of 23% over the past three years. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: ₪0.22 (vs ₪0.24 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.22 (down from ₪0.24 in 2Q 2022). Revenue: ₪299.3m (up 4.1% from 2Q 2022). Net income: ₪27.7m (down 9.0% from 2Q 2022). Profit margin: 9.3% (down from 11% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Reported Earnings • May 27
First quarter 2023 earnings released: EPS: ₪0.28 (vs ₪0.22 in 1Q 2022) First quarter 2023 results: EPS: ₪0.28 (up from ₪0.22 in 1Q 2022). Revenue: ₪314.5m (up 11% from 1Q 2022). Net income: ₪35.3m (up 26% from 1Q 2022). Profit margin: 11% (up from 9.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Mar 25
Full year 2022 earnings released: EPS: ₪1.03 (vs ₪0.79 in FY 2021) Full year 2022 results: EPS: ₪1.03 (up from ₪0.79 in FY 2021). Revenue: ₪1.19b (up 16% from FY 2021). Net income: ₪129.1m (up 30% from FY 2021). Profit margin: 11% (up from 9.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₪11.20, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 9x in the Building industry in Israel. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₪14.11, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 10x in the Building industry in Israel. Total loss to shareholders of 2.4% over the past three years. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Chairman of the Board Zion Garden was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 30
Upcoming dividend of ₪0.056 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Israeli dividend payers (5.9%). Lower than average of industry peers (3.8%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent External Director Hila Amsterdam was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 06
Upcoming dividend of ₪0.11 per share Eligible shareholders must have bought the stock before 13 April 2022. Payment date: 03 May 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Israeli dividend payers (5.4%). Lower than average of industry peers (3.1%). Board Change • Sep 30
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent External Director Hila Amsterdam was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 29
Upcoming dividend of ₪0.053 per share Eligible shareholders must have bought the stock before 05 September 2021. Payment date: 06 October 2021. Trailing yield: 1.8%. Lower than top quartile of Israeli dividend payers (5.3%). Lower than average of industry peers (3.3%). Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS ₪0.21 (vs ₪0.18 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₪252.7m (up 21% from 2Q 2020). Net income: ₪26.4m (up 33% from 2Q 2020). Profit margin: 11% (up from 9.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 21
New 90-day low: ₪14.87 The company is down 1.0% from its price of ₪14.99 on 23 November 2020. The Israeli market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₪16.25 The company is up 19% from its price of ₪13.69 on 08 September 2020. The Israeli market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 11% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS ₪0.30 The company reported a soft third quarter result with weaker earnings, although revenues and profit margins were flat. Third quarter 2020 results: Revenue: ₪260.4m (flat on 3Q 2019). Net income: ₪32.1m (down 3.2% from 3Q 2019). Profit margin: 12% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 3% per year. Is New 90 Day High Low • Nov 09
New 90-day high: ₪14.34 The company is up 13% from its price of ₪12.72 on 11 August 2020. The Israeli market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Building industry, which is also up 13% over the same period.