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Azrieli Group (AZRGF) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Azrieli Group $68.76, price $120, upside -42.9%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Some data
Sep 29, 2026
Some data
Sep 29, 2026
Azrieli Group
AZRGF · USStretched ValuationStrong overvaluation with only moderate quality.
!Fair value $68.76 · Strongly overvalued (−42.9%)
!Quality 59/100
!Mixed Growth (revenue 5y +16.8 %/yr)
✓Highly profitable · 48.3% net margin (TTM)
✓Moderate debt · generates free cash flow
!Moderate moat 55/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $36.23 to $134.63
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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
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range $50.04 – $143.07 · fair‑value band $36.23 – $134.63 · the $120.40 price screens above the $68.76 fair value. Dashed = 300-day average. As of Sep 29, 2026.
Company profile
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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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.
Stock analysis
Azrieli Group (AZRGF) currently trades at $120.40, while our model-based Fair Value estimate is $68.76, 42.9% 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 $64.27 per share, and 0 of the 14 models we run sit above the $120.40 price.
Bear case: the Growth DCF group reads lowest at $38.41, and 14 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: $36.23 (bear) to $134.63 (bull), the price of $120.40 sits inside 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 59/100 (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 reported revenue of 3.9B ILS in FY2025 versus 2.2B ILS in FY2021, a compound +15.3%/yr. Reported net income was 1.9B ILS in FY2025, compounding −10.1%/yr from FY2021.
Key figures
Market cap $17.8B · P/E ratio 21.7 · P/S ratio 10.5 · EPS (TTM) $5.55 · Net margin 48.4% · Return on equity 7.8% · Return on assets (EBIT) 3.3% · Revenue (TTM) 3.8B ILS.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −10% fair-value upside, at −43%, AZRGF screens richer than that median.
Fair Value models
Bear $36.23
Fair Value $68.76
Bull $134.63
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($4.20 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.
Evidence ⓘEvidence = 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.
Highest evidence
Residual Income
$54.65
$58.01
$64.64
76
FCF DCF
$27.14
$95.00
$211.99
72
Growth DCF
$26.66
$89.39
$194.95
71
All 14 models by family
DCF Models
FCF DCF
$27.14
$95.00
$211.99
72
5Y Revenue Exit
$2.34
$42.29
$95.39
64
5Y EBITDA Exit
$13.07
$64.27
$127.57
69
10Y Revenue Exit
$8.32
$48.95
$109.08
59
10Y EBITDA Exit
$17.11
$64.99
$135.85
62
Multiples
P/S Multiple
$50.10
$66.79
$83.49
58
P/B Multiple
$63.38
$84.50
$105.63
55
EV/EBIT
$31.83
$61.99
$92.15
63
EV/EBITDA
$12.03
$35.60
$59.16
62
EV/Revenue
n/a
$12.63
$34.02
50
Asset-Based
NCAV (Graham)
$33.28
$44.60
$66.56
54
Growth DCF
Growth DCF
$26.66
$89.39
$194.95
71
Rev-Margin DCF
$1.04
$38.41
$85.17
64
Economic Profit
Residual Income
$54.65
$58.01
$64.64
76
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Set up alert →Quality Score breakdown
Overall quality
59/100
Of which business quality 57 · Market factors (momentum, volatility) 63
Profitability
36
Margins and returns on capital today
Quality Growth
47
Are margins and returns improving?
Cashflow
83
Earnings quality: real cash, not paper profit
Fin. Strength
33
Balance sheet, leverage, solvency risk
Investment
75
Disciplined investing over empire-building
Low Volatility
78
Calm price path (market factor)
Momentum
57
Price trend over the last 3–12 months (market factor)
52W Momentum
58
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
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.
87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+19.0%
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.
+13.2%
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.
+16.8%
Start year 2020 (pandemic). Over 10 years: +5.0% a year
Revenue growth 10 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.
