25 XP   0   0   10

Sarfati
Buy, Hold or Sell?

Let's analyse Sarfati together

PenkeI guess you are interested in Sarfati. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Sarfati. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

Get notifications about Sarfati

I send you an email if I find something interesting about Sarfati.

Quick analysis of Sarfati (30 sec.)










What can you expect buying and holding a share of Sarfati? (30 sec.)

How much money do you get?

How much money do you get?
ILA0.00
When do you have the money?
1 year
How often do you get paid?
33.3%

What is your share worth?

Current worth
ILA2,803.51
Expected worth in 1 year
ILA3,271.68
How sure are you?
87.9%

+ What do you gain per year?

Total Gains per Share
ILA468.17
Return On Investment
19.1%

For what price can you sell your share?

Current Price per Share
ILA2,456.00
Expected price per share
ILA1,960 - ILA2,813
How sure are you?
50%
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

1. Valuation of Sarfati (5 min.)




Live pricePrice per Share (EOD)

ILA2,456.00

Intrinsic Value Per Share

ILA1,069.90 - ILA1,064.27

Total Value Per Share

ILA3,873.40 - ILA3,867.77

2. Growth of Sarfati (5 min.)




Is Sarfati growing?

Current yearPrevious yearGrowGrow %
How rich?$132.4m$101.4m$25.4m20.0%

How much money is Sarfati making?

Current yearPrevious yearGrowGrow %
Making money$6.5m$10.2m-$3.6m-56.0%
Net Profit Margin18.5%21.0%--

How much money comes from the company's main activities?

3. Financial Health of Sarfati (5 min.)




3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

What can you expect buying and holding a share of Sarfati? (5 min.)

Welcome investor! Sarfati's management wants to use your money to grow the business. In return you get a share of Sarfati.

What can you expect buying and holding a share of Sarfati?

First you should know what it really means to hold a share of Sarfati. And how you can make/lose money.

Speculation

The Price per Share of Sarfati is ILA2,456. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

  • The fundamentals: the financial health trends of Sarfati.
  • The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
  • The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Sarfati, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

  • You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is ILA2,803.51. Based on the TTM, the Book Value Change Per Share is ILA117.04 per quarter. Based on the YOY, the Book Value Change Per Share is ILA185.58 per quarter.
  • You may receive quarterly/yearly dividend in the form of additional shares.
  • You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is ILA0.00 per quarter.
Based on historical numbers we can estimate the returns while holding a share of Sarfati.

How much money are you going to get?

 MRQTTMYOY5Y10Y
 ILA% of Price per ShareILA% of Price per ShareILA% of Price per ShareILA% of Price per ShareILA% of Price per Share
Usd Eps0.120.0%0.380.0%0.590.0%0.230.0%0.170.0%
Usd Book Value Change Per Share0.120.0%0.320.0%0.500.0%0.180.0%0.180.0%
Usd Dividend Per Share0.000.0%0.000.0%0.240.0%0.100.0%0.060.0%
Usd Total Gains Per Share0.120.0%0.320.0%0.740.0%0.280.0%0.240.0%
Usd Price Per Share7.37-6.93-7.42-5.21-4.14-
Price to Earnings Ratio15.23-9.24-5.95-6.00-9.96-
Price-to-Total Gains Ratio60.90-1.67-20.28-16.80-2.97-
Price to Book Ratio0.97-0.96-1.28-1.01-1.06-
Price-to-Total Gains Ratio60.90-1.67-20.28-16.80-2.97-

When do you get the money?

Usd Investment
$.00
Usd Price Per Share6.670496
Number of shares149
Gains per QuarterTrailing 12 Months5 Year
Usd Dividend Per Share0.000.10
Usd Book Value Change Per Share0.320.18
Usd Total Gains Per Share0.320.28
Gains per Quarter (149 shares)47.3741.19
Gains per Year (149 shares)189.46164.77
YearsReturn on Investment (TTM)Return on Investment (5Y)
 DividendBook Value gainTotal gainsDividendBook Value gainTotal gains
Broker costs---10---10
1018917957108155
20379368114216320
30568557171324485
40758746228431650
50947935285539815
6011371124342647980
70132613133997551145
80151615024558631310
90170516915129711475
1001895188056910781640

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %
 Trailing 12 Months3Y5 Year10 YearALLTIME
  % % % % %
Earnings Per Share4.00.00.0100.0%12.00.00.0100.0%18.02.00.090.0%29.04.00.087.9%46.04.00.092.0%
Book Value Change Per Share3.01.00.075.0%9.03.00.075.0%14.06.00.070.0%25.08.00.075.8%38.011.01.076.0%
Dividend per Share0.00.04.00.0%8.00.04.066.7%11.00.09.055.0%11.00.022.033.3%11.00.039.022.0%
Total Gains per Share3.01.00.075.0%11.01.00.091.7%18.02.00.090.0%29.04.00.087.9%42.07.01.084.0%
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

Fundamentals of Sarfati

About Sarfati

Zvi Sarfati & Sons Investments & Constructions Ltd., through its subsidiaries, initiates, constructs, and sells residential projects and apartments, and commercial spaces and offices in Israel. The company was founded in 1992 and is based in Rishon LeZion, Israel.

