Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 44% After last week's 44% share price gain to ₪1.77, the stock trades at a trailing P/E ratio of 66.1x. Average trailing P/E is 16x in the Packaging industry in Asia. Total returns to shareholders of 3.6% over the past three years. Reported Earnings • Jun 04
First quarter 2026 earnings released: EPS: ₪0.034 (vs ₪0.037 loss in 1Q 2025) First quarter 2026 results: EPS: ₪0.034 (up from ₪0.037 loss in 1Q 2025). Revenue: ₪13.7m (up 4.8% from 1Q 2025). Net income: ₪673.0k (up ₪1.40m from 1Q 2025). Profit margin: 4.9% (up from net loss in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. New Risk • May 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₪28.2m (US$9.92m) This is considered a major 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 Shares are highly illiquid. Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (₪28.2m market cap, or US$9.92m). Reported Earnings • Apr 19
Full year 2025 earnings released: ₪0.05 loss per share (vs ₪0.008 loss in FY 2024) Full year 2025 results: ₪0.05 loss per share (further deteriorated from ₪0.008 loss in FY 2024). Revenue: ₪50.5m (up 1.7% from FY 2024). Net loss: ₪880.0k (loss widened 487% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 03
Third quarter 2025 earnings released: ₪0.004 loss per share (vs ₪0.014 profit in 3Q 2024) Third quarter 2025 results: ₪0.004 loss per share (down from ₪0.014 profit in 3Q 2024). Revenue: ₪12.7m (flat on 3Q 2024). Net loss: ₪81.0k (down 129% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 02
First quarter 2025 earnings released: ₪0.037 loss per share (vs ₪0.35 loss in 1Q 2024) First quarter 2025 results: ₪0.037 loss per share (improved from ₪0.35 loss in 1Q 2024). Revenue: ₪13.1m (down 36% from 1Q 2024). Net loss: ₪730.0k (loss narrowed 89% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • May 30
Bram Industries Ltd., Annual General Meeting, Jul 07, 2025 Bram Industries Ltd., Annual General Meeting, Jul 07, 2025. Location: conference call, Israel New Risk • May 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 6.3% 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 Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (₪34.0m market cap, or US$9.42m). Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Apr 02
Full year 2024 earnings released: ₪0.01 loss per share (vs ₪0.17 loss in FY 2023) Full year 2024 results: ₪0.01 loss per share (improved from ₪0.17 loss in FY 2023). Revenue: ₪49.7m (down 49% from FY 2023). Net loss: ₪150.0k (loss narrowed 96% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 01
Third quarter 2024 earnings released: EPS: ₪0.014 (vs ₪0.15 loss in 3Q 2023) Third quarter 2024 results: EPS: ₪0.014 (up from ₪0.15 loss in 3Q 2023). Revenue: ₪12.8m (down 44% from 3Q 2023). Net income: ₪280.0k (up ₪3.30m from 3Q 2023). Profit margin: 2.2% (up from net loss in 3Q 2023). The move to profitability 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 48 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 04
Second quarter 2024 earnings released: ₪0.43 loss per share (vs ₪0.024 loss in 2Q 2023) Second quarter 2024 results: ₪0.43 loss per share (further deteriorated from ₪0.024 loss in 2Q 2023). Revenue: ₪20.2m (down 24% from 2Q 2023). Net loss: ₪8.49m (loss widened ₪8.01m from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. New Risk • Jun 13
New major risk - Revenue and earnings growth Earnings have declined by 6.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 6.0% per year over the past 5 years. Market cap is less than US$10m (₪32.1m market cap, or US$8.63m). Reported Earnings • Apr 03
Full year 2023 earnings released: ₪0.17 loss per share (vs ₪0.43 profit in FY 2022) Full year 2023 results: ₪0.17 loss per share (down from ₪0.43 profit in FY 2022). Revenue: ₪97.5m (down 22% from FY 2022). Net loss: ₪3.31m (down 139% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Board Change • Mar 02
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. 3 highly experienced directors. Independent External Director Assaf Yariv was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 28
Third quarter 2023 earnings released: ₪0.15 loss per share (vs ₪0.023 loss in 3Q 2022) Third quarter 2023 results: ₪0.15 loss per share (further deteriorated from ₪0.023 loss in 3Q 2022). Revenue: ₪22.9m (down 25% from 3Q 2022). Net loss: ₪3.02m (loss widened ₪2.56m from 3Q 2022). 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 23% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 02
Second quarter 2023 earnings released: ₪0.024 loss per share (vs ₪0.027 loss in 2Q 2022) Second quarter 2023 results: ₪0.024 loss per share (improved from ₪0.027 loss in 2Q 2022). Revenue: ₪26.5m (down 17% from 2Q 2022). Net loss: ₪480.0k (loss narrowed 11% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Aug 19
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 6.2% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 125% Paying a dividend despite having no free cash flows. Market cap is less than US$10m (₪34.2m market cap, or US$9.00m). Minor Risks High level of debt (46% net debt to equity). Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₪1.73, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 14x in the Packaging industry in Asia. Total loss to shareholders of 24% over the past three years. Reported Earnings • Dec 02
Third quarter 2022 earnings released: ₪0.023 loss per share (vs ₪0.085 loss in 3Q 2021) Third quarter 2022 results: ₪0.023 loss per share (improved from ₪0.085 loss in 3Q 2021). Revenue: ₪30.5m (flat on 3Q 2021). Net loss: ₪462.0k (loss narrowed 73% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 03
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: ₪0.085 loss per share (down from ₪0.093 profit in 3Q 2020). Revenue: ₪30.5m (down 12% from 3Q 2020). Net loss: ₪1.72m (down 191% from profit in 3Q 2020). Revenue was in line with analyst estimates. 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 2% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 04
Second quarter 2021 earnings released: ₪0.13 loss per share (vs ₪0.047 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: ₪30.4m (up 3.3% from 2Q 2020). Net loss: ₪2.60m (down 372% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₪2.50, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 16x in the Packaging industry in Asia. Total loss to shareholders of 15% over the past three years. Is New 90 Day High Low • Mar 04
New 90-day low: ₪3.00 The company is down 20% from its price of ₪3.76 on 03 December 2020. The Israeli market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: ₪3.22 The company is down 15% from its price of ₪3.80 on 15 October 2020. The Israeli market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day low: ₪3.35 The company is down 5.0% from its price of ₪3.51 on 17 September 2020. The Israeli market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 4.0% over the same period. Reported Earnings • Dec 04
Third quarter 2020 earnings released: EPS ₪0.093 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₪34.7m (up 18% from 3Q 2019). Net income: ₪1.88m (up 479% from 3Q 2019). Profit margin: 5.4% (up from 1.1% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 01
New 90-day high: ₪3.88 The company is up 6.0% from its price of ₪3.67 on 02 September 2020. The Israeli market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is down 1.0% over the same period.