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The Phoenix Holdings Ltd. (PHOE) Report Analysis

Corporate Events

Positive

Leonardo DRS, Inc. entered into a definitive ag...

2022-06-21 00:00:00

Leonardo DRS, Inc. entered into a definitive agreement to acquire RADA Electronic Industries Ltd. (NasdaqCM:RADA) from Franklin Resources, Inc...

Neutral

The Phoenix Holdings Ltd., Q1 2022 Earnings Cal...

2022-05-31 13:17:00

The Phoenix Holdings Ltd., Q1 2022 Earnings Call, May 31, 2022

Neutral

The Phoenix Holdings Ltd., Q1 2022 Earnings Cal...

2022-05-31 13:17:00

The Phoenix Holdings Ltd., Q1 2022 Earnings Call, May 31, 2022

Positive

Air Doctor Ltd. announced that it has received ...

2022-05-31 00:00:00

Air Doctor Ltd. announced that it has raised $20 Million round of funding led by new investor, Lightspeed Ventures, LLC on May 31, 2022. The t...

Neutral

The Phoenix Holdings Ltd. to Report Q1, 2022 Re...

2022-05-31 00:00:00

The Phoenix Holdings Ltd. announced that they will report Q1, 2022 results on May 31, 2022

Positive

Classiq announced that it has received $36 mill...

2022-05-16 00:00:00

On May 16, 2022, Classiq closed the transaction. The company received $3 million in its second and final tranche brining the total gross proce...

Positive

The Phoenix Holdings Ltd., 1.67612 (ILS), Cash ...

2022-03-30 00:00:00

The Phoenix Holdings Ltd., 1.67612 (ILS), Cash Dividend, Apr-05-2022

Neutral

The Phoenix Holdings Ltd., Annual General Meeti...

2022-02-17 00:00:00

The Phoenix Holdings Ltd., Annual General Meeting, May 05, 2022.

Positive

Bizi announced that it has received $7.5 millio...

2022-01-30 00:00:00

Bizi announced that it has received $7.5 million in seed round of funding led by new investor BlueVine Inc. on January 30, 2022. The transacti...

Positive

The Phoenix Holdings Ltd., 0.7922035 (ILS), Cas...

2021-12-01 00:00:00

The Phoenix Holdings Ltd., 0.7922035 (ILS), Cash Dividend, Dec-07-2021

Neutral

The Phoenix Holdings Ltd., Nine Months 2021 Ear...

2021-11-30 15:52:00

The Phoenix Holdings Ltd., Nine Months 2021 Earnings Call, Nov 30, 2021

Neutral

The Phoenix Holdings Ltd., Nine Months 2021 Ear...

2021-11-30 15:52:00

The Phoenix Holdings Ltd., Nine Months 2021 Earnings Call, Nov 30, 2021

Neutral

Tranche Update on The Phoenix Holdings Ltd. (TA...

2021-11-30 00:00:00

From September 30, 2020 to September 30, 2021, the company has repurchased 2,706,165 shares, representing 1.06% for ILS 74 million. With this,...

Positive

The Phoenix Holdings Ltd.'s Equity Buyback anno...

2021-10-30 00:00:00

The company expired its plan on October 30, 2021.

Neutral

The Phoenix Holdings Ltd., Q2 2021 Earnings Cal...

2021-08-24 00:00:00

The Phoenix Holdings Ltd., Q2 2021 Earnings Call, Aug 25, 2021

Neutral

The Phoenix Holdings Ltd. to Report Q2, 2021 Re...

2021-08-24 00:00:00

The Phoenix Holdings Ltd. announced that they will report Q2, 2021 results on Aug 25, 2021

Positive

Leonardo DRS, Inc. entered into a definitive agreement to acquire RADA Electronic Industries Ltd. (NasdaqCM:RADA).