Fundamental data was last updated by Penke on 2023-11-24 20:25:06.

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is less efficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is operating less efficient.
The company is inefficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is just able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared to industry
The company is able to pay all its debts by selling its assets.
The company is just able to pay all its debts with equity.

Valuation

Valuation Details
 Compared to previous yearCompared to industry
Based on the equity, the company is cheap.
Based on the earnings, the company is underpriced.
Based on how much money comes from the company's main activities, the company is cheap.
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

1.1. Profitability of Sarfati.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit Sarfati earns for each 1 of revenue.

  • Above 10% is considered healthy but always compare Sarfati to the Real Estate - Development industry mean.
  • A Net Profit Margin of 10.8% means that 0.11 for each 1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Sarfati:

  • The MRQ is 10.8%. The company is making a huge profit. +2
  • The TTM is 18.5%. The company is making a huge profit. +2
Trends
Current periodCompared to+/- 
MRQ10.8%TTM18.5%-7.6%
TTM18.5%YOY21.0%-2.5%
TTM18.5%5Y12.4%+6.1%
5Y12.4%10Y7.6%+4.9%
1.1.2. Return on Assets

Shows how efficient Sarfati is using its assets to generate profit.

  • Above 5% is considered healthy but always compare Sarfati to the Real Estate - Development industry mean.
  • 0.6% Return on Assets means that Sarfati generated 0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Sarfati:

  • The MRQ is 0.6%. Using its assets, the company is inefficient in making profit. -1
  • The TTM is 2.0%. Using its assets, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ0.6%TTM2.0%-1.4%
TTM2.0%YOY3.8%-1.8%
TTM2.0%5Y1.4%+0.5%
5Y1.4%10Y1.1%+0.3%
1.1.3. Return on Equity

Shows how efficient Sarfati is using its investors money to generate profit.

  • Above 15%-20% is considered healthy but always compare Sarfati to the Real Estate - Development industry mean.
  • 1.6% Return on Equity means Sarfati generated 0.02 for each 1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Sarfati:

  • The MRQ is 1.6%. Using its investors money, the company is inefficient in making profit. -1
  • The TTM is 5.1%. Using its investors money, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ1.6%TTM5.1%-3.5%
TTM5.1%YOY9.8%-4.7%
TTM5.1%5Y3.9%+1.2%
5Y3.9%10Y3.6%+0.3%
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

1.2. Operating Efficiency of Sarfati.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Sarfati is operating .

  • Measures how much profit Sarfati makes for each 1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare Sarfati to the Real Estate - Development industry mean.
  • An Operating Margin of 0.0% means the company generated 0.00  for each 1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Sarfati:

  • The MRQ is 0.0%. The data is not here.
Trends
Current periodCompared to+/- 
MRQ-TTM6.0%-6.0%
TTM6.0%YOY31.2%-25.2%
TTM6.0%5Y20.7%-14.7%
5Y20.7%10Y15.6%+5.1%
1.2.2. Operating Ratio

Measures how efficient Sarfati is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Real Estate - Development industry mean).
  • An Operation Ratio of 1.49 means that the operating costs are 1.49 for each 1 in net sales.

Let's take a look of the Operating Ratio trends of Sarfati:

  • The MRQ is 1.494. The company is inefficient in keeping operating costs low. -1
  • The TTM is 1.327. The company is inefficient in keeping operating costs low. -1
Trends
Current periodCompared to+/- 
MRQ1.494TTM1.327+0.168
TTM1.327YOY1.321+0.005
TTM1.3275Y1.414-0.088
5Y1.41410Y1.157+0.257
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

1.3. Liquidity of Sarfati.

1.3. Liquidity
1.3.1. Current Ratio

Measures if Sarfati is able to pay off Short-term Debt.

  • Above 1.5 is considered healthy (always compare to Real Estate - Development industry mean).
  • A Current Ratio of 1.51 means the company has 1.51 in assets for each 1 in short-term debts.

