New Risk • Jul 14
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 7.1% 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: Major Risk Earnings have declined by 5.6% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (166% payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₪15.24, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 11x in the Capital Markets industry in Israel. Total returns to shareholders of 271% over the past three years. Reported Earnings • May 23
First quarter 2026 earnings released: EPS: ₪0.59 (vs ₪0.31 in 1Q 2025) First quarter 2026 results: EPS: ₪0.59 (up from ₪0.31 in 1Q 2025). Revenue: ₪41.1m (up 129% from 1Q 2025). Net income: ₪18.3m (up 91% from 1Q 2025). Profit margin: 45% (down from 53% 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 64% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Announcement • May 18
I.B.I.- Managing & Underwriting Ltd, Annual General Meeting, Jun 23, 2026 I.B.I.- Managing & Underwriting Ltd, Annual General Meeting, Jun 23, 2026. Location: co. offices, Israel Upcoming Dividend • Mar 24
Upcoming dividend of ₪0.46 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 13 April 2026. The company is paying out more than 100% of its profits and is paying out 84% of its cash flow. Trailing yield: 6.1%. Within top quartile of Israeli dividend payers (5.7%). Higher than average of industry peers (2.1%). Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: ₪1.50 (vs ₪0.59 in FY 2024) Full year 2025 results: EPS: ₪1.50 (up from ₪0.59 in FY 2024). Revenue: ₪101.5m (up 138% from FY 2024). Net income: ₪46.6m (up 154% from FY 2024). Profit margin: 46% (up from 43% 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 48% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 27
Upcoming dividend of ₪0.80 per share Eligible shareholders must have bought the stock before 02 December 2025. Payment date: 10 December 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of Israeli dividend payers (5.4%). Higher than average of industry peers (2.4%). New Risk • Sep 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 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 119% Earnings have declined by 21% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: ₪0.28 (vs ₪0.098 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.28 (up from ₪0.098 in 2Q 2024). Revenue: ₪20.8m (up 193% from 2Q 2024). Net income: ₪8.84m (up 192% from 2Q 2024). Profit margin: 43% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 20% 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. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₪341.5m (US$98.9m) 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Dividend per share is over 7x cash flows per share. Earnings have declined by 22% per year over the past 5 years. High level of non-cash earnings (67% accrual ratio). Minor Risk Market cap is less than US$100m (₪341.5m market cap, or US$98.9m). Announcement • Jul 25
I.B.I.- Managing & Underwriting Ltd, Annual General Meeting, Aug 31, 2025 I.B.I.- Managing & Underwriting Ltd, Annual General Meeting, Aug 31, 2025. Location: co. offices, Israel Reported Earnings • May 28
First quarter 2025 earnings released: EPS: ₪0.31 (vs ₪0.20 in 1Q 2024) First quarter 2025 results: EPS: ₪0.31 (up from ₪0.20 in 1Q 2024). Revenue: ₪17.9m (up 36% from 1Q 2024). Net income: ₪9.58m (up 54% from 1Q 2024). Profit margin: 53% (up from 47% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: ₪0.59 (vs ₪0.31 in FY 2023) Full year 2024 results: EPS: ₪0.59 (up from ₪0.31 in FY 2023). Revenue: ₪42.6m (up 55% from FY 2023). Net income: ₪18.3m (up 122% from FY 2023). Profit margin: 43% (up from 30% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪8.09, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 13x in the Capital Markets industry in Israel. Total loss to shareholders of 28% over the past three years. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: ₪0.08 (vs ₪0.07 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.08 (up from ₪0.07 in 3Q 2023). Revenue: ₪7.11m (down 1.4% from 3Q 2023). Net income: ₪2.50m (up 15% from 3Q 2023). Profit margin: 35% (up from 30% 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 49 percentage points per year, which is a significant difference in performance. Announcement • Sep 18
I.B.I.- Managing & Underwriting Ltd, Annual General Meeting, Oct 28, 2024 I.B.I.- Managing & Underwriting Ltd, Annual General Meeting, Oct 28, 2024. Location: co. offices, Israel Announcement • Aug 31
I.B.I. Investment House Ltd (TASE:IBI) completed the acquisition of an additional 12.63% stake in I.B.I.- Managing & Underwriting Ltd (TASE:IBIU) from Poalim Equity Ltd. for ILS 24.6 million. I.B.I. Investment House Ltd (TASE:IBI) exercise its right to acquire an additional 12.63% stake in I.B.I.- Managing & Underwriting Ltd (TASE:IBIU) from Poalim Equity Ltd. for ILS 24.6 million on August 22, 2024. A cash consideration valued at ILS 6.27 per share will be paid by I.B.I. Investment House Ltd. Upon completion, I.B.I. Investment House Ltd will own 42.77% stake in I.B.I.- Managing & Underwriting Ltd.