2022-06-21 00:00:00

Leonardo DRS, Inc. entered into a definitive agreement to acquire RADA Electronic Industries Ltd. (NasdaqCM:RADA) from Franklin Resources, Inc. (NYSE:BEN), The Phoenix Holdings Ltd. (TASE:PHOE), Wellington Group Holdings Llp and others on June 21, 2022. Leonardo DRS will acquire 100% of the share capital in RADA in exchange for approximately 19.5% equity ownership to RADA shareholders in the Combined Company, which will maintain the name Leonardo DRS and is anticipated to trade on NASDAQ and TASE under the symbol “DRS.” Upon closing of the transaction, RADA and Leonardo DRS will become a combined public company. The transaction is subject to approval of the stockholders of RADA and other closing conditions including the receipt of certain regulatory approvals. The Board of Directors of each of RADA and Leonardo SpA approved the transaction. The transaction is expected in the fourth quarter of 2022. Transaction is expected to be accretive to RADA earnings per share in year one. Evercore acted as exclusive financial advisor to RADA and J.P. Morgan Securities LLC acted as exclusive financial advisor to Leonardo DRS. DLA Piper LLP (US) and S. Friedman & Co. acted as legal advisors to RADA and Sullivan & Cromwell LLP and Herzog Fox & Neeman acted as legal advisors to Leonardo DRS.

Neutral

The Phoenix Holdings Ltd., Q1 2022 Earnings Call, May 31, 2022

2022-05-31 13:17:00

The Phoenix Holdings Ltd., Q1 2022 Earnings Call, May 31, 2022

Neutral

The Phoenix Holdings Ltd., Q1 2022 Earnings Call, May 31, 2022

2022-05-31 13:17:00

The Phoenix Holdings Ltd., Q1 2022 Earnings Call, May 31, 2022

Positive

Air Doctor Ltd. announced that it has received $20 Million funding from Lightspeed Ventures, LLC, The Phoenix Holdings Ltd., Vintage Ventures Advisors Ltd., Kamet, Munich Re Ventures, LLC

2022-05-31 00:00:00

Air Doctor Ltd. announced that it has raised $20 Million round of funding led by new investor, Lightspeed Ventures, LLC on May 31, 2022. The transaction also included participation from The Phoenix Holdings Ltd. (TASE:PHOE), Vintage Ventures Advisors Ltd., Kamet, Munich Re Ventures, LLC.

Neutral

The Phoenix Holdings Ltd. to Report Q1, 2022 Results on May 31, 2022

2022-05-31 00:00:00

The Phoenix Holdings Ltd. announced that they will report Q1, 2022 results on May 31, 2022

Positive

Classiq announced that it has received $36 million in funding from a group of investors

2022-05-16 00:00:00

On May 16, 2022, Classiq closed the transaction. The company received $3 million in its second and final tranche brining the total gross proceeds raised in the transaction to $36 million. The tranche included participation from new investors HSBC Holdings plc, NTT Finance Corporation, Intesa Sanpaolo S.p.A. The company has raised $51 million in funding till date.

Positive

The Phoenix Holdings Ltd., 1.67612 (ILS), Cash Dividend, Apr-05-2022

2022-03-30 00:00:00

The Phoenix Holdings Ltd., 1.67612 (ILS), Cash Dividend, Apr-05-2022

Neutral

The Phoenix Holdings Ltd., Annual General Meeting, May 05, 2022

2022-02-17 00:00:00

The Phoenix Holdings Ltd., Annual General Meeting, May 05, 2022.

Positive

Bizi announced that it has received $7.5 million in funding from BlueVine Inc., The Phoenix Holdings Ltd., Or Shay G.S. Ltd

2022-01-30 00:00:00

Bizi announced that it has received $7.5 million in seed round of funding led by new investor BlueVine Inc. on January 30, 2022. The transaction included participation from new investors The Phoenix Holdings Ltd. and Or Shay G.S. Ltd.

Positive

The Phoenix Holdings Ltd., 0.7922035 (ILS), Cash Dividend, Dec-07-2021

2021-12-01 00:00:00

The Phoenix Holdings Ltd., 0.7922035 (ILS), Cash Dividend, Dec-07-2021

Neutral

The Phoenix Holdings Ltd., Nine Months 2021 Earnings Call, Nov 30, 2021

2021-11-30 15:52:00

The Phoenix Holdings Ltd., Nine Months 2021 Earnings Call, Nov 30, 2021

Neutral

The Phoenix Holdings Ltd., Nine Months 2021 Earnings Call, Nov 30, 2021

2021-11-30 15:52:00

The Phoenix Holdings Ltd., Nine Months 2021 Earnings Call, Nov 30, 2021

Neutral

Tranche Update on The Phoenix Holdings Ltd. (TASE:PHOE)'s Equity Buyback Plan announced on October 1, 2020.