Let's take a look of the Current Ratio trends of Sarfati:

  • The MRQ is 1.514. The company is able to pay all its short-term debts. +1
  • The TTM is 1.456. The company is just able to pay all its short-term debts.
Trends
Current periodCompared to+/- 
MRQ1.514TTM1.456+0.057
TTM1.456YOY1.471-0.015
TTM1.4565Y1.348+0.108
5Y1.34810Y1.076+0.272
1.3.2. Quick Ratio

Measures if Sarfati is able to pay off Short-term Debt but only using the most liquid assets.

  • Above 1 is considered healthy but always compare Sarfati to the Real Estate - Development industry mean.
  • A Quick Ratio of 0.08 means the company can pay off 0.08 for each 1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Sarfati:

  • The MRQ is 0.075. The company is just not able to pay all its short-term debts with the most liquid assets. -1
  • The TTM is 0.127. The company is just not able to pay all its short-term debts with the most liquid assets. -1
Trends
Current periodCompared to+/- 
MRQ0.075TTM0.127-0.052
TTM0.127YOY0.212-0.085
TTM0.1275Y0.139-0.011
5Y0.13910Y0.117+0.022
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

1.4. Solvency of Sarfati.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

Measures how much % of Sarfati assets are financed with debt.

  • Below 1 (100%) is considered healthy but always compare Sarfati to Real Estate - Development industry mean.
  • A Debt to Asset Ratio of 0.63 means that Sarfati assets are financed with 62.8% credit (debt) and the remaining percentage (100% - 62.8%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of Sarfati:

  • The MRQ is 0.628. The company is able to pay all its debts by selling its assets. +1
  • The TTM is 0.621. The company is able to pay all its debts by selling its assets. +1
Trends
Current periodCompared to+/- 
MRQ0.628TTM0.621+0.007
TTM0.621YOY0.639-0.019
TTM0.6215Y0.655-0.034
5Y0.65510Y0.713-0.058
1.4.2. Debt to Equity Ratio

Measures if Sarfati is able to pay off its debts by using shareholders equity.

  • Below 2 is considered healthy but always compare Sarfati to the Real Estate - Development industry mean.
  • A Debt to Equity ratio of 168.7% means that company has 1.69 debt for each 1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Sarfati:

  • The MRQ is 1.687. The company is just able to pay all its debts with equity.
  • The TTM is 1.638. The company is just able to pay all its debts with equity.
Trends
Current periodCompared to+/- 
MRQ1.687TTM1.638+0.049
TTM1.638YOY1.798-0.160
TTM1.6385Y1.927-0.289
5Y1.92710Y2.946-1.019
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

2. Market Valuation of Sarfati

2.1. Earnings Per Share
2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every 1 in earnings Sarfati generates.

  • Above 15 is considered overpriced but always compare Sarfati to the Real Estate - Development industry mean.
  • A PE ratio of 15.23 means the investor is paying 15.23 for every 1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Sarfati:

  • The EOD is 13.779. Based on the earnings, the company is underpriced. +1
  • The MRQ is 15.226. Based on the earnings, the company is fair priced.
  • The TTM is 9.244. Based on the earnings, the company is underpriced. +1
Trends
Current periodCompared to+/- 
EOD13.779MRQ15.226-1.447
MRQ15.226TTM9.244+5.982
TTM9.244YOY5.953+3.291
TTM9.2445Y5.997+3.246
5Y5.99710Y9.961-3.963
2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Sarfati:

  • The EOD is -3.228. Based on how much money comes from the company's main activities, the company is expensive. -2
  • The MRQ is -3.568. Based on how much money comes from the company's main activities, the company is expensive. -2
  • The TTM is 7.368. Based on how much money comes from the company's main activities, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD-3.228MRQ-3.568+0.339
MRQ-3.568TTM7.368-10.936
TTM7.368YOY0.723+6.645
TTM7.3685Y2.273+5.095
5Y2.27310Y1.378+0.895
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.
2. Book Value per Share
2.3. Price to Book Ratio

Measures if the stock price of Sarfati is to cheap or to expensive compared to its book value.

  • At or below 1 is considered healthy (always compare to Real Estate - Development industry mean).
  • A PB ratio of 0.97 means the investor is paying 0.97 for each 1 in book value.

Let's take a look of the Price to Book Ratio trends of Sarfati:

  • The EOD is 0.876. Based on the equity, the company is cheap. +2
  • The MRQ is 0.968. Based on the equity, the company is cheap. +2
  • The TTM is 0.958. Based on the equity, the company is cheap. +2
Trends
Current periodCompared to+/- 
EOD0.876MRQ0.968-0.092
MRQ0.968TTM0.958+0.010
TTM0.958YOY1.280-0.322
TTM0.9585Y1.010-0.051
5Y1.01010Y1.057-0.047
2. Total Gains per Share
3rd Party Ad. No recommendation by Penke. PLUS is ad-free.

