Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₪10.41, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 33x in the Construction industry in Israel. Total returns to shareholders of 67% over the past three years. New Risk • Jun 01
New major risk - Revenue and earnings growth Earnings have declined by 0.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 134% Cash payout ratio: 121% Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.9% net profit margin). Market cap is less than US$100m (₪140.3m market cap, or US$49.7m). Buy Or Sell Opportunity • Apr 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.3% to ₪12.67. The fair value is estimated to be ₪10.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.5% over the last 3 years. Earnings per share has declined by 9.5%. New Risk • Apr 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% Cash payout ratio: 110% Dividend yield: 11% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Cash payout ratio: 110% Minor Risk Market cap is less than US$100m (₪149.1m market cap, or US$47.6m). Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: ₪1.16 (vs ₪2.39 in FY 2024) Full year 2025 results: EPS: ₪1.16 (down from ₪2.39 in FY 2024). Revenue: ₪432.9m (down 32% from FY 2024). Net income: ₪13.3m (down 52% from FY 2024). Profit margin: 3.1% (down from 4.3% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jan 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ₪11.01. The fair value is estimated to be ₪14.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Nov 28
Third quarter 2025 earnings released: EPS: ₪0.76 (vs ₪0.54 in 3Q 2024) Third quarter 2025 results: EPS: ₪0.76 (up from ₪0.54 in 3Q 2024). Revenue: ₪329.3m (up 105% from 3Q 2024). Net income: ₪8.72m (up 41% from 3Q 2024). Profit margin: 2.6% (down from 3.8% 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 6% per year whereas the company’s share price has fallen by 4% per year. 공고 • Nov 28
Ludan Engineering Co. Ltd, Annual General Meeting, Dec 31, 2025 Ludan Engineering Co. Ltd, Annual General Meeting, Dec 31, 2025. Location: co. offices, Israel Reported Earnings • Aug 26
Second quarter 2025 earnings released: EPS: ₪0.36 (vs ₪0.70 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.36 (down from ₪0.70 in 2Q 2024). Revenue: ₪113.6m (down 27% from 2Q 2024). Net income: ₪4.14m (down 49% from 2Q 2024). Profit margin: 3.6% (down from 5.2% in 2Q 2024). The decrease in margin was driven by lower revenue. 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 6% per year. New Risk • Aug 12
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 11% 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Dividend is not well covered by earnings (131% payout ratio). Market cap is less than US$100m (₪183.1m market cap, or US$53.7m). Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to ₪15.89, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 21x in the Construction industry in Israel. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪22.19, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 19x in the Construction industry in Israel. Total returns to shareholders of 77% over the past three years. Reported Earnings • May 28
First quarter 2025 earnings released: EPS: ₪0.26 (vs ₪0.41 in 1Q 2024) First quarter 2025 results: EPS: ₪0.26 (down from ₪0.41 in 1Q 2024). Revenue: ₪112.7m (down 28% from 1Q 2024). Net income: ₪3.04m (down 36% from 1Q 2024). Profit margin: 2.7% (down from 3.0% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: ₪2.39 (vs ₪2.38 in FY 2023) Full year 2024 results: EPS: ₪2.39 (up from ₪2.38 in FY 2023). Revenue: ₪633.5m (up 1.3% from FY 2023). Net income: ₪27.5m (flat on FY 2023). Profit margin: 4.3% (down from 4.4% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. 공고 • Mar 25
Ludan Engineering Co. Ltd to Report Q4, 2024 Results on Apr 02, 2025 Ludan Engineering Co. Ltd announced that they will report Q4, 2024 results on Apr 02, 2025 Reported Earnings • Nov 26
Third quarter 2024 earnings released: EPS: ₪0.54 (vs ₪0.51 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.54 (up from ₪0.51 in 3Q 2023). Revenue: ₪160.6m (up 7.9% from 3Q 2023). Net income: ₪6.17m (up 5.5% from 3Q 2023). Profit margin: 3.8% (down from 3.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. 공고 • Oct 23
Ludan Engineering Co. Ltd, Annual General Meeting, Nov 27, 2024 Ludan Engineering Co. Ltd, Annual General Meeting, Nov 27, 2024. Location: co. offices, Israel Upcoming Dividend • Aug 27
Upcoming dividend of ₪1.75 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 24 September 2024. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 7.6%. Within top quartile of Israeli dividend payers (7.0%). Higher than average of industry peers (1.7%). 공고 • Aug 05
