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Azrieli Group (AZRG) Fair Value & Analysis

Real Estate · Il · Market cap 51.3B ILA

AG Azrieli Group AZRG · TA
Price412.00 ILA
Fair Value163.36 ILA
Upside-60.3%
Quality60/100
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Mixed Growth
Highly profitable · 48.3% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (7/14)
Wide moat 65/100
Evidence: High Range 156.44 ILA – 254.83 ILA Share as image

Fair value as of: Jul 12, 2026

From 21 valuation models · updated 26 days ago

Share price −6.9% over the past month.

A solid business, but screening 60% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (254.83 ILA). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) 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.
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Price vs Fair Value (5 years)

528.29 ILA 163.53 ILA Fair Value 163.36 ILA Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 163.53 ILA – 528.29 ILA · fair‑value band 156.44 ILA – 254.83 ILA · the 412.00 ILA price screens above the 163.36 ILA fair value. Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Azrieli Group (AZRG) currently trades at 412.00 ILA, while our model-based Fair Value estimate is 163.36 ILA, implying the stock looks roughly 60.3% overvalued today. We read business quality at 60/100 (solid quality), in the Real Estate 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, Azrieli Group generated revenue of 4.1B ILA at a net margin of 48.3%. Revenue grew 18.9% year over year. It earns a return on equity of 7.8%. Net debt stands at 25.2B ILA. Fundamentals as of Jul 12, 2026

Our scenario range runs from 156.44 ILA (bear case) to 254.83 ILA (bull case); at 412.00 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 Real Estate peers we cover trades at -2% fair-value upside, at -60%, AZRG 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 BearBaseBull Evidence
Highest evidence
Growth DCF 30.08 ILA 159.15 ILA 80
Residual Income 167.31 ILA 177.83 ILA 194.84 ILA 76
Gordon GGM 59.02 ILA 122.71 ILA 194.66 ILA 70
All 21 models by family
DCF Models
FCF DCF 31.45 ILA 165.02 ILA 38
Owner Earnings 108.88 ILA 291.86 ILA 31
5Y EBITDA Exit 63.10 ILA 183.00 ILA 41
5Y P/E Exit 0.9200 ILA 136.27 ILA 284.14 ILA 38
10Y Revenue Exit 13.70 ILA 36
10Y EBITDA Exit 43.30 ILA 164.94 ILA 37
10Y P/E Exit 95.22 ILA 245.10 ILA 35
Earnings-Based
Graham-Dodd 103.20 ILA 385.24 ILA 520.84 ILA 54
Lynch FV 92.75 ILA 132.50 ILA 172.24 ILA 50
PEG = 1.0 92.75 ILA 132.50 ILA 172.24 ILA 46
Dividend Discount
Gordon GGM 59.02 ILA 122.71 ILA 194.66 ILA 70
DDM Multi-Stage 59.02 ILA 103.47 ILA 128.79 ILA 61
Multiples
P/E Multiple 227.66 ILA 303.54 ILA 379.43 ILA 63
P/S Multiple 60.17 ILA 80.22 ILA 100.28 ILA 58
P/B Multiple 193.51 ILA 258.01 ILA 322.51 ILA 55
EV/EBIT 46.55 ILA 121.39 ILA 196.23 ILA 53
EV/EBITDA 41.89 ILA 96.86 ILA 54
Asset-Based
NCAV (Graham) 101.62 ILA 136.17 ILA 203.23 ILA 50
Growth DCF
Growth DCF 30.08 ILA 159.15 ILA 80
Economic Profit
Residual Income 167.31 ILA 177.83 ILA 194.84 ILA 76
Growth Earnings
Growth-Adj P/E 166.61 ILA 238.01 ILA 309.42 ILA 68

Widest divergence: Growth Earnings (238.01 ILA) versus Growth DCF (30.08 ILA). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 4.1B ILA
Revenue growth (YoY) +18.9%
Net margin 48.3%
Return on equity 7.8%
Free cash flow 1.3B ILA FY2025
P/E ratio 25.4
More key figures
Operating margin 48.2%
EPS (TTM) 16.23 ILA
Dividend yield 0.0%
EPS growth (YoY) +17.6%
Net debt 25.2B ILA FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 57 · Market factors (momentum, volatility) 55

Profitability 36
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 83
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

Azrieli Group Ltd. engages in the development, acquisition, lease, management, and maintenance of retail centers, malls, office spaces, data centers, and housing in Israel.

Full company description

Azrieli Group Ltd. engages in the development, acquisition, lease, management, and maintenance of retail centers, malls, office spaces, data centers, and housing in Israel. 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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Azrieli Group reported revenue of 4.0B ILA in FY2025 versus 2.2B ILA in FY2021, a compound +15.9%/yr. Reported net income was 1.9B ILA in FY2025, compounding −10.1%/yr from FY2021.

Growth Quality 87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
4.0B ILS
Latest YoY
+21.7%
Avg. growth/yr (3Y)
+14.1%
Avg. growth/yr (5Y)
+17.3%
Avg. growth/yr (18Y)
−2.9%
Revenue +15.9%/yr
FY21 2.2B ILA
FY22 2.7B ILA
FY23 5.1B ILA
FY24 3.3B ILA
FY25 4.0B ILA
Net income −10.1%/yr
FY21 2.9B ILA
FY22 1.8B ILA
FY23 2.2B ILA
FY24 1.5B ILA
FY25 1.9B ILA

AZRG screens 60% overvalued. Compare with Vingroup Joint Stock Company →

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Cite: Fair Value Calculator (2026). "Azrieli Group Fair Value". https://www.fairvalue-calculator.com/stock/AZRG

Peer Group

Real Estate Services · 522 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 61 · Top 25%
Fair Value upside −60% · Bottom 25%
Return on equity (TTM) 8% · Above median
Return on assets 2% · Above median
Net margin (TTM) 48% · Top 25%
Operating margin (TTM) 48% · Above median
Revenue growth 19% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.03× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 25.4× · Pricier than 75% of peers
P/B 0.66× · Cheaper than median
P/S (TTM) 4.11× · Pricier than median
P/FCF 12.7× · Pricier than 75% of peers
EV/EBITDA 18.7× · Pricier than median

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 40
FUTURE 95 · sector 10
PAST 31 · sector 16
HEALTH 48 · sector 85
DIVIDEND 0 · sector 49

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

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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Azrieli Group (AZRG) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 163.36 ILA versus a price of 412.00 ILA, about −60% (overvalued).
What is the fair value of AZRG?
Our model-based fair value for Azrieli Group is 163.36 ILA (as of Jul 12, 2026), built from audited fundamentals. The current price is 412.00 ILA.
What is the quality score of AZRG?
Azrieli Group has a Quality Score of 60/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Azrieli Group (AZRG)?
Azrieli Group reported trailing-twelve-month revenue of about 4.1B ILS (latest available figure, as of Jul 12, 2026).
What is the net profit margin of AZRG?
The net profit margin of Azrieli Group is about 48.3%, meaning it keeps roughly 48.3% of revenue as net income. Based on the latest reported figures.
Does Azrieli Group pay a dividend?
Azrieli Group currently shows a dividend yield of about 0.02% relative to its recent price (as of Jul 12, 2026).

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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