New Risk • Mar 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.6% Last year net profit margin: 1.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 41% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (₪195.0m market cap, or US$61.4m). Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: ₪0.18 (vs ₪0.43 in FY 2024) Full year 2025 results: EPS: ₪0.18 (down from ₪0.43 in FY 2024). Revenue: ₪752.2m (down 4.3% from FY 2024). Net income: ₪4.69m (down 59% from FY 2024). Profit margin: 0.6% (down from 1.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 30
Upcoming dividend of ₪0.15 per share Eligible shareholders must have bought the stock before 07 December 2025. Payment date: 17 December 2025. Trailing yield: 3.7%. Lower than top quartile of Israeli dividend payers (5.3%). Lower than average of industry peers (7.4%). New Risk • Nov 27
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 44% per year over the past 5 years. 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. Market cap is less than US$100m (₪213.6m market cap, or US$65.1m). Reported Earnings • Nov 26
Third quarter 2025 earnings released: EPS: ₪0.33 (vs ₪0.12 in 3Q 2024) Third quarter 2025 results: EPS: ₪0.33 (up from ₪0.12 in 3Q 2024). Revenue: ₪209.9m (up 2.2% from 3Q 2024). Net income: ₪8.73m (up 178% from 3Q 2024). Profit margin: 4.2% (up from 1.5% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to ₪10.96. The fair value is estimated to be ₪9.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 26
Second quarter 2025 earnings released: EPS: ₪0.01 (vs ₪0.23 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.01 (down from ₪0.23 in 2Q 2024). Revenue: ₪185.4m (down 8.2% from 2Q 2024). Net income: ₪224.0k (down 96% from 2Q 2024). Profit margin: 0.1% (down from 3.0% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jun 09
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to ₪9.00. The fair value is estimated to be ₪11.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jun 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 55% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₪255.6m market cap, or US$72.9m). Annonce • May 21
Multi Retail Group Ltd, Annual General Meeting, Jun 24, 2025 Multi Retail Group Ltd, Annual General Meeting, Jun 24, 2025. Location: co. offices, Israel Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪11.18, the stock trades at a trailing P/E ratio of 59.2x. Average trailing P/E is 15x in the Specialty Retail industry in Israel. Total loss to shareholders of 40% over the past three years. New Risk • Apr 01
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 6.4% 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: Major Risk Earnings have declined by 63% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₪275.6m market cap, or US$74.6m). Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₪10.45, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 14x in the Specialty Retail industry in Israel. Total loss to shareholders of 43% over the past three years. New Risk • Nov 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.3% average weekly change). Earnings have declined by 63% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₪292.5m market cap, or US$80.3m). Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: ₪0.12 (vs ₪0.83 loss in 3Q 2023) Third quarter 2024 results: EPS: ₪0.12 (up from ₪0.83 loss in 3Q 2023). Revenue: ₪205.3m (down 2.6% from 3Q 2023). Net income: ₪3.14m (up ₪24.5m from 3Q 2023). Profit margin: 1.5% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. New Risk • Oct 02
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 5.3% 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: Major Risk Earnings have declined by 71% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Market cap is less than US$100m (₪164.5m market cap, or US$43.4m). Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: ₪0.23 (vs ₪0.35 loss in 2Q 2023) Second quarter 2024 results: EPS: ₪0.23 (up from ₪0.35 loss in 2Q 2023). Revenue: ₪201.9m (up 10% from 2Q 2023). Net income: ₪6.02m (up ₪14.0m from 2Q 2023). Profit margin: 3.0% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. New Risk • Jun 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 75% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (₪126.3m market cap, or US$34.2m). Annonce • Apr 20
Multi Retail Group Ltd, Annual General Meeting, May 22, 2024 Multi Retail Group Ltd, Annual General Meeting, May 22, 2024, at 15:00 Israel Standard Time. Reported Earnings • Mar 26
Full year 2023 earnings released: ₪1.84 loss per share (vs ₪0.29 loss in FY 2022) Full year 2023 results: ₪1.84 loss per share (further deteriorated from ₪0.29 loss in FY 2022). Revenue: ₪745.2m (flat on FY 2022). Net loss: ₪44.7m (loss widened ₪37.8m from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 30
Third quarter 2023 earnings released: ₪0.83 loss per share (vs ₪0.098 profit in 3Q 2022) Third quarter 2023 results: ₪0.83 loss per share (down from ₪0.098 profit in 3Q 2022). Revenue: ₪210.7m (down 6.7% from 3Q 2022). Net loss: ₪21.3m (down ₪23.6m from profit in 3Q 2022). New Risk • Nov 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 42% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (280% payout ratio). Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (₪69.3m market cap, or US$17.2m). Buying Opportunity • Aug 23
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 65%. The fair value is estimated to be ₪5.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jun 03
First quarter 2023 earnings released: ₪0.54 loss per share (vs ₪0.20 loss in 1Q 2022) First quarter 2023 results: ₪0.54 loss per share (further deteriorated from ₪0.20 loss in 1Q 2022). Revenue: ₪176.3m (up 30% from 1Q 2022). Net loss: ₪12.2m (loss widened 164% from 1Q 2022). Reported Earnings • Apr 02
Full year 2022 earnings released: ₪0.29 loss per share (vs ₪1.32 profit in FY 2021) Full year 2022 results: ₪0.29 loss per share (down from ₪1.32 profit in FY 2021). Revenue: ₪745.9m (up 4.2% from FY 2021). Net loss: ₪6.83m (down 122% from profit in FY 2021). Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: ₪0.10 (vs ₪0.48 in 3Q 2021) Third quarter 2022 results: EPS: ₪0.10 (down from ₪0.48 in 3Q 2021). Revenue: ₪225.8m (up 14% from 3Q 2021). Net income: ₪2.25m (down 80% from 3Q 2021). Profit margin: 1.0% (down from 5.7% in 3Q 2021). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent External Director Ayelet Hayak was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 02
First quarter 2022 earnings released: ₪0.20 loss per share (vs ₪0.37 profit in 1Q 2021) First quarter 2022 results: ₪0.20 loss per share (down from ₪0.37 profit in 1Q 2021). Revenue: ₪135.5m (down 25% from 1Q 2021). Net loss: ₪4.62m (down 154% from profit in 1Q 2021). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent External Director Ayelet Hayak was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: ₪1.32 (vs ₪1.61 in FY 2020) Full year 2021 results: EPS: ₪1.32 (down from ₪1.61 in FY 2020). Revenue: ₪715.5m (up 6.5% from FY 2020). Net income: ₪30.8m (down 6.6% from FY 2020). Profit margin: 4.3% (down from 4.9% in FY 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Nov 22
Upcoming dividend of ₪0.43 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 07 December 2021. Trailing yield: 1.8%. Lower than top quartile of Israeli dividend payers (5.1%). Lower than average of industry peers (8.6%). Upcoming Dividend • May 24
Upcoming dividend of ₪0.36 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 07 June 2021. Trailing yield: 1.7%. Lower than top quartile of Israeli dividend payers (4.8%). Higher than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₪19.71, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 16x in the Specialty Retail industry in Israel. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₪1.61 (vs ₪0.36 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₪671.8m (up 18% from FY 2019). Net income: ₪32.9m (up 353% from FY 2019). Profit margin: 4.9% (up from 1.3% in FY 2019). The increase in margin was driven by higher revenue. Annonce • Mar 10
Ace Capital Retail (2016) Ltd to Report Fiscal Year 2020 Results on Mar 16, 2021 Ace Capital Retail (2016) Ltd announced that they will report fiscal year 2020 results on Mar 16, 2021