Stock
Housing and Construction
-5.43%
Base:1,528
opening:1,486
High:1,486
low:1,429
change:9,706,063
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In skydiving. The stock lost 5.4% today and completes a 27% fall from the end of April to a price of NIS 14.5 per share, which expresses a value of NIS 6.2 billion. At its peak, housing and construction traded close to NIS 10 billion. The main reason is the fear of the large leverage of real estate companies, which are among the first to be hit when interest rates rise. The entire real estate sector in decline, housing and construction is one of the most prominent in decline.
The company, which is managed by Tamir Cohen, is reporting today, perhaps due to the large leverage on strengthening equity. The company, which is engaged in infrastructure and construction contracting in Israel and abroad, residential development in Israel and abroad, energy and franchising, will raise NIS 250 million from its shareholders by issuing rights.
Shikun VeBinui recently reported revenues of NIS 1.56 billion in the first quarter, an increase of 8.1% compared to NIS 1.45 billion in the corresponding quarter. The infrastructure and construction contracting segment in Israel grew by NIS 305 million compared to the real estate entrepreneurship segment, whose revenues decreased due to the timing of the recognition of revenues. Gross profit amounted to NIS 210.9 million, 13.5% of revenues, a decrease compared to NIS 228.4 million, 15.8% of revenues in the corresponding quarter. Operating amounted to NIS 148.3 million, about 9.5% of revenues, compared with NIS 160.5 million, 11.1% of revenues in the corresponding quarter.
The backlog of contracts for contracting projects amounted to NIS 19.5 billion as of the end of the quarter, compared with NIS 19.7 billion a year ago. The profit for the fourth quarter reflects a profit multiplier of 35.
Residential real estate in Israel – The company signed 135 contracts at an average price of NIS 2.43 million, compared to 120 contracts at an average price of NIS 2.08 million.
An issue of rights is an issue intended for the shareholders of the company. Any shareholder can participate and so it is not diluted. If the shareholders do not want to participate in the issue, they can sell the rights in the market and the person who acquires the right can purchase the shares in accordance with the terms of the issue (exercise the right – similar to exercising an option).
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