Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪26.29, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 12x in the Capital Markets industry in Israel. Total returns to shareholders of 477% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪21.30, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 11x in the Capital Markets industry in Israel. Total returns to shareholders of 405% over the past three years. Upcoming Dividend • Apr 06
Upcoming dividend of ₪0.12 per share Eligible shareholders must have bought the stock before 13 April 2026. Payment date: 23 April 2026. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Israeli dividend payers (5.5%). Lower than average of industry peers (2.6%). New Risk • Mar 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Israeli stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.8% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪16.35, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 16x in the Capital Markets industry in Israel. Total returns to shareholders of 345% over the past three years. Announcement • Mar 18
Keystone Infra Ltd to Report Q4, 2025 Results on Mar 24, 2026 Keystone Infra Ltd announced that they will report Q4, 2025 results on Mar 24, 2026 Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₪14.12, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 19x in the Capital Markets industry in Israel. Total returns to shareholders of 214% over the past three years. Buy Or Sell Opportunity • Feb 10
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to ₪12.28. The fair value is estimated to be ₪9.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 10%. Announcement • Jan 31
Keystone Infra Ltd (TASE:KSTN) completed the acquisition of an additional 13.20% stake in Egged Israel Transport Cooperative Society, Ltd. for approximately ILS 590 million. Keystone Infra Ltd (TASE:KSTN) acquired an additional 13.20% stake in Egged Israel Transport Cooperative Society, Ltd. for approximately ILS 590 million on January 29, 2026. A cash consideration of ILS 593 million will be paid by Keystone Infra Ltd. As part of consideration, ILS 593 million is paid towards common equity of Egged Israel Transport Cooperative Society, Ltd. Upon completion, Keystone Infra Ltd will own 91.20% stake in Egged Israel Transport Cooperative Society, Ltd.
Keystone Infra Ltd (TASE:KSTN) completed the acquisition of an additional 13.20% stake in Egged Israel Transport Cooperative Society, Ltd. on January 29, 2026. Upcoming Dividend • Jan 12
Upcoming dividend of ₪0.11 per share Eligible shareholders must have bought the stock before 19 January 2026. Payment date: 26 January 2026. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Israeli dividend payers (5.2%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪11.48, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 16x in the Capital Markets industry in Israel. Total returns to shareholders of 155% over the past three years. Buy Or Sell Opportunity • Jan 06
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ₪11.50. The fair value is estimated to be ₪9.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 10%. Announcement • Nov 18
Keystone Infra Ltd to Report Q3, 2025 Results on Nov 26, 2025 Keystone Infra Ltd announced that they will report Q3, 2025 results on Nov 26, 2025 Upcoming Dividend • Oct 13
Upcoming dividend of ₪0.11 per share Eligible shareholders must have bought the stock before 20 October 2025. Payment date: 27 October 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Israeli dividend payers (5.4%). Higher than average of industry peers (2.6%). Announcement • Aug 18
Keystone Infra Ltd to Report Q2, 2025 Results on Aug 28, 2025 Keystone Infra Ltd announced that they will report Q2, 2025 results on Aug 28, 2025 Announcement • Aug 13
Keystone Infra Ltd, Annual General Meeting, Sep 02, 2025 Keystone Infra Ltd, Annual General Meeting, Sep 02, 2025. Location: co. offices, Israel Buy Or Sell Opportunity • Aug 05
Now 21% undervalued Over the last 90 days, the stock has risen 15% to ₪7.97. The fair value is estimated to be ₪10.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 3.4%. New Risk • Jun 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 20
Keystone Infra Ltd to Report Q1, 2025 Results on May 27, 2025 Keystone Infra Ltd announced that they will report Q1, 2025 results on May 27, 2025 Upcoming Dividend • Apr 02
Upcoming dividend of ₪0.11 per share Eligible shareholders must have bought the stock before 09 April 2025. Payment date: 21 April 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of Israeli dividend payers (6.3%). Higher than average of industry peers (3.9%). Announcement • Mar 17
Keystone Infra Ltd to Report Q4, 2024 Results on Mar 27, 2025 Keystone Infra Ltd announced that they will report Q4, 2024 results on Mar 27, 2025 Announcement • Feb 04
Keystone Infra Ltd (TASE:KSTN) exercised an option to acquire 18% stake in Egged Israel Transport Cooperative Society, Ltd. for approximately ILS 830 million. Keystone Infra Ltd (TASE:KSTN) exercised an option to acquire 18% stake in Egged Israel Transport Cooperative Society, Ltd. for approximately ILS 830 million on February 3, 2025. A cash consideration of ILS 833 million will be paid by Keystone Infra Ltd. As part of consideration, ILS 833 million is paid towards common equity of Egged Israel Transport Cooperative Society, Ltd. The transaction was financed the payment through an equity injection of approximately ILS 468 million provided to it by the Keystone Infra and the Teachers and Kindergarten Fund, a partner in the Partnership (the Company's share in this injection – approximately ILS 379 million), as well as through the utilization of a total of ILS 365 million from the credit facility provided to the Partnership by banking entities led by Bank Hapoalim and Israel Discount Bank Ltd. For details regarding the credit facility and the credit under it. In addition, today the partnership signed an amendment to the credit facility agreement, according to which the availability period of the credit subject to the agreement will be extended by another year, in a manner that will allow the withdrawal of the balance of the credit facility (up to ILS 600 million) in order to finance the purchase of the remaining option shares, to the extent that they are exercised, until February 2026. An amendment to the Purchase Agreement was signed, pursuant to which the consideration for Egged shares will be reduced by ILS 150 million, in return for full and final settlement of claims for indemnification against the founding shareholders, the sellers of the shares, by virtue of the Purchase Agreement, and advancing the date of the deferred payment for those shares (approximately ILS 180 million), from October 2025 to the end of February 2025. The impact of the amendment to the aforementioned agreement on the Company's financial statements still under review.