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Sarfati compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share--44.562117.044-62%185.582-76%66.617-33%67.224-34%
Book Value Per Share--2803.5052684.338+4%2146.607+31%1886.001+49%1477.374+90%
Current Ratio--1.5141.456+4%1.471+3%1.348+12%1.076+41%
Debt To Asset Ratio--0.6280.621+1%0.639-2%0.655-4%0.713-12%
Debt To Equity Ratio--1.6871.638+3%1.798-6%1.927-12%2.946-43%
Dividend Per Share----0%87.671-100%35.171-100%21.315-100%
Eps--44.562138.609-68%216.251-79%85.250-48%62.168-28%
Free Cash Flow Per Share---190.186-172.031-10%311.380-161%102.838-285%102.838-285%
Free Cash Flow To Equity Per Share---190.186-264.345+39%163.797-216%15.615-1318%15.615-1318%
Gross Profit Margin--1.0001.0000%1.0000%1.0000%1.0000%
Intrinsic Value_10Y_max--1064.267--------
Intrinsic Value_10Y_min--1069.898--------
Intrinsic Value_1Y_max--453.317--------
Intrinsic Value_1Y_min--445.471--------
Intrinsic Value_3Y_max--1097.831--------
Intrinsic Value_3Y_min--1053.414--------
Intrinsic Value_5Y_max--1423.829--------
Intrinsic Value_5Y_min--1344.301--------
Market Cap42729979200.000-11%47218769080.00044387208775.000+6%47549323900.000-1%33368813046.000+42%26522356841.818+78%
Net Profit Margin--0.1080.185-41%0.210-48%0.124-13%0.076+43%
Operating Margin---0.060-100%0.312-100%0.207-100%0.156-100%
Operating Ratio--1.4941.327+13%1.321+13%1.414+6%1.157+29%
Pb Ratio0.876-11%0.9680.958+1%1.280-24%1.010-4%1.057-8%
Pe Ratio13.779-11%15.2269.244+65%5.953+156%5.997+154%9.961+53%
Price Per Share2456.000-11%2714.0002551.250+6%2733.000-1%1917.945+42%1524.430+78%
Price To Free Cash Flow Ratio-3.228+10%-3.5687.368-148%0.723-593%2.273-257%1.378-359%
Price To Total Gains Ratio55.114-11%60.9041.671+3545%20.285+200%16.796+263%2.974+1948%
Quick Ratio--0.0750.127-41%0.212-65%0.139-46%0.117-36%
Return On Assets--0.0060.020-70%0.038-84%0.014-59%0.011-47%
Return On Equity--0.0160.051-69%0.098-84%0.039-59%0.036-56%
Total Gains Per Share--44.562117.044-62%273.253-84%101.788-56%88.540-50%
Usd Book Value--132475616.000126844533.200+4%101434791.500+31%89120203.060+49%69811142.206+90%
Usd Book Value Change Per Share--0.1210.318-62%0.504-76%0.181-33%0.183-34%
Usd Book Value Per Share--7.6147.291+4%5.830+31%5.122+49%4.013+90%
Usd Dividend Per Share----0%0.238-100%0.096-100%0.058-100%
Usd Eps--0.1210.376-68%0.587-79%0.232-48%0.169-28%
Usd Free Cash Flow---8986972.400-8129055.900-10%14713794.200-161%3401627.040-364%2061592.145-536%
Usd Free Cash Flow Per Share---0.517-0.467-10%0.846-161%0.279-285%0.279-285%
Usd Free Cash Flow To Equity Per Share---0.517-0.718+39%0.445-216%0.042-1318%0.042-1318%
Usd Market Cap116054623.507-11%128246176.821120555659.033+6%129143963.712-1%90629696.233+42%72034721.182+78%
Usd Price Per Share6.670-11%7.3716.929+6%7.423-1%5.209+42%4.140+78%
Usd Profit--2105714.8006549769.800-68%10218610.500-79%4028371.200-48%2937642.061-28%
Usd Revenue--19409079.20028396526.900-32%40724315.100-52%21022138.760-8%18244507.782+6%
Usd Total Gains Per Share--0.1210.318-62%0.742-84%0.276-56%0.240-50%
 EOD+3 -5MRQTTM+11 -22YOY+10 -255Y+12 -2310Y+14 -21

