Main menu
Edison Group
  • Home
  • Sparks
  • Equities

    Equities

    View All Equities

    Equities by Sector

    YXT.com

    MCap

    USD127m

    Last close

    USD23.43

    ▲ 20.23 (632.19%)

    Northern Data Group

    MCap

    EUR486m

    Last close

    EUR6.28

    ▲ −1.28 (−16.88%)

    Bodycote

    MCap

    GBP1,572m

    Last close

    GBP9.14

    ▲ −9.00 (−0.98%)

  • Sectors

    Sectors

  • Megatrends

    Megatrends

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Pointer Telocation — Update 30 November 2016

Pointer Telocation — Update 30 November 2016

Pointer Telocation

Analyst avatar placeholder

Written by

Pointer Telocation

Improving top-line trend affected by one-offs

Q316 earnings release

Tech hardware & equipment

30 November 2016

Price*

$7.70/
NIS29.25

Market cap

$61m/
NIS230m

*Priced at 29 November 2016

US$/NIS3.8726

Net debt ($m) at 30 September 2016

2.2

Shares in issue

7.87m

Warrants in issue

0.6m

Free float

59.3%

Code

PNTR

Primary exchange

NASDAQ

Secondary exchange

TASE

Share price performance

%

1m

3m

12m

Abs

0.9

8.3

29.0

Rel (local)

(2.5)

6.7

22.5

52-week high/low

US$7.8

US$4.8

Business description

Pointer Telocation (PNTR) is a leading provider of MRM services and products to the automotive and insurance industries. Key services are asset tracking, fleet management and monitoring goods in transit/IoT. Its main markets are Israel, Brazil, Argentina, Mexico and Europe.

Next events

FY16 results

February 2017

Analysts

Anna Bossong

+44 (0)20 3077 5737

Richard Jeans

+44 (0)20 3077 5700

Pointer Telocation (PNTR) is a telematics company with a focus on Israel and Latin America. In addition to sales of its own telematics devices, the group generates high recurring revenues from mobile resource management services. The results for the first nine months support our top-line and normalised full year profit expectations, representing 74-76% of our forecast FY revenue and EBIT. We have nevertheless cut our current year PBT forecast by 6% to account for higher finance and one-off costs. PNTR’s forward P/E discount to the sector has widened from 34% to 37% in recent weeks and we see potential for a re-rating on stronger earnings growth, which should be driven by the recent acquisition of Cielo Telecom in Brazil, a strong pipeline of new products and rising service margins.

Year
end

Revenue ($m)

PBT*
($m)

EPS*
(c)

DPS
(c)

EV/EBITDA
(x)

P/E
(x)

Yield
(%)

12/15

60.6

6.3

62.3

0.0

8.2

12.4

N/A

12/16e

63.7

6.4

61.9

0.0

7.2

12.4

N/A

12/17e

70.8

7.9

73.9

0.0

6.2

10.4

N/A

12/18e

75.7

9.4

87.3

0.0

5.3

8.8

N/A

Note: *PBT and EPS (diluted) are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Strong top line but sales and marketing costs higher

Pointer Telocation reported a pick-up in third-quarter US dollar revenue growth from the 3% y-o-y in H116 to 9%, reflecting a continuation of mid-teens local currency revenue growth and a stronger trend in Latin American currencies. Good market conditions in Israel, Brazil, Argentina and Mexico helped generate a 14% y-o-y increase in MRM subscribers to 198k while PNTR’s high operating leverage helped drive a 10% higher gross profit. Higher sales and marketing outlays and finance costs resulted in normalised operating profit of $1.8m, up 1% y-o-y, versus the 3% decline in H1. One-off costs of $0.2m related to the CT acquisition and higher financial costs, boosted by forex translation losses, resulted in a 34% y-o-y reduction in US GAAP net profits to $0.7m (H1: $2.3m). Although we have increased our revenue and EBITDA forecasts over 2016-18, adding in the above-mentioned items has reduced our reported PBT forecasts by 7% in 2016 and 2-3% in 2017 and 2018

Net debt reduction ahead of Cielo acquisition

PNTR generated $1.4m in operating cash flow in Q3, representing a cash conversion rate of 1.0x vs 1.5x in Q315. The group used the cash flow to cut net debt $1.0m to $2.2m ahead of the $6.5m Cielo Telecom acquisition on 7 October. The company increased borrowing by $5.4m during the quarter in order to increase its cash balance to $14.1m in preparation for this and other acquisitions.

Valuation: High 37% discount to forward sector P/E

PNTR currently trades on a high and, in our view, unjustified 37% discount to the forward sector P/E. We continue to value the shares on a peer-based multiple valuation at $8.85 (NIS33.9) per share. Our DCF share value has increased from $11.1 (NIS42.6) to $11.3 (NIS43.7), reflecting increases in our operating profit expectations.

