New Risk • May 04
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. New Risk • Apr 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Apr 06
Upcoming dividend of ₪0.17 per share Eligible shareholders must have bought the stock before 13 April 2026. Payment date: 29 April 2026. Payout ratio is a comfortable 5.2% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Israeli dividend payers (5.5%). Lower than average of industry peers (3.7%). Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: ₪4.32 (vs ₪4.53 in FY 2024) Full year 2025 results: EPS: ₪4.32 (down from ₪4.53 in FY 2024). Revenue: ₪8.17b (up 6.5% from FY 2024). Net income: ₪262.9m (down 6.2% from FY 2024). Profit margin: 3.2% (down from 3.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 19
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). Large one-off items impacting financial results. Announcement • Dec 12
Lapidoth Capital Ltd, Annual General Meeting, Dec 31, 2025 Lapidoth Capital Ltd, Annual General Meeting, Dec 31, 2025. Location: co. offices, Israel Upcoming Dividend • Dec 04
Upcoming dividend of ₪0.17 per share Eligible shareholders must have bought the stock before 11 December 2025. Payment date: 29 December 2025. Payout ratio is a comfortable 5.2% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of Israeli dividend payers (5.2%). Lower than average of industry peers (3.0%). Announcement • Dec 01
Lapidoth Capital Ltd (TASE:LAPD) announces an Equity Buyback for ILS 50 million worth of its shares. Lapidoth Capital Ltd (TASE:LAPD) announces a share repurchase program. Under the program, the company will repurchase up to an estimated cost of ILS 50 million. The program will be funded through company's own sources. The program will expire on December 2, 2026. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪92.62, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 17x in the Energy Services industry in Asia. Total returns to shareholders of 43% over the past three years. Reported Earnings • Sep 01
Second quarter 2025 earnings released: EPS: ₪0.87 (vs ₪0.88 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.87. Revenue: ₪2.08b (up 13% from 2Q 2024). Net income: ₪55.0m (flat on 2Q 2024). Profit margin: 2.6% (down from 3.0% in 2Q 2024). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪73.20, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 15x in the Energy Services industry in Asia. Total returns to shareholders of 41% over the past three years. New Risk • Jun 08
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Upcoming Dividend • Jun 04
Upcoming dividend of ₪0.97 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 25 June 2025. Payout ratio is a comfortable 10.0% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Israeli dividend payers (6.2%). Lower than average of industry peers (3.3%). Reported Earnings • May 28
First quarter 2025 earnings released: EPS: ₪0.98 (vs ₪0.81 in 1Q 2024) First quarter 2025 results: EPS: ₪0.98 (up from ₪0.81 in 1Q 2024). Revenue: ₪2.07b (up 11% from 1Q 2024). Net income: ₪62.2m (up 23% from 1Q 2024). Profit margin: 3.0% (up from 2.7% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Apr 24
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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 26
Upcoming dividend of ₪0.13 per share Eligible shareholders must have bought the stock before 02 April 2025. Payment date: 23 April 2025. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Israeli dividend payers (6.4%). Lower than average of industry peers (2.8%). Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₪4.53 (vs ₪3.84 in FY 2023) Full year 2024 results: EPS: ₪4.53 (up from ₪3.84 in FY 2023). Revenue: ₪7.81b (up 8.6% from FY 2023). Net income: ₪283.8m (up 19% from FY 2023). Profit margin: 3.6% (up from 3.3% 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 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 28
Upcoming dividend of ₪0.11 per share Eligible shareholders must have bought the stock before 05 December 2024. Payment date: 26 December 2024. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Israeli dividend payers (6.1%). Lower than average of industry peers (2.5%). Reported Earnings • Nov 25
Third quarter 2024 earnings released: EPS: ₪0.87 (vs ₪0.96 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.87 (down from ₪0.96 in 3Q 2023). Revenue: ₪2.06b (up 7.5% from 3Q 2023). Net income: ₪54.7m (down 9.1% from 3Q 2023). Profit margin: 2.7% (down from 3.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 02
Upcoming dividend of ₪0.23 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 25 September 2024. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Israeli dividend payers (6.8%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: ₪0.88 (vs ₪0.95 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.88 (down from ₪0.95 in 2Q 2023). Revenue: ₪1.86b (flat on 2Q 2023). Net income: ₪54.9m (down 8.1% from 2Q 2023). Profit margin: 3.0% (down from 3.2% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 06
