Reported Earnings • Jun 03
First quarter 2026 earnings released: EPS: ₪4.12 (vs ₪2.30 in 1Q 2025) First quarter 2026 results: EPS: ₪4.12 (up from ₪2.30 in 1Q 2025). Revenue: ₪395.3m (down 4.8% from 1Q 2025). Net income: ₪22.9m (up 88% from 1Q 2025). Profit margin: 5.8% (up from 2.9% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₪412, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 30x in the Construction industry in Israel. Total returns to shareholders of 362% over the past three years. New Risk • Apr 23
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 Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Earnings have declined by 5.2% 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. Share price has been volatile over the past 3 months (7.0% average weekly change). Upcoming Dividend • Apr 03
Upcoming dividend of ₪8.98 per share Eligible shareholders must have bought the stock before 10 April 2026. Payment date: 17 April 2026. Payout ratio is a comfortable 66% and the cash payout ratio is 84%. Trailing yield: 2.2%. Lower than top quartile of Israeli dividend payers (5.7%). Higher than average of industry peers (1.5%). New Risk • Mar 30
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: 2.1% 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 Risks Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Earnings have declined by 5.2% 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 25
Full year 2025 earnings released: EPS: ₪13.82 (vs ₪11.54 in FY 2024) Full year 2025 results: EPS: ₪13.82 (up from ₪11.54 in FY 2024). Revenue: ₪1.68b (down 5.6% from FY 2024). Net income: ₪77.0m (up 29% from FY 2024). Profit margin: 4.6% (up from 3.4% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Announcement • Mar 11
Afcon Holdings Ltd to Report Q4, 2025 Results on Mar 23, 2026 Afcon Holdings Ltd announced that they will report Q4, 2025 results on Mar 23, 2026 Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₪400, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 33x in the Construction industry in Israel. Total returns to shareholders of 241% over the past three years. Reported Earnings • Nov 30
Third quarter 2025 earnings released: EPS: ₪4.39 (vs ₪2.67 in 3Q 2024) Third quarter 2025 results: EPS: ₪4.39 (up from ₪2.67 in 3Q 2024). Revenue: ₪448.6m (down 2.1% from 3Q 2024). Net income: ₪23.3m (up 65% from 3Q 2024). Profit margin: 5.2% (up from 3.1% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Oct 21
Afcon Holdings Ltd to Report Q3, 2025 Results on Nov 27, 2025 Afcon Holdings Ltd announced that they will report Q3, 2025 results on Nov 27, 2025 Reported Earnings • Aug 21
Second quarter 2025 earnings released: EPS: ₪3.20 (vs ₪1.57 in 2Q 2024) Second quarter 2025 results: EPS: ₪3.20 (up from ₪1.57 in 2Q 2024). Revenue: ₪392.3m (down 13% from 2Q 2024). Net income: ₪17.0m (up 114% from 2Q 2024). Profit margin: 4.3% (up from 1.8% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 109% 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 • Jul 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪195, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 24x in the Construction industry in Israel. Total returns to shareholders of 23% over the past three years. Reported Earnings • May 29
First quarter 2025 earnings released: EPS: ₪2.30 (vs ₪2.92 in 1Q 2024) First quarter 2025 results: EPS: ₪2.30 (down from ₪2.92 in 1Q 2024). Revenue: ₪415.4m (down 5.0% from 1Q 2024). Net income: ₪12.2m (down 17% from 1Q 2024). Profit margin: 2.9% (down from 3.4% 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 82% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • May 21
Afcon Holdings Ltd to Report Q1, 2025 Results on May 28, 2025 Afcon Holdings Ltd announced that they will report Q1, 2025 results on May 28, 2025 Reported Earnings • Mar 29
Full year 2024 earnings released Full year 2024 results: Revenue: ₪1.78b (down 17% from FY 2023). Net income: ₪59.8m (up ₪68.4m from FY 2023). Profit margin: 3.4% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Mar 11
Afcon Holdings Ltd to Report Q4, 2024 Results on Mar 27, 2025 Afcon Holdings Ltd announced that they will report Q4, 2024 results on Mar 27, 2025 New Risk • Jan 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% 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 Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Dividend is not well covered by earnings (184% payout ratio). Share price has been volatile over the past 3 months (5.6% average weekly change). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). New Risk • Dec 22
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 Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Dividend is not well covered by earnings (184% payout ratio). Share price has been volatile over the past 3 months (5.3% average weekly change). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪164, the stock trades at a trailing P/E ratio of 49.1x. Average trailing P/E is 18x in the Construction industry in Israel. Total loss to shareholders of 18% over the past three years. Buy Or Sell Opportunity • Dec 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 55% to ₪142. The fair value is estimated to be ₪119, 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. Earnings per share has declined by 68%. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: ₪2.67 (vs ₪0.58 in 3Q 2023) Third quarter 2024 results: EPS: ₪2.67 (up from ₪0.58 in 3Q 2023). Revenue: ₪458.0m (down 29% from 3Q 2023). Net income: ₪14.1m (up 383% from 3Q 2023). Profit margin: 3.1% (up from 0.5% in 3Q 2023). The increase in margin was driven by lower expenses. 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. Announcement • Nov 26
Afcon Holdings Ltd, Annual General Meeting, Dec 31, 2024 Afcon Holdings Ltd, Annual General Meeting, Dec 31, 2024. Reported Earnings • Aug 20
