Azrieli Group Ltd (AZRG) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Azrieli Group Ltd stock ILS 171, price ILS 333, that is 48.7% below the price, quality 58 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Our calculation puts a fair price 49% below what the stock costs today.
Highly profitable · 42.3% net margin (TTM)
Generates free cash flow
Upbeat coverage
Broad data
Revenue last quarter +20% vs. a year ago.
Quality 58/100
Mixed Growth(revenue YoY +21.7 %/yr in ILS)
Moderate debt
Mixed vs. peers(6/14)
Wide moat65/100 · thin data
Fair value 171.07 ILS · Strongly overvalued (−48.7%)
Risks from the AI analysis
🚩16-week delay signals execution risks in data center project🚩Hyperscalers hold termination rights🚩Electricity shortages delay data centers🚩Supply chain disruptions hit components
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 158.77 ILS – 512.90 ILS · fair‑value band 54.50 ILS – 254.72 ILS · the 333.20 ILS price screens above the 171.07 ILS fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Azrieli Group Ltd. engages in the development, acquisition, lease, management, and maintenance of retail centers, malls, office spaces, data centers, and housing in Israel.
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The company operates through Retail Centers and Malls in Israel; Leasable Office and Other Space in Israel; Income-producing Property; Senior Housing; Data Centers; Rental Housing in Israel; and Residential Sales segments. It also builds, owns, and operates mixed-use properties and hotels.
The company was incorporated in 1983 and is headquartered in Tel Aviv-Yafo, Israel. Azrieli Group Ltd. operates as a subsidiary of Nadav Investments Inc.
Stock analysis
Azrieli Group Ltd (AZRG) currently trades at 333.20 ILS, while our model-based Fair Value estimate is 171.07 ILS, 49% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 188.45 ILS per share, and 1 of the 16 models we run sit above the 333.20 ILS price.
Bear case: the Dividend Discount group reads lowest at 92.59 ILS, and 15 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: 54.50 ILS (bear) to 254.72 ILS (bull), the price of 333.20 ILS sits above 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 58/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Azrieli Group Ltd reported revenue of 4.0B ILS in FY2025 versus 2.2B ILS in FY2021, a compound +15.9%/yr. Reported net income was 1.9B ILS in FY2025, compounding −10.1%/yr from FY2021.
Key figures
Market cap 41.9B ILS Large · P/E ratio 22.5 · P/S ratio 9.82 · EPS (TTM) 14.80 ILS · Dividend yield 2.0% · Net margin 42.3% · Return on equity 7.2% · Return on assets (EBIT) 4.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −49%, AZRG screens richer than that median.
Fair Value models
Bear54.50 ILSFair Value 171.07 ILSBull254.72 ILS
Price 333.20 ILS · Downside -48.7%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (6.77 ILS per share) are deliberately not added.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.
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.87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−0.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.1%
Dividend (yield on the price)2.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−2.1% vs 8.3%, slowing
Profit margin 2019 to 2025 ⓘ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.63% → 52%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 4.5%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+27.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Israel: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about +25.1% a year for the price.
News mood ⓘNews mood, the average tone of recent news (27 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: High margins stand out as the main strength, yet high leverage relative to equity and limited evidence of durable moats form the key weakness.
Main risk: Dependence on a small number of hyperscale customers such as TikTok in the data center segment could lead to contract terminations that reduce revenues and margins from these projects.
Bull case: By securing longer-term contracts with diversified hyperscalers and investing in on-site power generation the company could stabilize data center cash flows and accelerate project deliveries despite grid constraints.
Bear case: If key hyperscalers exercise termination rights or repeated power and supply chain delays occur, the data center expansion could stall, leaving the company reliant on slower-growing Israeli retail and office assets.
Azrieli just locked in over a billion euros in financing for its Norwegian data center project serving an international tech client. The move underscores the shift toward data centers alongside core retail and office assets, yet a 16-week delay in the first phase already signals execution risks. Our models see the stock as overvalued, so does the data center growth potential outweigh the capital intensity and timing uncertainties in the property portfolio?
Price, fair value, quality and upside side by side.
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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 Services · 473 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−48.7% · Bottom 25%
Profitability
Return on equity (12 months)7.2% · Above median
Return on assets3.0% · Above median
Net margin (12 months)42.3% · Above median
Operating margin (12 months)48.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)19.9% · Top 25%
Dividend yield (12 months)2.0% · Below median
Balance sheet
Debt / equity1.03× · Highest 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Azrieli Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/AZRG
Frequently asked questions
Is Azrieli Group Ltd (AZRG) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 171.07 ILS versus a price of 333.20 ILS, about 49% lower (overvalued).
What is the fair value of AZRG?
Our model-based fair value for Azrieli Group Ltd is 171.07 ILS (as of Nov 6, 2026), built from audited fundamentals. The current price: 333.20 ILS.
What is the quality score of AZRG?
Azrieli Group Ltd has a Quality Score of 58/100. 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 Azrieli Group Ltd (AZRG)?
Our model-based price target is the fair value of 171.07 ILS (as of Nov 6, 2026) from 16 valuation models. Cautious scenario 54.50 ILS, optimistic scenario 254.72 ILS. It is a calculation from audited fundamentals, not an analyst target.
What is the Azrieli Group Ltd stock forecast for 2026?
Our models put fair value at 171.07 ILS, about 49% lower versus a price of 333.20 ILS (overvalued). Cautious scenario 54.50 ILS, optimistic scenario 254.72 ILS. The calculation is refreshed regularly with new filings.