Third quarter results: Strong top-line trends

Pointer reported strong revenue growth in Q316, up 9% y-o-y in US dollar terms (and 14% in local currencies) to $15.9m, after 0.4% y-o-y growth in H116 to $31.0m (see Exhibit 2). The main growth driver was an 18% y-o-y increase in service revenues in local currency terms, after 13% growth in H1. According to management, this reflected good market conditions in Israel, Brazil, Argentina and Mexico. When combined with better forex trends in key markets (particularly Latin America) – with implied average year-on-year currency deterioration versus the dollar of 6% in Q3 vs 13% in H116 – this resulted in an 11% y-o-y increase in dollar based service revenues.

Underpinning service revenue growth was a 13.8% y-o-y increase in mobile resource management (MRM) subscriber numbers, growing 6,000 in the quarter to 198,000. This represented a pick up in growth from the 12.9% y-o-y reported in H1. With the help of stronger currency trends, the Q3 ARPU gained $0.50 from the H116 level to reach $18.0.

The trend in product sales also improved in Q3, with revenues rising 6% y-o-y to $5.4m in Q3 after 0.2% y-o-y growth to $11.6m in H116. Gross margins in the third quarter widened 1.5% points to 49.2%, reflecting better performance in both the service and product segments and the impact of operating leverage. Higher sales and marketing outlays (up 29% y-o-y to $3.1m) resulted in normalised operating profit of $1.8m, up 1% y-o-y, versus the 3% decline in H1.

One-off costs of $0.2m related to the acquisition of Cielo Telecom on 7 October led to a 3.5% y-o-y decline in reported operating profit to $1.4m. Financial costs also rose sharply to $0.38m (H1: $0.24m) boosted by forex translation losses and increased borrowing at the end of the quarter to finance the acquisition of Cielo Telecom. This resulted in 34% y-o-y reduction in US GAAP net profits to $0.7m (H1: $2.3m).

It is worth pointing out that the mainstay of Pointer’s third quarter results was standard MRM services and product sales. Revenues were not significantly affected by the group’s newest internet of things (IoT) sensor-based product CelloTrack Nano. Management expects the first major impact from growth in these sales in 2017 after the launch of Pointer’s own platform for the product (please see our initiation note of 8 November 2016 for further information). Synergies from the acquisition of Cielo Telecom should also prove another growth driver in 2017, although in the shorter term the acquisition does bring about some uncertainty regarding group margins as management has not provided information on CT’s level of profitability except to state that the company is EBITDA positive.

Exhibit 1: Quarter-by-quarter results summary

$m

Q115

Q215

Q315

Q415

Q116

Q216

Q316

Q416e

Revenue

15.41

15.49

14.56

15.10

14.83

16.21

15.92

16.78

Gross profit

7.39

7.24

7.14

7.49

7.36

7.73

7.83

8.18

Gross margin (%)

48.0

46.7

49.0

49.6

49.6

47.7

49.2

48.8

Research and development

(0.9)

(0.8)

(0.8)

(0.9)

(0.9)

(0.9)

(0.9)

(0.9)

Selling and marketing

(2.4)

(2.6)

(2.4)

(3.0)

(2.6)

(3.0)

(3.1)

(3.1)

General and administrative

(2.2)

(2.2)

(2.2)

(2.7)

(2.1)

(2.1)

(2.2)

(2.2)

Non-cash adjustments/other

0.6

0.5

0.8

1.1

0.5

0.5

0.5

0.6

EBITDA

2.47

2.08

2.49

2.04

2.16

2.27

2.23

2.59

EBITDA margin (%)

16.0

13.4

17.1

13.5

14.6

14.0

14.0

15.4

Operating profit normalised*

1.98

1.63

1.80

1.00

1.73

1.79

1.82

2.10

Operating profit reported

1.73

1.41

1.45

0.05

1.58

1.65

1.40

1.70

Operating margin normalised (%)

12.8

10.5

12.3

6.6

11.7

11.0

11.4

12.5

Profit before tax normalised

2.35

1.47

1.64

0.87

1.82

1.46

1.43

1.70

Profit before tax reported

2.10

1.25

1.30

(0.08)

1.67

1.32

1.01

1.30

Source: Pointer Telocation, Edison Investment Research estimates. Note: *Operating profit before D&A, share-based payments and one-off expenses. Historic data adjusted to eliminate discontinued operation.

Exhibit 2: Pointer Q316 results summary table

$m, US GAAP

Q316

Q315*

% change

9M16

9M15*

% change

H116*

Q216

Revenues from:

Products

5.39

5.09

6.0

16.95

16.63

1.9

11.56

6.05

Services

10.52

9.47

11.1

30.01

28.84

4.1

19.49

10.17

Change service revenues, local currency (%)

18.0

N/A

15.0

N/A

13.4

20.0

Revenue

15.92

14.56

9.3

46.96

45.46

3.3

31.04

16.21

Change, local currency (%)

14.0

N/A

14.3

N/A

14.7

15.0

Cost of Products

(3.30)

(3.18)

3.9

(10.48)

(10.08)

3.9

(7.18)

(3.78)

Gross profit Products

2.1

1.9

6.5

6.5

4.4

2.3

Gross margin products (%)

