Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₪1.66, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 15x in the Oil and Gas industry in Israel. Total returns to shareholders of 109% over the past three years. Reported Earnings • May 24
First quarter 2026 earnings released: US$0.003 loss per share (vs US$0.01 loss in 1Q 2025) First quarter 2026 results: US$0.003 loss per share (improved from US$0.01 loss in 1Q 2025). Revenue: US$1.94b (up 24% from 1Q 2025). Net loss: US$8.00m (loss narrowed 74% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 116 percentage points per year, which is a significant difference in performance. New Risk • May 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₪1.78, the stock trades at a trailing P/E ratio of 40.5x. Average trailing P/E is 18x in the Oil and Gas industry in Israel. Total returns to shareholders of 157% over the past three years. New Risk • May 07
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 7.2% 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 Dividend is not well covered by cash flows (92% cash payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Upcoming Dividend • Apr 08
Upcoming dividend of US$0.011 per share Eligible shareholders must have bought the stock before 15 April 2026. Payment date: 26 April 2026. Payout ratio and cash payout ratio are on the higher end at 75% and 92% respectively. Trailing yield: 2.5%. Lower than top quartile of Israeli dividend payers (5.5%). Lower than average of industry peers (5.2%). Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: US$0.015 (vs US$0.036 in FY 2024) Full year 2025 results: EPS: US$0.015 (down from US$0.036 in FY 2024). Revenue: US$5.84b (down 23% from FY 2024). Net income: US$47.0m (down 58% from FY 2024). Profit margin: 0.8% (down from 1.5% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Announcement • Mar 27
Oil Refineries Ltd., Annual General Meeting, Apr 30, 2026 Oil Refineries Ltd., Annual General Meeting, Apr 30, 2026. Location: co. offices, Israel Announcement • Jan 28
Oil Refineries Ltd. to Report Fiscal Year 2025 Results on Mar 23, 2026 Oil Refineries Ltd. announced that they will report fiscal year 2025 results on Mar 23, 2026 New Risk • Dec 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Paying a dividend despite being loss-making. Reported Earnings • Nov 25
Third quarter 2025 earnings released: EPS: US$0.015 (vs US$0 in 3Q 2024) Third quarter 2025 results: EPS: US$0.015 (up from US$0 in 3Q 2024). Revenue: US$1.18b (down 34% from 3Q 2024). Net income: US$46.0m (up US$44.5m from 3Q 2024). Profit margin: 3.9% (up from 0.1% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Nov 10
Oil Refineries Ltd. to Report Q3, 2025 Results on Nov 24, 2025 Oil Refineries Ltd. announced that they will report Q3, 2025 results Pre-Market on Nov 24, 2025 Reported Earnings • Aug 12
Second quarter 2025 earnings released: US$0.012 loss per share (vs US$0.02 profit in 2Q 2024) Second quarter 2025 results: US$0.012 loss per share (down from US$0.02 profit in 2Q 2024). Revenue: US$1.47b (down 21% from 2Q 2024). Net loss: US$37.0m (down 161% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Jul 30
Oil Refineries Ltd. to Report Q2, 2025 Results on Aug 11, 2025 Oil Refineries Ltd. announced that they will report Q2, 2025 results on Aug 11, 2025 New Risk • Jun 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Dividend is not well covered by earnings (245% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). New Risk • Jun 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 158% Cash payout ratio: 114% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Announcement • Apr 28
Oil Refineries Ltd. to Report Q1, 2025 Results on May 12, 2025 Oil Refineries Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Announcement • Apr 10
Oil Refineries Ltd., Annual General Meeting, May 15, 2025 Oil Refineries Ltd., Annual General Meeting, May 15, 2025. Location: company offices, Israel Declared Dividend • Mar 15