3.2. Fundamental Score

Let's check the fundamental score of Sarfati based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1513.779
Price to Book Ratio (EOD)Between0-10.876
Net Profit Margin (MRQ)Greater than00.108
Operating Margin (MRQ)Greater than00.000
Quick Ratio (MRQ)Greater than10.075
Current Ratio (MRQ)Greater than11.514
Debt to Asset Ratio (MRQ)Less than10.628
Debt to Equity Ratio (MRQ)Less than11.687
Return on Equity (MRQ)Greater than0.150.016
Return on Assets (MRQ)Greater than0.050.006
Total5/10 (50.0%)

3.3. Technical Score

Let's check the technical score of Sarfati based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
OpenGreater thanClose2,459.000
Total1/1 (100.0%)



Latest Balance Sheet

Balance Sheet of 2023-06-30. Currency in ILS. All numbers in thousands.

Summary
Total Assets1,310,575
Total Liabilities822,815
Total Stockholder Equity487,760
 As reported
Total Liabilities 822,815
Total Stockholder Equity+ 487,760
Total Assets = 1,310,575

Assets

Total Assets1,310,575
Total Current Assets924,369
Long-term Assets924,369
Total Current Assets
Cash And Cash Equivalents 71,111
Short-term Investments 2,461
Net Receivables 43,426
Inventory 676,162
Total Current Assets  (as reported)924,369
Total Current Assets  (calculated)793,160
+/- 131,209
Long-term Assets
Long-term Assets  (as reported)386,206
Long-term Assets  (calculated)0
+/- 386,206

Liabilities & Shareholders' Equity

Total Current Liabilities610,678
Long-term Liabilities212,137
Total Stockholder Equity487,760
Total Current Liabilities
Short Long Term Debt 248,466
Accounts payable 87,258
Other Current Liabilities 124,642
Total Current Liabilities  (as reported)610,678
Total Current Liabilities  (calculated)460,366
+/- 150,312
Long-term Liabilities
Long term Debt 190,620
Long-term Liabilities  (as reported)212,137
Long-term Liabilities  (calculated)190,620
+/- 21,517
Total Stockholder Equity
Retained Earnings 346,771
Total Stockholder Equity (as reported)487,760
Total Stockholder Equity (calculated)346,771
+/- 140,989
Other
Capital Stock27,825
Common Stock Shares Outstanding 17,398
Net Debt 367,975
Net Invested Capital 926,846
Net Working Capital 313,691



Balance Sheet

Currency in ILS. All numbers in thousands.

