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Azrieli Group Ltd (AZRG) Fair Value & Analysis

Real Estate · Il · Market cap 51.3B ILA · ISIN IL0011194789

What is Azrieli Group Ltd really worth?

AG Azrieli Group Ltd AZRG · TA
Price406.90 ILA
Fair Value163.36 ILA
Upside−59.9%
Quality61/100

A solid business, but trading 149% above our fair value of 163.36 ILA.

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Strengths

Highly profitable · 48.3% net margin
Moderate debt · generates free cash flow
Wide moat 65/100

Risks

!Mixed Growth (revenue 5y +17.3 %/yr)
!Mixed vs. peers (7/14)
Evidence: High Range 156.44 ILA – 183.65 ILA

Fair value as of: Aug 21, 2026

From 16 valuation models · updated 15 days ago

Share price +1.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (183.65 ILA). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

512.90 ILA 158.77 ILA Fair Value 163.36 ILA Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range 158.77 ILA – 512.90 ILA · fair‑value band 156.44 ILA – 183.65 ILA · the 406.90 ILA price screens above the 163.36 ILA fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

Full chart & analysis →

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Analysis

Azrieli Group Ltd (AZRG) currently trades at 406.90 ILA, while our model-based Fair Value estimate is 163.36 ILA, implying the stock looks roughly 149.1% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of 187.92 ILA per share, and 0 of the 16 models we run sit above the 406.90 ILA price. Bear case: the Growth DCF group reads lowest at 30.08 ILA, and 16 of the 16 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Azrieli Group Ltd generated revenue of 4.1B ILA at a net margin of 48.3%. Revenue grew 18.9% year over year. It earns a return on equity of 7.8%. Net debt stands at 25.2B ILA. Fundamentals as of Aug 21, 2026

Our scenario range runs from 156.44 ILA (bear case) to 183.65 ILA (bull case); at 406.90 ILA, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −60%, AZRG screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 6.35 ILS per share, which is 3.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF 31.45 ILA 165.02 ILA 77
Residual Income 167.31 ILA 177.83 ILA 194.84 ILA 76
Growth DCF 30.08 ILA 159.15 ILA 75
All 16 models by family
DCF Models
FCF DCF 31.45 ILA 165.02 ILA 77
5Y Revenue Exit 59.91 ILA 189.08 ILA 69
5Y EBITDA Exit 122.25 ILA 277.46 ILA 72
10Y Revenue Exit 41.03 ILA 169.76 ILA 64
10Y EBITDA Exit 85.28 ILA 239.81 ILA 65
Dividend Discount
Gordon GGM 59.02 ILA 122.71 ILA 194.66 ILA 66
DDM Multi-Stage 59.02 ILA 103.47 ILA 128.79 ILA 66
Multiples
P/S Multiple 156.44 ILA 208.58 ILA 260.73 ILA 58
P/B Multiple 193.51 ILA 258.01 ILA 322.51 ILA 55
EV/EBIT 96.45 ILA 187.92 ILA 279.39 ILA 63
EV/EBITDA 37.66 ILA 109.54 ILA 181.42 ILA 62
EV/Revenue 38.24 ILA 103.10 ILA 50
Asset-Based
NCAV (Graham) 101.62 ILA 136.17 ILA 203.23 ILA 54
Growth DCF
Growth DCF 30.08 ILA 159.15 ILA 75
Rev-Margin DCF 58.30 ILA 174.85 ILA 69
Economic Profit
Residual Income 167.31 ILA 177.83 ILA 194.84 ILA 76

Widest divergence: Multiples (187.92 ILA) versus Growth DCF (30.08 ILA). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 25.1
P/S ratio 11.9 P/E × margin
EPS (TTM) 16.23 ILA price ÷ EPS = P/E 25.1
Dividend yield 1.7% payout 42.1%
Net margin 47.3% FY2025
Return on equity 7.8% TTM
More key figures
Profitability
Return on assets (EBIT) 4.7% avg 5y
Operating margin 48.2% TTM
Growth
Revenue (TTM) 4.1B ILA TTM
Revenue growth (YoY) +18.9% 3y avg +14.1%
EPS growth (YoY) +17.6%
Balance sheet & cash flow
Free cash flow 1.3B ILA FY2025
Net debt 25.2B ILA FY2025 · ≈ 19.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 57 · Market factors (momentum, volatility) 59

Profitability 36
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 60
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Azrieli Group Ltd. engages in the development, acquisition, lease, management, and maintenance of retail centers, malls, office spaces, data centers, and housing in Israel.

