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Cellcom Israel Ltd (CEL) Fair Value & Analysis

Communication Services · Il · Market cap 5.6B ILA · ISIN IL0011015349

What is Cellcom Israel Ltd really worth?

CI Cellcom Israel Ltd CEL · TA
Price37.00 ILA
Fair Value31.89 ILA
Upside−13.8%
Quality60/100

A solid business, but trading 16% above our fair value of 31.89 ILA.

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Strengths

✓Solidly profitable · 13.9% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (10/14)

Risks

!Mixed Growth (revenue 5y +2.9 %/yr)
!Moderate moat 57/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 15 out of 100
!Weak on dividend: 1 out of 100

For context

·0.07% dividend yield
Evidence: Medium Range 22.24 ILA – 39.95 ILA

Fair value as of: Aug 14, 2026

From 24 valuation models · updated 22 days ago

Fair value updated Aug 14, 2026, revised from 56.88 ILA to 31.89 ILA (−43.9%) since Jul 16, 2026. Share price +15.8% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Price vs Fair Value (5 years)

40.72 ILA 8.64 ILA Fair Value 31.89 ILA Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range 8.64 ILA – 40.72 ILA · fair‑value band 22.24 ILA – 39.95 ILA · the 37.00 ILA price screens above the 31.89 ILA fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Cellcom Israel Ltd (CEL) currently trades at 37.00 ILA, while our model-based Fair Value estimate is 31.89 ILA, implying the stock looks roughly 16.0% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Communication Services sector. Bull case: the DCF Models group reads highest at a median of 60.55 ILA per share, and 14 of the 24 models we run sit above the 37.00 ILA price. Bear case: the Asset-Based group reads lowest at 11.27 ILA, and 10 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Cellcom Israel Ltd generated revenue of 4.1B ILA at a net margin of 13.9%. Revenue declined 8.9% year over year. It earns a return on equity of 22.0%. Net debt stands at 1.7B ILA. Fundamentals as of Aug 14, 2026

Our scenario range runs from 22.24 ILA (bear case) to 39.95 ILA (bull case); at 37.00 ILA, the current price sits within 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 Communication Services peers we cover trades at 30% fair-value upside, at −14%, CEL 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 2.29 ILS per share, which is 7.2 % 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 best evidence 40.64 ILA 56.85 ILA 79.44 ILA 81
Growth DCF 41.96 ILA 57.26 ILA 77.66 ILA 79
Owner Earnings 62.87 ILA 87.39 ILA 121.55 ILA 77
All 24 models by family
DCF Models
FCF DCF best evidence 40.64 ILA 56.85 ILA 79.44 ILA 81
Owner Earnings 62.87 ILA 87.39 ILA 121.55 ILA 77
5Y Revenue Exit 25.80 ILA 35.86 ILA 48.11 ILA 73
5Y EBITDA Exit 52.40 ILA 82.19 ILA 115.79 ILA 75
5Y P/E Exit 43.47 ILA 66.63 ILA 89.84 ILA 71
10Y Revenue Exit 30.70 ILA 40.44 ILA 51.56 ILA 68
10Y EBITDA Exit 47.38 ILA 70.72 ILA 98.46 ILA 68
10Y P/E Exit 41.97 ILA 60.55 ILA 80.48 ILA 64
Earnings-Based
Graham-Dodd 22.75 ILA 46.32 ILA 58.36 ILA 66
EPV 9.91 ILA 11.91 ILA 13.64 ILA 74
Dividend Discount
Gordon GGM 10.42 ILA 14.93 ILA 19.46 ILA 69
DDM Multi-Stage 10.42 ILA 14.51 ILA 19.04 ILA 67
Multiples
P/E Multiple 55.20 ILA 73.60 ILA 92.01 ILA 63
P/S Multiple 42.66 ILA 56.88 ILA 71.10 ILA 58
P/B Multiple 42.66 ILA 56.88 ILA 71.10 ILA 55
EV/EBIT 24.64 ILA 33.78 ILA 42.91 ILA 66
EV/EBITDA 69.10 ILA 93.05 ILA 117.00 ILA 67
EV/Revenue 18.02 ILA 26.93 ILA 35.83 ILA 53
Asset-Based
NCAV (Graham) 8.41 ILA 11.27 ILA 16.82 ILA 54
Growth DCF
Growth DCF 41.96 ILA 57.26 ILA 77.66 ILA 79
Rev-Margin DCF 25.80 ILA 36.66 ILA 48.55 ILA 73
Economic Profit
Residual Income 20.89 ILA 27.31 ILA 93.66 ILA 64
ROIC Compounder 9.91 ILA 11.91 ILA 13.64 ILA 72
Growth Earnings
Growth-Adj P/E 40.10 ILA 57.28 ILA 74.46 ILA 67