 Trend2023-06-302023-03-312022-12-312022-09-302022-06-302022-03-312021-12-312021-09-302021-06-302021-03-312020-12-312020-09-302020-06-302020-03-312019-12-312019-09-302019-06-302019-03-312018-12-312018-09-302018-06-302018-03-312017-12-312017-09-302017-06-302017-03-312016-12-312016-09-302016-06-302016-03-312015-12-312015-09-302015-06-302015-03-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312012-09-302012-06-302012-03-312011-12-312011-09-302011-06-302011-03-312010-12-312010-09-302010-06-302010-03-312009-12-312009-09-302009-06-302009-03-312008-12-312007-12-312006-12-312006-09-302006-06-302006-03-312005-12-312005-09-302005-06-302005-03-312004-12-31
> Total Assets 
359,451
367,833
394,084
371,026
364,690
0
353,169
349,866
341,304
381,071
452,836
486,264
467,010
432,869
531,248
555,452
567,262
591,191
619,818
620,531
583,090
580,657
596,982
580,376
581,964
576,635
578,974
618,292
632,579
653,359
662,955
664,567
731,862
728,179
724,261
637,473
613,201
614,158
675,082
687,583
763,198
785,016
809,859
846,112
906,083
892,271
901,715
711,880
805,374
768,021
746,858
739,768
742,270
797,695
806,569
822,917
816,998
868,665
860,770
879,249
956,876
929,035
961,021
1,098,559
1,146,099
1,129,839
1,226,325
1,256,880
1,310,575
1,310,5751,256,8801,226,3251,129,8391,146,0991,098,559961,021929,035956,876879,249860,770868,665816,998822,917806,569797,695742,270739,768746,858768,021805,374711,880901,715892,271906,083846,112809,859785,016763,198687,583675,082614,158613,201637,473724,261728,179731,862664,567662,955653,359632,579618,292578,974576,635581,964580,376596,982580,657583,090620,531619,818591,191567,262555,452531,248432,869467,010486,264452,836381,071341,304349,866353,1690364,690371,026394,084367,833359,451
   > Total Current Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
737,438
764,008
820,878
796,193
801,968
621,891
703,899
654,033
551,354
545,304
537,908
581,565
586,369
598,999
592,901
606,195
673,746
692,849
758,620
739,140
780,559
912,453
995,190
922,872
950,990
904,568
924,369
924,369904,568950,990922,872995,190912,453780,559739,140758,620692,849673,746606,195592,901598,999586,369581,565537,908545,304551,354654,033703,899621,891801,968796,193820,878764,008737,438000000000000000000000000000000000000000000
       Cash And Cash Equivalents 
4,052
1,969
12,556
2,209
2,178
0
4,653
5,723
9,365
8,592
6,322
9,788
28,173
25,652
84,154
19,322
14,470
15,798
8,035
4,531
4,782
8,492
3,472
4,145
4,289
5,365
5,726
2,887
2,655
3,738
8,670
6,787
10,541
5,933
4,149
3,531
12,770
4,307
11,794
16,026
76,643
55,369
33,659
51,316
7,447
26,794
16,355
16,683
109,380
55,318
59,321
59,565
27,071
56,193
27,652
55,496
17,121
90,206
59,825
66,147
85,964
72,834
80,331
133,251
178,990
78,832
136,651
63,508
71,111
71,11163,508136,65178,832178,990133,25180,33172,83485,96466,14759,82590,20617,12155,49627,65256,19327,07159,56559,32155,318109,38016,68316,35526,7947,44751,31633,65955,36976,64316,02611,7944,30712,7703,5314,1495,93310,5416,7878,6703,7382,6552,8875,7265,3654,2894,1453,4728,4924,7824,5318,03515,79814,47019,32284,15425,65228,1739,7886,3228,5929,3655,7234,65302,1782,20912,5561,9694,052
       Short-term Investments 
9
9
24,903
26,276
23,870
0
7,026
5,619
1,338
11
27,804
28,297
27,377
33,042
45,974
87,515
76,002
76,126
59,561
50,893
50,096
46,246
40,335
40,075
37,110
39,951
36,569
6,067
28,913
72,257
63,615
64,882
107,331
104,804
88,565
90,060
84,693
84,024
81,867
91,560
87,371
107,358
115,887
102,526
76,390
64,456
47,268
36,057
13,086
28,673
27,668
28,421
29,833
30,048
40,289
25,739
34,553
2,953
1,604
680
2,881
2,881
34,381
40,576
37,850
40,363
39,697
36,177
2,461
2,46136,17739,69740,36337,85040,57634,3812,8812,8816801,6042,95334,55325,73940,28930,04829,83328,42127,66828,67313,08636,05747,26864,45676,390102,526115,887107,35887,37191,56081,86784,02484,69390,06088,565104,804107,33164,88263,61572,25728,9136,06736,56939,95137,11040,07540,33546,24650,09650,89359,56176,12676,00287,51545,97433,04227,37728,29727,804111,3385,6197,026023,87026,27624,90399
       Net Receivables 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,025
7,785
11,861
6,853
6,222
83,188
69,613
53,638
30,475
9,505
8,999
8,172
36,989
23,712
45,555
32,751
55,065
64,637
63,790
67,847
106,844
86,469
114,013
80,129
43,956
35,224
43,426
43,42635,22443,95680,129114,01386,469106,84467,84763,79064,63755,06532,75145,55523,71236,9898,1728,9999,50530,47553,63869,61383,1886,2226,85311,8617,7854,025000000000000000000000000000000000000000000
