Professional research on Tel Aviv-listed companies — written by a former licensed investment adviser (2008-2023) with seventeen years of local capital-markets experience. Built for international investors who want more than press-release summaries.
Four things an international investor cannot reliably obtain elsewhere when researching Israeli equities.
Bank of Israel rate dynamics, TASE liquidity patterns, family-controlled ownership structures, and the particular role of Maya disclosures — analysed by someone who has navigated them since 2008.
Every analysis grounded exclusively in Maya (Israel Securities Authority) filings and company IR materials. No scraped data, no summarised press coverage.
Every company passes through six structured lenses — Growth, Profitability, Leverage, Competitive Position, Management Quality, Business Complexity. The framework maps the questions; your judgement provides the answers.
Constructive, Base and Adverse scenarios for each company — framed as "the conditions that would need to hold" rather than price forecasts. Designed for professionals who update assumptions as reality changes.
Thirty-two Israeli companies currently available in English — both pure TASE names and dual-listed Israeli equities trading on NASDAQ / NYSE. Each analysis is a structured eight-section report with charts, scenarios, and "How to Think About This Company" — the professional PM perspective you would typically pay a Tel Aviv broker for.
77% of revenue from interest — critical lens on rate sensitivity and provisioning normalisation.
MGDLEffectively an asset manager — NIS 583B AUM. The ROE-normalisation question after 2024-2025.
MORAUM grew 74% in two years. Organic vs market-return split is the defining question.
AYLN33% ROE in 2025 — anomaly or new baseline? CSM decomposition matters.
WSHRShell-turned-insurer. Investment income runs 4.5× underwriting — market sensitivity dominates.
Dual sensitivity: Bank of Israel rates + geopolitical environment — two independent variables.
MGORHybrid bet: classical RE + a large pivot into AI-era data centres (Niboi deal, NVIDIA talks).
LAHAV63% of balance sheet in German commercial property — Israeli public name, European exposure.
GCTY54% NAV discount + 71% LTV. The deleveraging question is the only one that matters.
GNRSRare publicly traded infrastructure fund. Recurring/revaluation ratio just 28% — caution on "earnings".
"Big Four" Israeli software alongside Check Point, Amdocs and CyberArk. Global CCaaS leader with Genesys.
NVMICritical supplier to Samsung, TSMC and Intel. Rare combination of three measurement technologies.
TSEMHigh-value analog/RF specialty foundry — a different competitive space from TSMC.
INVZBMW and Volkswagen customer base. Positive gross margins for the first time in 2025 (23.4%).
QLTUIsraeli semicap niche supplier — focused test equipment for semiconductor reliability.
Three distinct engines: Leviathan (gas), Ithaca (North Sea), Isracard (credit cards). Not a standard "energy stock".
BEZQContracting monopoly in transition. Fibre rollout + regulatory path define the economics.
CELNet debt down 34% in 2025, gross margin rose to 34.2% — operational efficiency story.
SPCEIsrael\u2019s only listed satcom — first-ever profit in 2025. Amos 17 NPV is the core question.
ESLTFlagship of Israel\u2019s publicly traded defence industry. Land, air, naval, C4ISR, cyber and training.
ARITRevenue 4.1× in 2025. Is the 61.6% operating margin sustainable or one-off?
NXSN204 customers across 30+ countries. Exceptional 61% net margin invites the sustainability question.
Dual model: owned brands + exclusive franchises. European expansion begins 2025.
RMLI6.1% FCF yield + 0.07 beta — alternative to government bonds in a defensive portfolio?
MAXOIsrael\u2019s Dollar Tree / Five Below / Action — no domestic peer at this scale.
ELCONIS 7.5B diversified holding — Shuk-Max, Mahsanei Hashmal, Yinot Bitan, Smilecom.
NTCHStable 6% net margin. Why is FCF negative despite positive earnings?
BLDI+152% total return 2025. Structural improvement or special circumstances?
TRPZSmall specialty-chemicals player against Givaudan. Technical moat or price-taker?
PLSNGlobal B2B player in pipe fittings, precision agriculture, and poultry-farm systems.
TNDOEarly-stage with negative equity — capital-raise timing defines the outcome.
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