company
Housing and Construction
+4.38%
Base:1,074
opening:1,074
High:1,148
low:1,074
change:19,000,499
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Sells 3.5% of the shares of the subsidiary Shikhon and Binui Energy to the institutional bodies, this after losing 17.5% in the last thirty days. The parent company is traded at a value of NIS 5.3 billion and a capital multiplier of 1.3, the sale will yield the company NIS 100 million. The subsidiary was issued in August at a value of NIS 2.2 billion, from then until September it managed to increase by 25%, but it is trading at the same value as when it was issued.
This morning we reported here for the first time that Shikun and Binui is interested in acquiring Tahl for about NIS 90 million, apparently it is about its landfill operations. Tahl is held by Carden NV, but in light of its high debts, the procedure is managed by the creditor banks . Under the control of Cardan, which reached a creditor settlement and against the backdrop of the Corona virus and later the war in Ukraine, it lost ground and its revenue turnover shrank by over 50% in the last two years to approximately 80 million euros per year.
Last week Madrov issued a special report on housing and construction in which it was written – “Increase in credit risk in light of the increase in the scope of financial debt, mainly for the purpose of purchasing land, while on the other hand a broad realization plan and the issuance of rights may mitigate the risk, depending on the pace and scope of realizations.” Midrog blamed the increase in the scope of Shikun and Binui’s financial debt, mainly following the purchase of land. On the other hand, it is claimed in Midorage that a broad realization plan, as well as the issuance of rights – may mitigate the risk – depending on the pace and extent of realizations. It could be that the current sale came in light of the report (or at least was implemented quickly following it).
In its reports for the third quarter of this year, the company presented a 22% erosion in operating profit to NIS 200 million with revenues totaling NIS 1.93 billion, 28% more than the corresponding quarter. The main reason for the significant increase in revenues was due to an increase of NIS 343 million in the infrastructure and construction contracting sector in Israel and an increase of approximately NIS 104 million in the franchising sector. Financing costs, as indicated by Medrog, jumped by 85% to NIS 157 million, thanks to the company’s index-linked contracts.
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