Upcoming Dividend • Apr 02
Upcoming dividend of ₪1.08 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 20 April 2026. Payout ratio is a comfortable 59% and the cash payout ratio is 87%. Trailing yield: 1.9%. Lower than top quartile of Israeli dividend payers (5.7%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: ₪7.66 (vs ₪7.66 in FY 2024) Full year 2025 results: EPS: ₪7.66 (down from ₪7.66 in FY 2024). Revenue: ₪252.3m (up 30% from FY 2024). Net income: ₪30.8m (flat on FY 2024). Profit margin: 12% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Nov 30
Third quarter 2025 earnings released: EPS: ₪1.77 (vs ₪1.84 in 3Q 2024) Third quarter 2025 results: EPS: ₪1.77 (down from ₪1.84 in 3Q 2024). Revenue: ₪63.4m (up 22% from 3Q 2024). Net income: ₪7.15m (down 3.8% from 3Q 2024). Profit margin: 11% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Aug 25
Second quarter 2025 earnings released: EPS: ₪1.58 (vs ₪1.48 in 2Q 2024) Second quarter 2025 results: EPS: ₪1.58 (up from ₪1.48 in 2Q 2024). Revenue: ₪62.8m (up 46% from 2Q 2024). Net income: ₪6.38m (up 7.3% from 2Q 2024). Profit margin: 10% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₪185, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪219, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 64% over the past three years. Annonce • Jun 05
The Gold Bond Group Ltd., Annual General Meeting, Jul 08, 2025 The Gold Bond Group Ltd., Annual General Meeting, Jul 08, 2025. Location: company offices, Israel Reported Earnings • May 31
First quarter 2025 earnings released: EPS: ₪1.85 (vs ₪1.65 in 1Q 2024) First quarter 2025 results: EPS: ₪1.85 (up from ₪1.65 in 1Q 2024). Revenue: ₪57.9m (up 34% from 1Q 2024). Net income: ₪7.44m (up 12% from 1Q 2024). Profit margin: 13% (down from 15% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • May 15
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: 2.0% 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 3.3% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₪7.66 (vs ₪6.93 in FY 2023) Full year 2024 results: EPS: ₪7.66 (up from ₪6.93 in FY 2023). Revenue: ₪194.1m (up 5.1% from FY 2023). Net income: ₪30.9m (up 11% from FY 2023). Profit margin: 16% (in line with FY 2023). 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 4% per year, which means it is well ahead of earnings. Reported Earnings • Dec 03
Third quarter 2024 earnings released: EPS: ₪1.84 (vs ₪1.63 in 3Q 2023) Third quarter 2024 results: EPS: ₪1.84 (up from ₪1.63 in 3Q 2023). Revenue: ₪51.9m (up 13% from 3Q 2023). Net income: ₪7.43m (up 13% from 3Q 2023). Profit margin: 14% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. New Risk • Aug 25
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: 13% Last year net profit margin: 20% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: ₪1.48 (vs ₪2.10 in 2Q 2023) Second quarter 2024 results: EPS: ₪1.48 (down from ₪2.10 in 2Q 2023). Revenue: ₪43.1m (down 12% from 2Q 2023). Net income: ₪5.94m (down 30% from 2Q 2023). Profit margin: 14% (down from 17% in 2Q 2023). The decrease in margin was driven by lower 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 1% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 06
Now 20% overvalued Over the last 90 days, the stock has fallen 17% to ₪116. The fair value is estimated to be ₪96.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 10%. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: ₪1.65 (vs ₪2.30 in 1Q 2023) First quarter 2024 results: EPS: ₪1.65 (down from ₪2.30 in 1Q 2023). Revenue: ₪43.3m (down 6.5% from 1Q 2023). Net income: ₪6.66m (down 28% from 1Q 2023). Profit margin: 15% (down from 20% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annonce • Jun 01
The Gold Bond Group Ltd., Annual General Meeting, Jul 04, 2024 The Gold Bond Group Ltd., Annual General Meeting, Jul 04, 2024. Location: co. offices, Israel Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: ₪6.93 (vs ₪9.40 in FY 2022) Full year 2023 results: EPS: ₪6.93 (down from ₪9.40 in FY 2022). Revenue: ₪184.7m (down 8.4% from FY 2022). Net income: ₪27.9m (down 26% from FY 2022). Profit margin: 15% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 28
