PTNR
Partner Communications Company Ltd.
$6.61
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 72.6% above fair value
You pay
$6.61
Bear
$3.06
Fair
$3.83
Bull
$4.59
Bear
$3.06
-53.7%
$0.20 × 15x P/E
Fair
$3.83
-42.1%
$0.20 × 19x P/E
Bull
$4.59
-30.5%
$0.20 × 23x P/E
Adjust Assumptions
19.1x
0.2$
Key Value Driver
Normalized P/E multiple (19x base case)
Implied Market Multiple
32.9x
Summary
Applying a 19x P/E to adjusted EPS of $0.20, the base-case value is $3.83 per share.
Warnings
The company pays out 701% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
Financial statements were converted from ILS into USD using USDILS at 0.3236 USD per ILS.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples