Company Valuation: Cellcom Israel Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,578 2,855 3,017 2,470 3,440 6,301
Change - 10.72% 5.68% -18.13% 39.27% 83.16%
Enterprise Value (EV) 1 5,388 5,606 5,711 4,963 5,704 8,023
Change - 4.04% 1.88% -13.09% 14.93% 40.65%
P/E -14.3x 109x 19.4x 18.4x 19.9x 11.3x
PBR 1.37x 1.83x 1.45x 1.08x 1.39x 2.29x
PEG - -1x 0x -1.2x 0.7x 0x
Capitalization / Revenue 0.7x 0.7x 0.7x 0.56x 0.77x 1.48x
EV / Revenue 1.47x 1.37x 1.33x 1.13x 1.28x 1.89x
EV / EBITDA 13x 8.6x 6.78x 5.74x 6.09x 8.65x
EV / EBIT -154x 24.5x 14x 14.1x 14.9x 20.3x
EV / FCF 9.19x 16.8x 12x 12.8x 13x 15.7x
FCF Yield 10.9% 5.96% 8.36% 7.82% 7.72% 6.36%
Dividend per Share 2 - - - - - 2.38
Rate of return - - - - - 6.35%
EPS 2 -1.11 0.16 0.95 0.81 1.04 3.31
Distribution rate - - - - - 71.9%
Net sales 1 3,676 4,100 4,300 4,398 4,444 4,244
EBITDA 1 416 652 842 865 936 927
EBIT 1 -35 229 408 353 383 396
Net income 1 -170 27 157 134 173 564
Net Debt 1 2,810 2,751 2,694 2,493 2,264 1,722
Reference price 2 15.84 17.48 18.46 14.94 20.73 37.50
Nbr of stocks (in thousands) 162,775 163,321 163,433 165,337 165,950 168,023
Announcement Date 3/17/21 3/10/22 3/9/23 3/12/24 3/19/25 3/18/26
1ILS in Million2ILS
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.81B
-216.51x37.34x85.95x - 1,509B
31.93x6.22x28.16x0.2% 196B
16.18x2.89x7.32x2.34% 190B
10.06x2.38x6.38x4.71% 162B
14.75x2.36x7.85x2.9% 70.49B
13.46x1.4x4.77x3.53% 36.24B
21.16x5.66x10.37x4.45% 33.27B
9.28x0.34x1.38x7.29% 26.16B
12.81x3.2x7.17x7.2% 19.43B
Average -9.65x 6.87x 17.71x 4.08% 224.39B
Weighted average by Cap. -139.60x 26.30x 61.94x 2.8%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Cellcom Israel Ltd.