Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪6.33, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 44% over the past three years. Reported Earnings • May 24
First quarter 2026 earnings released: EPS: ₪0.15 (vs ₪0.12 in 1Q 2025) First quarter 2026 results: EPS: ₪0.15 (up from ₪0.12 in 1Q 2025). Revenue: ₪98.3m (up 8.7% from 1Q 2025). Net income: ₪8.30m (up 25% from 1Q 2025). Profit margin: 8.4% (up from 7.3% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: ₪0.46 (vs ₪0.21 in FY 2024) Full year 2025 results: EPS: ₪0.46 (up from ₪0.21 in FY 2024). Revenue: ₪377.8m (up 16% from FY 2024). Net income: ₪25.1m (up 121% from FY 2024). Profit margin: 6.6% (up from 3.5% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. New Risk • Jan 17
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings have declined by 26% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ₪0.14 (vs ₪0.097 in 3Q 2024) Third quarter 2025 results: EPS: ₪0.14 (up from ₪0.097 in 3Q 2024). Revenue: ₪98.4m (up 14% from 3Q 2024). Net income: ₪7.92m (up 50% from 3Q 2024). Profit margin: 8.0% (up from 6.1% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: ₪0.09 (vs ₪0.05 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.09 (up from ₪0.05 in 2Q 2024). Revenue: ₪89.0m (up 20% from 2Q 2024). Net income: ₪4.94m (up 87% from 2Q 2024). Profit margin: 5.5% (up from 3.5% 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 48% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Aug 07
Overseas Commerce Ltd., Annual General Meeting, Sep 02, 2025 Overseas Commerce Ltd., Annual General Meeting, Sep 02, 2025. Location: emilia dev. offices, Israel Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: ₪0.21 (vs ₪0.50 loss in FY 2023) Full year 2024 results: EPS: ₪0.21 (up from ₪0.50 loss in FY 2023). Revenue: ₪326.0m (down 4.4% from FY 2023). Net income: ₪11.4m (up ₪39.0m from FY 2023). Profit margin: 3.5% (up from net loss in FY 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 83 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: ₪0.10 (vs ₪0.015 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.10 (up from ₪0.015 in 3Q 2023). Revenue: ₪86.2m (up 5.3% from 3Q 2023). Net income: ₪5.29m (up ₪4.47m from 3Q 2023). Profit margin: 6.1% (up from 1.0% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Oct 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.4% to ₪3.57. The fair value is estimated to be ₪2.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 27
Now 20% overvalued Over the last 90 days, the stock has fallen 3.6% to ₪3.52. The fair value is estimated to be ₪2.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 03
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ₪3.53. The fair value is estimated to be ₪2.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ₪0.05 (vs ₪0.08 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.05 (down from ₪0.08 in 2Q 2023). Revenue: ₪74.4m (down 16% from 2Q 2023). Net income: ₪2.64m (down 38% from 2Q 2023). Profit margin: 3.5% (down from 4.8% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Aug 09
Overseas Commerce Ltd., Annual General Meeting, Sep 12, 2024 Overseas Commerce Ltd., Annual General Meeting, Sep 12, 2024. Location: emilia dev. offices, Israel Buy Or Sell Opportunity • May 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.5% to ₪3.92. The fair value is estimated to be ₪3.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 20
Full year 2023 earnings released: ₪0.50 loss per share (vs ₪0.44 profit in FY 2022) Full year 2023 results: ₪0.50 loss per share (down from ₪0.44 profit in FY 2022). Revenue: ₪341.2m (down 3.3% from FY 2022). Net loss: ₪27.6m (down 213% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Dec 07
Overseas Commerce Ltd., Annual General Meeting, Dec 28, 2023 Overseas Commerce Ltd., Annual General Meeting, Dec 28, 2023, at 14:00 Israel Standard Time. Reported Earnings • Nov 22
Third quarter 2023 earnings released: EPS: ₪0.01 (vs ₪0.11 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.01 (down from ₪0.11 in 3Q 2022). Revenue: ₪81.9m (down 4.9% from 3Q 2022). Net income: ₪816.0k (down 86% from 3Q 2022). Profit margin: 1.0% (down from 7.0% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. 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 4% per year, which means it is well ahead of earnings. New Risk • Aug 09
