New Risk • Mar 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (₪218.8m market cap, or US$68.9m). Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: ₪0.16 (vs ₪0.39 in FY 2024) Full year 2025 results: EPS: ₪0.16 (down from ₪0.39 in FY 2024). Revenue: ₪932.5m (down 11% from FY 2024). Net income: ₪8.40m (down 58% from FY 2024). Profit margin: 0.9% (down from 1.9% 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 43% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Mar 24
Lesico Ltd announces Annual dividend, payable on April 15, 2026 Lesico Ltd announced Annual dividend of ILS 0.0785 per share payable on April 15, 2026, ex-date on March 31, 2026 and record date on March 31, 2026. Reported Earnings • Nov 26
Third quarter 2025 earnings released: EPS: ₪0.09 (vs ₪0.22 in 3Q 2024) Third quarter 2025 results: EPS: ₪0.09 (down from ₪0.22 in 3Q 2024). Revenue: ₪210.5m (down 32% from 3Q 2024). Net income: ₪4.56m (down 59% from 3Q 2024). Profit margin: 2.2% (down from 3.6% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Sep 12
Lesico Ltd, Annual General Meeting, Oct 19, 2025 Lesico Ltd, Annual General Meeting, Oct 19, 2025. Location: company offices, Israel Reported Earnings • Aug 26
Second quarter 2025 earnings released: ₪0.21 loss per share (vs ₪0.09 profit in 2Q 2024) Second quarter 2025 results: ₪0.21 loss per share (down from ₪0.09 profit in 2Q 2024). Revenue: ₪220.6m (down 18% from 2Q 2024). Net loss: ₪10.5m (down 334% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • May 28
First quarter 2025 earnings released: ₪0.08 loss per share (vs ₪0.01 profit in 1Q 2024) First quarter 2025 results: ₪0.08 loss per share (down from ₪0.01 profit in 1Q 2024). Revenue: ₪243.9m (up 23% from 1Q 2024). Net loss: ₪3.99m (down ₪4.43m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Apr 17
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: 3.3% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₪180.6m market cap, or US$48.9m). Upcoming Dividend • Apr 14
Upcoming dividend of ₪0.098 per share Eligible shareholders must have bought the stock before 21 April 2025. Payment date: 28 April 2025. Trailing yield: 1.8%. Lower than top quartile of Israeli dividend payers (6.4%). Higher than average of industry peers (1.6%). Announcement • Apr 12
Lesico Ltd announces Annual dividend, payable on April 28, 2025 Lesico Ltd. announced Annual dividend of ILS 0.0981 per share payable on April 28, 2025, ex-date on April 21, 2025 and record date on April 21, 2025. Reported Earnings • Mar 27
Full year 2024 earnings released: EPS: ₪0.39 (vs ₪0.18 in FY 2023) Full year 2024 results: EPS: ₪0.39 (up from ₪0.18 in FY 2023). Revenue: ₪1.04b (up 29% from FY 2023). Net income: ₪19.9m (up 123% from FY 2023). Profit margin: 1.9% (up from 1.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 28
Third quarter 2024 earnings released: EPS: ₪0.22 (vs ₪0.03 loss in 3Q 2023) Third quarter 2024 results: EPS: ₪0.22 (up from ₪0.03 loss in 3Q 2023). Revenue: ₪307.7m (up 48% from 3Q 2023). Net income: ₪11.0m (up ₪12.6m from 3Q 2023). Profit margin: 3.6% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪3.65, the stock trades at a trailing P/E ratio of 44.7x. Average trailing P/E is 24x in the Construction industry in Israel. Total loss to shareholders of 33% over the past three years. Announcement • Nov 20
Lesico Ltd, Annual General Meeting, Dec 25, 2024 Lesico Ltd, Annual General Meeting, Dec 25, 2024. Location: co. offices, Israel Reported Earnings • Aug 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₪268.1m (up 32% from 2Q 2023). Net income: ₪4.47m (down 7.1% from 2Q 2023). Profit margin: 1.7% (down from 2.4% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₪3.46, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 18x in the Construction industry in Israel. Total loss to shareholders of 48% over the past three years. New Risk • Apr 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₪164.9m market cap, or US$43.4m). Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: ₪0.18 (vs ₪0.32 in FY 2022) Full year 2023 results: EPS: ₪0.18 (down from ₪0.32 in FY 2022). Revenue: ₪810.5m (down 4.8% from FY 2022). Net income: ₪8.95m (down 46% from FY 2022). Profit margin: 1.1% (down from 1.9% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 02
Third quarter 2023 earnings released: ₪0.03 loss per share (vs ₪0.08 profit in 3Q 2022) Third quarter 2023 results: ₪0.03 loss per share (down from ₪0.08 profit in 3Q 2022). Revenue: ₪208.4m (up 2.5% from 3Q 2022). Net loss: ₪1.59m (down 135% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: ₪0.09 (vs ₪0.18 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.09 (down from ₪0.18 in 2Q 2022). Revenue: ₪203.7m (down 1.8% from 2Q 2022). Net income: ₪4.81m (down 39% from 2Q 2022). Profit margin: 2.4% (down from 3.8% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Jun 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 6.5% 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. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 7.1% per year over the past 5 years. High level of non-cash earnings (58% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (₪165.2m market cap, or US$44.7m). New Risk • Jun 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 58% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 7.1% per year over the past 5 years. High level of non-cash earnings (58% accrual ratio). Minor Risk Market cap is less than US$100m (₪173.7m market cap, or US$48.9m). Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪2.97, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 12x in the Construction industry in Israel. Total loss to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₪2.94, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 11x in the Construction industry in Israel. Total loss to shareholders of 41% over the past three years. Board Change • Nov 16