       Other Current Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
76,159
62,182
52,242
5,235
3,024
1,530
7,989
10,814
2,326
3,879
3,634
3,701
1,651
2,720
308
660
5,614
4,960
52,740
27,060
44,264
36,923
33,749
65,650
0
0
0
00065,65033,74936,92344,26427,06052,7404,9605,6146603082,7201,6513,7013,6343,8792,32610,8147,9891,5303,0245,23552,24262,18276,159000000000000000000000000000000000000000000
   > Long-term Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
194,464
204,362
216,130
220,200
223,918
224,097
262,470
187,024
186,400
198,256
189,895
180,462
186,106
150,909
206,967
275,335
352,312
386,206
386,206352,312275,335206,967150,909186,106180,462189,895198,256186,400187,024262,470224,097223,918220,200216,130204,362194,464000000000000000000000000000000000000000000000000000
       Property Plant Equipment 
4,208
3,987
3,769
3,855
3,906
0
4,155
4,255
3,976
4,185
4,080
4,416
4,404
4,572
4,871
0
0
0
3,846
4,085
4,063
4,551
4,898
4,766
4,631
4,502
4,373
3,877
3,978
4,032
4,045
3,933
3,812
3,601
5,134
0
0
0
0
0
0
0
5,940
5,924
5,642
5,815
6,300
5,779
5,005
4,796
4,520
4,487
4,608
5,190
5,977
5,607
5,585
5,464
6,291
6,145
5,768
5,570
4,219
5,157
5,468
5,241
0
0
0
0005,2415,4685,1574,2195,5705,7686,1456,2915,4645,5855,6075,9775,1904,6084,4874,5204,7965,0055,7796,3005,8155,6425,9245,94000000005,1343,6013,8123,9334,0454,0323,9783,8774,3734,5024,6314,7664,8984,5514,0634,0853,8460004,8714,5724,4044,4164,0804,1853,9764,2554,15503,9063,8553,7693,9874,208
       Intangible Assets 
0
0
0
0
0
0
0
0
0
0
235
246
230
213
189
178
153
129
105
81
56
32
8
5
3
5
4
6
6
6
5
5
4
4
10
0
0
0
7
0
0
0
10
0
0
0
142
0
0
0
92
0
0
0
41
0
0
0
0
0
0
0
55
0
0
0
34
0
0
00340005500000004100092000142000100007000104455666453583256811051291531781892132302462350000000000
       Long-term Assets Other 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
194,464
204,362
216,130
220,200
0
0
0
0
0
0
0
0
0
0
0
0
0
0
00000000000000220,200216,130204,362194,464000000000000000000000000000000000000000000000000000
> Total Liabilities 
297,116
306,693
337,617
319,588
315,332
0
296,206
291,134
279,897
320,048
383,743
421,259
394,278
361,443
465,106
493,021
501,414
523,366
557,079
552,946
507,022
498,210
517,507
494,250
495,732
486,367
483,165
524,579
530,781
548,331
556,774
557,107
623,507
619,790
618,095
518,276
488,314
490,898
548,778
560,485
638,030
662,111
692,376
728,893
787,218
745,824
699,063
460,874
549,419
507,920
481,996
468,768
467,550
524,134
537,591
556,994
547,853
611,457
602,348
619,709
679,722
641,090
570,861
689,085
739,793
713,015
742,808
776,873
822,815
822,815776,873742,808713,015739,793689,085570,861641,090679,722619,709602,348611,457547,853556,994537,591524,134467,550468,768481,996507,920549,419460,874699,063745,824787,218728,893692,376662,111638,030560,485548,778490,898488,314518,276618,095619,790623,507557,107556,774548,331530,781524,579483,165486,367495,732494,250517,507498,210507,022552,946557,079523,366501,414493,021465,106361,443394,278421,259383,743320,048279,897291,134296,2060315,332319,588337,617306,693297,116
   > Total Current Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
648,934
665,294
748,438
706,877
685,514
447,323
473,925
432,300
419,973
406,629
418,455
448,060
484,295
504,219
517,506
514,114
526,142
543,382
618,670
579,916
515,682
616,663
615,233
590,210
659,757
692,433
610,678
610,678692,433659,757590,210615,233616,663515,682579,916618,670543,382526,142514,114517,506504,219484,295448,060418,455406,629419,973432,300473,925447,323685,514706,877748,438665,294648,934000000000000000000000000000000000000000000
       Short-term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
358,528
385,612
382,692
160,551
120,286
119,544
132,212
114,756
115,451
352,777
363,815
388,585
414,133
0
0
0
0
0
0
0
0
0
0
0
0
0
0
00000000000000414,133388,585363,815352,777115,451114,756132,212119,544120,286160,551382,692385,612358,528000000000000000000000000000000000000000000
       Short Long Term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
358,528
385,612
382,692
160,551
120,286
119,544
132,212
114,756
115,451
352,777
363,815
388,585
414,133
426,488
442,583
425,815
430,786
394,533
380,534
363,915
272,506
283,294
253,482
189,194
244,960
318,830
248,466
248,466318,830244,960189,194253,482283,294272,506363,915380,534394,533430,786425,815442,583426,488414,133388,585363,815352,777115,451114,756132,212119,544120,286160,551382,692385,612358,528000000000000000000000000000000000000000000
