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Data-driven stock valuation

Hanan Mor (HNMR) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Hanan Mor stock ILS 4.10, price ILS 2.41, upside +70.1%, quality 18 out of 100. Rating: strongly undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Real Estate Il · ISIN IL0011025322

HM Hanan Mor logo Thin data Nov 7, 2026

Hanan Mor

HNMR · TA
Cheap, value-trap risk

The stock costs 41% less than our calculation considers fair.

Fair value 4.10 ILS · Strongly undervalued
Even on cautious assumptions the value is 5% above the price (2.54 ILS).
Mixed Growth (revenue 5y +10.1 %/yr in ILS)
Negative equity (buybacks among others)
Mixed vs. peers (3/7)
Quality 18/100
Negative free cash flow
Narrow moat 8/100 · thin data
Thin data
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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 →

Price vs Fair Value

643.31 ILS 1.77 ILS Fair Value 4.10 ILS Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range 1.77 ILS – 643.31 ILS · fair‑value band 2.54 ILS – 5.18 ILS · the 2.41 ILS price screens below the 4.10 ILS fair value. As of Nov 7, 2026.

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Company profile

Hanan Mor Group - Holdings Ltd operates as a real estate development company in Israel and Eastern Europe. The company engages in the initiation, establishment, construction, marketing, and management of residential and commercial real estate projects.

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It also constructs hotels, shopping and employment centers, malls, logistics, and offices. In addition, the company invests in real estate for construction of commercial areas, as well as land and buildings; and rent offices and commercial spaces. Further, it owns a hotel in Poland.

The company was incorporated in 2004 and is based in Ness Ziona, Israel. Hanan Mor Group - Holdings Ltd is a subsidiary of Hanan Mor Group Holdings 2006 Ltd.

Stock analysis

Hanan Mor (HNMR) currently trades at 2.41 ILS, while our model-based Fair Value estimate is 4.10 ILS, implying the stock looks roughly 41% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 87/100, which puts the data coverage at low.

Scenario range: 2.54 ILS (bear) to 5.18 ILS (bull), the price of 2.41 ILS sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 18/100 (below-average quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Hanan Mor reported revenue of 400M ILS in FY2023 versus 113M ILS in FY2019, a compound +37.1%/yr. Reported net income was −869M ILS in FY2023.

Key figures

Market cap 15.0M ILS Micro · P/S ratio 0.04 · EPS (TTM) −0.7200 ILS · Return on equity −376% · Return on assets (EBIT) −1.6% (5-year average) · Operating margin −4.0% · Revenue (TTM) 353M ILS · Revenue growth (YoY) −39.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 42% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 33% fair-value upside, at 70%, HNMR screens cheaper than that median.

Fair Value models

Bear 2.54 ILS Fair Value 4.10 ILS Bull 5.18 ILS
Price 2.41 ILS · Upside +70.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Gordon GGM 2.54 ILS 4.10 ILS 5.18 ILS 69
DDM Multi-Stage 2.54 ILS 3.96 ILS 4.43 ILS 67
All 2 models by family
Dividend Discount
Gordon GGM 2.54 ILS 4.10 ILS 5.18 ILS 69
DDM Multi-Stage 2.54 ILS 3.96 ILS 4.43 ILS 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 18/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 3
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 0
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 17
How calm the share price moves, does not count
Price momentum 16
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 74
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 21/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−50.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+25.7%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
Revenue growth 16 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+16.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
15.5% (2017) → −180.3% (2023)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2023 is a loss year, no rate is defined from a loss
not computed

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Compare Hanan Mor with another stock

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Peer Groupⓘ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.Real Estate - Development · 489 stocks

Beats the industry median on 3/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 18 · Bottom 25%
Fair Value upside +70.1% · Above median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −29.0% · Bottom 25%
Operating margin (12 months) −4.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −39.4% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Real Estate - Development median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 0.04× · Cheapest 25%
EV/EBITDA 2.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 68
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 17
HEALTH (low debt)0 · sector 83
DIVIDEND (yield)0 · sector 61

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

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 - Development stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
China Resources Land Limited 1109 HK$31.92 HK$80.05 +151% vs HNMR
Vinhomes Joint Stock Company VHM 60,400 VND 105,995 VND +75% vs HNMR
China Overseas Land & Investment Limited 0688 HK$13.09 HK$22.51 +72% vs HNMR
CK Asset Holdings 1113 HK$49.20 HK$72.05 +46% vs HNMR
Sun Hung Kai Properties Limited 0016 HK$117.40 HK$156.00 +33% vs HNMR
Poly Developments and Holdings 600048 ¥5.46 ¥5.87 +8% vs HNMR
China Merchants Shekou Industrial Zone Holdings 001979 ¥7.52 ¥5.64 −25% vs HNMR
Lodha Developers Limited LODHA ₹1,195 ₹271.92 −77% vs HNMR
DLF Limited DLF ₹755.00 ₹167.48 −78% vs HNMR
Hongkong Land Holdings H78 $8.28 $1.52 −82% vs HNMR