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. 3 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent External Director Sarit Aharon was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Nov 03
Now 20% undervalued Over the last 90 days, the stock is up 2.2%. The fair value is estimated to be ₪4.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Sep 13
Now 20% undervalued Over the last 90 days, the stock is up 33%. The fair value is estimated to be ₪5.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 32% share price gain to ₪4.03, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 15x in the Construction industry in Israel. Total loss to shareholders of 8.2% over the past three years. Reported Earnings • Sep 04
Second quarter 2022 earnings released: EPS: ₪0.18 (vs ₪0.12 loss in 2Q 2021) Second quarter 2022 results: EPS: ₪0.18 (up from ₪0.12 loss in 2Q 2021). Revenue: ₪207.5m (up 24% from 2Q 2021). Net income: ₪7.87m (up ₪13.3m from 2Q 2021). Profit margin: 3.8% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 01
First quarter 2022 earnings released: ₪0.04 loss per share (vs ₪0.09 loss in 1Q 2021) First quarter 2022 results: ₪0.04 loss per share (up from ₪0.09 loss in 1Q 2021). Revenue: ₪200.1m (up 12% from 1Q 2021). Net loss: ₪2.15m (loss narrowed 47% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. 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. 3 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent External Director Sarit Aharon was the last independent director to join the board, commencing their role in 2017. 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 • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: ₪0.07 loss per share (down from ₪0.03 profit in 3Q 2020). Revenue: ₪152.8m (up 14% from 3Q 2020). Net loss: ₪3.65m (down 418% from profit in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: ₪0.07 loss per share (down from ₪0.03 profit in 3Q 2020). Revenue: ₪152.8m (up 14% from 3Q 2020). Net loss: ₪3.65m (down 418% from profit in 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₪5.77, the stock trades at a trailing P/E ratio of 41.5x. Average trailing P/E is 23x in the Construction industry in Israel. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 19% share price gain to ₪8.08, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 27x in the Construction industry in Israel. Total returns to shareholders of 47% over the past three years. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS ₪0.19 (vs ₪0.16 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₪601.3m (up 7.9% from FY 2019). Net income: ₪8.55m (up 17% from FY 2019). Profit margin: 1.4% (up from 1.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jan 21
Lesico to Begin a Construction and Upgrade Project of Water Supply Facility in Ghana for 85 Million Euro Lesico announced that all the preconditions for the execution of the construction and upgrade of a water supply facility in Ghana for 85 million euro have been met. The company received a down payment of approx. 13 million euro. The project, one of few projects that the company have signed in the past through its subsidiary, includes planning and execution of an upgrade and construction of a water supply facility for the Ghana national water company, and includes construction and renovation of a water pump facility in the Volta river, construction and renovation of water treatment facilities with a capacity of approx. 40,000 cubic meters per day and laying of approx. 60 kilometers of water transmission and distribution lines. It also includes construction and renovation of water towers, booster stations and ground reservoirs. The project will be executed by a subsidiary (100%) formed in Italy. The project funding will be provided by Deutche Bank, and will be insured by the Italian Export Credit Agency (SACE) along with a sub insurance of the Israeli insurer ASRA. The subsidiary is expected to receive ongoing payments under the terms of the agreement with the Ghana government, from the funding party, depending on the progression of the project. The funding agreement is between Ghana government and the funding party. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 15% share price gain to ₪4.08, the stock is trading at a trailing P/E ratio of 25.2x, up from the previous P/E ratio of 21.9x. This compares to an average P/E of 15x in the Construction industry in Israel. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Dec 21
New 90-day low: ₪3.50 The company is down 12% from its price of ₪3.97 on 22 September 2020. The Israeli market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 13% over the same period. Reported Earnings • Dec 04
Third quarter 2020 earnings released: EPS ₪0.03 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: ₪134.5m (down 22% from 3Q 2019). Net income: ₪1.15m (down 20% from 3Q 2019). Profit margin: 0.9% (up from 0.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% 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 • Dec 02
New 90-day low: ₪3.53 The company is down 10.0% from its price of ₪3.92 on 03 September 2020. The Israeli market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: ₪3.67 The company is down 11% from its price of ₪4.12 on 29 July 2020. The Israeli market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is flat over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: ₪3.86 The company is down 8.0% from its price of ₪4.18 on 25 June 2020. The Israeli market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 7.0% over the same period. 