Second quarter 2024 earnings released: EPS: ₪1.57 (vs ₪0.71 in 2Q 2023) Second quarter 2024 results: EPS: ₪1.57 (up from ₪0.71 in 2Q 2023). Revenue: ₪448.8m (down 12% from 2Q 2023). Net income: ₪7.93m (up 121% from 2Q 2023). Profit margin: 1.8% (up from 0.7% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • Aug 14
Afcon Holdings Ltd to Report Q2, 2024 Results on Aug 19, 2024 Afcon Holdings Ltd announced that they will report Q2, 2024 results on Aug 19, 2024 Announcement • May 28
Afcon Holdings Ltd to Report Q4, 2024 Results on May 29, 2024 Afcon Holdings Ltd announced that they will report Q4, 2024 results on May 29, 2024 Reported Earnings • Apr 02
Full year 2023 earnings released Full year 2023 results: Revenue: ₪2.15b (up 2.9% from FY 2022). Net loss: ₪8.56m (loss narrowed 84% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 03
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₪642.3m (up 39% from 3Q 2022). Net income: ₪2.93m (up ₪45.4m from 3Q 2022). Profit margin: 0.5% (up from net loss in 3Q 2022). The move to profitability was 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 76 percentage points per year, which is a significant difference in performance. New Risk • Oct 15
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 6.9% 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 (0.5x net interest cover). Earnings have declined by 18% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.9% average weekly change). Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₪507.5m (down 1.8% from 2Q 2022). Net income: ₪3.58m (up ₪11.7m from 2Q 2022). Profit margin: 0.7% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2022 earnings released Full year 2022 results: Revenue: ₪2.09b (flat on FY 2021). Net loss: ₪53.8m (down 145% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₪463.3m (down 12% from 3Q 2021). Net loss: ₪42.5m (down 434% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent External Director Zvika Zivlin 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. Upcoming Dividend • May 08
Upcoming dividend of ₪4.94 per share Eligible shareholders must have bought the stock before 15 May 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Israeli dividend payers (5.6%). Higher than average of industry peers (1.6%). 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. 4 non-independent directors. Independent External Director Haim Shechter was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 30
Full year 2021 earnings released Full year 2021 results: Revenue: ₪2.11b (up 22% from FY 2020). Net income: ₪119.4m (up ₪105.9m from FY 2020). Profit margin: 5.7% (up from 0.8% in FY 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Jan 09
Upcoming dividend of ₪4.94 per share Eligible shareholders must have bought the stock before 16 January 2022. Payment date: 23 January 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Israeli dividend payers (5.1%). Higher than average of industry peers (1.5%). Announcement • Dec 29
Afcon Holdings Ltd (TASE:AFHL) acquired a 70% stake in Natoon Group. Afcon Holdings Ltd (TASE:AFHL) acquired a 70% stake in Natoon Group on December 28, 2021. Sagi Gross, Daniel Kleinman and Izabel Pashayev acted as legal advisors to shareholders of Natoon Group.
Afcon Holdings Ltd (TASE:AFHL) completed the acquisition of a 70% stake in Natoon Group on December 28, 2021. Reported Earnings • Nov 26
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: ₪525.7m (up 22% from 3Q 2020). Net income: ₪12.7m (up ₪18.1m from 3Q 2020). Profit margin: 2.4% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ₪485.4m (up 19% from 2Q 2020). Net income: ₪4.76m (up 21% from 2Q 2020). Profit margin: 1.0% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 16% share price gain to ₪200, the stock trades at a trailing P/E ratio of 76.1x. Average trailing P/E is 22x in the Construction industry in Israel. Total returns to shareholders of 46% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₪1.73b (up 3.5% from FY 2019). Net income: ₪13.5m (up ₪37.6m from FY 2019). Profit margin: 0.8% (up from net loss in FY 2019). The move to profitability was 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 99 percentage points per year, which is a significant difference in performance. Announcement • Feb 10
Afcon Holdings Ltd Appoints Zvika Zivlin as Non-Executive Director, Effective from 11 March 2021 888 Holdings plc notesd that Zvika Zivlin, a Non-Executive Director of the Company, has also been appointed as a Non-Executive Director of Afcon Holdings Ltd. The appointment will be effective from 11 March 2021. Is New 90 Day High Low • Feb 03
New 90-day high: ₪145 The company is up 28% from its price of ₪113 on 04 November 2020. The Israeli market is up 18% 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. Is New 90 Day High Low • Jan 18
New 90-day high: ₪145 The company is up 41% from its price of ₪103 on 20 October 2020. The Israeli market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: ₪122 The company is up 30% from its price of ₪93.80 on 01 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 19% over the same period. Reported Earnings • Dec 04
Third quarter 2020 earnings released: ₪1.06 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: ₪430.4m (up 21% from 3Q 2019). Net loss: ₪5.35m (loss narrowed 79% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 87% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Sep 29
New 90-day low: ₪92.36 The company is down 1.0% from its price of ₪93.45 on 01 July 2020. The Israeli market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 9.0% over the same period. Announcement • Sep 26
Afcon Holdings Ltd. (TASE:AFHL) acquired a 70% stake in Logia Power Systems Ltd. Afcon Holdings Ltd. (TASE:AFHL) acquired a 70% stake in Logia Power Systems Ltd. on September 22, 2020. Amnon Epstein of Epstein Rosenblum Maoz acted as the legal advisor to Logia.
Afcon Holdings Ltd. (TASE:AFHL) completed the acquisition of a 70% stake in Logia Power Systems Ltd. on September 22, 2020.