Revenue 2025
794M ₪
+21.6% YoY
Net Income 2025
212M ₪
+35.9% Y/Y | +121% from 2023
Shareholders’ Equity 2025
1,349M ₪
2.35× versus 2019
German Real Estate
129 properties
63% of balance sheet | ~NIS 1.7B Lahav share
Dividend March 2026
70M ₪
Cumulative 2019-2025: NIS 629M
1 Company Profile
Lahav L.R. Real Estate is an Israeli public holding company traded on the Tel Aviv Stock Exchange since 1983. In recent years Lahav has transformed from a domestic Israeli holding into a company with a German-centred core — 63% of the balance sheet consists of income-producing real estate in Germany (129 commercial properties, company-share value ~NIS 1.7B). Ownership: businessman Avi Levy holds ~43.33%. The company operates five activity segments: German income-producing real estate (63% — 129 properties), Israeli income-producing real estate (13% — via 30.56% of Delek Properties), Green energy (9% — via 41.91% of Prime Energy), Waste (8% — via 65% of Lahav Infrastructure), and Delek Israel (7% — 39.6% joint control). Market capitalisation: ~NIS 3.05B. The model is that of a holding company — direct revenue from German real estate plus share of earnings from subsidiaries.
| Company | Holding | Status |
|---|
| German Real Estate (direct) | 100% | Private, 129 properties |
| Delek Properties | 30.56% | Public from 7/2025 |
| Prime Energy (green energy) | 41.91% | Joint control |
| Lahav Infrastructure (waste) | 65% | Private |
| Delek Israel | 39.6% | Joint control |
| Mifatz 1965 | 65% | Private, MOU with Mizrahi Invest |
Source: 2025 Annual Report, Q4/2025 capital-markets presentation
2 Key Financial Observations
This summary is not a recommendation. It is a factual list of key financial metrics.
Performance — 3 Years (₪M)
| Metric | 2023 | 2024 | 2025 |
|---|
| Revenue | 558 | 653 | 794 |
| Net Income (owners) | 96 | 156 | 212 |
| Comprehensive income (owners) | 146 | 103 | 194 |
| Shareholders’ Equity | 1,080 | 1,199 | 1,349 |
| Dividend paid | 98 | 148 | 148+70 (March 2026) |
Balance Sheet & Key Ratios
| Metric | 2025 Value |
|---|
| סה"כ נכסים | 2,552M ₪ |
| נכסים שוטפים | 386M ₪ |
| נכסים לא שוטפים | 2,167M ₪ |
| התחייבויות שוטפות | 219M ₪ |
| התחייבויות לא שוטפות | 933M ₪ |
| הון עצמי לבעלים | 1,349M ₪ |
| יחס הון/Balance Sheet | 44.3% |
| שווי German Real Estate (חלק להב) | ~1.7B ₪ |
Missing data: NOI מפורט לפי מגזר, Debt/EBITDA מאוחד, Cap Rate של פורטפוליו גרמניה (~5-6% מוערך), NAV Per Share.
Revenue + Net Income (₪M)
פילוח Balance Sheet לפי מגזר
יחס הון לBalance Sheet (%)
3 Industry & Competitive Context
חברת אחזקות ישראלית עם ליבת נדל"ן מניב גרמני. שילוב נדיר של חברה ישראלית עם חשיפה אירופית משמעותית. מעט ציקלי (נדל"ן מסחרי רגיש לריבית אירופאית). מגמות: ריבית אירופאית יורדת (תומכת בשווי נכסים), מעבר לאנרגיה ירוקה.
| מגזר | מתחרים |
|---|
| German Real Estate | שחקנים גרמניים מקומיים + קרנות REIT אירופאיות |
| נדל"ן ישראל | אזורים, אמות, ביג, מליסרון (דרך Delek Properties) |
| אנרגיה ירוקה | אנלייט, אנרג'יאן, דוראל |
| פסולת | ויאוליה, אמיטי, תמיר |
| דלק | פז, סונול |
4 Risk Factors
| Risk | Context |
|---|
| חשיפה גיאופוליטית בגרמניה | 63% מהBalance Sheet. ירידה בנכסי נדל"ן גרמני = פגיעה ישירה |
| שערי חליפין ₪/יורו | Revenue ביורו, Balance Sheet בישראל. תנודות משפיעות |
| תלות בבעל שליטה | אבי לוי 43.3% — החלטות אסטרטגיות תלויות בו |
| מורכבות מבנה אחזקות | 5 מגזרים, חברות בנות חלקן ציבוריות — קשה למשקיע לעקוב |
| ריבית אירופאית | עליית ריבית מורידה שווי נכסי נדל"ן |
| שקיפות דוחות בנות Privateות | חלק מהחברות המוחזקות Privateות — שקיפות מוגבלת |
| מינוף בחלק מהמגזרים | רמת מינוף של כל חברה מוחזקת צריכה בדיקה נפרדת |
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
Revenue צמחו 42% ב-2023-2025, Net Income +121%. כמה מהצמיחה אורגנית (NOI growth) לעומת רכישות (39 נכסים חדשים בגרמניה ב-2025)? כמה בר-קיימא לטווח ארוך?