       Accounts payable 
16,954
18,312
25,603
27,601
23,537
0
18,789
20,023
18,898
26,388
24,559
21,822
18,370
15,283
15,748
16,132
20,333
19,282
14,279
7,953
10,126
11,082
15,484
14,213
15,046
12,558
13,835
15,138
15,231
14,958
13,715
12,970
13,074
11,752
6,462
0
0
0
8,440
0
0
0
11,513
0
0
0
15,969
0
0
0
9,823
22,379
25,301
24,714
12,989
29,975
33,337
39,848
28,766
49,746
72,226
47,300
28,217
86,368
77,905
78,218
41,864
82,040
87,258
87,25882,04041,86478,21877,90586,36828,21747,30072,22649,74628,76639,84833,33729,97512,98924,71425,30122,3799,82300015,96900011,5130008,4400006,46211,75213,07412,97013,71514,95815,23115,13813,83512,55815,04614,21315,48411,08210,1267,95314,27919,28220,33316,13215,74815,28318,37021,82224,55926,38818,89820,02318,789023,53727,60125,60318,31216,954
       Other Current Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
232,938
259,777
320,881
226,769
217,741
48,906
52,855
44,458
28,528
8,600
7,722
13,080
33,753
64,967
65,058
75,870
50,697
141,114
232,365
196,673
123,076
186,018
219,703
250,951
141,221
134,402
124,642
124,642134,402141,221250,951219,703186,018123,076196,673232,365141,11450,69775,87065,05864,96733,75313,0807,7228,60028,52844,45852,85548,906217,741226,769320,881259,777232,938000000000000000000000000000000000000000000
   > Long-term Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
62,139
49,095
76,074
53,296
52,775
30,347
97,343
76,206
76,327
61,052
61,174
55,179
72,422
124,560
122,805
83,051
84,440
212,137
212,13784,44083,051122,805124,56072,42255,17961,17461,05276,32776,20697,34330,34752,77553,29676,07449,09562,139000000000000000000000000000000000000000000000000000
> Total Stockholder Equity
62,335
61,140
56,467
51,438
49,358
49,358
56,963
58,732
61,407
61,023
69,093
65,005
72,732
71,426
66,142
62,431
65,848
67,825
62,739
67,585
76,068
82,447
79,475
86,126
86,232
90,268
95,809
93,713
101,798
105,028
106,181
107,460
108,355
108,389
106,166
119,197
124,887
123,260
126,304
127,098
125,168
122,905
117,483
117,219
118,865
146,447
202,652
251,006
255,955
260,101
264,862
271,000
274,720
273,561
268,978
265,923
269,145
257,208
258,422
259,540
277,154
287,945
390,160
409,474
406,306
416,824
483,517
480,007
487,760
487,760480,007483,517416,824406,306409,474390,160287,945277,154259,540258,422257,208269,145265,923268,978273,561274,720271,000264,862260,101255,955251,006202,652146,447118,865117,219117,483122,905125,168127,098126,304123,260124,887119,197106,166108,389108,355107,460106,181105,028101,79893,71395,80990,26886,23286,12679,47582,44776,06867,58562,73967,82565,84862,43166,14271,42672,73265,00569,09361,02361,40758,73256,96349,35849,35851,43856,46761,14062,335
   Common Stock
21,391
21,391
21,391
21,391
21,391
0
21,391
21,391
21,391
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,172
22,192
22,194
22,194
22,211
22,336
22,459
27,747
27,824
27,824
27,824
27,824
27,824
27,824
27,824
27,825
27,825
27,825
27,825
27,825
27,825
27,825
27,825
27,825
27,825
27,825
27,825
0
0
0
00027,82527,82527,82527,82527,82527,82527,82527,82527,82527,82527,82527,82527,82427,82427,82427,82427,82427,82427,82427,74722,45922,33622,21122,19422,19422,19222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17222,17221,39121,39121,391021,39121,39121,39121,39121,391
   Retained Earnings Total Equity000000000000000000000000000000000000000000000000000000000000000000000
   Accumulated Other Comprehensive Income 000000000000000000000000000000000000000000000000000000000000000000000
   Capital Surplus 000000000000000000000000000000000000000000000000000000000000000000000
   Treasury Stock0000000000000000000-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-13,143-17,361-17,361-13,143-8,194-25,285-25,285-25,2850-25,285-25,285-24,976-24,890-24,890
   Other Stockholders Equity 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,357
6,423
6,442
6,464
4,961
5,004
5,475
5,208
5,526
5,592
5,671
5,273
5,002
4,904
4,949
4,943
4,586
4,586
4,586
4,586
2,375
-293
-293
0
0
0
0
0000-293-2932,3754,5864,5864,5864,5864,9434,9494,9045,0025,2735,6715,5925,5265,2085,4755,0044,9616,4646,4426,4236,357000000000000000000000000000000000000000000



Balance Sheet

Currency in ILS. All numbers in thousands.




Cash Flow

Currency in ILS. All numbers in thousands.




Income Statement

Currency in ILS. All numbers in thousands.