Third quarter 2023 earnings released: EPS: ₪1.63 (vs ₪2.55 in 3Q 2022) Third quarter 2023 results: EPS: ₪1.63 (down from ₪2.55 in 3Q 2022). Revenue: ₪45.8m (down 11% from 3Q 2022). Net income: ₪6.56m (down 36% from 3Q 2022). Profit margin: 14% (down from 20% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: ₪2.10 (vs ₪1.81 in 2Q 2022) Second quarter 2023 results: EPS: ₪2.10 (up from ₪1.81 in 2Q 2022). Revenue: ₪49.0m (down 1.1% from 2Q 2022). Net income: ₪8.46m (up 16% from 2Q 2022). Profit margin: 17% (up from 15% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Jun 03
First quarter 2023 earnings released: EPS: ₪2.30 (vs ₪1.89 in 1Q 2022) First quarter 2023 results: EPS: ₪2.30 (up from ₪1.89 in 1Q 2022). Revenue: ₪46.3m (up 3.6% from 1Q 2022). Net income: ₪9.25m (up 21% from 1Q 2022). Profit margin: 20% (up from 17% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: ₪9.40 (vs ₪6.57 in FY 2021) Full year 2022 results: EPS: ₪9.40 (up from ₪6.57 in FY 2021). Revenue: ₪201.6m (up 15% from FY 2021). Net income: ₪37.8m (up 43% from FY 2021). Profit margin: 19% (up from 15% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
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. 6 non-independent directors. Independent Director Miri Lent-Sharir was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 02
Second quarter 2022 earnings released: EPS: ₪1.81 (vs ₪1.45 in 2Q 2021) Second quarter 2022 results: EPS: ₪1.81 (up from ₪1.45 in 2Q 2021). Revenue: ₪49.5m (up 17% from 2Q 2021). Net income: ₪7.28m (up 25% from 2Q 2021). Profit margin: 15% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 6 non-independent directors. Independent Director Miri Lent-Sharir was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: ₪6.57 (vs ₪12.77 in FY 2020) Full year 2021 results: EPS: ₪6.57 (down from ₪12.77 in FY 2020). Revenue: ₪175.4m (up 26% from FY 2020). Net income: ₪26.5m (down 49% from FY 2020). Profit margin: 15% (down from 37% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 17% share price gain to ₪170, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 40% over the past three years. Reported Earnings • Sep 06
Second quarter 2021 earnings released: EPS ₪1.45 (vs ₪1.73 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₪42.2m (up 26% from 2Q 2020). Net income: ₪5.84m (down 16% from 2Q 2020). Profit margin: 14% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improved over the past week After last week's 21% share price gain to ₪129, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 16x in the Infrastructure industry in Asia. Total loss to shareholders of 2.4% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS ₪12.77 (vs ₪6.43 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₪138.8m (up 4.4% from FY 2019). Net income: ₪51.4m (up 98% from FY 2019). Profit margin: 37% (up from 20% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Jan 27
New 90-day low: ₪101 The company is down 15% from its price of ₪118 on 29 October 2020. The Israeli market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: ₪104 The company is down 9.0% from its price of ₪114 on 24 September 2020. The Israeli market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: ₪109 The company is down 20% from its price of ₪136 on 08 September 2020. The Israeli market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 9.0% over the same period. Reported Earnings • Dec 04
Third quarter 2020 earnings released: EPS ₪9.55 Third quarter 2020 results: Revenue: ₪32.7m (up 5.4% from 3Q 2019). Net income: ₪38.4m (up ₪32.7m from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Annonce • Nov 18
GreyOrange Partners with Gold Bond on eCommerce Fulfilment Center GreyOrange announced a partnership with Gold Bond to provide warehouse automation supporting its eCommerce services in Israel. The two companies have established autonomous fulfilment within the Gold Bond facility in Ashdod, designed specifically to provide e-commerce logistics services. The Ashdod facility—featuring the GreyOrange GreyMatter™ operating system—currently fulfils approximately 18,000-20,000 orders per day and maintains 20,000-25,000 SKUs in stock. GreyMatter anticipates and optimizes the movement of SKUs, orchestrating intelligent robots to stage and move inventory based on order flow, item popularity, promise-to-deliver dates, profitability analysis, customer value and satisfaction. In addition to the Ashdod operation, the partnership enables GreyOrange and Gold Bond to expand operations in the region, meeting customer needs for warehouse automation and the intelligent and rapid analysis of operational data. 
