Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪143, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 22x in the IT industry in Israel. Total returns to shareholders of 146% over the past three years. Board Change • Jun 08
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent External Director Tami Gottlieb was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 24
First quarter 2026 earnings released: EPS: ₪2.88 (vs ₪2.78 in 1Q 2025) First quarter 2026 results: EPS: ₪2.88 (up from ₪2.78 in 1Q 2025). Revenue: ₪1.01b (up 1.2% from 1Q 2025). Net income: ₪19.6m (up 3.6% from 1Q 2025). Profit margin: 1.9% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. New Risk • Mar 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Reported Earnings • Mar 19
Full year 2025 earnings released: EPS: ₪7.36 (vs ₪8.68 in FY 2024) Full year 2025 results: EPS: ₪7.36 (down from ₪8.68 in FY 2024). Revenue: ₪4.14b (up 9.4% from FY 2024). Net income: ₪50.1m (down 15% from FY 2024). Profit margin: 1.2% (down from 1.6% 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 96% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪185, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 21x in the IT industry in Israel. Total returns to shareholders of 261% over the past three years. New Risk • Feb 26
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 Risk Earnings have declined by 29% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₪207, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 22x in the IT industry in Israel. Total returns to shareholders of 249% over the past three years. Announcement • Jan 30
Malam-Team Holdings Ltd Appoints Tami Gottlieb as External Director, Effective February 12, 2026 Plus500 Limited announced that Tami Gottlieb, an Independent Non-Executive Director and External Director of Plus500, has been appointed as an External Director of Malam-Team Holdings Ltd., with effect from February 12, 2026. Reported Earnings • Nov 27
Third quarter 2025 earnings released: EPS: ₪3.27 (vs ₪3.03 in 3Q 2024) Third quarter 2025 results: EPS: ₪3.27 (up from ₪3.03 in 3Q 2024). Revenue: ₪1.12b (up 23% from 3Q 2024). Net income: ₪22.2m (up 7.7% from 3Q 2024). Profit margin: 2.0% (down from 2.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Nov 26
Malam-Team Holdings Ltd, Annual General Meeting, Jan 12, 2026 Malam-Team Holdings Ltd, Annual General Meeting, Jan 12, 2026. Location: co. offices, Israel Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: ₪1.63 (vs ₪1.34 in 2Q 2024) Second quarter 2025 results: EPS: ₪1.63 (up from ₪1.34 in 2Q 2024). Revenue: ₪910.6m (up 8.4% from 2Q 2024). Net income: ₪11.1m (up 22% from 2Q 2024). Profit margin: 1.2% (up from 1.1% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 24% per year. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₪203, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 25x in the IT industry in Israel. Total returns to shareholders of 258% over the past three years. Reported Earnings • May 28
First quarter 2025 earnings released: EPS: ₪2.78 (vs ₪2.15 in 1Q 2024) First quarter 2025 results: EPS: ₪2.78 (up from ₪2.15 in 1Q 2024). Revenue: ₪1.00b (up 2.4% from 1Q 2024). Net income: ₪18.9m (up 30% from 1Q 2024). Profit margin: 1.9% (up from 1.5% 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 50% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₪147. The fair value is estimated to be ₪186, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: ₪8.68 (vs ₪26.48 loss in FY 2023) Full year 2024 results: EPS: ₪8.68 (up from ₪26.48 loss in FY 2023). Revenue: ₪3.78b (up 25% from FY 2023). Net income: ₪59.0m (up ₪233.8m from FY 2023). Profit margin: 1.6% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year whereas the company’s share price has fallen by 38% per year. New Risk • Nov 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x 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 Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings have declined by 42% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.3% average weekly change). Reported Earnings • Nov 27
Third quarter 2024 earnings released: EPS: ₪3.03 (vs ₪6.32 in 3Q 2023) Third quarter 2024 results: EPS: ₪3.03 (down from ₪6.32 in 3Q 2023). Revenue: ₪909.5m (up 7.1% from 3Q 2023). Net income: ₪20.6m (down 49% from 3Q 2023). Profit margin: 2.3% (down from 4.8% 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 57% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Announcement • Nov 27
Arad Investment & Industrial Development Ltd., Annual General Meeting, Jan 06, 2025 Arad Investment & Industrial Development Ltd., Annual General Meeting, Jan 06, 2025. Location: co. offices, Israel New Risk • Nov 20
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 5.1% 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 Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 41% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.1% average weekly change). Reported Earnings • Aug 20
Second quarter 2024 earnings released: EPS: ₪1.34 (vs ₪7.07 in 2Q 2023) Second quarter 2024 results: EPS: ₪1.34 (down from ₪7.07 in 2Q 2023). Revenue: ₪839.9m (down 1.2% from 2Q 2023). Net income: ₪9.11m (down 81% from 2Q 2023). Profit margin: 1.1% (down from 5.7% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 25 percentage points per year, which is a significant difference in performance. New Risk • Jun 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x 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 Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 14% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (0% payout ratio). New Risk • Apr 13
New major risk - Revenue and earnings growth Earnings have declined by 7.8% 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 Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 7.8% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (0% payout ratio). Reported Earnings • Apr 02