Keystone Infra Ltd (TASE:KSTN) completed the acquisition of an additional 18% stake in Egged Israel Transport Cooperative Society, Ltd. on February 3, 2025. Upcoming Dividend • Jan 01
Upcoming dividend of ₪0.11 per share Eligible shareholders must have bought the stock before 08 January 2025. Payment date: 15 January 2025. Payout ratio is a comfortable 8.9% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of Israeli dividend payers (6.0%). Higher than average of industry peers (4.5%). Announcement • Nov 19
Keystone Infra Ltd to Report Q3, 2024 Results on Nov 27, 2024 Keystone Infra Ltd announced that they will report Q3, 2024 results on Nov 27, 2024 Upcoming Dividend • Oct 08
Upcoming dividend of ₪0.11 per share Eligible shareholders must have bought the stock before 15 October 2024. Payment date: 28 October 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 7.4%. Within top quartile of Israeli dividend payers (6.8%). Higher than average of industry peers (5.1%). Announcement • Aug 20
Keystone Infra Ltd to Report Q2, 2024 Results on Aug 28, 2024 Keystone Infra Ltd announced that they will report Q2, 2024 results on Aug 28, 2024 Announcement • May 22
Keystone Infra Ltd to Report Q1, 2024 Results on May 30, 2024 Keystone Infra Ltd announced that they will report Q1, 2024 results on May 30, 2024 New Risk • Apr 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (23% increase in shares outstanding). Upcoming Dividend • Apr 03
Upcoming dividend of ₪0.099 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 17 April 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 7.6%. Within top quartile of Israeli dividend payers (6.9%). Higher than average of industry peers (5.0%). Announcement • Apr 02
Keystone Infra Ltd, Annual General Meeting, May 09, 2024 Keystone Infra Ltd, Annual General Meeting, May 09, 2024, at 14:00 Israel Standard Time. Announcement • Mar 20
Keystone Infra Ltd to Report Q4, 2023 Results on Mar 28, 2024 Keystone Infra Ltd announced that they will report Q4, 2023 results on Mar 28, 2024 Announcement • Nov 29
Keystone Infra Ltd to Report Q3, 2023 Results on Nov 30, 2023 Keystone Infra Ltd announced that they will report Q3, 2023 results on Nov 30, 2023 Buying Opportunity • Oct 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be ₪6.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last year. Earnings per share has declined by 26%. Upcoming Dividend • Sep 21
Upcoming dividend of ₪0.098 per share at 9.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 09 October 2023. Payout ratio is a comfortable 5.2% and this is well supported by cash flows. Trailing yield: 9.8%. Within top quartile of Israeli dividend payers (7.5%). Higher than average of industry peers (6.6%). Upcoming Dividend • Apr 09
Upcoming dividend of ₪0.066 per share at 11% yield Eligible shareholders must have bought the stock before 16 April 2023. Payment date: 23 April 2023. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Israeli dividend payers (7.7%). Higher than average of industry peers (8.5%). Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 16% share price gain to ₪5.58, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 9x in the Capital Markets industry in Israel. Total loss to shareholders of 39% over the past year. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₪5.30, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 8x in the Capital Markets industry in Israel. Total loss to shareholders of 43% over the past year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Sep 07
Keystone REIT Ltd. to Report Q2, 2022 Results on Sep 05, 2022 Keystone REIT Ltd. announced that they will report Q2, 2022 results on Sep 05, 2022 Announcement • Jul 28
Keystone REIT Ltd. has completed a Follow-on Equity Offering in the amount of ILS 302.22701 million. Keystone REIT Ltd. has completed a Follow-on Equity Offering in the amount of ILS 302.22701 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 45,108,509
Price\Range: ILS 6.7
Transaction Features: Rights Offering Announcement • Jun 02
Keystone REIT Ltd. (TASE:KSTN) agreed to acquire 60% stake in Egged Israel Transport Cooperative Society, Ltd. for ILS 2800 million. Keystone REIT Ltd. (TASE:KSTN) agreed to acquire 60% stake in Egged Israel Transport Cooperative Society, Ltd. for ILS 2800 million on June 1, 2022. 99% of Egged Israel Transport Cooperative Society's shareholders has approved the deal. Keystone REIT Ltd. will need to receive regulatory approval. 