What is the revenue of Azrieli Group Ltd (AZRG)?
Azrieli Group Ltd reported trailing-twelve-month revenue of about 4.3B ILS (latest available figure, as of Nov 6, 2026).
Does Azrieli Group Ltd pay a dividend?
Azrieli Group Ltd currently shows a dividend yield of 2.05% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Azrieli Group Ltd (AZRG)?
For today's price to be fair in a discounted-cash-flow model, Azrieli Group Ltd would have to grow free cash flow by +27.7 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.3 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of AZRG use?
Our models discount Azrieli Group Ltd at 9.9 %: a base by market capitalisation (large), damped by beta 0.58, country premium for Israel. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Azrieli Group Ltd that is +27.7 % per year a year over ten years, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has Azrieli Group Ltd (AZRG) delivered so far?
Over the past 5 years revenue at Azrieli Group Ltd grew +17.3 % a year. The price currently implies +27.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Azrieli Group Ltd (AZRG) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Azrieli Group Ltd (+27.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Azrieli Group Ltd (AZRG)?
The free-cash-flow yield on the price is 3.17 %: that much free cash flow Azrieli Group Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Azrieli Group Ltd (AZRG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Azrieli Group Ltd it is 171.07 ILS per share (as of Nov 6, 2026), against a price of 333.20 ILS. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Azrieli Group Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, AZRG trades above its calculated fair value: price 333.20 ILS, fair value 171.07 ILS, a gap of about −49% (overvalued). 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 AZRG?
No. The price is what the market pays today (333.20 ILS); the fair value is what the company's own numbers justify (171.07 ILS). For Azrieli Group Ltd the two are 162.13 ILS per share apart. That gap is exactly why we show both numbers side by side.
How much is Azrieli Group Ltd worth?
The market values Azrieli Group Ltd at about 41.9B ILS (market capitalisation, as of Nov 6, 2026). Per share that is 333.20 ILS; our models calculate a fair value of 171.07 ILS per share.
What do the bullish and bearish scenarios say about AZRG?
Our models span a range for Azrieli Group Ltd: cautious scenario 54.50 ILS, base 171.07 ILS, optimistic 254.72 ILS per share (as of Nov 6, 2026, price 333.20 ILS). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AZRG?
Azrieli Group Ltd trades at a price-to-earnings ratio of 22.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 171.07 ILS is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 16.0. Other multiples: P/B 1.7, P/S 9.8, EV/EBITDA 30.3.
How solid is the balance sheet of Azrieli Group Ltd (AZRG)?
Balance-sheet figures for Azrieli Group Ltd (as of Nov 6, 2026): return on equity 7.2%, debt of 1.03 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is AZRG from its 52-week high?
Azrieli Group Ltd trades at 333.20 ILS, about 35% below its 52-week high of 512.90 ILS and 8% above the low of 309.56 ILS (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 171.07 ILS is for.
Which stocks are comparable to Azrieli Group Ltd?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties 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 Azrieli Group Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price 333.20 ILS, calculated fair value 171.07 ILS (−49%), Quality Score 58/100, from 16 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 AZRG calculated?
We run Azrieli Group Ltd through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 171.07 ILS, 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 15.5% above its aggregate fair value. Azrieli Group Ltd itself currently trades above fair value. 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 Azrieli Group Ltd (AZRG)?
The closing price on Nov 5, 2026 was 333.20 ILS. Our model-based fair value is 171.07 ILS, about 49% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Azrieli Group Ltd right now?
The price sits above even our optimistic bull case (254.72 ILS). The favourable scenario is already priced in. The model range is unusually wide (54.50 ILS to 254.72 ILS). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Azrieli Group Ltd (AZRG) come from?
Earnings per share at Azrieli Group Ltd grew +5.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.3 %, EBIT margin +7.8 %, tax rate −0.7 %, residual (interest, one-offs) −2.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Azrieli Group Ltd
How large is the market capitalisation of Azrieli Group Ltd (AZRG)?
The market capitalisation of Azrieli Group Ltd is 41.9B 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 Azrieli Group Ltd (AZRG)?
The price-to-sales ratio of Azrieli Group Ltd is 9.82 (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 Azrieli Group Ltd (AZRG)?
Earnings per share at Azrieli Group Ltd are 14.80 ILS (price ÷ EPS = P/E 22.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Azrieli Group Ltd (AZRG)?
The dividend yield of Azrieli Group Ltd is 2.0% (payout 46.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Azrieli Group Ltd (AZRG)?
The net margin of Azrieli Group Ltd is 42.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Azrieli Group Ltd (AZRG)?
The return on equity (ROE) of Azrieli Group Ltd is 7.2% (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 Azrieli Group Ltd (AZRG)?
On an EBIT basis the return on assets of Azrieli Group Ltd is 4.7% (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 Azrieli Group Ltd (AZRG)?
The operating margin of Azrieli Group Ltd is 48.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Azrieli Group Ltd (AZRG)?
Revenue at Azrieli Group Ltd is growing +19.9% versus a year earlier. 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 Azrieli Group Ltd (AZRG)?
Earnings per share at Azrieli Group Ltd are growing −53.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Azrieli Group Ltd (AZRG) carry?
The net debt of Azrieli Group Ltd is 25.2B ILS (fiscal year 2025, ≈ 19.1 yrs of FCF). 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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Broad data
Nov 6, 2026