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Ellomay Capital

Reaping the benefits of 2017 investments

Update | Alternative Energy | 16 Apr 2018

Ellomay Capital's renewable assets portfolio delivered significant growth at the operating level over the course of 2017, with revenue, EBITDA and EBIT up 17%, 10% and 25% respectively (versus 2016). For 2018, we expect the company to reap the benefits of investments made in 2017, with the recently acquired Israeli solar PV assets and the commissioning of two new Dutch waste-to-energy (WTE) plants driving 91% y-o-y EBITDA growth and a positive net income contribution after two years of losses. Several new projects under development could generate additional medium-term growth, in particular the financial close of Talasol, a large solar PV plant project in Spain (potentially by Q318).

Clal Biotechnology Industries

Israeli science, worldwide presence

Initiation | Pharmaceutical & healthcare | 15 Jan 2018

We are initiating coverage on Clal Biotechnology Industries (CBI), an Israel/Boston-based healthcare investment company with an extensive portfolio incorporating a diverse range of technologies, indications and stages of development. CBI holds direct investments in 10 companies (nine biotech and one medical device company), most importantly MediWound, a NASDAQ-listed wound care company, and Gamida Cell, which is developing a universal bone marrow transplant (BMT) product. Also, BioCanCell and Biokine have programmes in Phase III or Phase III ready. We value the company at NIS918m or NIS5.87 per share.


Executive interview - Orgenesis

Edison TV: | Pharmaceutical & healthcare | 28 Nov 2017

• Orgenesis is a vertically integrated biopharmaceutical company with expertise and unique experience in cell therapy development and manufacturing.• Through its Israeli subsidiary, Orgenesis Ltd, Orgenesis is a pioneer in the development of technology designed to successfully reprogram human liver cells into glucose-responsive, fully functional, insulin producing cells (IPCs).• Its Belgian subsidiary, MaSTherCell, is a global Contract Development and Manufacturing Organization (CDMO), through which Orgenesis is able to deliver optimised process industrialisation capacities to cell therapy organizations, and speed up the arrival of their therapies onto the market.

Sarine Technologies

Preparing for the peak season

Update | General Industrials | 22 Nov 2017

Sarine’s ytd (Jan to Sep) profitability was relatively subdued, with lower equipment sales due to excess midstream inventories in Q2 and Q3, as well as the illicit actions of competitors. Simultaneously, Sarine incurred considerable R&D costs related to the development of Clarity and Colour grading technology and Sarine Profile. This was further exacerbated by the strengthening of the Israeli shekel. However, downstream demand remains strong (according to the company), while new products and lower R&D expenses should support earnings going forward. Sarine trades on a P/E of 16.3x FY17e, a 35% discount to the peer group.

Foresight Autonomous Holdings

Well placed for China’s coming ADAS revolution

Outlook | Technology | 31 Oct 2017

Foresight Autonomous (FRSX) is a developer of solutions for advanced driver assistance (ADAS) and fully autonomous (FA) driving applications, based on stereo and quadric camera algorithms. It has completed its daytime ADAS proof of concept and successfully completed three pilot trials with major Chinese OEMs. At the same time China has adopted new regulations, which should rapidly boost take-up of ADAS systems. FRSX also plans to develop an aftermarket driver alert system for sale in the subsidised Israeli market as well as abroad. Associate, Rail Vision, is also forging ahead as an ADAS pioneer in the rail sector, helped by successful trials. With greater market share and market growth prospects in China, we have increased our DCF valuation from NIS3.45 to NIS5.15 per share.


Thriving on the industrial automation trend

QuickView | Technology | 10 Nov 2016

ISRA VISION is a leading global supplier of surface inspection and 3Dmachine vision systems. These products help customers optimize productquality, reduce labour costs and collect valuable production data. Thecompany looks well placed to continue to benefit from structuralinvestment in industrial automation and the Industry 4.0 transition.

Ellomay Capital

Generating capital to allocate

Initiation | Utilities | 28 Sep 2016

Ellomay Capital invests in international power generation assets on the basis of value and cash yield. Its asset mix comprises solar plants in Italy and Spain as well as an investment in an Israeli gas-fired power plant. The company enjoys a high level of cash generation (FY16e FCF yield 8.4%), which management allocates between debt repayment, shareholder returns and investment in new projects. Our fair value per share is $11.50.

Foresight Autonomous Holdings

Driving the autonomous revolution

Initiation | Technology | 27 Sep 2016

Foresight Autonomous (FRST) is developing software solutions for advanced driver assistance (ADAS) and fully autonomous (FA) driving applications using stereo camera vision algorithms developed over a decade with the Israeli military. The company aims to reach 100% daytime object detection probability in all-weather/light conditions. If successful and able to demonstrate material improvements in the safety of ADAS functions we expect the company to gain significant market share in the vulnerable user detection market, which ABI Research forecasts to achieve a 49% CAGR over the next decade.