Mivtach Shamir Holdings (TASE:MISH) - Share price, News & Analysis

Q: What is the Fair Price of MISH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

MISH (₪93.4) is trading above our estimate of [[fair value]] (₪78.73)

MISH fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	2/6
Financial Health	1/6
Dividends	1/6

MISH Stock Overview

Mivtach Shamir Holdings Ltd is a venture capital and private equity firm specializing in investments in companies that have encountered difficulties, with the aim of leading them to turnaround.

Risk Analysis

Interest payments are not well covered by earnings

Dividend of 3.21% is not well covered by earnings or forecast to be in the next 3 years

Profit margins (22.8%) are lower than last year (52.1%)

Mivtach Shamir Holdings Competitors

Emilia Development (O.F.G)

TASE:EMDV

₪617.5m

Kardan Israel

TASE:KRDI

₪377.1m

B. Gaon Holdings

TASE:GAON

₪165.1m

Peninsula Group

TASE:PEN

₪540.3m

Price History & Performance

Summary of all time highs, changes and price drops for Mivtach Shamir Holdings
Historical stock prices
Current Share Price	₪93.40
52 Week High	₪122.60
52 Week Low	₪82.03
Beta	0.48
1 Month Change	9.83%
3 Month Change	-7.53%
1 Year Change	-9.58%
3 Year Change	35.60%
5 Year Change	31.29%
Change since IPO	797.21%

Shareholder Returns

	MISH	IL Diversified Financial	IL Market
7D	3.1%	2.7%	0.9%
1Y	-9.6%	-16.6%	13.5%

Return vs Industry: MISH exceeded the IL Diversified Financial industry which returned -16.6% over the past year.

Return vs Market: MISH underperformed the IL Market which returned 13.5% over the past year.

Price Volatility

Is MISH's price volatile compared to industry and market?
MISH volatility
MISH Average Weekly Movement	4.0%
Diversified Financial Industry Average Movement	4.4%
Market Average Movement	5.4%
10% most volatile stocks in IL Market	8.9%
10% least volatile stocks in IL Market	3.7%

Stable Share Price: MISH is less volatile than 75% of IL stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: MISH's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1958	510	Homi Shamir	https://msgroup.co.il/en/home-english/

Mivtach Shamir Holdings Ltd is a venture capital and private equity firm specializing in investments in companies that have encountered difficulties, with the aim of leading them to turnaround. It seeks to make investments in technology and communications; energy; financing; real-estate; and industrial companies. The firm is engaged in the rental of real estate and investment in companies in various fields.

Mivtach Shamir Holdings Fundamentals Summary

How do Mivtach Shamir Holdings's earnings and revenue compare to its market cap?
MISH fundamental statistics
Market Cap	₪891.75m
Earnings (TTM)	₪27.27m
Revenue (TTM)	₪119.77m

32.7x

P/E Ratio

7.4x

P/S Ratio

Is MISH overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
MISH income statement (TTM)
Revenue	₪119.77m
Cost of Revenue	₪0
Gross Profit	₪119.77m
Other Expenses	₪92.50m
Earnings	₪27.27m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	2.86
Gross Margin	100.00%
Net Profit Margin	22.77%
Debt/Equity Ratio	76.9%

How did MISH perform over the long term?

See historical performance and comparison

Dividends

3.2%

Current Dividend Yield

105%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is MISH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MISH?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MISH. This is calculated by dividing MISH's market cap by their current preferred multiple.
What is MISH's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₪891.75m

MISH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	15.7x
Enterprise Value/EBITDA	25x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does MISH's PE Ratio compare to its peers?

MISH PE Ratio vs Peers

The above table shows the PE ratio for MISH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	11.1x
EMDV Emilia Development (O.F.G)	13.8x	n/a	₪617.5m
KRDI Kardan Israel	6.6x	n/a	₪377.1m
GAON B. Gaon Holdings	14.7x	n/a	₪165.1m
PEN Peninsula Group	9.3x	n/a	₪540.3m
MISH Mivtach Shamir Holdings	32.7x	n/a	₪891.7m

Price-To-Earnings vs Peers: MISH is expensive based on its Price-To-Earnings Ratio (32.7x) compared to the peer average (11.1x).

Price to Earnings Ratio vs Industry

How does MISH's PE Ratio compare vs other companies in the Asian Diversified Financial Industry?

Price-To-Earnings vs Industry: MISH is expensive based on its Price-To-Earnings Ratio (32.7x) compared to the IL Diversified Financial industry average (11.9x)

Price to Earnings Ratio vs Fair Ratio

What is MISH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MISH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	32.7x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MISH's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of MISH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MISH (₪93.4) is trading above our estimate of fair value (₪78.73)

Significantly Below Fair Value: MISH is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Mivtach Shamir Holdings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

12.1%

Forecasted Diversified Financials industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Mivtach Shamir Holdings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Take a look at our analysis of MISH’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.

Past Performance

How has Mivtach Shamir Holdings performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

35.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MISH has high quality earnings.

Growing Profit Margin: MISH's current net profit margins (22.8%) are lower than last year (52.1%).

Past Earnings Growth Analysis

Earnings Trend: MISH's earnings have grown significantly by 35.1% per year over the past 5 years.

Accelerating Growth: MISH's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MISH had negative earnings growth (-78.1%) over the past year, making it difficult to compare to the Diversified Financial industry average (21.3%).

Return on Equity

High ROE: MISH's Return on Equity (4.1%) is considered low.

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Financial Health

How is Mivtach Shamir Holdings's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: MISH's short term assets (₪464.4M) exceed its short term liabilities (₪238.7M).

Long Term Liabilities: MISH's short term assets (₪464.4M) do not cover its long term liabilities (₪841.5M).

Debt to Equity History and Analysis

Debt Level: MISH's net debt to equity ratio (61.7%) is considered high.

Reducing Debt: MISH's debt to equity ratio has increased from 43.4% to 76.9% over the past 5 years.

Debt Coverage: MISH's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: MISH's interest payments on its debt are not well covered by EBIT (2.6x coverage).

Balance Sheet

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Dividend

What is Mivtach Shamir Holdings's current dividend yield, its reliability and sustainability?

Dividend Score

1/6

Dividend Score 1/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

3.21%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MISH's dividend (3.21%) is higher than the bottom 25% of dividend payers in the IL market (1.91%).

High Dividend: MISH's dividend (3.21%) is low compared to the top 25% of dividend payers in the IL market (6.36%).

Stability and Growth of Payments

Stable Dividend: MISH's dividend payments have been volatile in the past 10 years.

Growing Dividend: MISH's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (105%), MISH's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: MISH is paying a dividend but the company has no free cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

4.2yrs

Average board tenure

CEO

Homi Shamir (71 yo)

no data

Tenure

₪2,509,000

Compensation

Mr. Meir Shamir, also known as Homi, serves as the Chief Executive Officer of Mivtach Shamir Holdings Ltd. Mr. Shamir serves as the Owner of Mivtach Shamir Real Estate Ltd. He has investment experience in...

CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Homi's total compensation is reasonable compared to companies of similar size in the IL market.

Compensation vs Earnings: Homi's compensation has been consistent with company performance over the past year.

Board Members

Experienced Board: MISH's board of directors are considered experienced (4.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/06 00:00
End of Day Share Price	2022/08/04 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31