Company Valuation: Ormat Technologies, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,441 4,850 4,574 4,097 6,715 6,438 - -
Change - 9.22% -5.69% -10.44% 63.9% -4.12% - -
Enterprise Value (EV) 1 6,074 6,650 6,375 6,314 9,151 9,222 9,321 9,337
Change - 9.49% -4.14% -0.96% 44.95% 0.77% 1.08% 0.17%
P/E 72.1x 73.9x 36.4x 33.2x 54.7x 53x 40.2x 31.2x
PBR 2.4x 2.6x 1.98x 1.69x 2.64x 2.26x 2.15x 2.13x
PEG - 11.61x 0.5x -17.26x -55.79x -23.17x 1.3x 1.1x
Capitalization / Revenue 6.7x 6.61x 5.51x 4.66x 6.79x 5.47x 5.5x 4.93x
EV / Revenue 9.16x 9.06x 7.69x 7.18x 9.25x 7.84x 7.96x 7.15x
EV / EBITDA 15.1x 15.3x 13.2x 11.5x 15.7x 14.4x 13.6x 12.4x
EV / EBIT 35.9x 43.5x 38.3x 36.6x 54.1x 46.9x 42x 34.6x
EV / FCF -37.9x -23.5x -20.6x -82.3x -32.1x -47.9x 120x 51.6x
FCF Yield -2.64% -4.25% -4.85% -1.22% -3.11% -2.09% 0.83% 1.94%
Dividend per Share 2 0.48 0.48 0.48 0.48 0.48 0.4796 0.4796 0.4796
Rate of return 0.61% 0.56% 0.63% 0.71% 0.43% 0.46% 0.46% 0.46%
EPS 2 1.1 1.17 2.08 2.04 2.02 1.974 2.604 3.351
Distribution rate 43.6% 41% 23.1% 23.5% 23.8% 24.3% 18.4% 14.3%
Net sales 1 663.1 734.2 829.4 879.7 989.5 1,177 1,171 1,305
EBITDA 1 401.4 435.5 481.7 550.5 582 642.5 685.9 755.8
EBIT 1 169.4 152.8 166.6 172.5 169.2 196.8 222.2 269.5
Net income 1 62.09 65.84 124.4 123.7 123.9 122.9 163.7 211.1
Net Debt 1 1,633 1,800 1,801 2,217 2,437 2,784 2,883 2,899
Reference price 2 79.30 86.48 75.79 67.72 110.47 104.69 104.69 104.69
Nbr of stocks (in thousands) 56,002 56,085 60,354 60,494 60,782 61,497 - -
Announcement Date 2/23/22 2/22/23 2/21/24 2/26/25 2/25/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
54.36x7.97x14.6x0.45% 6.6B
-26.36x6.69x12.54x4.98% 10.93B
19.82x3.59x8.41x0.28% 8.04B
21.56x3.66x11.15x4.84% 5.48B
-9.31x73.75x-67.25x-.--% 2.97B
22.04x5.19x16.19x2.73% 1.33B
107.68x4.61x13.23x-.--% 1B
15.96x8.88x16.16x - 897M
8.32x13.25x16.49x5.08% 649M
5.84x - - - 639M
Average 21.99x 14.18x 4.61x 2.29% 3.85B
Weighted average by Cap. 12.49x 11.12x 5.88x 2.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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