AUM year-end 2025
191.5B ₪
+35.9% Y/Y | +74% over two years
Revenue 2025
1.01B ₪
+29.0% Y/Y
Net Income attributable to owners 2025
124.3M ₪
+59% | EPS NIS 1.72
Net Margin
12.3%
2024: 10.0%
New bond issuance 2025
354M ₪
from NIS 16M in 2024
1 Company Profile
Mor Investment House (MRIN) is an Israeli investment house founded in 2006 and listed on the Tel Aviv Stock Exchange in July 2017. It trades on TASE (security 1141464). Mor is considered one of the fastest-growing Israeli investment houses in recent years — increasing AUM from NIS 110B at year-end 2023 to NIS 191B at year-end 2025 (+74% in two years). Mor operates across four segments: Provident and Pension Funds (63.5% of AUM, a stable long-term engine), Mutual Funds (29.7%), Managed Portfolios (6.1%), and Hedge Funds (0.7%). Brokerage services are provided through its subsidiary Mor Magna. The company is headquartered in Ramat Gan, with 124 employees at year-end 2025 (versus 70 in 2023 — 77% growth over two years). Revenue model: recurring management fees on AUM — a relatively stable base.
| Revenue Source | NIS '000 | % | Y/Y Change |
|---|
| Provident and Pension Funds | 646,625 | 63.8% | +25.5% |
| Mutual Funds | 318,140 | 31.4% | +48.0% |
| Managed Portfolios | 21,856 | 2.2% | +24.1% |
| Brokerage (Magna) | 19,411 | 1.9% | -32.3% |
| Hedge Funds | 3,754 | 0.4% | -30.6% |
| Total | 1,013,534 | 100% | +29.0% |
Source: 2025 Annual Report (TASE 1141464)
2 Key Financial Observations
This summary is not a recommendation. It is a factual list of key financial metrics.
Performance — 5 Years
| Year | Net Income (NIS M) | EPS (NIS) | Net Margin |
|---|
| 2021 | 28.0 | 0.42 | 8.0% |
| 2022 | 41.5 | 0.58 | 8.3% |
| 2023 | 66.4 | 0.91 | 10.2% |
| 2024 | 78.3 | 1.07 | 10.0% |
| 2025 | 124.3 | 1.68 | 12.3% |
Balance Sheet & Key Ratios
| Metric | End 2024 | End 2025 |
|---|
| Cash (NIS M) | 52.5 | 70.7 |
| Financial assets at fair value | 133 | 429 (+223%) |
| Total assets (NIS M) | 762.5 | 1,240.6 (+62.7%) |
| Shareholders’ equity (NIS M) | 280.8 | 326.3 (+16.2%) |
| Long-term bonds (NIS M) | 16.4 | 354.1 |
| AUM (₪B) | 140.9 | 191.5 (+35.9%) |
| ROE (owners) | ~28% | ~41% |
Missing data: details on use of bond-issuance proceeds (NIS 354M), the nature of financial assets that grew 223%, precise capital-adequacy computation.
Revenue by Source (NIS M)
Net Margin and EPS Growth
3 Industry & Competitive Context
Asset management in Israel. A competitive market with moderate concentration — roughly ten principal players. Partially cyclical sector — revenue depends on market values (AUM), but management fees create a recurring base. Trends: the Israeli capital market rose strongly in 2024-2025 (AUM +36%), interest rates are declining, fee competition is intensifying, and regulation continues to tighten.
| Competitor | Ticker | Key Difference |
|---|
| Meitav | MTDS | Larger, broader |
| Altshuler Shaham | ALTS | Leader in provident/pension |
| Psagot | PSGD | Large provident and pension |
| IBI | IBI | Focused on brokerage and capital markets |
| Migdal / Harel | — | Insurance groups with asset-management arms |
4 Risk Factors
| Risk | Context |
|---|
| Capital-markets dependence | Revenue is tied to AUM, which is derived from market values. A 20% market decline implies a comparable revenue decline. |
| Fee competition | Downward pressure on margins, particularly in mutual funds. |
| Sharp rise in debt | Long-term bonds jumped from NIS 16M to NIS 354M. What is the purpose? Is an acquisition planned? |
| Financial assets grew 223% | From NIS 133M to NIS 429M — the composition (liquid or illiquid) warrants scrutiny. |
| Stock-based compensation grew 7× | From NIS 6M to NIS 43M — shareholder dilution risk if sustained. |
| NCI 16.4% | Minority interests absorb a meaningful share of profit. |
| Brokerage revenue decline (-32%) | Magna may not be growing as expected. |
| Regulation | The Capital Markets Authority can alter requirements, with margin implications. |
| Geopolitical | A security event in Israel weighs on capital markets, implying AUM pressure. |
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
AUM grew from NIS 110B to NIS 191B in two years. How much of the growth is organic (net inflows) versus market return? How will growth continue in 2026 — is 30%+ sustainable?