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: 4.8% Last year net profit margin: 8.7% 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: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Dividend is not well covered by cash flows (126% cash payout ratio). Profit margins are more than 30% lower than last year (4.8% net profit margin). Market cap is less than US$100m (₪220.2m market cap, or US$59.4m). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ₪0.08 (vs ₪0.18 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.08 (down from ₪0.18 in 2Q 2022). Revenue: ₪88.4m (down 4.9% from 2Q 2022). Net income: ₪4.29m (down 56% from 2Q 2022). Profit margin: 4.8% (down from 11% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: ₪0.08 (vs ₪0.12 in 1Q 2022) First quarter 2023 results: EPS: ₪0.08 (down from ₪0.12 in 1Q 2022). Revenue: ₪86.9m (up 2.0% from 1Q 2022). Net income: ₪4.44m (down 34% from 1Q 2022). Profit margin: 5.1% (down from 7.9% in 1Q 2022). The decrease in margin was driven by higher expenses. 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 20% per year. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₪0.44 (vs ₪0.37 in FY 2021) Full year 2022 results: EPS: ₪0.44 (up from ₪0.37 in FY 2021). Revenue: ₪352.9m (up 11% from FY 2021). Net income: ₪24.4m (up 20% from FY 2021). Profit margin: 6.9% (up from 6.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 23% per year. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ₪0.11 (vs ₪0.07 in 3Q 2021) Third quarter 2022 results: EPS: ₪0.11 (up from ₪0.07 in 3Q 2021). Revenue: ₪86.2m (up 9.8% from 3Q 2021). Net income: ₪6.01m (up 47% from 3Q 2021). Profit margin: 7.0% (up from 5.2% 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 24% per year but the company’s share price has only increased by 18% 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. 5 non-independent directors. Independent External Director Estiri Gilaz-Ran 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 • May 21
First quarter 2022 earnings released: EPS: ₪0.12 (vs ₪0.07 in 1Q 2021) First quarter 2022 results: EPS: ₪0.12 (up from ₪0.07 in 1Q 2021). Revenue: ₪85.2m (up 16% from 1Q 2021). Net income: ₪6.71m (up 81% from 1Q 2021). Profit margin: 7.9% (up from 5.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Arie Kaufman is the most experienced director on the board, commencing their role in 2019. Independent Director Estiri Gilaz-Ran was the last independent 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: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₪0.37 (down from ₪0.40 in FY 2020). Revenue: ₪316.8m (flat on FY 2020). Net income: ₪20.3m (down 7.5% from FY 2020). Profit margin: 6.4% (down from 6.9% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 22
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: ₪0.07 (down from ₪0.15 in 3Q 2020). Revenue: ₪78.5m (up 1.0% from 3Q 2020). Net income: ₪4.10m (down 49% from 3Q 2020). Profit margin: 5.2% (down from 10% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to ₪3.83, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total loss to shareholders of 21% over the past three years. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS ₪0.40 (vs ₪0.21 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₪317.2m (down 1.3% from FY 2019). Net income: ₪22.0m (up 88% from FY 2019). Profit margin: 6.9% (up from 3.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 13% per year. Is New 90 Day High Low • Mar 03
New 90-day low: ₪4.22 The company is down 3.0% from its price of ₪4.37 on 03 December 2020. The Israeli market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is flat over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: ₪4.63 The company is up 49% from its price of ₪3.10 on 15 October 2020. The Israeli market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ₪4.53 The company is up 46% from its price of ₪3.11 on 15 September 2020. The Israeli market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 18% share price gain to ₪4.47, the stock is trading at a trailing P/E ratio of 10.9x, up from the previous P/E ratio of 9.2x. This compares to an average P/E of 16x in the Infrastructure industry in Asia. Total return to shareholders over the past three years is a loss of 18%. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 15% share price gain to ₪4.25, the stock is trading at a trailing P/E ratio of 10.3x, up from the previous P/E ratio of 9x. This compares to an average P/E of 17x in the Infrastructure industry in Asia. Total return to shareholders over the past three years is a loss of 22%. Reported Earnings • Nov 23
Third quarter 2020 earnings released: EPS ₪0.15 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₪77.7m (up 3.6% from 3Q 2019). Net income: ₪8.10m (up 356% from 3Q 2019). Profit margin: 10% (up from 2.4% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 17% per year. Is New 90 Day High Low • Nov 09
New 90-day high: ₪3.46 The company is up 46% from its price of ₪2.37 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 Infrastructure industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day high: ₪3.38 The company is up 49% from its price of ₪2.27 on 23 July 2020. The Israeli market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 3.0% over the same period.