Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₪17.16, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 19x in the Metals and Mining industry in Asia. Total returns to shareholders of 358% over the past three years. New Risk • Jun 30
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 7.5% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₪20.72, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 19x in the Metals and Mining industry in Asia. Total returns to shareholders of 529% over the past three years. Reported Earnings • May 27
First quarter 2026 earnings released: EPS: ₪0.26 (vs ₪0.23 in 1Q 2025) First quarter 2026 results: EPS: ₪0.26 (up from ₪0.23 in 1Q 2025). Revenue: ₪191.0m (up 4.4% from 1Q 2025). Net income: ₪12.0m (up 16% from 1Q 2025). Profit margin: 6.3% (up from 5.6% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪15.37, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 23x in the Metals and Mining industry in Asia. Total returns to shareholders of 300% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪12.74, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 22x in the Metals and Mining industry in Asia. Total returns to shareholders of 199% over the past three years. Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: ₪0.74 (vs ₪0.25 in FY 2024) Full year 2025 results: EPS: ₪0.74 (up from ₪0.25 in FY 2024). Revenue: ₪703.5m (up 7.5% from FY 2024). Net income: ₪33.5m (up 198% from FY 2024). Profit margin: 4.8% (up from 1.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪10.17, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 20x in the Metals and Mining industry in Asia. Total returns to shareholders of 208% over the past three years. New Risk • Nov 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₪325.0m (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 0.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₪325.0m market cap, or US$99.5m). Reported Earnings • Nov 22
Third quarter 2025 earnings released: EPS: ₪0.17 (vs ₪0.12 in 3Q 2024) Third quarter 2025 results: EPS: ₪0.17 (up from ₪0.12 in 3Q 2024). Revenue: ₪188.7m (up 1.8% from 3Q 2024). Net income: ₪7.55m (up 44% from 3Q 2024). Profit margin: 4.0% (up from 2.8% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 23
Second quarter 2025 earnings released: EPS: ₪0.16 (vs ₪0.04 loss in 2Q 2024) Second quarter 2025 results: EPS: ₪0.16 (up from ₪0.04 loss in 2Q 2024). Revenue: ₪168.9m (up 12% from 2Q 2024). Net income: ₪7.21m (up ₪8.83m from 2Q 2024). Profit margin: 4.3% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. 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 1% per year. Aankondiging • Jun 20
Gaon Group Ltd., Annual General Meeting, Jul 09, 2025 Gaon Group Ltd., Annual General Meeting, Jul 09, 2025. Location: co. offices, Israel 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 ₪6.32, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 20x in the Metals and Mining industry in Asia. Total loss to shareholders of 4.2% over the past three years. New Risk • May 22
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 8.3% 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 Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Earnings have declined by 23% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₪256.7m market cap, or US$71.7m). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪5.10, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 18x in the Metals and Mining industry in Asia. Total loss to shareholders of 36% over the past three years. Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: ₪0.25 (vs ₪0.63 loss in FY 2023) Full year 2024 results: EPS: ₪0.25 (up from ₪0.63 loss in FY 2023). Revenue: ₪654.1m (up 3.3% from FY 2023). Net income: ₪11.2m (up ₪39.8m from FY 2023). Profit margin: 1.7% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Mar 31
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 7.0% 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 Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings have declined by 42% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (₪196.8m market cap, or US$52.9m). Buy Or Sell Opportunity • Mar 31
Now 33% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₪4.32. The fair value is estimated to be ₪3.25, however this is not to be taken as a sell 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. Aankondiging • Dec 10
Gaon Group Ltd., Annual General Meeting, Dec 31, 2024 Gaon Group Ltd., Annual General Meeting, Dec 31, 2024. Location: companies offices, Israel New Risk • Nov 18
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 5.6% 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 Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings have declined by 41% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (₪164.8m market cap, or US$44.0m). Reported Earnings • Aug 24
Second quarter 2024 earnings released: ₪0.04 loss per share (vs ₪0.68 loss in 2Q 2023) Second quarter 2024 results: ₪0.04 loss per share (improved from ₪0.68 loss in 2Q 2023). Revenue: ₪151.4m (down 11% from 2Q 2023). Net loss: ₪1.63m (loss narrowed 95% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 20