Widest divergence: DCF Models (60.55 ILA) versus Asset-Based (11.27 ILA). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 10.9
P/S ratio 1.45 P/E × margin
EPS (TTM) 3.38 ILA price ÷ EPS = P/E 10.9
Dividend yield 0.1% payout 0.8%
Net margin 13.3% FY2025
Return on equity 22.0% TTM
More key figures
Profitability
Return on assets (EBIT) 5.0% avg 5y
Operating margin 11.7% TTM
Growth
Revenue (TTM) 4.1B ILA TTM
Revenue growth (YoY) −8.9% 3y avg −0.4%
EPS growth (YoY) +20.0%
Balance sheet & cash flow
Free cash flow 740M ILA FY2025
Net debt 1.7B ILA FY2025 · ≈ 2.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 62

Profitability 53
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 65
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

Cellcom Israel Ltd. provides cellular communications services in Israel. The company offers wired communication services, including internet access and infrastructure, television services over the Internet, fixed telephony, and transmission services for business customers and telecommunication operators.

Full company description

Cellcom Israel Ltd. provides cellular communications services in Israel. The company offers wired communication services, including internet access and infrastructure, television services over the Internet, fixed telephony, and transmission services for business customers and telecommunication operators. It also provides conference call, information security, cloud computing, and server hosting services, as well as IOT solutions, roaming, and text and multimedia messaging services. In addition, the company sells various equipment, such as computing and communication equipment, such as servers, routers, and switches, and others; software and integration of information security products; electricity supply services to private and business customers; browsing and transferring data; and cellular terminal equipment and warranty and repair services. Further, it offers construction, operation, and maintenance services for the radio network; international call and mobile network operating services; voice calling, call waiting, caller ID, and voicemail; pleasant waiting; personnel management applications and vehicle fleet management; and cell phones, accessories, and electronic equipment, such as tablets, laptops, gaming consoles, speakers, headphones, and smart watches through physical stores and websites. Cellcom Israel Ltd. was incorporated in 1994 and is headquartered in Netanya, Israel.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cellcom Israel Ltd reported revenue of 4.2B ILS in FY2025 versus 4.1B ILS in FY2021, a compound +0.9%/yr. Reported net income was 564M ILS in FY2025, compounding +113.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
4.2B ILS
Latest YoY
−4.5%
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.
−0.4%
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.
+2.9%
Avg. revenue growth/yr (24Y) ⓘ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.
−0.6%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+25.8% (25.7 + 0.1)
Revenue +0.9%/yr
FY21 4.1B ILS
FY22 4.3B ILS
FY23 4.4B ILS
FY24 4.4B ILS
FY25 4.2B ILS
Net income +113.8%/yr
FY21 27.0M ILS
FY22 157M ILS
FY23 134M ILS
FY24 173M ILS
FY25 564M ILS
Character of growth · EPS growth decomposed (2014-2025) −1.4 % p.a.
Revenue per share −5.2 %

of which total revenue +0.3 % · buybacks/dilution −5.5 %

EBIT margin −2.0 %
Tax rate −0.4 %
Residual (interest, one-offs) +6.6 %

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).

CEL screens 16% overvalued. Compare with China Mobile Limited →

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31.89 ILA −16%Fair Value
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Cite: Fair Value Calculator (2026). "Cellcom Israel Ltd Fair Value". https://www.fairvalue-calculator.com/stock/CEL

Peer Group

Telecom Services · 248 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 60 · Above median
Fair Value upside −14% · Below median
Return on equity (TTM) 22% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 12% · Above median
Revenue growth −9% · Bottom 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.33× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 10.9× · Cheaper than 75% of peers
P/B 0.66× · Cheaper than 75% of peers
P/S (TTM) 0.45× · Cheaper than 75% of peers
P/FCF 2.5× · Cheaper than median
EV/EBITDA 2.5× · Cheaper than 75% of peers

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
VALUE15 · sector 28
FUTURE0 · sector 16
PAST88 · sector 28
HEALTH83 · sector 89
DIVIDEND1 · sector 76

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 Telecom Services stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $177.75 $172.67 −3%
Verizon Communications Inc VZ $49.43 $64.43 +30%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.41 $95.42 +261%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.50 $39.45 +68%
Singapore Telecommunications Limited Z77 4.29 SGD 3.03 SGD −29%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Cellcom Israel Ltd (CEL) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of 31.89 ILA versus a price of 37.00 ILA, about −14% upside (overvalued).
What is the fair value of CEL?
Our model-based fair value for Cellcom Israel Ltd is 31.89 ILA (as of Aug 14, 2026), built from audited fundamentals. The current price: 37.00 ILA.
What is the quality score of CEL?
Cellcom Israel Ltd has a Quality Score of 60/100. 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 Cellcom Israel Ltd (CEL)?
Cellcom Israel Ltd reported trailing-twelve-month revenue of about 4.1B ILS (latest available figure, as of Aug 14, 2026).
What is the net profit margin of CEL?
The net profit margin of Cellcom Israel Ltd is about 13.9%, meaning it keeps roughly 13.9% of revenue as net income. Based on the latest reported figures.
Does Cellcom Israel Ltd pay a dividend?
Cellcom Israel Ltd currently shows a dividend yield of about 0.07% relative to its recent price (as of Aug 14, 2026).
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