38.8

37.6

38.2

39.4

37.9

37.5

Cost of Services

(4.79)

(4.24)

12.9

(13.56)

(13.62)

(0.4)

(8.77)

(4.70)

Gross profit Services

5.7

5.2

16.4

15.2

10.7

5.5

Gross margin services (%)

54.5

55.2

54.8

52.8

55.0

53.7

Cost of Sales

(8.09)

(7.42)

9.0

(24.04)

(23.70)

1.5

(15.95)

(8.48)

Gross profit

7.83

7.14

9.6

22.91

21.77

5.3

15.09

7.73

Gross margin (%)

49.2

49.0

47.9

48.8

48.6

47.7

Research and development

(0.87)

(0.82)

6.6

(2.69)

(2.53)

6.3

(1.82)

(0.92)

% of sales

5.5

5.6

5.7

5.6

5.9

5.7

Selling and marketing

(3.10)

(2.40)

29.1

(8.71)

(7.48)

16.5

(5.62)

(2.97)

% of sales

19.5

16.5

18.6

16.5

18.1

18.3

General and administrative

(2.15)

(2.20)

(2.1)

(6.38)

(6.59)

(3.2)

(4.23)

(2.09)

% of sales

13.5

15.1

13.6

14.5

13.6

12.9

EBITDA (continuing operations)

2.23

2.49

(10.2)

6.66

7.04

(5.3)

4.43

2.27

EBITDA margin

14.0%

17.1%

14.2%

15.5%

14.3%

14.0%

Operating profit normalised

1.82

1.80

1.1

5.33

5.41

(1.4)

3.52

1.79

Normalised operating margin

11.4%

12.3%

11.4%

11.9%

11.3%

11.0%

One-off items (acquisition-related expenses)

(0.20)

0.00

(0.20)

0.00

0.00

0.00

Operating profit

1.40

1.45

(3.5)

4.63

4.60

0.7

3.23

1.65

Operating margin (%)

8.80

9.97

9.85

10.11

10.40

10.15

Net finance costs

(0.38)

(0.16)

141.4

(0.62)

0.06

(1,071.9)

(0.24)

(0.32)

Other expenses

(0.01)

0.00

(0.00)

(0.01)

0.00

(0.00)

PBT normalised

1.43

1.64

(12.9)

4.71

5.46

(13.8)

3.28

1.46

PBT

1.01

1.30

(21.8)

4.00

4.65

(13.9)

2.99

1.32

Reported tax

(0.30)

(0.31)

(4.5)

(1.15)

(0.96)

20.4

(0.85)

(0.28)

Profit after tax reported

0.71

1.09

(34.5)

3.00

3.86

(22.1)

2.29

0.88

Minority interests (continuing operations)

(0.00)

0.02

(113.0)

(0.01)

0.08

(117.5)

(0.01)

(0.01)

Profit after tax normalised

1.13

1.35

(16.6)

3.54

4.58

(22.8)

2.41

1.18

EPS - basic ($)

0.09

0.13

(30.2)

0.38

0.50

(24.7)

0.29

0.11

EPS - diluted ($)

0.09

0.13

(29.5)

0.37

0.49

(23.6)

0.28

0.11

EPS - basic normalised ($)

0.14

0.19

(23.7)

0.46

0.60

(24.0)

0.31

0.15

EPS - diluted normalised ($)

0.14

0.18

(22.9)

0.45

0.58

(22.9)

0.31

0.15

Ratios and balance sheet/cash flow data

MRM subscribers

198,000

174,000

13.8

198,000

174,000

13.8

192,000

192,000

Avg. service rev. per MRM subscriber ($/month)

18.0

18.4

(2.0)

17.7

19.0

(7.0)

17.5

18.0

Operating cash flows

1.43

2.16

(33.8)

6.39

6.30

1.4

4.96

3.44

Cash conversion (Op. CF to operating profit, %)

1.02

1.49

(31.3)

1.38

1.37

0.7

1.50

2.09

Cash flows from investment

(0.69)

(0.98)

(29.7)

(3.07)

(1.68)

82.4

(2.38)

(1.28)

Purchases of property, plant and equipment

(0.72)

(1.16)

(38.1)

(3.58)

(2.51)

42.5

(2.86)

(1.28)

Cash & cash equivalents

14.07

N/A

N/A

14.07

N/A

N/A

7.75

7.75

Net debt ($m)

2.23

N/A

N/A

2.23

N/A

N/A

3.17

3.17

Net debt (cash)/Equity (%)

5.17

N/A

N/A

5.17

N/A

N/A

7.64

7.64

Current ratio

1.90

N/A

N/A

1.90

N/A

N/A

1.51

1.51

Quick ratio

1.62

N/A

N/A

1.62

N/A

N/A

1.25

1.25

Source: Pointer Telocation. Note: *Adjusted balance sheet data to reflect the deconsolidation of Shagrir in H116 not available for this period.

