The Phoenix Holdings Ltd. (PHOE) Fair Value & Analysis
Financial Services · Il · Market cap 43.2B ILA · ISIN IL0007670123
What is The Phoenix Holdings Ltd. really worth?
A solid business, but trading 78% above our fair value of 108.01 ILA.
Strengths
Risks
Fair value as of: Sep 5, 2026
From 6 valuation models · updated today
Share price +11.1% 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 (135.01 ILA). The favourable scenario is already priced in.
- Solid but not exceptional quality (59/100) 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range 22.18 ILA – 197.50 ILA · fair‑value band 81.01 ILA – 135.01 ILA · the 192.60 ILA price screens above the 108.01 ILA fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
The Phoenix Holdings Ltd. (PHOE) currently trades at 192.60 ILA, while our model-based Fair Value estimate is 108.01 ILA, implying the stock looks roughly 78.3% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of 107.53 ILA per share, and 0 of the 6 models we run sit above the 192.60 ILA price. Bear case: the Asset-Based group reads lowest at 33.21 ILA, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, The Phoenix Holdings Ltd. generated revenue of 19.5B ILA at a net margin of 17.4%. Revenue grew 3.6% year over year. It earns a return on equity of 27.8%. Net debt stands at 13.4B ILA. Fundamentals as of Sep 5, 2026
Our scenario range runs from 81.01 ILA (bear case) to 135.01 ILA (bull case); at 192.60 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 −11% fair-value upside, at −44%, PHOE 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 5.24 ILS per share, which is 4.9 % 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.
All 6 models by family
Widest divergence: Economic Profit (107.53 ILA) versus Asset-Based (33.21 ILA). Highest evidence: Gordon GGM (66).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 79
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
Phoenix Financial Ltd. operates as a financial services company in Israel. Its Life and Savings segment provides life insurance policies, permanent health insurance policies, and savings policies for salaried employees planholders, individual and self-employed policyholders, and groups.
Full company description
Phoenix Financial Ltd. operates as a financial services company in Israel. Its Life and Savings segment provides life insurance policies, permanent health insurance policies, and savings policies for salaried employees planholders, individual and self-employed policyholders, and groups. The company's Property and Casualty segment offers compulsory motor insurance, motor property insurance, and other property and casualty insurance. Its Health Insurance segment offers health insurance policies that are designed to indemnify or compensate policyholders for medical expenses incurred as a result of decline in health, illness, or accident; and long-term care insurance, critical illness insurance, dental insurance, travel insurance, and personal accidents insurance. The company's Retirement segment manages various types of pension funds and provident funds; and the central provident fund for annuity for employees of the Israel Electric Corporation Ltd. Its Wealth & Investments segment is involved in the marketing and management of investments for customers; underwriting and investment banking activities; management of mutual funds; and provision of stock exchange and trading, investment policies, and wealth management services. The company's Payments & Financing segment engages in the credit cards - acquiring-aggregator activities; and provision of business credit, supplier financing, business guarantees, payment card vouchers factoring, financing against post-dated checks, financing against liens on real estate properties, construction financing, and consumer credit services. Its Brokers & Advisors segment offers brokerage and marketing services for pension, insurance, and financial products of various insurance companies, investment houses, and institutional entities. The company was formerly known as Phoenix Holdings Ltd. and changed its name to Phoenix Financial Ltd. in August 2024. Phoenix Financial Ltd. was incorporated in 1949 and is based in Rishon LeZion, Israel.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
The Phoenix Holdings Ltd. reported revenue of 30.3B ILS in FY2025 versus 28.6B ILS in FY2021, a compound +1.4%/yr. Reported net income was 3.2B ILS in FY2025, compounding +13.2%/yr from FY2021.
of which total revenue +9.8 % · buybacks/dilution −0.4 %
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).
PHOE screens 78% overvalued. Compare with Berkshire Hathaway Inc →
Peer Group
Insurance - Diversified · 83 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.
Valuation Multiples vs Insurance - Diversified median · lower = cheaper
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.
VALUE 0: the price sits above our fair-value range.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Berkshire Hathaway Inc BRKB80 | 1.67 THB | 1.48 THB | −11% |
| Allianz SE ALV | €453.00 | €266.04 | −41% |
| Zurich Insurance Group ZURN | CHF 596.00 | CHF 335.07 | −44% |
| AXA SA CS | €43.61 | €39.90 | −9% |
| Assicurazioni Generali S.p.A G | €44.11 | €10.92 | −75% |
| Sun Life Financial Inc SLF | C$108.85 | C$57.05 | −48% |
| American International Group AIG | $76.14 | $80.91 | +6% |
| The Hartford Insurance Group HIG | $137.38 | $133.10 | −3% |
| Arch Capital Group ACGL | $98.76 | $124.45 | +26% |
| Swiss Life Holding SLHN | CHF 919.00 | CHF 425.23 | −54% |
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