Revenue 2025
NIS 7,477M
Holding company
Net Income 2025
NIS 116M
EPS NIS 4.30
EBITDA
NIS 306M
Margin 4.1%
Net Margin
1.55%
Typical for retail
Segments
5+
Retail, Air-con, Food, Telecom
1 Company Profile
Electra Consumer Products (ELCO) is an Israeli consumer-goods and retail company, traded on the Tel Aviv Stock Exchange. The company operates through subsidiaries and brands in home-appliance, air-conditioning, retail (Shuk-Max, Mahsanei Hashmal, Yinot Bitan chains), food and telecom (Smilecom) segments. Electra is part of the Electra Group — a diversified Israeli consumer holding with 2025 revenue of NIS 7.5B. Key feature: a blend of retail, electronics, and consumer distribution that creates both scale advantages and segment-mix complexity.
| פעילות | מאפיין |
|---|
| מוצרי חשמל לבית | מותג Electra, LG דרך שותפות |
| מיזוג אוויר | Electra — מוביל בישראל |
| קמעונאות | שק-מקס, מחסני חשמל, יינות ביתן |
| תקשורת (סמיילקום) | מפעיל סלולרי |
מקור: דוח Annual 2025, Maya TASE
2 Key Financial Observations
This summary is not a recommendation. It is a factual list of key financial metrics.
מדדים מרכזיים 2025
| מדד | ערך |
|---|
| הכנסות | 7,477M ₪ |
| EBITDA | 306M ₪ |
| EBITDA Margin | 4.1% |
| רווח נקי | 116M ₪ |
| שולי נקי | 1.55% |
| EPS | 4.30 ₪ |
| שווי שוק | ~1.77B ₪ |
נתונים חסרים
| מדד | סטטוס |
|---|
| פילוח מגזרים | דורש דוח מלא |
| חוב נטו | דורש דוח מלא |
| FCF | דורש דוח מלא |
| תזרים מקמעונאות | דורש דוח מלא |
Missing data: פילוח מגזרים מפורט, חוב נטו, FCF, תזרים לפי מגזר.
3 Industry & Competitive Context
מוצרי צריכה וקמעונאות ישראלית. תמהיל מגוון של תחומים. מגמות: e-commerce, ירידה בפעילות פיזית, תחרות יבואנים, לחץ מחירים.
| מתחרה | תחום | הבדל |
|---|
| שופרסל | קמעונאות מזון | ענק ישראלי |
| רמי לוי | קמעונאות מזון | תחרות ישירה ל-יינות ביתן |
| LG / Samsung | מוצרי חשמל | יבוא גלובלי |
| בזק / פרטנר / סלקום | תקשורת | מול סמיילקום |
4 Risk Factors
| Risk | Context |
|---|
| שולי רווח נמוכים | 1.55% שולי נקי — רגיש לשינויים קטנים |
| תחרות קמעונאית | שופרסל, רמי לוי, יבואנים |
| מחירי יבוא | תלות ב-FX ומחירי מוצרים |
| מחזוריות | צריכה פרטית רגישה למיתון |
| תמהיל מגזרים | קושי להעריך כחברת אחזקות |
5 Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good?" but rather "through which lenses must this company be examined so that we do not miss what matters most?" At Bakshi Finance, every analysis passes through six lenses.
This framework is intended to structure analysis, not to produce an investment conclusion.
Growth
Which segment leads growth — retail, air-conditioning, or telecom?
Profitability
Net margin 1.55% — typical for retail. What is the trend?
Leverage
Debt/EBITDA — what is the leverage level?
Competitive Position
Electra in air-conditioning against LG/Samsung; in FMCG against Shufersal.
Management Quality
Historical conglomerate-management track record.
Business Complexity
Diversified holding — does SOTP reflect the value?
6 Scenario Framework
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes.
These scenarios carry no probability assessment, no preferred direction, and no expectation regarding which, if any, will materialise.
Constructive Scenario — if the following conditions hold:
Retail recovery, air-conditioning rises with a hot summer, margins improve, stable positive FCF.
Base Scenario — if current trends continue:
Revenue stable 3-5%, margins 4-5% at the EBITDA level, consistent net income.
Adverse Scenario — if the following risks materialise:
Consumer recession, importer competition pressures air-conditioning, retail pricing pressure.
Scenarios describe conditions, not forecasts. There is no preferred direction and no probability assessment expressed in this framework.
7 How to Think About This Company
Electra is an Israeli consumer holding with 5+ brands across a wide mix. The idea behind analysing Electra is not "is this a good business" (it is a broad but thin-margin business), but rather "how to measure the value of a holding company with different segments — retail versus electronics versus telecom." Because net margins are low (1.55%), even small cost shifts can materially affect profit.
The critical variables: (a) which segment leads EBITDA — retail or air-conditioning? (b) retail sensitivity to competition and pricing; (c) market cap of NIS 1.77B against revenue of NIS 7.5B — is the multiple reasonable?
Where the analysis may go wrong: First error — treating Electra as "one company" rather than a holding. Second error — ignoring FX and import dependence. Third error — failing to examine multi-tier debt stacking typical of conglomerates.
What distinguishes professional analysis of Electra. Professional analysis addresses three things: (a) SOTP — separate valuation per segment; (b) holding-company overhead as a percentage of EBITDA; (c) sensitivity to Israeli private consumption.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
8 Sources & Data
| # | Source | Date | Type |
|---|
| 1 | אלקטרה — דוח Annual 2025 | March 2026 | Official — TASE |
| 2 | maya.tase.co.il | April 2026 | Official — Stock Exchange |
Missing: פילוח מגזרים מפורט, חוב נטו, FCF, תזרים לפי מגזר.