Change in earnings forecast: PBT cut 7% in 2016

As shown in Exhibit 3 we have increased our forecasts of group revenues, EBITDA and operating profit in the 2016-18 period. We have nevertheless cut our reported PBT forecast by 7%, in 2016, 3% in 2017 and 2% in 2018 to reflect the following:

■

Increased revenue forecasts 2017-18: We have increased 2016 year end subscriber numbers from 217.6k to 220.0k to reflect better than forecast 6k net additions in Q3, with a knock-on effect to 2017 and 2018 revenues. Net additions in Q4 will be boosted c 16k by the inclusion of Cielo Telecom customers.

■

We have cut 2016 G&A costs by $0.7m on the basis that Q4 administrative expenses will remain at around the Q3 level of $2.2m. This represents a 20% reduction on the Q415 sum, which was boosted by costs related to the spin-off of Shagrir, which took place in June 2016.

■

Cielo Telecom one-off acquisition costs: These amounted to $0.2m in Q316 and were not factored into our forecast. Management have advised of the likelihood of further costs related to this acquisition arising in Q4 leading us to incorporate a further $0.2m expense in the Q4 forecast. These costs are excluded from the normalised profit lines, so only affect the reported results.

■

Increased finance costs by $0.5m to $1.0m reflect the impact of FX translation losses, which were a contributor to a higher than forecast $0.38m finance charge in Q316. We have increased our finance cost estimates for future years to include FX translation losses of $0.3m a year, which has increased our estimates of finance cost estimates. We continue to assume interest costs of Libor + 3.5% on new debt plus the inclusion of a $0.2m forex-related adjustment.

■

We have adjusted our forecast of 2016 tax expense by $0.14m to reflect the relatively high effective tax rate of 29% in Q316. It is worth noting that the company is not incurring cash taxes, so this does not affect cash generation.

Exhibit 3: Change in earnings forecast

$m

2015

2016

2016

 

2017

2017

 

2018

2018

 

 

 

Old

New

% chg.

Old

New

% chg.

Old

New

% chg.

MRM subscribers (‘000)

180.0

217.6

220.0

1.1

242

244.2

1.1

268.1

271.1

1.1

MRM service ARPU* ($/month)

18.6

17.4

17.4

0.3

16.8

16.8

0.3

16.5

16.6

0.3

Revenue

60.6

63.7

63.7

0.1

70.5

70.8

0.4

75.3

75.7

0.5

Gross profit

29.3

31.1

31.1

(0.0)

34.6

34.7

0.4

37.3

37.5

0.4

Gross margin (%)

48.3

48.8

48.8

N/A

49.1

49.0

N/A

49.5

49.5

N/A

Research and development

(3.4)

(3.7)

(3.6)

(1.6)

(3.8)

(3.8)

0.0

(3.8)

(3.8)

0.0

Selling and marketing

(10.5)

(11.6)

(11.8)

1.9

(12.8)

(12.9)

0.7

(13.6)

(13.7)

0.8

General and administrative

(9.3)

(9.2)

(8.5)

(7.0)

(9.7)

(9.7)

(0.1)

(10.2)

(10.2)

(0.1)

Non-cash adjustments/other

2.0

2.1

2.1

(0.6)

2.4

2.4

0.5

2.9

2.9

0.6

EBITDA

8.1

8.8

9.3

5.2

10.7

10.7

0.5

12.5

12.6

0.7

EBITDA margin (%)

13.4

13.8

14.5

N/A

15.2

15.2

N/A

16.6

16.7

N/A

Operating profit normalised

6.4

7.0

7.4

6.6

8.6

8.7

0.5

9.9

10.0

0.8

Operating profit reported

4.6

6.3

6.3

1.1

8.0

8.0

0.6

9.3

9.4

0.8

Operating margin normalised (%)

10.6

10.9

11.7

N/A

12.2

12.3

N/A

13.2

13.2

N/A

Finance costs

(0.1)

(0.6)

(1.0)

85.2

(0.6)

(0.8)

48.1

(0.3)

(0.6)

72.6

Profit before tax normalised

6.3

6.4

6.4

(0.4)

8.1

7.9

(2.8)

9.6

9.4

(1.8)

Profit before tax reported

4.6

5.7

5.3

(7.2)

7.4

7.2

(3.0)

9.0

8.8

(1.9)

EPS - diluted normalised ($)

0.62

0.60

0.62

2.3

0.73

0.74

0.6

0.86

0.87

1.6

EPS - basic reported ($)

0.49

0.55

0.51

(8.5)

0.70

0.68

(2.9)

0.84

0.82

(1.8)

Source: Pointer Telocation accounts, Edison Investment Research. Note: *Average revenue per month.