Third quarter 2023 earnings released: EPS: ₪0.045 (vs ₪0.094 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.045 (down from ₪0.094 in 3Q 2022). Revenue: ₪167.9m (down 8.0% from 3Q 2022). Net income: ₪2.05m (down 52% from 3Q 2022). Profit margin: 1.2% (down from 2.3% 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 32% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. New Risk • Aug 25
New major risk - Revenue and earnings growth Earnings have declined by 7.7% 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Earnings have declined by 7.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₪158.9m market cap, or US$41.8m). Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪3.87, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 16x in the Metals and Mining industry in Asia. Total loss to shareholders of 2.7% over the past three years. New Risk • Aug 07
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 8.9% 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 Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (8.9% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (₪177.4m market cap, or US$48.3m). New Risk • Jun 21
New major 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 8.3% 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 Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (₪152.4m market cap, or US$42.1m). Reported Earnings • May 30
First quarter 2023 earnings released: EPS: ₪0.058 (vs ₪0.10 in 1Q 2022) First quarter 2023 results: EPS: ₪0.058 (down from ₪0.10 in 1Q 2022). Revenue: ₪160.8m (flat on 1Q 2022). Net income: ₪2.64m (down 42% from 1Q 2022). Profit margin: 1.6% (down from 2.8% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₪4.24, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 14x in the Metals and Mining industry in Asia. Total returns to shareholders of 11% over the past three years. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: ₪0.33 (vs ₪0.39 in FY 2021) Full year 2022 results: EPS: ₪0.33 (down from ₪0.39 in FY 2021). Revenue: ₪697.2m (up 40% from FY 2021). Net income: ₪14.9m (down 15% from FY 2021). Profit margin: 2.1% (down from 3.5% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₪3.90, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 13x in the Metals and Mining industry in Asia. Negligible returns to shareholders over past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ₪0.09 (vs ₪0.08 in 3Q 2021) Third quarter 2022 results: EPS: ₪0.09 (up from ₪0.08 in 3Q 2021). Revenue: ₪182.6m (up 50% from 3Q 2021). Net income: ₪4.28m (up 14% from 3Q 2021). Profit margin: 2.3% (down from 3.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent External Director Shimon Tal was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ₪0.08 (vs ₪0.02 in 2Q 2021) Second quarter 2022 results: EPS: ₪0.08 (up from ₪0.02 in 2Q 2021). Revenue: ₪175.0m (up 56% from 2Q 2021). Net income: ₪3.76m (up 233% from 2Q 2021). Profit margin: 2.1% (up from 1.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₪6.00, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Metals and Mining industry in Asia. Total returns to shareholders of 52% over the past three years. Reported Earnings • May 23
First quarter 2022 earnings released: EPS: ₪0.10 (vs ₪0.07 loss in 1Q 2021) First quarter 2022 results: EPS: ₪0.10 (up from ₪0.07 loss in 1Q 2021). Revenue: ₪160.7m (up 58% from 1Q 2021). Net income: ₪4.56m (up ₪7.57m from 1Q 2021). Profit margin: 2.8% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. 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 19% per year, which means it is well ahead of earnings. 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. 4 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent External Director Boaz Laor was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: ₪0.39 (vs ₪0.27 in FY 2020) Full year 2021 results: EPS: ₪0.39 (up from ₪0.27 in FY 2020). Revenue: ₪498.3m (down 2.5% from FY 2020). Net income: ₪17.5m (up 41% from FY 2020). Profit margin: 3.5% (up from 2.4% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 27% 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 20
Third quarter 2021 earnings released: EPS ₪0.08 (vs ₪0.09 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₪121.9m (down 2.3% from 3Q 2020). Net income: ₪3.77m (down 9.6% from 3Q 2020). Profit margin: 3.1% (down from 3.3% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Mar 15
Full year 2020 earnings released: EPS ₪0.27 (vs ₪0.33 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₪511.1m (down 1.3% from FY 2019). Net income: ₪12.5m (down 17% from FY 2019). Profit margin: 2.4% (down from 2.9% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 95% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 28
New 90-day high: ₪5.62 The company is up 34% from its price of ₪4.19 on 29 September 2020. The Israeli market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₪5.00 The company is up 27% from its price of ₪3.95 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 Metals and Mining industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: ₪4.30 The company is up 5.0% from its price of ₪4.10 on 18 August 2020. The Israeli market is also up 5.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Metals and Mining industry, which is up 3.0% over the same period.