Bakshi Finance — Family Office
The information presented on this site is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice. The firm operates as a Family Office serving qualified investors. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. This site does not participate in the investment decision.

Rami Levy Chain Stores Hashikma Ltd.

Rami Levi Chain Stores Ltd. | TASE | Discount Supermarket

Data as of: April 2026 | Primary source: 2025 Annual Report

RMLI
Research Depth · Standard Israeli Retail · Discount Supermarket
Market Cap
₪4.32B
Price NIS 62.73
Revenue 2025
₪7.84B
+6.2% Y/Y
Net Income
₪381M
4.86% margin
EBITDA
₪719M
9.18% margin
FCF
₪264M
6.1% FCF yield
P/E
11.9x
EV/EBITDA 9.10x
1 Company Profile

Rami Levy Chain Stores Hashikma (RMLI) is the largest discount-supermarket chain in Israel, traded on the Tel Aviv Stock Exchange. The company operates 65+ stores nationwide on an "Everyday Low Prices" model. Rami Levy is regarded as a stable, efficient Israeli retailer — thin operating margins (4.86%) offset by high volume and operational efficiency. 2025 revenue: NIS 7.84B (+6.2%). EBITDA margin 9.18%. Market capitalisation NIS 4.32B. Key observation: a very low beta (0.07) — a highly defensive equity that largely decouples from the broader market. The discount format puts pressure on Shufersal and Victory.

ActivityFeature
Physical Supermarkets65+ stores nationwide
Online (RamiLevy.co.il)Home delivery
Foodservice (Cofix)Partial ownership
Real EstatePartial property ownership

Source: 2025 Annual Report

2 Key Financial Observations

This summary is not a recommendation. It is a factual list of key financial metrics.

2025 Performance

MetricValue
RevenueNIS 7.84B
Net Income₪381M
EBITDANIS 719M
FCFNIS 264M
Net margin4.86%

Additional Metrics

MetricValue
P/E11.9x
EV/EBITDA9.10x
FCF Yield6.1%
Beta0.07 (defensive)

Missing data: profitability split by segment, precise e-commerce penetration, rent expense.

Financial Metrics
Activity Mix
Profit Margins
Profitability
Trend
Additional Metric
3 Industry & Competitive Context

Israeli food retail. Strong competition from Shufersal, Victory, Yohananof and Festival. The discount format offers a competitive edge in a downturn.

CompetitorTickerDifference
ShufersalSAEMarket leader
VictoryVCTRDirect competitor
Yohananof—Private
Festival—Competing discount
4 Risk Factors
RiskContext
Online competitionShufersal online + Yango Deli
Minimum wageWage increases compress margins
Food-price inflationThe discount model is less affected but still exposed
Price controlsGovernment intervention risk
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
+6.2% — consistent with standard food-retail growth pace
Profitability
4.86% margin — typical for the discount segment
Leverage
Stable balance sheet — 6.1% FCF yield
Competitive Position
Against Shufersal — how is market share preserved?
Management Quality
The Levy family — controlling shareholders
Business Complexity
Retail + real estate + Cofix
These are the questions. The specific answers for Rami Levy are woven throughout the analysis and discussed in depth under "How to Think About This Company".
The same six questions are asked of every company on the site — what varies is the answers, not the instrument.
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:

A recession favours discount formats, store expansion continues, e-commerce grows, and margins modestly expand.

Base Scenario — if current trends continue:

Revenue grows 5-7%, margins remain stable, FCF NIS 250M+.

Adverse Scenario — if the following risks materialise:

Intense competition pressures pricing, wage inflation weighs on margins, and e-commerce erodes traffic.

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
Rami Levy is an Israeli discount food retailer with a 6.1% FCF yield. The real question in analysing Rami Levy is not "is this a good business" (stable but not exciting), but rather "does a 6.1% FCF yield with a beta of 0.07 make it a genuine alternative to government bonds in a defensive portfolio?"
The critical variables: (a) growth rate — is 6%+ sustained? (b) thin margins — sensitivity to inflation and wage costs; (c) e-commerce — is Rami Levy adapting successfully?
Where the analysis may go wrong: First error — treating it as a growth story (it is stable, not growing). Second error — underestimating the online threat. Third error — ignoring family control and its effect on capital allocation.
Professional analysis addresses three things: (a) FCF yield and dividend policy; (b) sensitivity to inflation; (c) e-commerce penetration relative to peers.
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
#SourceDateType
1Rami Levy — 2025 Annual ReportMarch 2026Official — TASE
2maya.tase.co.ilApril 2026Official — Stock Exchange

Missing: profitability split by segment, precise e-commerce penetration, rent expense.

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Bakshi Finance | Family Office | All rights reserved 2026

Disclosure: The information presented in this document is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice tailored to the client. The firm operates as a Family Office serving qualified investors only. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. Past performance is not indicative of future results. This site does not participate in the investment decision. This framework is intended to structure analysis, not to produce an investment conclusion.