Valuation: Attractive 37% forward P/E sector discount

Exhibit 4: Peer valuation comparison

$m

Main focus

Share price* (lc)

Market cap
($m)

Current sales ($m)(e)

EBITDA margin this yr (e)

Current EV/S (e)

Next EV/S

Current EV/ EBITDA (e)

Next EV/ EBITDA (e)

Current P/E (e)

Next P/E (e)

Last div yield

Net debt (cash)/
equity

Pointer Telocation

Isr, Latam, SA

$7.60

59

64

14.5%

1.0

0.9

7.1

6.1

12.3

10.3

0.0%

10.8%

CalAmp Corp

NAM

15.6

568

352

14.1%

1.4

1.3

9.7

8.4

14.4

12.7

0.0%

-15.6%

Fleetmatics Group

NAM

60.0

2,355

344

33.4%

6.4

5.4

19.2

15.5

33.9

27.5

0.0%

-6.4%

ID Systems Inc

NAM

4.9

68

36

-10.7%

1.7

1.4

neg.

35.0

neg.

26.5

0.0%

-7.0%

Ituran

Isr, Brzl, Arg

24.4

573

197

30.9%

2.8

2.6

8.9

8.0

17.3

14.1

0.0%

-5.0%

MiX Telematics

SA

5.8

141

107

18.9%

0.7

0.7

3.9

3.4

20.0

16.2

1.2%

-46.5%

Numerex Corp

NAM

8.5

166

71

5.3%

2.4

2.2

44.8

16.5

neg.

77.0

0.0%

1.9%

ORBCOMM Inc

US/Europe

8.9

632

189

24.7%

4.0

3.6

16.1

13.4

neg.

neg.

0.0%

19.6%

Sierra Wireless Inc

NAM

15.7

502

615

6.0%

0.7

0.7

12.2

10.2

28.2

21.6

0.0%

-9.9%

Trakm8 Holdings

UK

122.5

50

42

21.2%

1.2

1.1

5.7

4.6

7.8

6.8

1.7%

2.7%

QUALCOMM Inc

NAM

68.3

100,857

24,060

39.3%

3.3

3.3

8.5

7.7

14.4

13.5

3.0%

-20.4%

Quartix Holdings

UK

332.5

196

28

30.1%

6.8

6.4

22.7

20.6

28.7

25.6

1.6%

-1.9%

Average/Median* (multiples)

8,847

2,175

20.1%

2.1

1.8

9.7

9.3

17.3

16.2

0.0%

-5.7%

Average/Median* - market cap <$300m

113

86

16.7%

1.5

1.3

7.1

11.3

16.1

20.9

0.6%

0.0%

Average/Median* Ituran/MiX Telematics

357

357

24.9%

1.7

1.6

6.4

5.7

18.6

15.2

0.6%

-25.8%

PTNR premium/(discount) to peers

(49.9)

(49.0)

(26.5)

(34.2)

(29.0)

(36.7)

N/A

N/A

PTNR premium/(discount) to peers MCAP<$300m

(29.6)

(26.2)

0.0

(45.8)

(23.9)

(50.8)

N/A

N/A

PTNR premium/(discount) to Ituran/MiX Telematics average

(40.5)

(42.9)

11.0

7.9

(34.1)

(32.2)

N/A

N/A

PTNR premium/(discount) to Ituran

(62.6)

(64.0)

(20.6)

(23.1)

(29.0)

(27.1)

N/A

N/A

Source: Edison Investment Research, Bloomberg. Note: *Median applied to multiples only to remove effect of outliers. NAM = North America. Priced as at 28 November 2016.

PNTR currently trades on a high 37% discount to the forward sector P/E. We continue to derive a valuation of $8.85 (NIS33.9) from our peer-based valuation.

We attain this by applying a discount of 10% to Ituran and 20% to the sector’s prospective current year EV/EBITDA and P/E multiples. These discounts take into account Pointer’s below average market capitalisation/trading volumes versus Ituran and the sector as a whole, but also its strengths in its strong new product pipeline, its recent acquisition of Cielo Telecom in Brazil, its well-funded balance sheet, non-cash tax position and its potential to participate in further sector consolidation.

Exhibit 5: Pointer Telocation DCF analysis

$m

2016e

2017e

2018e

2019e

2020e

2021e

2022e

2023e

2024e

2025e

2026e norm.

Revenue

63.7

70.8

75.7

79.7

82.5

85.1

87.9

90.6

93.3

96.1

98.5

change yoy (%)

5.2

11.1

6.9

5.2

3.5

3.2

3.3

3.0

3.0

3.0

2.5

EBITDA

9.3

10.7

12.6

14.1

15.1

16.1

17.0

17.6

18.2

18.7

19.2

EBITDA margin (%)

14.5

15.2

16.7

17.7

18.3

18.9

19.3

19.5

19.5

19.5

19.5

change yoy (%)

14.3

16.0

17.6

12.0

6.6

6.6

5.8

3.6

3.3

2.9

2.5

Change in working capital

(0.7)

(0.5)

(0.4)

(0.3)

(0.2)

(0.2)

(0.2)

(0.2)

(0.2)

(0.2)

(0.2)

Working capital/sales (%)

(1.2)

(0.8)

(0.5)

(0.4)

(0.3)

(0.2)

(0.2)

(0.2)

(0.2)

(0.2)

(0.2)

Capex, net of PPE sales

(3.0)

(3.9)

(4.2)