2021-11-30 00:00:00

From September 30, 2020 to September 30, 2021, the company has repurchased 2,706,165 shares, representing 1.06% for ILS 74 million. With this, the company has completed the repurchase of 2,706,165 shares, representing 1.06% for ILS 74 million under the buyback announced on October 1, 2020.

Positive

The Phoenix Holdings Ltd.'s Equity Buyback announced on October 1, 2020, has expired.

2021-10-30 00:00:00

The company expired its plan on October 30, 2021.

Neutral

The Phoenix Holdings Ltd., Q2 2021 Earnings Call, Aug 25, 2021

2021-08-24 00:00:00

The Phoenix Holdings Ltd., Q2 2021 Earnings Call, Aug 25, 2021

Neutral

The Phoenix Holdings Ltd. to Report Q2, 2021 Results on Aug 25, 2021

2021-08-24 00:00:00

The Phoenix Holdings Ltd. announced that they will report Q2, 2021 results on Aug 25, 2021

Fundamental Summary

Looking at Phoenix's financials of Q1 reflected unimpressive, mediocre results. Its income, value, and income factors all individually appear positive and give support for optimism regarding the likelihood of continued positive performance. Therefore, they earned a total score of 69 out of 100 and a HOLD recommendation.

Phoenix reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported revenue was ILS 2,625.05 million compared to ILS 6,870.38 million a year ago. Net income was ILS 675.1 million compared to ILS 315.4 million a year ago. Basic earnings per share from continuing operations was ILS 2.68 compared to ILS 1.24 a year ago. Diluted earnings per share from continuing operations was ILS 2.63 compared to ILS 1.23 a year ago.

Business Description

Phoenix provides various insurance and pension products in Israel. It offers life and disability insurance; flight cancellation; and property and casualty insurance, including motor vehicle, motor property, home and business, third-party liability, employers' liability, directors’ and officers’ liability, product liability, building, contract works, and marine insurance products, as well as health insurance products, such as long-term care and critical illness, travel, sick leave, illness and hospitalization, and dental insurance. The company also provides mechanical-engineering equipment, mechanical breakdown, refrigerated inventory, cargo in transit and shippers' liability, short-term personal accident, fidelity, agricultural, and electronic equipment insurance; investment insurance for home buyers; insurance covering production and cancellation of events; and clinical trials, money, goods in transit, works of art, aviation, terrorism acts, and cyber insurance. In addition, it offers financial asset management services comprising marketing and management of investments, underwriting and investment banking, mutual funds management, and stock exchange and trading services; and pension, education, and provident funds, as well as savings products. The company was formerly known as The Israel Phoenix Assurance Company Limited. Phoenix was incorporated in 1949 and is headquartered in Givatayim, Israel.

Sector Overview

Phoenix is included in the Insurance according to GICS (global industry classification standard). The Interactive Media & Services industry is part of the Communication Services sector. It includes companies that create or distribute content and information through proprietary platforms, with revenue generated primarily through pay-per-click ads (i.e. search engines, social media and networking platforms, online classifieds, and online review companies). Phoenix's industry and sector affiliation are expected to negatively affect their likelihood to overperform the market in the upcoming period, as other sectors appear more likely to benefit from the macroeconomic environment we see now.

Fundamental Highlights


Parameter Value Change Score
Assets 145,449.1 1.3% 41
Liabilities 135,635.0 1.5% 73
Price to Book 0.9 -10.3% 59
Cash & Equivalents 16,622.4 4.3% 75
Equity 9,535.8 -1.2% 47
EBITDA 3,359.5 20.7% 77
Total Revenues 23,724.1 -15.2% 96
Parameter Value Change Score
Return on Equity 26.7 18.8% 91
Net Cashflow 3,210.3 -18.3% 58
Capital Expenditure -95.3 -21.9% 45
Asset Turnover 0.2 -17.6% 39
Free Cashflow 13.3 -19.8% 82

* All values are TTM

The below chart reflects Phoenix's birds-eye view on its performance with respect to its peers, the company's fillings as reported or to a similar industry, market cap, and country of origin. While Phoenix's peer average final assessment score stands on 69.0, Phoenix's score is 69.