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Hanan Mor: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Hanan Mor Fair Value". https://www.fairvalue-calculator.com/stock/HNMR

Frequently asked questions

Is Hanan Mor (HNMR) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 4.10 ILS versus a price of 2.41 ILS, about +70% upside (undervalued).
What is the fair value of HNMR?
Our model-based fair value for Hanan Mor is 4.10 ILS (as of Nov 7, 2026), built from audited fundamentals. The current price: 2.41 ILS.
What is the quality score of HNMR?
Hanan Mor has a Quality Score of 18/100. 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 price target for Hanan Mor (HNMR)?
Our model-based price target is the fair value of 4.10 ILS (as of Nov 7, 2026) from 2 valuation models. Cautious scenario 2.54 ILS, optimistic scenario 5.18 ILS. It is a calculation from audited fundamentals, not an analyst target.
What is the Hanan Mor stock forecast for 2026?
Our models put fair value at 4.10 ILS, about +70% upside versus a price of 2.41 ILS (undervalued). Cautious scenario 2.54 ILS, optimistic scenario 5.18 ILS. The calculation is refreshed regularly with new filings.
What is the revenue of Hanan Mor (HNMR)?
Hanan Mor reported trailing-twelve-month revenue of about 353M ILS (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Hanan Mor (HNMR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hanan Mor it is 4.10 ILS per share (as of Nov 7, 2026), against a price of 2.41 ILS. It is the blended result of 2 valuation models in 1 family (Dividend Discount).
Is Hanan Mor stock overvalued or undervalued in 2026?
As of Nov 7, 2026, HNMR trades below its calculated fair value: price 2.41 ILS, fair value 4.10 ILS, a gap of about +70% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HNMR?
No. The price is what the market pays today (2.41 ILS); the fair value is what the company's own numbers justify (4.10 ILS). For Hanan Mor the two are 1.69 ILS per share apart. That gap is exactly why we show both numbers side by side.
How much is Hanan Mor worth?
The market values Hanan Mor at about 15.0M ILS (market capitalisation, as of Nov 7, 2026). Per share that is 2.41 ILS; our models calculate a fair value of 4.10 ILS per share.
What do the bullish and bearish scenarios say about HNMR?
Our models span a range for Hanan Mor: cautious scenario 2.54 ILS, base 4.10 ILS, optimistic 5.18 ILS per share (as of Nov 7, 2026, price 2.41 ILS). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hanan Mor (HNMR)?
Balance-sheet figures for Hanan Mor (as of Nov 7, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 18/100, which measures business quality independently of the share price.
How far is HNMR from its 52-week high?
Hanan Mor trades at 2.41 ILS, about 42% below its 52-week high of 4.16 ILS and 5% above the low of 2.30 ILS (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 4.10 ILS is for.
Which stocks are comparable to Hanan Mor?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, CK Asset Holdings, DLF Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hanan Mor stock attractive at the current price?
The data as of Nov 7, 2026: price 2.41 ILS, calculated fair value 4.10 ILS (+70%), Quality Score 18/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HNMR calculated?
We run Hanan Mor through 2 models from 1 family: Dividend Discount. Every model gets the same audited fundamentals; the fair value of 4.10 ILS builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Hanan Mor currently trades 41% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hanan Mor (HNMR)?
The closing price on Nov 9, 2026 was 2.41 ILS. Our model-based fair value is 4.10 ILS, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hanan Mor right now?
The large discount to fair value meets weak quality (18/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (2.54 ILS). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (2.54 ILS to 5.18 ILS) leaves room in how you read the outcome.

Key figures of Hanan Mor

How large is the market capitalisation of Hanan Mor (HNMR)?
The market capitalisation of Hanan Mor is 15.0M ILS. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hanan Mor (HNMR)?
The price-to-sales ratio of Hanan Mor is 0.04 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hanan Mor (HNMR)?
Earnings per share at Hanan Mor are −0.7200 ILS. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Hanan Mor (HNMR)?
The return on equity (ROE) of Hanan Mor is −376% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hanan Mor (HNMR)?
On an EBIT basis the return on assets of Hanan Mor is −1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hanan Mor (HNMR)?
The operating margin of Hanan Mor is −4.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hanan Mor (HNMR)?
Revenue at Hanan Mor is growing −39.4% versus a year earlier (3y avg +25.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hanan Mor (HNMR)?
Earnings per share at Hanan Mor are growing −95.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hanan Mor (HNMR) generate?
The free cash flow of Hanan Mor is −159M ILS (fiscal year 2023). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Hanan Mor (HNMR) carry?
The net debt of Hanan Mor is 2.6B ILS (fiscal year 2023). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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