(4.5)

(4.7)

(4.9)

(5.1)

(5.3)

(5.5)

(5.7)

(5.9)

Capex/sales (%)

(4.8)

(5.5)

(5.6)

(5.7)

(5.7)

(5.8)

(5.8)

(5.8)

(5.9)

(5.9)

(5.9)

Tax

0.0

(1.1)

(1.1)

(2.5)

(2.7)

(2.9)

(3.0)

(3.1)

(3.2)

(3.3)

(3.3)

Acquisitions

(8.9)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Free cashflow

(3.4)

5.2

6.9

6.8

7.5

8.1

8.7

9.1

9.4

9.6

9.8

Terminal value

 

 

 

 

 

 

 

 

 

 

133.5

Total cashflow

(3.4)

5.2

6.9

6.8

7.5

8.1

8.7

9.1

9.4

9.6

143.3

Discounted cashflows

(3.4)

4.7

5.7

5.1

5.1

5.0

4.9

4.6

4.4

4.1

55.0

Sum of discounted CFs

95.2

 

RFR

 

 

6.6%

 

 

 

 

 

Net debt (cash)

6.0

 

WACC

 

 

10.0%

 

 

 

 

 

Equity valuation

89.2

 

Terminal growth rate

 

2.5%

 

 

 

 

 

Number of shares, diluted

7.9

 

Terminal value/EV

 

54%

 

 

 

 

 

Value per share (NIS)

43.7

 

Value per share ($)

 

11.3

 

 

 

 

 

Source: Edison Investment Research

Following our forecast revisions, which have boosted our operating cash flow expectations, our DCF valuation has increased from $11.1 (NIS42.6) to $11.3 (NIS43.7) per share.

Exhibit 6: Financial summary

$m

2015

2016e

2017e

2018e

2019e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

US GAAP

INCOME STATEMENT

Revenue

 

 

60.57

63.74

70.81

75.69

79.66

Cost of Sales

(31.31)

(32.64)

(36.09)

(38.20)

(39.77)

Gross Profit

29.25

31.10

34.71

37.49

39.89

Selling and marketing

(10.47)

(11.81)

(12.85)

(13.74)

(14.46)

General and administrative

(9.28)

(8.53)

(9.74)

(10.21)

(10.66)

Research and development

(3.41)

(3.63)

(3.77)

(3.84)

(4.05)

EBITDA

 

 

8.10

9.26

10.74

12.62

14.14

Normalised operating profit

 

 

6.40

7.43

8.68

10.02

11.06

Amortisation of acquired intangibles

(0.54)

(0.39)

(0.32)

(0.29)

(0.26)

Exceptionals

(0.91)

(0.40)

0.00

0.00

0.00

Share-based payments (inc. In COGS)

(0.31)

(0.32)

(0.32)

(0.33)

(0.33)

Reported operating profit

4.64

6.33

8.04

9.41

10.46

Net Interest

(0.06)

(1.03)

(0.83)

(0.58)

(0.40)

Profit before tax (norm)

 

 

6.32

6.40

7.85

9.44

10.66

Profit before tax (reported)

 

 

4.57

5.30

7.21

8.83

10.07

Reported tax

(1.31)

(1.48)

(1.80)

(2.21)

(2.52)

Profit after tax (norm)

5.02

4.92

6.05

7.23

8.14

Profit after tax (reported)

3.26

3.82

5.41

6.62

7.55

Minority interests

0.00

(0.02)

(0.02)

(0.03)

(0.03)

Discontinued operations

0.54

0.15

0.00

0.00

0.00

Net income (normalised)

4.95

4.94

6.02

7.20

8.11

Net income (reported)

3.80

3.96

5.38

6.59

7.52

Basic average number of shares outstanding (m)

7.73

7.82

7.92

8.02

8.12

EPS – basic normalised ($)

 

 

0.64

0.63

0.76

0.90

1.00

EPS – diluted normalised ($)

 

 

0.62

0.62

0.74

0.87

0.97

EPS – basic reported ($)

 

 

0.49

0.51

0.68

0.82

0.93

Dividend ($)

0.00

0.00

0.00

0.00

0.00

Revenue growth (%)

N/A

5.2

11.1

6.9

5.2

Gross margin (%)

48.3

48.8

49.0

49.5

50.1

EBITDA margin (%)

13.4

14.5

15.2

16.7

17.7

Normalised operating margin (%)

10.6

11.7

12.3

13.2

13.9

BALANCE SHEET

Fixed assets

 

 

68.78

51.66

53.17

54.52

55.70

Intangible assets

31.83

40.02

39.70

39.41

39.15

Tangible assets

3.28

4.16

5.99

7.62

9.06

Investments & other

33.67

7.49

7.49

7.49

7.49

Current assets

 

 

34.66

22.04

21.30

25.02

32.42

Stocks

4.70

4.56

5.04

5.34

5.56

Debtors

11.09

11.87

13.19

14.10

14.84

Cash & cash equivalents

7.25

3.80

1.21

3.67

10.06

Other

11.62

1.80

1.85

1.91

1.97

Current liabilities

 

