Revenue 2025
NIS 1,865M
Global B2B
Net Income 2025
NIS 157.7M
EPS NIS 16.91
EBITDA
NIS 288.9M
Margin 15.5%
Net Margin
8.5%
Typical for B2B plastics
Segments
3
Irrigation, Poultry, Fittings
1 Company Profile
Plasson Industries (PLSN) is a professional Israeli specialty-plastics company, traded on the Tel Aviv Stock Exchange. Plasson manufactures plastic-pipe fittings, agricultural and precision-agriculture equipment, and poultry-farm systems. Plasson is regarded as a professional B2B specialty-plastics company with a global footprint — with operations in Israel, Europe, North America, South America and Asia. The company is headquartered in Kibbutz Ma’agan Michael and remains owned by the original founders (the kibbutz). 2025 revenue: NIS 1.87B.
| פעילות | מאפיין |
|---|
| השקיה חקלאית | fittings + ציוד פרטני |
| תעשיית חוות עופות | מערכות האכלה, שתייה, אקלים |
| חיבורי צינורות | מים, גז, בנייה |
| פתרונות תעשייתיים | פרויקטים מותאמים |
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 | 1,865M ₪ |
| EBITDA | 288.9M ₪ |
| EBITDA Margin | 15.5% |
| רווח נקי | 157.7M ₪ |
| שולי נקי | 8.5% |
| EPS | 16.91 ₪ |
| P/E | 10.2x |
נתונים חסרים
| מדד | סטטוס |
|---|
| שווי שוק | דורש אימות |
| פילוח גאוגרפי | דורש דוח מלא |
| חוב נטו | דורש דוח מלא |
| FCF | דורש דוח מלא |
Missing data: שווי שוק, פילוח גאוגרפי, חוב נטו, FCF.
3 Industry & Competitive Context
פלסטיקה מתוחכמת לחקלאות, בנייה, ותעשיית עופות. שוק גלובלי, פרגמנטרי. מגמות: חקלאות מדייקת, יעילות מים, אוטומציה בחוות עופות, הרחבה באפריקה ואסיה.
| מתחרה | תחום | הבדל |
|---|
| Netafim | השקיה | ישראלית, רכשה על ידי Orbia |
| Rivulis | השקיה | ישראלית |
| Big Dutchman | עופות | גרמנית, ענק בחוות |
| GEA Group | עופות | גרמנית |
4 Risk Factors
| Risk | Context |
|---|
| תלות בחקלאות | תנודות בהכנסה חקלאית גלובלית |
| מחירי פוליאתילן | חומר גלם עיקרי — תנודתי |
| FX exposure | 70%+ הכנסות במט״ח |
| תחרות מסין | יצרנים סינים עם מחיר נמוך |
| מבנה שליטה (קיבוץ) | נקודה לבחינה למשקיע מקצועי |
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 grows faster — irrigation, poultry, or fittings?
Profitability
EBITDA Margin 15.5% — typical for B2B plastics. What is the trend?
Leverage
What is the Debt/EBITDA ratio?
Competitive Position
Plasson vs Netafim/Rivulis — how stable is the advantage?
Management Quality
Historical execution, kibbutz–public-company dynamics.
Business Complexity
Three global segments — how should an investor build an SOTP?
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:
Global demand for precision agriculture rises, margins stabilise, international activity expands.
Base Scenario — if current trends continue:
Growth 3-5%, margins stable at 15-16%, net income grows with revenue.
Adverse Scenario — if the following risks materialise:
Agricultural recession, rising polyethylene prices, adverse FX, Chinese competition pressures pricing.
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
Plasson is a sophisticated B2B plastics company with a global footprint. The idea behind analysing Plasson is not "is this good B2B" (it is, with 15%+ margins), but rather "what is the ratio between the two largest growth segments — agricultural irrigation versus the poultry-farm industry?" The two markets differ materially in customer type, sales-cycle length, and price sensitivity.
The critical variables: (a) segment mix — is poultry-farm growing faster? (b) FX exposure — 70%+ of revenue in foreign currency feels the euro/dollar; (c) polyethylene-price sensitivity — rising globally.
Where the analysis may go wrong: First error — treating Plasson as a "Netafim competitor" (different focus). Second error — ignoring the kibbutz control structure and its public-company implications. Third error — valuing the gross margin without understanding the geographic mix.
What distinguishes professional analysis of Plasson. Professional analysis addresses three things: (a) revenue decomposition by segment and geography; (b) ROIC on recent acquisitions; (c) sensitivity to FX and polyethylene prices.
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 | פלסאון — דוח Annual 2025 | March 2026 | Official — TASE |
| 2 | maya.tase.co.il | April 2026 | Official — Stock Exchange |
Missing: שווי שוק, פילוח גאוגרפי, חוב נטו, FCF.
