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Menora Mivtachim Holdings (MMHD) Fair Value & Analysis

Financial Services · Il · Market cap 28.3B ILA

MM Menora Mivtachim Holdings MMHD · TA
Price459.60 ILA
Fair Value326.94 ILA
Upside-28.9%
Quality64/100
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Healthy Growth
Highly profitable · 23.2% net margin
Moderate debt · generates free cash flow
Ranks above peers (10/14)
Wide moat 76/100
Evidence: High Range 245.21 ILA – 408.67 ILA Share as image

Fair value as of: Aug 13, 2026

From 6 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from 489.20 ILA to 326.94 ILA (−33.2%) since Jul 16, 2026. Share price +1.4% over the past month.

A solid business, but screening 29% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (408.67 ILA). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

565.00 ILA 52.03 ILA Fair Value 326.94 ILA Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 52.03 ILA – 565.00 ILA · fair‑value band 245.21 ILA – 408.67 ILA · the 459.60 ILA price screens above the 326.94 ILA fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Menora Mivtachim Holdings (MMHD) currently trades at 459.60 ILA, while our model-based Fair Value estimate is 326.94 ILA, implying the stock looks roughly 28.9% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Menora Mivtachim Holdings generated revenue of 10.2B ILA at a net margin of 23.0%. Revenue grew 42.1% year over year. It earns a return on equity of 28.2%. Net debt stands at 3.3B ILA. Fundamentals as of Aug 13, 2026

Our scenario range runs from 245.21 ILA (bear case) to 408.67 ILA (bull case); at 459.60 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 Financial Services peers we cover trades at 34% fair-value upside, at -29%, MMHD screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Residual Income 259.69 ILA 357.29 ILA 2,297 ILA 76
Gordon GGM 88.18 ILA 183.35 ILA 290.86 ILA 70
P/E Multiple 366.90 ILA 489.20 ILA 611.50 ILA 63
All 6 models by family
Dividend Discount
Gordon GGM 88.18 ILA 183.35 ILA 290.86 ILA 70
DDM Multi-Stage 88.18 ILA 154.60 ILA 192.43 ILA 61
Multiples
P/E Multiple 366.90 ILA 489.20 ILA 611.50 ILA 63
P/B Multiple 154.40 ILA 205.87 ILA 257.33 ILA 55
Asset-Based
NCAV (Graham) 73.52 ILA 98.52 ILA 147.05 ILA 50
Economic Profit
Residual Income 259.69 ILA 357.29 ILA 2,297 ILA 76

Widest divergence: Economic Profit (357.29 ILA) versus Asset-Based (98.52 ILA). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 10.5B ILA
Revenue growth (YoY) +12.3%
Net margin 23.2%
Return on equity 28.8%
Free cash flow 2.2B ILA FY2025
P/E ratio 17.1
More key figures
Operating margin 26.6%
EPS (TTM) 26.93 ILA
EPS growth (YoY) +20.2%
Net debt 3.3B ILA FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 53 · Market factors (momentum, volatility) 65

Profitability 45
Margins and returns on capital today
Quality Growth 82
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 10
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 58
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 85
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.

About the company

Menora Mivtachim Holdings Ltd., together with its subsidiaries, operates in insurance and finance sectors in Israel. It operates through Life Insurance and Long-Term Savings; Health Insurance; and Property and Casualty Insurance segments.

Full company description

Menora Mivtachim Holdings Ltd., together with its subsidiaries, operates in insurance and finance sectors in Israel. It operates through Life Insurance and Long-Term Savings; Health Insurance; and Property and Casualty Insurance segments. The company offers mortgage, life, disability, health, critical illness, travel, personal accident, home, business, car, comprehensive car, third party, compulsory car, casual driver, truck, motorcycle, executive, foreign workers and tourists, cyber, and engineering insurance products; and pension, provident, and training funds. It also engages in the provision of securities distribution and underwriting obligations, insurance brokerage, financing and credit to SMEs, and undertakings for repayment of means of payment, as well as real estate investments, and solar activities. Menora Mivtachim Holdings Ltd. was formerly known as General Liability Office Ltd. and changed its name to Menora Mivtachim Holdings Ltd. in 2006. The company was incorporated in 1935 and is based in Ramat Gan, Israel.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Menora Mivtachim Holdings reported revenue of 17.9B ILA in FY2025 versus 13.0B ILA in FY2021, a compound +8.3%/yr. Reported net income was 2.4B ILA in FY2025, compounding +37.6%/yr from FY2021.