 

(30.45)

(17.19)

(17.50)

(17.55)

(18.25)

Creditors

(9.82)

(11.49)

(12.71)

(13.51)

(14.16)

Short-term borrowings

(4.82)

(5.00)

(4.00)

(3.20)

(3.20)

Other

(15.81)

(0.71)

(0.78)

(0.84)

(0.88)

Long-term liabilities

 

 

(17.95)

(13.01)

(6.76)

(3.49)

(3.24)

Long-term borrowings

(8.39)

(9.74)

(3.79)

(0.79)

(0.79)

Other long-term liabilities

(9.57)

(3.27)

(2.97)

(2.70)

(2.45)

Net assets

 

 

55.04

43.49

50.21

58.50

66.63

Minority interests

(1.07)

0.14

0.11

0.07

0.07

Shareholders' equity

 

 

53.97

43.63

50.32

58.58

66.70

CASH FLOW

Operating cash flow before WC and tax

8.10

9.26

10.74

12.62

14.14

Working capital

(0.31)

(0.74)

(0.55)

(0.41)

(0.32)

Exceptional & other

2.20

0.43

0.00

0.00

0.00

Tax

(0.23)

0.00

(1.08)

(1.10)

(2.52)

Net operating cash flow

 

 

9.76

8.94

9.11

11.11

11.30

Capex

(3.62)

(4.15)

(4.23)

(4.60)

(4.91)

Acquisitions/disposals

0.00

(8.90)

0.00

0.00

0.00

Net interest

(0.89)

(1.03)

(0.83)

(0.58)

(0.40)

Equity financing

0.02

0.00

0.00

0.00

0.00

Dividends

0.00

0.00

0.00

0.00

0.00

Other, incl.PPE sales

1.26

0.43

0.31

0.33

0.39

Net cash flow

6.53

(4.71)

4.36

6.26

6.39

Opening net debt/(cash)

 

 

9.22

5.95

10.94

6.58

0.32

FX

(0.19)

(0.28)

0.00

0.00

0.00

Other non-cash movements

(3.07)

0.00

0.00

0.00

0.00

Closing net debt/(cash)

 

 

5.95

10.94

6.58

0.32

(6.07)

Source: Pointer Telocation accounts, Edison Investment Research

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

EDISON ISRAEL DISCLAIMER

Disclosure regarding the scheme to enhance the awareness of investors to public companies in the technology and biomed sectors that are listed on the Tel Aviv Stock Exchange and participate in the scheme (hereinafter respectively “the Scheme”, “TASE”, “Participant” and/or “Participants”). Edison Investment Research (Israel) Ltd, the Israeli subsidiary of Edison Investment Research Ltd (hereinafter respectively “Edison Israel” and “Edison”), has entered into an agreement with the TASE for the purpose of providing research analysis (hereinafter “the Agreement”), regarding the Participants and according to the Scheme (hereinafter “the Analysis” or “Analyses”). The Analysis will be distributed and published on the TASE website (Maya), Israel Security Authority (hereinafter “the ISA”) website (Magna), and through various other distribution channels. The Analysis for each participant will be published at least four times a year, after publication of quarterly or annual financial reports, and shall be updated as necessary after publication of an immediate report with respect to the occurrence of a material event regarding a Participant. As set forth in the Agreement, Edison Israel is entitled to fees for providing its investment research services. The fees shall be paid by the Participants directly to the TASE, and TASE shall pay the fees directly to Edison. Subject to the terms and principals of the Agreement, the Annual fees that Edison Israel shall be entitled to for each Participant shall be in the range of $35,000-50,000. As set forth in the Agreement and subject to its terms, the Analyses shall include a description of the Participant and its business activities, which shall inter alia relate to matters such as: shareholders; management; products; relevant intellectual property; the business environment in which the Participant operates; the Participant’s standing in such an environment including current and forecasted trends; a description of past and current financial positions of the Participant; and a forecast regarding future developments in and of such a position and any other matter which in the professional view of the Edison (as defined below) should be addressed in a research report (of the nature published) and which may affect the decision of a reasonable investor contemplating an investment in the Participant’s securities. To the extent it is relevant, the Analysis shall include a schedule of scientific analysis of an expert in the field of life sciences. An "equity research abstract" shall accompany each Equity Research Report, describing the main points addressed. The full scope reports and reports where the investment case has materially changed will include a thorough analysis and discussion. Short update notes, where the investment case has not materially changed, will include a summary valuation discussion. The Agreement with TASE regarding the participation of Edison in the scheme for the research analysis of public companies does not and shall not constitute an approval or consent on the part of TASE or the ISA or any other exchange on which securities of the Company are listed, or any other securities’ regulatory authority which regulates the issuance of securities by the Company to the content of the Report or to the recommendation contained therein. A summary of this report is also published in the Hebrew language. In the event of any contradiction, inconsistency, discrepancy, ambiguity or variance between the English Report and the Hebrew summary of said Report, the English version shall prevail; and a note to this effect shall appear in any Hebrew summary of a Report. Edison is regulated by the Financial Conduct Authority. According to Article 12.3.2, Chapter 12 of the Conduct of Business Sourcebook, Edison, which produces or disseminates non-independent research, must ensure that it: 1) is clearly identified as a marketing communication; and 2) contains a clear and prominent statement that (or, in the case of an oral recommendation, to the effect that) it: a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research; and b) is not subject to any prohibition on dealing ahead of the dissemination of investment research. The financial promotion rules apply to non-independent research as though it were a marketing communication.