  •  PHOE
  •  Peers average
Name Market Cap Balance Sheet Income Statement Cash Flow Rating Final Assessment mc_sort Hidden
Harel Insurance Investments & Financial Services Ltd 7.5B 60 86 68
Hold
74
74 0 1
Migdal Insurance and Financial Holdings Ltd. 5.6B 77 87 47
Buy
81
81 1 1
Clal Insurance Enterprises Holdings Ltd. 4.8B 67 80 49
Hold
71
71 2 1
Menora Mivtachim Holdings Ltd 4.2B 68 80 51
Hold
72
72 3 1
I.D.I. Insurance Company Ltd. 1.4B 50 51 51
Underperform
43
43 4 1

Technical Analysis

When trying to optimize the timing of an investment, it's critical to analyze whether the stock looks overbought or oversold, and in which direction the momentum is moving. Phoenix's stock is now priced above its 5-day, but below its 50-day and 200-day moving average, while its MACD (moving average convergence divergence) indicates that the stock's price movement momentum is weakening. Historically, this is a positive setup in the near-term. Meanwhile, looking at the Stochastic Oscillator and RSI (relative strength index), Phoenix's stock indicates that it's likely oversold. Overall, these technical indicators signal negative momentum. Therefore, this stock received a cumulative TA (technical analysis) score of 47.

Bearish 47
Close Price 36.7
52W Low 29.5
52W High 44.0
5D MA 35.54
50D MA 36.86
200D MA 38.34
MACD -0.29
RSI 0.36
STOCH 100.0

Balance Sheet Analysis

Phoenix appears likely to maintain its strong balance sheet metrics and momentum going forward. Phoenix reported a positive trendline in their cash and cash equivalents metrics. Specifically, they reported that cash and cash equivalents were 16622.4, representing 4.3% change from the last report. Its impressive cash and cash equivalents metrics should support upward pressure on its's stock price. Consequently, their cash and cash equivalents movement received a grade of 75. Also, Phoenix is doing a good job of keeping its liabilities under control and growing intelligently. At filing, their liabilities were 135635.0, representing 1.5% change from the previous period. These numbers show that management has successfully encouraged growth while managing liabilities, especially relative to their peers. The company's liabilities movement component, therefore, received a grade of 73. On the other hand, Assets, jumped out as looking rather underwhelming. Phoenix's management did not succeed in significantly improving the value of the assets on their balance sheet, which now sits at 145449.1 and represents a 1.3% change from the previous report. Phoenix's unremarkable asset growth results, specifically compared to their industry peers' performance, should present negative pressure on Phoenix's stock price. Its asset component, therefore, received a grade of 41. The company's balance sheet, Therefore, earned a score of 60.

Parameter Value Change Score
Assets 145,449.1 1.3% 41
Liabilities 135,635.0 1.5% 73
Price to Book 0.9 -10.3% 59
Cash & Equivalents 16,622.4 4.3% 75
Equity 9,535.8 -1.2% 47
* All values are TTM

The below chart describes Phoenix's performance as reflected on its balance sheet with respect to its peers. While Phoenix received a balance sheet score of 60, the average of its peers stands on 69.0.

  •  PHOE
  •  Peers average
Name Market Cap Liabilities Movement Asset Change Equity/Intangibles Adjustments Cash & Equivalents Book Value Momentum Balance Sheet mc_sort Hidden
Harel Insurance Investments & Financial Services Ltd 7.5B 72 71 44 55 62 60 0 1
Migdal Insurance and Financial Holdings Ltd. 5.6B 59 38 86 58 81 77 1 1
Clal Insurance Enterprises Holdings Ltd. 4.8B 63 70 40 65 74 67 2 1
Menora Mivtachim Holdings Ltd 4.2B 63 45 51 59 75 68 3 1
I.D.I. Insurance Company Ltd. 1.4B 74 76 58 46 46 50 4 1

Income Statement Analysis

Overall, Phoenix's critical income statement metrics appear to signal strong support and a high likelihood of positive growth going forward. Phoenix reported highly encouraging numbers for its revenue efficiency. This characteristic can affect companies in the same industry and market capitalization by up to 2.3%. Their industry-leading revenue efficiency makes a strong case for upward pressure on its's stock price. As a result, its revenue efficiency earned a score of 96. Also, Phoenix's reported return on equity (ROE) ratio was 26.7, representing a change of 18.8%. Its return factor metrics are even more remarkable when compared to their peers. Therefore, its return factors component earned a score of 91. However, one discouraging result, EBITDA, stood out. Phoenix's EBIDTA now sits at 3359.5 and represents 20.7% change from the last reporting period. This metric might have a 7.9 percent impact on companies in the same industry and with the same market capitalization. The company's EBITDA metrics highlight a difficult overall financial situation, which may, unfortunately, continue moving forward unless management makes significant changes. Therefore, their EBITDA component earned a score of 77. Consequently, their income statement earned a rank of 85.