Ludan Engineering Co. Ltd to Report Q2, 2024 Results on Aug 22, 2024 Ludan Engineering Co. Ltd announced that they will report Q2, 2024 results on Aug 22, 2024 Buy Or Sell Opportunity • Jul 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ₪16.43. The fair value is estimated to be ₪20.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 16%. Upcoming Dividend • Mar 31
Upcoming dividend of ₪0.60 per share Eligible shareholders must have bought the stock before 07 April 2024. Payment date: 14 April 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Israeli dividend payers (6.8%). Higher than average of industry peers (2.2%). 공고 • Mar 21
Ludan Engineering Co. Ltd to Report Q4, 2023 Results on Mar 28, 2024 Ludan Engineering Co. Ltd announced that they will report Q4, 2023 results on Mar 28, 2024 Reported Earnings • Nov 22
Third quarter 2023 earnings released: EPS: ₪0.51 (vs ₪0.59 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.51 (down from ₪0.59 in 3Q 2022). Revenue: ₪148.8m (up 7.6% from 3Q 2022). Net income: ₪5.85m (down 14% from 3Q 2022). Profit margin: 3.9% (down from 4.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 25% per year. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: ₪2.42 (vs ₪1.56 in FY 2021) Full year 2022 results: EPS: ₪2.42 (up from ₪1.56 in FY 2021). Revenue: ₪576.0m (up 12% from FY 2021). Net income: ₪27.8m (up 55% from FY 2021). Profit margin: 4.8% (up from 3.5% 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 34% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 25
Third quarter 2022 earnings released: EPS: ₪0.59 (vs ₪0.27 in 3Q 2021) Third quarter 2022 results: EPS: ₪0.59 (up from ₪0.27 in 3Q 2021). Revenue: ₪138.3m (up 13% from 3Q 2021). Net income: ₪6.80m (up 114% from 3Q 2021). Profit margin: 4.9% (up from 2.6% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 40% per year. 공고 • Jun 02
Ludan Engineering Co. Ltd. to Report Q1, 2022 Results on Jun 02, 2022 Ludan Engineering Co. Ltd. announced that they will report Q1, 2022 results on Jun 02, 2022 Board Change • Apr 27
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. 3 experienced directors. 3 highly experienced directors. External Director Rani Lifshitz was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₪1.56 (up from ₪1.46 in FY 2020). Revenue: ₪513.7m (down 3.4% from FY 2020). Net income: ₪17.9m (up 6.3% from FY 2020). Profit margin: 3.5% (up from 3.2% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. 공고 • Feb 22
Ludan Engineering Co. Ltd. to Report Q4, 2021 Results on Mar 15, 2022 Ludan Engineering Co. Ltd. announced that they will report Q4, 2021 results on Mar 15, 2022 Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improved over the past week After last week's 20% share price gain to ₪16.43, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 19x in the Construction industry in Israel. Total returns to shareholders of 221% over the past three years. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 17% share price gain to ₪15.67, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 16x in the Construction industry in Israel. Total returns to shareholders of 369% over the past three years. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: ₪0.28 (down from ₪0.39 in 3Q 2020). Revenue: ₪122.2m (down 12% from 3Q 2020). Net income: ₪3.19m (down 29% from 3Q 2020). Profit margin: 2.6% (down from 3.2% in 3Q 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improved over the past week After last week's 29% share price gain to ₪13.85, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 25x in the Construction industry in Israel. Total returns to shareholders of 157% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 17% share price gain to ₪9.30, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 19x in the Construction industry in Israel. Total returns to shareholders of 38% over the past three years. Is New 90 Day High Low • Feb 09
New 90-day high: ₪8.37 The company is up 38% from its price of ₪6.05 on 11 November 2020. The Israeli market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: ₪8.35 The company is up 35% from its price of ₪6.19 on 15 October 2020. The Israeli market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 22% over the same period. Upcoming Dividend • Dec 27
Upcoming Dividend of ₪0.50 Per Share Will be paid on the 18th of January to those who are registered shareholders by the 3rd of January. The company last paid an ordinary dividend in May 2014. The average dividend yield among industry peers is 1.2%. Is New 90 Day High Low • Dec 09
New 90-day high: ₪7.76 The company is up 40% from its price of ₪5.54 on 10 September 2020. The Israeli market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 23
New 90-day high: ₪6.49 The company is up 8.0% from its price of ₪5.99 on 25 August 2020. The Israeli market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day high: ₪6.27 The company is up 49% from its price of ₪4.22 on 28 July 2020. The Israeli market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is flat over the same period.