EDISON INVESTMENT RESEARCH DISCLAIMER

Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers’ exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Tel Aviv +44 (0)20 3734 1007
Medinat Hayehudim 60,

Herzilya Pituach, 46766

Israel

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Tel Aviv +44 (0)20 3734 1007
Medinat Hayehudim 60,

Herzilya Pituach, 46766

Israel

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

EDISON ISRAEL DISCLAIMER

Disclosure regarding the scheme to enhance the awareness of investors to public companies in the technology and biomed sectors that are listed on the Tel Aviv Stock Exchange and participate in the scheme (hereinafter respectively “the Scheme”, “TASE”, “Participant” and/or “Participants”). Edison Investment Research (Israel) Ltd, the Israeli subsidiary of Edison Investment Research Ltd (hereinafter respectively “Edison Israel” and “Edison”), has entered into an agreement with the TASE for the purpose of providing research analysis (hereinafter “the Agreement”), regarding the Participants and according to the Scheme (hereinafter “the Analysis” or “Analyses”). The Analysis will be distributed and published on the TASE website (Maya), Israel Security Authority (hereinafter “the ISA”) website (Magna), and through various other distribution channels. The Analysis for each participant will be published at least four times a year, after publication of quarterly or annual financial reports, and shall be updated as necessary after publication of an immediate report with respect to the occurrence of a material event regarding a Participant. As set forth in the Agreement, Edison Israel is entitled to fees for providing its investment research services. The fees shall be paid by the Participants directly to the TASE, and TASE shall pay the fees directly to Edison. Subject to the terms and principals of the Agreement, the Annual fees that Edison Israel shall be entitled to for each Participant shall be in the range of $35,000-50,000. As set forth in the Agreement and subject to its terms, the Analyses shall include a description of the Participant and its business activities, which shall inter alia relate to matters such as: shareholders; management; products; relevant intellectual property; the business environment in which the Participant operates; the Participant’s standing in such an environment including current and forecasted trends; a description of past and current financial positions of the Participant; and a forecast regarding future developments in and of such a position and any other matter which in the professional view of the Edison (as defined below) should be addressed in a research report (of the nature published) and which may affect the decision of a reasonable investor contemplating an investment in the Participant’s securities. To the extent it is relevant, the Analysis shall include a schedule of scientific analysis of an expert in the field of life sciences. An "equity research abstract" shall accompany each Equity Research Report, describing the main points addressed. The full scope reports and reports where the investment case has materially changed will include a thorough analysis and discussion. Short update notes, where the investment case has not materially changed, will include a summary valuation discussion. The Agreement with TASE regarding the participation of Edison in the scheme for the research analysis of public companies does not and shall not constitute an approval or consent on the part of TASE or the ISA or any other exchange on which securities of the Company are listed, or any other securities’ regulatory authority which regulates the issuance of securities by the Company to the content of the Report or to the recommendation contained therein. A summary of this report is also published in the Hebrew language. In the event of any contradiction, inconsistency, discrepancy, ambiguity or variance between the English Report and the Hebrew summary of said Report, the English version shall prevail; and a note to this effect shall appear in any Hebrew summary of a Report. Edison is regulated by the Financial Conduct Authority. According to Article 12.3.2, Chapter 12 of the Conduct of Business Sourcebook, Edison, which produces or disseminates non-independent research, must ensure that it: 1) is clearly identified as a marketing communication; and 2) contains a clear and prominent statement that (or, in the case of an oral recommendation, to the effect that) it: a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research; and b) is not subject to any prohibition on dealing ahead of the dissemination of investment research. The financial promotion rules apply to non-independent research as though it were a marketing communication.

EDISON INVESTMENT RESEARCH DISCLAIMER

Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers’ exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2016. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Tel Aviv +44 (0)20 3734 1007
Medinat Hayehudim 60,

Herzilya Pituach, 46766

Israel

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Tel Aviv +44 (0)20 3734 1007
Medinat Hayehudim 60,

Herzilya Pituach, 46766

Israel

Is Yatirim Menkul Degerler — Update 29 November 2016

Is Yatirim Menkul Degerler

Continue Reading
Cookie Policy Overview
Edison Group

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which section of the website you find more interesting and useful. See our Cookie Policy for more information.

Strictly necessary and functional

These cookies are used to deliver our website and content. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds.

Advertising

Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. These audience insights are used to make our website more relevant.

Performance

Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. We use this information to make our site faster, more relevant and improve the navigation for all users.