Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₪5.17, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 37x in the Electrical industry in Asia. Total returns to shareholders of 83% over the past three years. Upcoming Dividend • Apr 16
Upcoming dividend of ₪0.077 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 30 April 2026. Trailing yield: 11%. Within top quartile of Israeli dividend payers (5.5%). Higher than average of industry peers (1.1%). Reported Earnings • Mar 31
Full year 2025 earnings released: EPS: ₪0.32 (vs ₪0.66 in FY 2024) Full year 2025 results: EPS: ₪0.32 (down from ₪0.66 in FY 2024). Revenue: ₪92.5m (down 8.3% from FY 2024). Net income: ₪6.29m (down 51% from FY 2024). Profit margin: 6.8% (down from 13% 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 4% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 28
Elspec Engineering Ltd announces Annual dividend, payable on April 30, 2026 Elspec Engineering Ltd. announced Annual dividend of ILS 0.0772 per share payable on April 30, 2026, ex-date on April 23, 2026 and record date on April 23, 2026. Announcement • Mar 27
Elspec Engineering Ltd, Annual General Meeting, May 04, 2026 Elspec Engineering Ltd, Annual General Meeting, May 04, 2026. Location: co. offices, Israel New Risk • Mar 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by cash flows (245% cash payout ratio). Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (6.6% net profit margin). Market cap is less than US$100m (₪101.1m market cap, or US$32.2m). New Risk • Jan 29
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 6.1% 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: Minor Risks Dividend is not well covered by cash flows (245% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (6.6% net profit margin). Market cap is less than US$100m (₪113.5m market cap, or US$36.8m). Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪4.82, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 33x in the Electrical industry in Asia. Total returns to shareholders of 64% over the past three years. Announcement • Sep 10
Elspec Engineering Ltd, Annual General Meeting, Oct 15, 2025 Elspec Engineering Ltd, Annual General Meeting, Oct 15, 2025. Location: co. offices, Israel New Risk • Aug 28
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: 6.6% Last year net profit margin: 14% 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: Minor Risks Dividend is not well covered by cash flows (245% cash payout ratio). Profit margins are more than 30% lower than last year (6.6% net profit margin). Market cap is less than US$100m (₪99.7m market cap, or US$30.0m). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₪5.72, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 28x in the Electrical industry in Asia. Total returns to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₪7.07, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 28x in the Electrical industry in Asia. Total returns to shareholders of 123% over the past three years. Reported Earnings • Mar 25
Full year 2024 earnings released: EPS: ₪0.65 (vs ₪0.56 in FY 2023) Full year 2024 results: EPS: ₪0.65 (up from ₪0.56 in FY 2023). Revenue: ₪100.8m (up 13% from FY 2023). Net income: ₪12.7m (up 17% from FY 2023). Profit margin: 13% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₪6.49, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 28x in the Electrical industry in Asia. Total returns to shareholders of 109% over the past three years. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (₪170.7m market cap, or US$46.6m). Buy Or Sell Opportunity • Feb 06
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to ₪9.69. The fair value is estimated to be ₪7.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 44%. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪9.36, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 28x in the Electrical industry in Asia. Total returns to shareholders of 154% over the past three years. New Risk • Feb 03
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 5.9% 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 Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (₪178.2m market cap, or US$49.3m). Announcement • Nov 02
Elspec Engineering Ltd, Annual General Meeting, Dec 05, 2024 Elspec Engineering Ltd, Annual General Meeting, Dec 05, 2024. Location: co. offices, Israel Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪5.96, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 25x in the Electrical industry in Asia. Total returns to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₪5.51, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 26x in the Electrical industry in Asia. Total returns to shareholders of 44% over the past three years. New Risk • Mar 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (₪131.9m market cap, or US$36.6m). New Risk • Feb 29
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 5.9% 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 Risk Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (₪130.8m market cap, or US$36.5m). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪6.12, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 24x in the Electrical industry in Asia. Total returns to shareholders of 26% over the past three years. Buy Or Sell Opportunity • Feb 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to ₪6.12. The fair value is estimated to be ₪5.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. 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 Lior Carmon 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 • Aug 23
First half 2022 earnings released: EPS: ₪0.16 (vs ₪0.12 in 1H 2021) First half 2022 results: EPS: ₪0.16 (up from ₪0.12 in 1H 2021). Revenue: ₪37.3m (up 19% from 1H 2021). Net income: ₪3.16m (up 28% from 1H 2021). Profit margin: 8.5% (up from 7.9% in 1H 2021). 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 10% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent 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. 2 highly experienced directors. No independent directors (5 non-independent directors). External Director Eitan Livneh was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: ₪0.22 (vs ₪0.22 in FY 2020) Full year 2021 results: EPS: ₪0.22 (vs ₪0.22 in FY 2020). Revenue: ₪64.4m (up 4.1% from FY 2020). Net income: ₪4.28m (flat on FY 2020). Profit margin: 6.6% (down from 6.9% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Buying Opportunity • Mar 28
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₪4.66, 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% per annum over the last 3 years. Earnings per share has grown by 3.6% per annum over the last 3 years. Buying Opportunity • Jan 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.7%. The fair value is estimated to be ₪4.70, 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% per annum over the last 3 years. Earnings per share has grown by 3.6% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 17% share price gain to ₪4.70, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 24x in the Electrical industry in Asia. Total returns to shareholders of 85% over the past three years. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS ₪0.22 (vs ₪0.45 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₪61.9m (down 21% from FY 2019). Net income: ₪4.27m (down 51% from FY 2019). Profit margin: 6.9% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 16% per year. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₪5.10, the stock is trading at a trailing P/E ratio of 12.9x, down from the previous P/E ratio of 15.2x. This compares to an average P/E of 23x in the Electrical industry in Asia. Total returns to shareholders over the past three years are 104%. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 16% share price gain to ₪6.16, the stock is trading at a trailing P/E ratio of 15.6x, up from the previous P/E ratio of 13.5x. This compares to an average P/E of 23x in the Electrical industry in Asia. Total returns to shareholders over the past three years are 132%. Is New 90 Day High Low • Jan 12
New 90-day high: ₪6.16 The company is up 47% from its price of ₪4.19 on 14 October 2020. The Israeli market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Jan 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₪5.50, the stock is trading at a trailing P/E ratio of 13.9x, up from the previous P/E ratio of 12x. This compares to an average P/E of 23x in the Electrical industry in Asia. Total returns to shareholders over the past three years are 103%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 33% share price gain to ₪5.81, the stock is trading at a trailing P/E ratio of 14.7x, up from the previous P/E ratio of 11x. This compares to an average P/E of 24x in the Electrical industry in Asia. Total returns to shareholders over the past three years are 118%. Is New 90 Day High Low • Dec 14
New 90-day high: ₪4.82 The company is up 37% from its price of ₪3.53 on 15 September 2020. The Israeli market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 20% share price gain to ₪4.82, the stock is trading at a trailing P/E ratio of 12.2x, up from the previous P/E ratio of 10.2x. This compares to an average P/E of 22x in the Electrical industry in Asia. Total returns to shareholders over the past three years are 73%.