Final dividend of US$0.016 announced Shareholders will receive a dividend of US$0.016. Ex-date: 19th March 2025 Payment date: 10th April 2025 Dividend yield will be 5.1%, which is lower than the industry average of 9.2%. Sustainability & Growth Dividend is covered by both earnings (21% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 3.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: US$0.036 (vs US$0.13 in FY 2023) Full year 2024 results: EPS: US$0.036 (down from US$0.13 in FY 2023). Revenue: US$7.54b (down 9.4% from FY 2023). Net income: US$113.0m (down 72% from FY 2023). Profit margin: 1.5% (down from 4.9% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Feb 05
Oil Refineries Ltd. to Report Fiscal Year 2024 Results on Mar 12, 2025 Oil Refineries Ltd. announced that they will report fiscal year 2024 results on Mar 12, 2025 Announcement • Nov 06
Oil Refineries Ltd. to Report Q3, 2024 Results on Nov 21, 2024 Oil Refineries Ltd. announced that they will report Q3, 2024 results on Nov 21, 2024 New Risk • Sep 05
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 5.6% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • Aug 27
Second quarter 2024 earnings released: EPS: US$0.02 (vs US$0.018 in 2Q 2023) Second quarter 2024 results: EPS: US$0.02 (up from US$0.018 in 2Q 2023). Revenue: US$1.85b (down 2.0% from 2Q 2023). Net income: US$61.1m (up 5.7% from 2Q 2023). Profit margin: 3.3% (up from 3.1% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Aug 19
Oil Refineries Ltd. to Report Q2, 2024 Results on Aug 19, 2024 Oil Refineries Ltd. announced that they will report Q2, 2024 results on Aug 19, 2024 New Risk • Jun 08
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: 3.0% Last year net profit margin: 6.2% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Announcement • May 10
Oil Refineries Ltd. to Report Q1, 2024 Results on May 21, 2024 Oil Refineries Ltd. announced that they will report Q1, 2024 results on May 21, 2024 New Risk • Mar 21
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 5.8% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.8% average weekly change). Declared Dividend • Mar 17
Dividend of US$0.046 announced Shareholders will receive a dividend of US$0.046. Ex-date: 21st March 2024 Payment date: 1st April 2024 Dividend yield will be 7.8%, which is lower than the industry average of 9.2%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 17% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 06
Oil Refineries Ltd. to Report Fiscal Year 2023 Results on Mar 14, 2024 Oil Refineries Ltd. announced that they will report fiscal year 2023 results on Mar 14, 2024 Reported Earnings • Nov 28
Third quarter 2023 earnings released: EPS: US$0.036 (vs US$0.086 in 3Q 2022) Third quarter 2023 results: EPS: US$0.036 (down from US$0.086 in 3Q 2022). Revenue: US$2.22b (down 27% from 3Q 2022). Net income: US$114.8m (down 59% from 3Q 2022). Profit margin: 5.2% (down from 9.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Nov 17
Oil Refineries Ltd. to Report Q3, 2023 Results on Nov 27, 2023 Oil Refineries Ltd. announced that they will report Q3, 2023 results on Nov 27, 2023 New Risk • Aug 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% 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 (18% operating cash flow to total debt). High level of non-cash earnings (23% accrual ratio). Minor Risk Dividend is not well covered by cash flows (389% cash payout ratio). Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: US$0.018 (vs US$0.019 in 2Q 2022) Second quarter 2023 results: EPS: US$0.018 (down from US$0.019 in 2Q 2022). Revenue: US$1.89b (down 38% from 2Q 2022). Net income: US$57.8m (down 4.7% from 2Q 2022). Profit margin: 3.1% (up from 2.0% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 24
First quarter 2023 earnings released: EPS: US$0.064 (vs US$0.006 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.064 (up from US$0.006 loss in 1Q 2022). Revenue: US$2.15b (down 4.7% from 1Q 2022). Net income: US$205.7m (up US$224.2m from 1Q 2022). Profit margin: 9.6% (up from net loss in 1Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₪1.01, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 8x in the Oil and Gas industry in Israel. Total returns to shareholders of 82% over the past three years. Reported Earnings • Mar 11