Parameter Value Change Score
EBITDA 3,359.5 20.7% 77
Total Revenues 23,724.1 -15.2% 96
Return on Equity 26.7 18.8% 91
* All values are TTM

The below chart describes Phoenix's performance as reflected on its income statement with respect to its peers. While Phoenix received a income statement score of 85 , the average of its peers stands on 69.0.

  •  PHOE
  •  Peers average
Name Market Cap Revenue Momentum Earning Movement Return Factors Momentum Income Statement mc_sort Hidden
Harel Insurance Investments & Financial Services Ltd 7.5B 95 77 93 86 0 1
Migdal Insurance and Financial Holdings Ltd. 5.6B 97 78 94 87 1 1
Clal Insurance Enterprises Holdings Ltd. 4.8B 96 76 81 80 2 1
Menora Mivtachim Holdings Ltd 4.2B 95 76 81 80 3 1
I.D.I. Insurance Company Ltd. 1.4B 82 58 44 51 4 1

Cash Flow Analysis

A few key cash flow metrics in this report were discouraging. Phoenix's asset turnover numbers were discouraging, reflecting significant concerns related to management's ability to leverage assets to generate sales effectively and efficiently. Phoenix recorded asset turnover of 0.2, which represents a -17.6% change from the previous report. Companies in the same industry and market capitalization are typically affected by this parameter by up to 2.8%. The company's asset turnover metrics seem especially problematic relative to their peers. Therefore, their asset turnover movement earned a score of 39. Also, Phoenix's published capital expenditures (CapEx) numbers were discouraging and reflected management's unbalanced growth strategy. Phoenix recorded CapEx of -95.3, which represents a -21.9% change from the previous report. They appears to be headed in the wrong direction regarding resource allocation, exhibiting prudent capital expenditure growth compared to its peers. Its CapEx movement, therefore, received a grade of 45. That said, one metric, Free Cash flow, stood out as strongly positive. Phoenix's published free cash flow numbers were substantial and reflected management's focus on a healthy change strategy. Phoenix recorded free cash flow of 13.3, which represents a -19.8% change from the previous report. Companies in the same industry and market capitalization are typically affected by this parameter by up to 9.3%. The company's free cash flow metrics are especially strong compared to its peers. Management seems to balance cash flow management, asset growth, and resource allocations in general. The company's free cash flow movement, therefore, received a grade of 82. their cash flow, therefore, earned a score of 51.

Parameter Value Change Score
Net Cashflow 3,210.3 -18.3% 58
Capital Expenditure -95.3 -21.9% 45
Asset Turnover 0.2 -17.6% 39
Free Cashflow 13.3 -19.8% 82
* All values are TTM

The below chart describes Phoenix's performance as reflected on its cash flow with respect to its peers. While Phoenix received a cash flow score of 51, the average of its peers stands on 68.0.

  •  PHOE
  •  Peers average
Name Market Cap Cashflow Momentum Free Cashflow Growth Capital Expenditure Growth Assets Factors Momentum Cash Flow mc_sort Hidden
Harel Insurance Investments & Financial Services Ltd 7.5B 84 45 88 41 68 0 1
Migdal Insurance and Financial Holdings Ltd. 5.6B 49 89 48 39 47 1 1
Clal Insurance Enterprises Holdings Ltd. 4.8B 47 88 60 40 49 2 1
Menora Mivtachim Holdings Ltd 4.2B 46 92 60 40 51 3 1
I.D.I. Insurance Company Ltd. 1.4B 45 94 51 54 51 4 1

This report is intended for general guidance and information purposes only and under no circumstances is tailored to a specific factor or variable related to its reader or intended to be used or considered as financial or investment advice, a solicitation of any offer, a recommendation, or an offer to sell or buy any securities or other form of a financial asset. For the full disclaimer, click here.