The infrastructure fund
Keystone Ret
-0.67%
Base:640.3
opening:641.2
High:641.2
low:632
change:80,822
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Shows a significant increase in business activity in the third quarter. The flow of income from dividends and receipts from investments amounted in the nine months of this year to approximately NIS 135 million, the profit amounted to NIS 97 million. The return on the weighted capital before tax in the last 12 months amounted to 23%, and the flow return on the weighted assets in the last 12 months amounted to 11%.
The NAV per share (net asset value per share) stands at NIS 10.07, when the share trades at NIS 6.4. Keystone’s results in the last quarter and in the nine months are a kind of trailer for the reports later – the company’s activity is expected to increase against the background of the acquisition of Egged. At the same time as the reports, the company published a valuation indication for Egged as of September 30, 2022, conducted by an independent valuer (BDO), according to which Egged is worth about 10%-15% above the price that Keystone paid for it.
Against the background of the results, Navot Bar, CEO of Keystone, said: “Keystone concludes a successful period with a stable revenue flow, impressive returns on capital and assets, and a diversified asset portfolio that is on a continuous growth trend.
“The results are evidence of the successful implementation of the fund’s investment strategy, which combines a diverse base of high-quality yielding assets alongside assets under construction and investments that will be engines of growth. Keystone, anticipating an electricity market with a shortage, worked in the last two years to significantly establish itself in the electricity generation market through investments in private power plants among them IPM, Ramat Hovav and Hagit. Looking forward, Keystone believes that the public transportation market will experience growth, which was the basis of our recent investment in Egged. We are proud of the completion of the transaction and the investment in Egged, which is a strategic landmark for us. With the completion of the transaction, Keystone led a series of appointments in the senior management of Egged, which will lead the growth of its activity in the coming years.
“The events that took place only recently in Egged, such as winning the operation of two new large-scale transportation clusters in the Netherlands, alongside the submission of bids in several tenders for the execution of projects in Israel, testify to the significant potential inherent in it.”
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Egged purchase deal
During the last few months, Keystone acquired 60% of the shares of “Egged” – through a partnership in which Keystone owns 80.8%, in exchange for a total of approximately NIS 2.8 billion, and financed by a banking consortium in the amount of NIS 1.44 billion. The amount of cash invested by Keystone in the purchasing partnership amounted to approximately NIS 1.1 billion – this amount constitutes approximately 75% of Keystone’s capital.
Additional transactions in recent months – the completion of the purchase of 34% of the IPM power plant – the purchase of Keren Noi, Phoenix and National Partners’ shares in the IPM power plant in Be’er Tovia as well as the “Phoenix loan” in exchange for approximately NIS 600 million. The station operates with a capacity of 451 MW and in accordance with regulation 914, so that 85% of the electricity produced there is sold to the electricity grid, and the rest to private consumers. A first payment of approximately NIS 220 million was paid during 2021, the rest of the amount was paid upon completion of the deal in February 2022.
Provision of loans (partly converted) for the purchase of the Hagit power plant, the company provided loans, partly converted, to the Adeltec Group in the amount of NIS 108 million to finance its share in the purchase of the Hagit power plant located in the north of the country and having an aggregate production capacity of approximately 660 megawatts. Part of the loans is expected to be converted to investment, when the holdings after the conversion will reflect a holding of about 16.33% in the chain in the capital of the partnership that owns the station.
Investment in Spain
The fund invested in charging stations for electric vehicles in Spain. The investment is expected to be two-stage, where in the first stage Keystone invested approximately 11.5 million euros in exchange for a 30% allocation, and in the second stage Keystone has the right, in accordance with the terms of the agreement, to invest in the company an additional amount of 15 million euros in exchange for an additional 19% allocation, so that it reaches a holding rate of 49%.
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