Upcoming dividend of ₪0.32 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 27 June 2024. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Israeli dividend payers (7.0%). Lower than average of industry peers (2.7%). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: ₪0.81 (vs ₪0.82 in 1Q 2023) First quarter 2024 results: EPS: ₪0.81 (down from ₪0.82 in 1Q 2023). Revenue: ₪1.87b (up 6.1% from 1Q 2023). Net income: ₪50.4m (down 1.4% from 1Q 2023). Profit margin: 2.7% (down from 2.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Apr 04
Upcoming dividend of ₪0.16 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 18 April 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Israeli dividend payers (7.0%). Lower than average of industry peers (2.5%). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: ₪3.84 (vs ₪4.40 in FY 2022) Full year 2023 results: EPS: ₪3.84. Revenue: ₪7.22b (up 8.6% from FY 2022). Net income: ₪240.2m (up 1.0% from FY 2022). Profit margin: 3.3% (down from 3.6% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Dec 13
Lapidoth Capital Ltd, Annual General Meeting, Dec 28, 2023 Lapidoth Capital Ltd, Annual General Meeting, Dec 28, 2023, at 15:00 Israel Standard Time. Reported Earnings • Dec 02
Third quarter 2023 earnings released: EPS: ₪0.96 (vs ₪1.01 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.96. Revenue: ₪1.92b (up 18% from 3Q 2022). Net income: ₪60.2m (up 17% from 3Q 2022). Profit margin: 3.1% (down from 3.2% in 3Q 2022). The decrease in margin was driven by higher expenses. New Risk • Oct 08
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 Share price has been volatile over the past 3 months (6.1% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Upcoming Dividend • Aug 27
Upcoming dividend of ₪0.32 per share at 0.9% yield Eligible shareholders must have bought the stock before 03 September 2023. Payment date: 12 September 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Israeli dividend payers (7.0%). Lower than average of industry peers (2.4%). Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: ₪0.95 (vs ₪1.70 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.95 (down from ₪1.70 in 2Q 2022). Revenue: ₪1.86b (up 8.8% from 2Q 2022). Net income: ₪59.7m (down 26% from 2Q 2022). Profit margin: 3.2% (down from 4.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Deputy Chairman Ariel Shapir was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: ₪4.40 (vs ₪3.85 in FY 2021) Full year 2022 results: EPS: ₪4.40 (up from ₪3.85 in FY 2021). Revenue: ₪6.68b (up 4.5% from FY 2021). Net income: ₪233.3m (up 25% from FY 2021). Profit margin: 3.5% (up from 2.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Dec 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be ₪79.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 32%. Buying Opportunity • Dec 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₪82.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 32%. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: ₪1.01 (vs ₪0.57 in 3Q 2021) Third quarter 2022 results: EPS: ₪1.01 (up from ₪0.57 in 3Q 2021). Revenue: ₪1.63b (flat on 3Q 2021). Net income: ₪51.5m (up 80% from 3Q 2021). Profit margin: 3.2% (up from 1.8% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Outside Director Arie Orenstein was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 23
Second quarter 2022 earnings released: EPS: ₪1.70 (vs ₪0.65 in 2Q 2021) Second quarter 2022 results: EPS: ₪1.70 (up from ₪0.65 in 2Q 2021). Revenue: ₪1.80b (up 18% from 2Q 2021). Net income: ₪80.3m (up 213% from 2Q 2021). Profit margin: 4.5% (up from 1.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Outside Director Arie Orenstein was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 24
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: ₪0.57 (up from ₪0.05 loss in 3Q 2020). Revenue: ₪1.63b (up 8.3% from 3Q 2020). Net income: ₪28.6m (up ₪30.5m from 3Q 2020). Profit margin: 1.8% (up from net loss in 3Q 2020). The move to profitability 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 27% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 04
Second quarter 2021 earnings released: EPS ₪0.65 (vs ₪0.35 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₪1.53b (up 9.2% from 2Q 2020). Net income: ₪25.7m (up 67% from 2Q 2020). Profit margin: 1.7% (up from 1.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year and the company’s share price has also increased by 35% per year. Is New 90 Day High Low • Mar 08
New 90-day low: ₪37.06 The company is down 6.0% from its price of ₪39.24 on 08 December 2020. The Israeli market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 9.0% over the same period. Reported Earnings • Dec 04
Third quarter 2020 earnings released: ₪0.05 loss per share The company reported a decent third quarter result with improved revenues, although earnings and control over expenses were weaker. Third quarter 2020 results: Revenue: ₪1.51b (up 297% from 3Q 2019). Net loss: ₪1.89m (down 123% from profit in 3Q 2019). 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 33% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 09
New 90-day high: ₪32.00 The company is up 29% from its price of ₪24.84 on 11 August 2020. The Israeli market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is down 10.0% over the same period.