Growth Quality 99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
17.9B ILS
Latest YoY
+20.9%
Avg. 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.
+44.8%
Avg. 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.
+13.4%
Avg. growth/yr (21Y) 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.
+19.3%
Revenue +8.3%/yr
FY21 13.0B ILA
FY22 5.9B ILA
FY23 12.6B ILA
FY24 14.8B ILA
FY25 17.9B ILA
Net income +37.6%/yr
FY21 656M ILA
FY22 536M ILA
FY23 516M ILA
FY24 1.1B ILA
FY25 2.4B ILA
Character of growth · EPS growth decomposed (2014-2025) +26.7 % p.a.
Revenue per share +7.6 pp

of which total revenue +7.7 pp · buybacks/dilution +0.0 pp

EBIT margin +16.8 pp
Tax rate +0.9 pp
Residual (interest, one-offs) +1.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

MMHD screens 29% overvalued. Compare with China Life Insurance Company →

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Cite: Fair Value Calculator (2026). "Menora Mivtachim Holdings Fair Value". https://www.fairvalue-calculator.com/stock/MMHD

Peer Group

Insurance - Life · 96 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 · Top 25%
Fair Value upside −28% · Below median
Return on equity (TTM) 29% · Top 25%
Return on assets 3% · Top 25%
Net margin (TTM) 23% · Top 25%
Operating margin (TTM) 27% · Above median
Revenue growth 12% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.55× · Higher than median

Valuation Multiples vs Insurance - Life median · lower = cheaper

P/E (TTM) 17.1× · Pricier than median
P/B 1.04× · Cheaper than median
P/S (TTM) 0.91× · Cheaper than median
P/FCF 4.3× · Pricier than median
EV/EBITDA 3.1× · Cheaper than 75% of peers

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.

VALUE 0 · sector 26
FUTURE 62 · sector 44
PAST 100 · sector 43
HEALTH 72 · sector 85
DIVIDEND 1 · sector 55

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

Insider activity: 42/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
China Life Insurance Company 601628 ¥37.33 ¥49.98 +34%
Ping An Insurance (Group) Company 601318 ¥52.60 ¥84.72 +61%
Manulife Financial Corporation 0945 HK$343.40 HK$143.17 -58%
Life Insurance Corporation LICI ₹412.15 ₹392.93 -5%
Samsung Life Insurance Co 032830 302,500 KRW 191,293 KRW -37%
China Pacific Insurance (Group) Co 601601 ¥30.48 ¥57.51 +89%
Prudential plc PUKN 545.00 MXN 499.36 MXN -8%
New China Life Insurance Company 601336 ¥58.83 ¥99.92 +70%
SBI Life Insurance Company SBILIFE ₹1,830 ₹293.11 -84%
Cathay Financial Holding 2882B 59.00 TWD 107.71 TWD +83%

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Frequently asked questions

Is Menora Mivtachim Holdings (MMHD) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 326.94 ILA versus a price of 459.60 ILA, about −29% (overvalued).
What is the fair value of MMHD?
Our model-based fair value for Menora Mivtachim Holdings is 326.94 ILA (as of Aug 13, 2026), built from audited fundamentals. The current price is 459.60 ILA.
What is the quality score of MMHD?
Menora Mivtachim Holdings has a Quality Score of 64/100. 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 Menora Mivtachim Holdings (MMHD)?
Menora Mivtachim Holdings reported trailing-twelve-month revenue of about 10.2B ILS (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MMHD?
The net profit margin of Menora Mivtachim Holdings is about 23.0%, meaning it keeps roughly 23.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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