Full year 2022 earnings released Full year 2022 results: Revenue: US$10.8b (up 65% from FY 2021). Net income: US$441.2m (up 75% from FY 2021). Profit margin: 4.1% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: US$0.086 (vs US$0.013 in 3Q 2021) Third quarter 2022 results: EPS: US$0.086 (up from US$0.013 in 3Q 2021). Revenue: US$3.04b (up 71% from 3Q 2021). Net income: US$277.0m (up US$236.7m from 3Q 2021). Profit margin: 9.1% (up from 2.3% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 4 highly experienced directors. 3 independent directors (8 non-independent directors). Independent External Director Mordehai Lipshitz was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 09
Oil Refineries Ltd. to Report Q3, 2022 Results on Nov 13, 2022 Oil Refineries Ltd. announced that they will report Q3, 2022 results on Nov 13, 2022 Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: US$0.019 (vs US$0.022 in 2Q 2021) Second quarter 2022 results: EPS: US$0.019 (down from US$0.022 in 2Q 2021). Revenue: US$3.06b (up 96% from 2Q 2021). Net income: US$60.7m (down 12% from 2Q 2021). Profit margin: 2.0% (down from 4.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 28
First quarter 2022 earnings released: US$0.006 loss per share (vs US$0.017 profit in 1Q 2021) First quarter 2022 results: US$0.006 loss per share (down from US$0.017 profit in 1Q 2021). Revenue: US$2.26b (up 77% from 1Q 2021). Net loss: US$18.5m (down 134% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. 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. 9 non-independent directors. Independent External Director Mordehai Lipshitz was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 19
Hagag Group Real Estate Entrepreneurship Ltd (TASE:HGG) acquired 16.7% stake in Oil Refineries Ltd. (TASE:ORL) from Israel Corporation Ltd (TASE:ILCO) for approximately ILS 560 million. Hagag Group Real Estate Entrepreneurship Ltd (TASE:HGG) acquired 16.7% stake in Oil Refineries Ltd. (TASE:ORL) from Israel Corporation Ltd (TASE:ILCO) for approximately ILS 560 million on April 18, 2022.
Hagag Group Real Estate Entrepreneurship Ltd (TASE:HGG) completed the acquisition of 16.7% stake in Oil Refineries Ltd. (TASE:ORL) from Israel Corporation Ltd (TASE:ILCO) on April 18, 2022. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 19% share price gain to ₪1.32, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 9x in the Oil and Gas industry in Israel. Total loss to shareholders of 23% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS US$0.013 (vs US$0.016 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.78b (up 80% from 3Q 2020). Net income: US$40.3m (up US$90.2m from 3Q 2020). Profit margin: 2.3% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS US$0.022 (vs US$0.003 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$1.57b (up 122% from 2Q 2020). Net income: US$68.5m (up US$79.4m from 2Q 2020). Profit margin: 4.4% (up from net loss in 2Q 2020). 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 • May 15
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$1.09b (down 23% from 1Q 2020). Net income: US$55.3m (up US$201.0m from 1Q 2020). Profit margin: 5.1% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 06
Full year 2020 earnings released: US$0.086 loss per share (vs US$0.031 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$4.06b (down 37% from FY 2019). Net loss: US$274.3m (down 376% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 01
New 90-day high: ₪0.75 The company is up 9.0% from its price of ₪0.69 on 01 December 2020. The Israeli market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 2.0% over the same period. Announcement • Feb 26
Oil Refineries Ltd. to Report Q4, 2020 Results on Mar 01, 2021 Oil Refineries Ltd. announced that they will report Q4, 2020 results on Mar 01, 2021 Reported Earnings • Nov 07
Third quarter 2020 earnings released: US$0.016 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: US$989.5m (down 39% from 3Q 2019). Net loss: US$50.0m (down US$56.8m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 05
New 90-day low: ₪0.59 The company is down 6.0% from its price of ₪0.63 on 06 August 2020. The Israeli market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 1.0% over the same period. Announcement • Nov 05
Oil Refineries Ltd. to Report Q3, 2020 Results on Nov 04, 2020 Oil Refineries Ltd. announced that they will report Q3, 2020 results on Nov 04, 2020 Announcement • Sep 12
Oil Refineries Ltd. to Report Q2, 2020 Results on Aug 06, 2020 Oil Refineries Ltd. announced that they will report Q2, 2020 results at 5:30 PM, GMT Standard Time on Aug 06, 2020