I.B.I. Investment House Ltd (TASE:IBI) completed the acquisition of an additional 12.63% stake in I.B.I.- Managing & Underwriting Ltd (TASE:IBIU) from Poalim Equity Ltd. on August 29, 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₪0.10 (vs ₪0.18 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.10 (down from ₪0.18 in 2Q 2023). Revenue: ₪7.10m (down 32% from 2Q 2023). Net income: ₪3.02m (down 30% from 2Q 2023). Profit margin: 43% (in line with 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: ₪0.31 (vs ₪0.62 in FY 2022) Full year 2023 results: EPS: ₪0.31 (down from ₪0.62 in FY 2022). Revenue: ₪26.1m (down 41% from FY 2022). Net income: ₪8.27m (down 42% from FY 2022). Profit margin: 32% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ₪0.07 (vs ₪0.14 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.07 (down from ₪0.14 in 3Q 2022). Revenue: ₪7.21m (down 31% from 3Q 2022). Net income: ₪2.17m (down 34% from 3Q 2022). Profit margin: 30% (down from 31% 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 44% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: ₪0.18 (vs ₪0.19 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.18. Revenue: ₪10.4m (down 8.0% from 2Q 2022). Net income: ₪4.32m (up 6.0% from 2Q 2022). Profit margin: 42% (up from 36% in 2Q 2022). The increase in margin was driven by lower expenses. New Risk • Jun 18
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: 26% Last year net profit margin: 41% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 103% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (26% net profit margin). Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Market cap is less than US$100m (₪138.6m market cap, or US$39.0m). Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 16% share price gain to ₪7.81, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 8x in the Capital Markets industry in Israel. Total loss to shareholders of 14% over the past three years. 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. 4 non-independent directors. Independent Member of the Board of Directors Irit Zinger was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₪8.70, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 16x in the Capital Markets industry in Israel. Total loss to shareholders of 5.2% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: ₪0.14 (vs ₪0.37 in 3Q 2021) Third quarter 2022 results: EPS: ₪0.14 (down from ₪0.37 in 3Q 2021). Revenue: ₪10.4m (down 47% from 3Q 2021). Net income: ₪3.27m (down 57% from 3Q 2021). Profit margin: 31% (down from 39% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 06
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₪11.3m (down 61% from 2Q 2021). Net income: ₪4.08m (down 66% from 2Q 2021). Profit margin: 36% (down from 42% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ₪0.39 (vs ₪0.60 in 1Q 2021) First quarter 2022 results: EPS: ₪0.39 (down from ₪0.60 in 1Q 2021). Revenue: ₪21.7m (down 32% from 1Q 2021). Net income: ₪8.30m (down 33% from 1Q 2021). Profit margin: 38% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. 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 Member of the Board of Directors Irit Zinger was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₪2.05 (up from ₪1.55 in FY 2020). Revenue: ₪105.0m (up 28% from FY 2020). Net income: ₪42.8m (up 38% from FY 2020). Profit margin: 41% (up from 38% in FY 2020). The increase in margin 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 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS ₪0.37 (vs ₪0.48 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₪19.7m (down 11% from 3Q 2020). Net income: ₪7.69m (down 20% from 3Q 2020). Profit margin: 39% (down from 44% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 12
Inaugural dividend of ₪0.59 per share Eligible shareholders must have bought the stock before 19 May 2021. Payment date: 27 May 2021. The company last paid an ordinary dividend in March 2011. The average dividend yield among industry peers is 3.1%. Reported Earnings • May 09
First quarter 2021 earnings released: EPS ₪0.60 (vs ₪0.041 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₪32.1m (up ₪27.4m from 1Q 2020). Net income: ₪12.4m (up ₪11.6m from 1Q 2020). Profit margin: 39% (up from 18% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ₪1.55 (vs ₪1.36 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₪82.2m (up 16% from FY 2019). Net income: ₪31.1m (up 15% from FY 2019). Profit margin: 38% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 23% 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 • Feb 15
New 90-day high: ₪19.05 The company is up 40% from its price of ₪13.60 on 17 November 2020. The Israeli market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 16
New 90-day high: ₪18.94 The company is up 45% from its price of ₪13.08 on 18 October 2020. The Israeli market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ₪17.35 The company is up 59% from its price of ₪10.92 on 16 September 2020. The Israeli market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 19% over the same period. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 16% share price gain to ₪17.10, the stock is trading at a trailing P/E ratio of 15.7x, up from the previous P/E ratio of 13.5x. This compares to an average P/E of 16x in the Capital Markets industry in Israel. Total returns to shareholders over the past three years are 78%. Is New 90 Day High Low • Nov 26
New 90-day high: ₪15.32 The company is up 33% from its price of ₪11.51 on 27 August 2020. The Israeli market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. Is New 90 Day High Low • Oct 20
New 90-day high: ₪13.80 The company is up 39% from its price of ₪9.89 on 22 July 2020. The Israeli market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 16% over the same period. Is New 90 Day High Low • Sep 23
New 90-day high: ₪11.57 The company is up 18% from its price of ₪9.79 on 25 June 2020. The Israeli market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period.