Full company description

Azrieli Group Ltd. engages in the development, acquisition, lease, management, and maintenance of retail centers, malls, office spaces, data centers, and housing in Israel. The company operates through Retail Centers and Malls in Israel; Leasable Office and Other Space in Israel; Income-producing Property; Senior Housing; Data Centers; Rental Housing in Israel; and Residential Sales segments. It also builds, owns, and operates mixed-use properties and hotels. The company was incorporated in 1983 and is headquartered in Tel Aviv-Yafo, Israel. Azrieli Group Ltd. operates as a subsidiary of Nadav Investments Inc.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Azrieli Group Ltd reported revenue of 4.0B ILS in FY2025 versus 2.2B ILS in FY2021, a compound +15.9%/yr. Reported net income was 1.9B ILS in FY2025, compounding −10.1%/yr from FY2021.

Growth Quality 87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
4.0B ILS
Latest YoY
+21.7%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.3%
Avg. revenue growth/yr (18Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−0.4% (−2.1 + 1.7)
Revenue +15.9%/yr
FY21 2.2B ILS
FY22 2.7B ILS
FY23 5.1B ILS
FY24 3.3B ILS
FY25 4.0B ILS
Net income −10.1%/yr
FY21 2.9B ILS
FY22 1.8B ILS
FY23 2.2B ILS
FY24 1.5B ILS
FY25 1.9B ILS
Character of growth · EPS growth decomposed (2014-2025) +5.4 % p.a.
Revenue per share +1.3 %

of which total revenue +1.3 % · buybacks/dilution +0.0 %

EBIT margin +7.8 %
Tax rate −0.7 %
Residual (interest, one-offs) −2.8 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

AZRG screens 149% overvalued. Compare with CBRE Group →

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Cite: Fair Value Calculator (2026). "Azrieli Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/AZRG

Peer Group

Real Estate Services · 523 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 61 · Above median
Fair Value upside −60% · Bottom 25%
Return on equity (TTM) 8% · Above median
Return on assets 2% · Above median
Net margin (TTM) 48% · Top 25%
Operating margin (TTM) 48% · Above median
Revenue growth 19% · Top 25%
Dividend yield (TTM) 1.7% · Below median
Debt / equity 1.03× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 25.1× · Pricier than 75% of peers
P/B 0.67× · Cheaper than median
P/S (TTM) 4.18× · Pricier than median
P/FCF 13.0× · Pricier than 75% of peers
EV/EBITDA 18.8× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 30
FUTURE95 · sector 11
PAST31 · sector 17
HEALTH48 · sector 84
DIVIDEND34 · sector 63

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is Azrieli Group Ltd (AZRG) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of 163.36 ILA versus a price of 406.90 ILA, about −60% upside (overvalued).
What is the fair value of AZRG?
Our model-based fair value for Azrieli Group Ltd is 163.36 ILA (as of Aug 21, 2026), built from audited fundamentals. The current price: 406.90 ILA.
What is the quality score of AZRG?
Azrieli Group Ltd has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Azrieli Group Ltd (AZRG)?
Azrieli Group Ltd reported trailing-twelve-month revenue of about 4.1B ILS (latest available figure, as of Aug 21, 2026).
What is the net profit margin of AZRG?
The net profit margin of Azrieli Group Ltd is about 48.3%, meaning it keeps roughly 48.3% of revenue as net income. Based on the latest reported figures.
Does Azrieli Group Ltd pay a dividend?
Azrieli Group Ltd currently shows a dividend yield of about 1.68% relative to its recent price (as of Aug 21, 2026).
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