Profitability
Net Income קפץ מ-96 ל-212 (x2.2). כמה מהקפיצה תוצאה של שערוכי נכסים לעומת NOI אמיתי? מה ה-FFO / AFFO של החברה?
Leverage
יחס הון לBalance Sheet 44.3% — מספר בריא. אך מה המינוף המאוחד (כולל חוב בחברות בנות)? מה החשיפה לעליית ריבית באירופה?
Competitive Position
Lahav is a holding company with a distinctive German portfolio. What is its advantage versus German REITs? What does the Israeli connection add?
Management Quality
Avi Levy has successfully led the transition from an Israeli company into a European holding. How personal-dependent is that? What is the succession plan?
Business Complexity / Risk
5 מגזרים, 6 חברות בנות (חלקן ציבוריות, חלקן Privateות). איך להעריך SOTP? מהם המקומות בהם ניתוח פשטני יטעה?
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:
European interest rates continue to decline, Lahav continues to acquire German properties at the current pace (30-40 per year), subsidiaries deliver growth, and NOI grows 5-7% organically per year. Under these conditions, equity continues to grow at a double-digit pace, dividends rise, and NAV expands.
Base Scenario — if current trends continue:
European rates remain stable, acquisitions moderate to 15-20 properties per year, NOI grows 3-5%, and equity grows 8-10% annually. Dividends remain steady near NIS 70M.
Adverse Scenario — if the following risks materialise:
Rising European interest rates pressure German real-estate valuations (-10% to -20%), weakness in the German economy, or a material EUR/ILS decline. Under these conditions, equity erodes and dividends may be frozen.
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
Lahav is not a conventional Israeli holding company — it is one of the Israeli public companies with the highest exposure to German real estate. 63% of its balance sheet consists of commercial properties in Germany (129 properties), and this unique combination is what distinguishes Lahav from any other Israeli holding. The real question in analysing Lahav is not "does the model work" (it does — equity has grown 2.35× over seven years), but rather "how should one value a company whose results are distributed across five different segments, with 63% exposure to European rate and macro risk?"
The critical variables to monitor are three. First, the ECB policy rate and the German Bund yield. 63% of the balance sheet is sensitive to German interest-rate spreads. A 100bp rise in the 10-year Bund yield could reduce income-producing real-estate values by 8-12%. Second, the pace of German acquisitions. Adding 39 properties in a single year is an aggressive cadence. The questions are whether the pace is sustainable and what the ROIC is on capital deployed. Third, the transparency of private subsidiaries. Lahav Infrastructure (waste), Mifatz 1965 — private subsidiaries whose results are consolidated but not fully visible. Changes in their profitability may come as a surprise.
Where the analysis may go wrong. First error — treating the NIS 212M net income in 2025 as cash flow. A meaningful portion is asset revaluations (fair-value gains), not actual cash. FFO is the correct metric for valuation. Second error — assuming 42% revenue growth will continue. That pace came from aggressive acquisitions; when the cadence moderates, growth will settle at 5-8% annually. Third error — treating Lahav as purely "Israeli". Its success is materially dependent on the German economy and the European real-estate market.
What distinguishes professional analysis of Lahav from headlines. Headlines speak of "Avi Levy" or of "German real estate". Professional analysis addresses three things: (a) the gap between SOTP (sum-of-parts) and market capitalisation — and the reasons for that gap; (b) sensitivity to European interest rates and EUR/ILS fluctuations; (c) how the transparency of private subsidiaries affects the accuracy of any valuation. These are not what one buys or sells — they are what one asks before deciding.
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 | להב אל.אר — 2025 Annual Report | March 2026 | Official — TASE |
| 2 | מצגת שוק הון Q4 2025 | February 2026 | Official — company website |
| 3 | maya.tase.co.il — להב | April 2026 | Official — Stock Exchange |
| 4 | Delek Properties (TASE) — דוחות | Quarterly | Official — חברה מוחזקת |
| 5 | פריים אנרג'י (TASE) — דוחות | Quarterly | Official — חברה מוחזקת |
Missing: NOI מפורט לפי מגזר, Debt/EBITDA מאוחד, Cap Rate של פורטפוליו גרמניה (~5-6% מוערך), NAV Per Share.