Profitability
Net margin rose from 10% to 12.3%. ROE 41% — excellent. How much of the improvement is structural (operating efficiency) versus operating leverage on growing AUM? What is the reasonable ceiling?
Leverage
Bonds jumped from NIS 16M to NIS 354M. Why the issuance? Is an acquisition planned? What is the debt-maturity schedule? How does this affect interest coverage?
Competitive Position
Mor ranks #4-5 by size in Israel. How stable is the position against larger peers? How does relative growth compare to Altshuler Shaham?
Management Quality
Management executed 74% AUM growth in two years. How much is a management achievement versus market timing (strong markets in 2024-2025)? What is the strategy once the growth cycle matures?
Business Complexity / Risk
Mor is an investment house with four segments, meaningful NCI, and a material debt raise. How should an investor value a company growing fast while expanding debt simultaneously? What are the balance-sheet implications of a rate or market shift?
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:
Israeli capital markets continue to rise, AUM grows at a 20-30% annual pace (inflows + returns), net margins stabilise above 12%, and the large 2025 bond issuance enables strategic acquisitions that double AUM within three years. Under these conditions, ROE remains above 35%, EPS grows at a double-digit pace, and increased dividend distribution becomes feasible.
Base Scenario — if current trends continue:
AUM grows at a 10-20% annual pace (organic + moderate market returns), margins remain stable around 12%, net income grows at a high single-digit pace. Other investment houses continue to capture market share in parallel.
Adverse Scenario — if the following risks materialise:
A capital-markets correction weighs on AUM (-15% to -25%), revenue declines in tandem, tighter regulation reduces management fees, or the large debt issuance turns out to be unnecessary and weighs on the balance sheet. Under these conditions, net income erodes and ROE falls below 25%.
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
Mor is not a conventional investment house — it is a case study of what happens when an investment house grows 74% in two years. That is a growth rate few in the industry have achieved, and the achievement raises two entirely different questions: (a) what is the secret of the success? (b) is it sustainable? The real question in analysing Mor is not "is the growth real" (it is), but rather "how much of this growth depends on exceptional market conditions (Israeli capital markets surged in 2024-2025), and how much depends on the structural execution ability of management?"
The critical variables to monitor are three. First, net inflows versus market return. Mor’s AUM rose 36% in 2025; if the market rose 25% and net inflows contributed 11%, that is healthy. If the market rose 35% and there are no net inflows, Mor is simply "riding the tide" — and that is exposed in a correction. Second, the use of debt proceeds (NIS 354M of newly issued bonds). If the proceeds fund an acquisition (M&A) — AUM will grow and justify the issuance. If the funds sit in cash or illiquid financial assets — that is a question mark. Third, brokerage margins. A 32% decline in brokerage revenue is a red flag — subsidiary Magna was supposed to be a digital growth engine. Lower revenue is either a competitive problem or a strategic decision to focus on managed assets.
Where the analysis may go wrong. First error — treating EPS of NIS 1.68 as steady-state. Most of the 2025 EPS growth (+57%) came from a combination of operating leverage and AUM growth. If the market reverts to a normal return (5-8%), AUM growth will moderate and EPS growth will return to a 15-20% pace. Second error — treating ROE of 41% as stable. Such a high ROE is partly a function of a relatively small equity base; any equity raise or buyback would reduce it. Third error — ignoring stock-based compensation that grew 7×. If this becomes a recurring compensation mechanism, it dilutes shareholders — something the market does not always price correctly.
What distinguishes professional analysis of Mor from headlines. Headlines on Mor speak of "meteoric growth" or of "record AUM". Professional analysis addresses three things: (a) the ratio of net inflows to market return — the difference between a growth story and a beta story; (b) the purpose of the NIS 354M bond issuance — the most important question for 2026; (c) the scenario in which the market declines 20% — what happens to profit, ROE, and debt service. 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 | Mor — 2025 Annual Report | March 2026 | Official — TASE |
| 2 | Mor — 2023 Annual Report | March 2024 | Official — TASE |
| 3 | maya.tase.co.il — security 1141464 | April 2026 | Official — Stock Exchange |
| 4 | Mor Investor Relations site | Ongoing | Official |
| 5 | Bizportal — coverage | Ongoing | Secondary |
Missing: details on use of bond-issuance proceeds (NIS 354M), the nature of financial assets that grew 223%, precise capital-adequacy computation.
