New Risk • May 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (126% cash payout ratio). Reported Earnings • May 28
First quarter 2026 earnings released: EPS: ₪0.10 (vs ₪0.09 in 1Q 2025) First quarter 2026 results: EPS: ₪0.10 (up from ₪0.09 in 1Q 2025). Revenue: ₪599.8m (up 26% from 1Q 2025). Net income: ₪14.8m (up 7.9% from 1Q 2025). Profit margin: 2.5% (down from 2.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 02
Upcoming dividend of ₪0.033 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 16 April 2026. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Israeli dividend payers (5.7%). Higher than average of industry peers (2.9%). Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: ₪0.47 (vs ₪0.39 in FY 2024) Full year 2025 results: EPS: ₪0.47 (up from ₪0.39 in FY 2024). Revenue: ₪2.13b (down 3.8% from FY 2024). Net income: ₪71.1m (up 21% from FY 2024). Profit margin: 3.3% (up from 2.7% 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 27% per year whereas the company’s share price has increased by 26% per year. New Risk • Feb 23
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: 4.4% 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 Risk Earnings have declined by 7.8% per year over the past 5 years. Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 29
Third quarter 2025 earnings released: EPS: ₪0.09 (vs ₪0.095 in 3Q 2024) Third quarter 2025 results: EPS: ₪0.09 (down from ₪0.095 in 3Q 2024). Revenue: ₪551.6m (down 9.9% from 3Q 2024). Net income: ₪13.8m (down 4.1% from 3Q 2024). Profit margin: 2.5% (up from 2.3% 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 25% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: ₪0.13 (vs ₪0.13 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.13 (in line with 2Q 2024). Revenue: ₪573.6m (up 6.7% from 2Q 2024). Net income: ₪19.9m (up 4.5% from 2Q 2024). Profit margin: 3.5% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of ₪0.033 per share Eligible shareholders must have bought the stock before 09 June 2025. Payment date: 16 June 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Israeli dividend payers (6.2%). Lower than average of industry peers (3.8%). Reported Earnings • May 31
First quarter 2025 earnings released: EPS: ₪0.09 (vs ₪0.08 in 1Q 2024) First quarter 2025 results: EPS: ₪0.09 (up from ₪0.08 in 1Q 2024). Revenue: ₪477.0m (down 9.8% from 1Q 2024). Net income: ₪13.8m (up 13% from 1Q 2024). Profit margin: 2.9% (up from 2.3% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 29
Bikurey Hasade (Holdings) Ltd, Annual General Meeting, Jul 02, 2025 Bikurey Hasade (Holdings) Ltd, Annual General Meeting, Jul 02, 2025. Location: co. offices, Israel Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪3.79, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 14x in the Consumer Retailing industry in Israel. Total loss to shareholders of 32% over the past three years. Upcoming Dividend • Mar 31
Upcoming dividend of ₪0.067 per share Eligible shareholders must have bought the stock before 07 April 2025. Payment date: 21 April 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Israeli dividend payers (6.2%). Lower than average of industry peers (3.1%). Reported Earnings • Mar 29
Full year 2024 earnings released: EPS: ₪0.40 (vs ₪0.27 in FY 2023) Full year 2024 results: EPS: ₪0.40 (up from ₪0.27 in FY 2023). Revenue: ₪2.21b (up 24% from FY 2023). Net income: ₪58.7m (up 47% from FY 2023). Profit margin: 2.7% (up from 2.2% 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 14% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Nov 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings have declined by 8.8% per year over the past 5 years. Reported Earnings • Nov 27
Third quarter 2024 earnings released: EPS: ₪0.10 (vs ₪0.06 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.10 (up from ₪0.06 in 3Q 2023). Revenue: ₪612.2m (up 31% from 3Q 2023). Net income: ₪14.4m (up 48% from 3Q 2023). Profit margin: 2.3% (up from 2.1% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 24
Second quarter 2024 earnings released: EPS: ₪0.13 (vs ₪0.07 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.13 (up from ₪0.07 in 2Q 2023). Revenue: ₪537.6m (up 24% from 2Q 2023). Net income: ₪19.0m (up 73% from 2Q 2023). Profit margin: 3.5% (up from 2.5% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₪376.0m (US$99.9m) 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 (5.2% operating cash flow to total debt). Earnings have declined by 8.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₪376.0m market cap, or US$99.9m). Announcement • Apr 02
Bikurey Hasade (Holdings) Ltd, Annual General Meeting, May 06, 2024 Bikurey Hasade (Holdings) Ltd, Annual General Meeting, May 06, 2024, at 15:00 Israel Standard Time. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: ₪0.27 (vs ₪0.22 in FY 2022) Full year 2023 results: EPS: ₪0.27 (up from ₪0.22 in FY 2022). Revenue: ₪1.78b (up 4.8% from FY 2022). Net income: ₪39.8m (up 22% from FY 2022). Profit margin: 2.2% (up from 1.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₪2.23, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 13x in the Consumer Retailing industry in Israel. Total loss to shareholders of 11% over the past year. Reported Earnings • Dec 02
Third quarter 2023 earnings released: EPS: ₪0.06 (vs ₪0.05 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.06 (up from ₪0.05 in 3Q 2022). Revenue: ₪469.0m (up 7.9% from 3Q 2022). Net income: ₪9.70m (up 27% from 3Q 2022). Profit margin: 2.1% (up from 1.8% in 3Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪1.75, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 13x in the Consumer Retailing industry in Israel. Total loss to shareholders of 45% over the past year. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪1.94, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 13x in the Consumer Retailing industry in Israel. Total loss to shareholders of 42% over the past year. Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: ₪0.05 (vs ₪0.04 in 1Q 2022) First quarter 2023 results: EPS: ₪0.05 (up from ₪0.04 in 1Q 2022). Revenue: ₪416.3m (up 2.4% from 1Q 2022). Net income: ₪6.87m (up 7.8% from 1Q 2022). Profit margin: 1.6% (in line with 1Q 2022). Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: ₪0.22 (vs ₪0.31 in FY 2021) Full year 2022 results: EPS: ₪0.22 (down from ₪0.31 in FY 2021). Revenue: ₪1.70b (up 3.7% from FY 2021). Net income: ₪32.7m (down 28% from FY 2021). Profit margin: 1.9% (down from 2.8% in FY 2021). The decrease in margin was driven by higher expenses. Buying Opportunity • Dec 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be ₪2.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has declined by 17%. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: ₪0.05 (vs ₪0.08 in 3Q 2021) Third quarter 2022 results: EPS: ₪0.05 (down from ₪0.08 in 3Q 2021). Revenue: ₪434.6m (flat on 3Q 2021). Net income: ₪7.64m (down 35% from 3Q 2021). Profit margin: 1.8% (down from 2.7% in 3Q 2021). Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: ₪0.31 (vs ₪0.84 in FY 2020) Full year 2021 results: EPS: ₪0.31 (down from ₪0.84 in FY 2020). Revenue: ₪1.64b (up 39% from FY 2020). Net income: ₪45.4m (down 54% from FY 2020). Profit margin: 2.8% (down from 8.4% in FY 2020). The decrease in margin was driven by higher expenses.