Full year 2023 earnings released: ₪26.48 loss per share (vs ₪51.58 profit in FY 2022) Full year 2023 results: ₪26.48 loss per share (down from ₪51.58 profit in FY 2022). Revenue: ₪3.04b (down 5.8% from FY 2022). Net loss: ₪174.8m (down 149% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. New Risk • Jan 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Israeli stocks, typically moving 23% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (23% average weekly change). Minor Risks Dividend is not well covered by earnings (0% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.4% net profit margin). Buy Or Sell Opportunity • Jan 21
Now 20% undervalued Over the last 90 days, the stock has risen 19% to ₪438. The fair value is estimated to be ₪548, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 14%. Buying Opportunity • Jan 14
Now 20% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be ₪546, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 14%. Buying Opportunity • Dec 28
Now 21% undervalued Over the last 90 days, the stock is up 6.7%. The fair value is estimated to be ₪568, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: ₪6.32 (vs ₪9.45 in 3Q 2022) Third quarter 2023 results: EPS: ₪6.32 (down from ₪9.45 in 3Q 2022). Revenue: ₪859.9m (up 1.2% from 3Q 2022). Net income: ₪40.5m (down 37% from 3Q 2022). Profit margin: 4.7% (down from 7.6% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 11% per year. Announcement • Nov 29
Arad Investment & Industrial Development Ltd., Annual General Meeting, Jan 15, 2024 Arad Investment & Industrial Development Ltd., Annual General Meeting, Jan 15, 2024, at 12:00 Israel Standard Time. Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: ₪7.07 (vs ₪15.94 in 2Q 2022) Second quarter 2023 results: EPS: ₪7.07 (down from ₪15.94 in 2Q 2022). Revenue: ₪857.8m (up 4.4% from 2Q 2022). Net income: ₪48.1m (down 56% from 2Q 2022). Profit margin: 5.6% (down from 13% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: ₪6.23 (vs ₪4.29 in 1Q 2022) First quarter 2023 results: EPS: ₪6.23 (up from ₪4.29 in 1Q 2022). Revenue: ₪851.9m (up 18% from 1Q 2022). Net income: ₪42.4m (up 37% from 1Q 2022). Profit margin: 5.0% (up from 4.3% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 21% 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 • Mar 30
Full year 2022 earnings released: EPS: ₪51.58 (vs ₪67.62 in FY 2021) Full year 2022 results: EPS: ₪51.58 (down from ₪67.62 in FY 2021). Revenue: ₪3.25b (up 11% from FY 2021). Net income: ₪356.9m (down 27% from FY 2021). Profit margin: 11% (down from 17% in FY 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 08
Upcoming dividend of ₪3.00 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 02 January 2023. Trailing yield: 0.7%. Lower than top quartile of Israeli dividend payers (7.2%). Lower than average of industry peers (3.9%). Reported Earnings • Nov 30
Third quarter 2022 earnings released: EPS: ₪9.45 (vs ₪9.76 in 3Q 2021) Third quarter 2022 results: EPS: ₪9.45 (down from ₪9.76 in 3Q 2021). Revenue: ₪853.0m (up 30% from 3Q 2021). Net income: ₪64.3m (down 8.6% from 3Q 2021). Profit margin: 7.5% (down from 11% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. 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. 3 non-independent directors. External Independent Director Shimon Heiblum was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: ₪15.94 (vs ₪2.05 in 2Q 2021) Second quarter 2022 results: EPS: ₪15.94 (up from ₪2.05 in 2Q 2021). Revenue: ₪834.0m (up 16% from 2Q 2021). Net income: ₪109.6m (up ₪94.9m from 2Q 2021). Profit margin: 13% (up from 2.1% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Jul 22
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. 3 non-independent directors. External Independent Director Shimon Heiblum was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 28
Upcoming dividend of ₪5.00 per share Eligible shareholders must have bought the stock before 05 December 2021. Payment date: 13 December 2021. Trailing yield: 1.2%. Lower than top quartile of Israeli dividend payers (5.0%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS ₪2.05 (vs ₪2.15 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₪725.0m (up 17% from 2Q 2020). Net income: ₪14.8m (down 7.1% from 2Q 2020). Profit margin: 2.0% (down from 2.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 31
First quarter 2021 earnings released: EPS ₪7.88 (vs ₪3.13 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₪749.0m (up 14% from 1Q 2020). Net income: ₪56.8m (up 136% from 1Q 2020). Profit margin: 7.6% (up from 3.7% in 1Q 2020). 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 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS ₪27.44 (vs ₪44.71 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₪2.83b (up 9.3% from FY 2019). Net income: ₪201.5m (down 42% from FY 2019). Profit margin: 7.1% (down from 13% in FY 2019). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 15% share price gain to ₪345, the stock is trading at a trailing P/E ratio of 7.6x, up from the previous P/E ratio of 6.5x. This compares to an average P/E of 15x in the Industrials industry in Asia. Total returns to shareholders over the past three years are 97%. Is New 90 Day High Low • Dec 30
New 90-day high: ₪331 The company is up 32% from its price of ₪251 on 01 October 2020. The Israeli market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 17% over the same period. Reported Earnings • Nov 26
Third quarter 2020 earnings released: EPS ₪7.83 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ₪685.5m (up 8.5% from 3Q 2019). Net income: ₪56.9m (up 9.2% from 3Q 2019). Profit margin: 8.3% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 21% per year. Is New 90 Day High Low • Nov 09
New 90-day high: ₪282 The company is up 10.0% from its price of ₪257 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 Industrials industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: ₪264 The company is up 11% from its price of ₪238 on 09 July 2020. The Israeli market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is down 7.0% over the same period.