+5.0%
’15
’16
’17
’18
’20
’21
’22
’23
’24
’25
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.
+4.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.2%
Dividend (yield on the price)0.0%
Profit margin 2020 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.56% → 53%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+16.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in ILS, Israel: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about +14.5% a year for the price.
Earlier news
News mood ⓘNews mood, the average tone of recent news (20 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.
- Azrieli Group (TASE:AZRG) Looks Above Fair Value Following Its Strong 1 Year Run
- Azrieli Group Ltd (AZRGF) (Q2 2026) Earnings Call Highlights: Data Center Expansion Drives ...
- Azrieli Group Ltd (AZRGF) Q3 2025 Earnings Call Highlights: Record NOI and Strategic ...
- Assessing Azrieli Group (TASE:AZRG) Valuation Following Recent Market Momentum
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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 · 530 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Real Estate Services median · lower = cheaper
Context: sector, industry, market
- Is the Utilities sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Utilities
- Undervalued stocks: US Stocks
- Valuation of the USA 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 Services stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vingroup Joint Stock Company VIC | 232,000 VND | 25,731 VND | −89% |
| CBRE Group CBRE | $134.55 | $91.06 | −32% |
| KE Holdings 2423 | HK$42.92 | HK$17.16 | −60% |
| Swire Properties Limited 1972 | HK$24.32 | HK$13.39 | −45% |
| Cellnex Telecom, S.A CLNX | €23.99 | €23.94 | +0% |
| Vonovia SE VNA | €16.82 | €36.55 | +117% |
| Jones Lang LaSalle Incorporated JLL | $308.07 | $540.65 | +75% |
| Wharf Real Estate Investment Company 1997 | HK$30.54 | HK$27.42 | −10% |
| CoStar Group CSGP | $26.95 | $6.19 | −77% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$37.00 | HK$56.36 | +52% |
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Frequently asked questions
Is Azrieli Group (AZRGF) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $68.76 versus a price of $120.40, about −43% upside (overvalued).
What is the fair value of AZRGF?
Our model-based fair value for Azrieli Group is $68.76 (as of Sep 29, 2026), built from audited fundamentals. The current price: $120.40.
What is the quality score of AZRGF?
Azrieli Group has a Quality Score of 59/100. 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 (AZRGF)?
Our model-based price target is the fair value of $68.76 (as of Sep 29, 2026) from 14 valuation models. Cautious scenario $36.23, optimistic scenario $134.63. It is a calculation from audited fundamentals, not an analyst target.
What is the Azrieli Group stock forecast for 2026?
Our models put fair value at $68.76, about −43% upside versus a price of $120.40 (overvalued). Cautious scenario $36.23, optimistic scenario $134.63. The calculation is refreshed regularly with new filings.
What is the revenue of Azrieli Group (AZRGF)?
Azrieli Group reported trailing-twelve-month revenue of about 3.8B ILS (latest available figure, as of Sep 29, 2026).
What growth is priced into Azrieli Group (AZRGF)?
For today's price to be fair in a discounted-cash-flow model, Azrieli Group would have to grow free cash flow by +16.9 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.8 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of AZRGF use?
Our models discount Azrieli Group at 8.1 %: a base by market capitalisation (large), damped by beta 0.51, country premium for USA. 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 that is +16.9 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Azrieli Group (AZRGF) delivered so far?
Over the past 5 years revenue at Azrieli Group grew +16.8 % a year. The price currently implies +16.9 % 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 (AZRGF) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Azrieli Group (+16.9 % 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 (AZRGF)?
The free-cash-flow yield on the price is 4.06 %: that much free cash flow Azrieli Group produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), 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 (AZRGF)?
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 it is $68.76 per share (as of Sep 29, 2026), against a price of $120.40. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Azrieli Group stock overvalued or undervalued in 2026?
As of Sep 29, 2026, AZRGF trades above its calculated fair value: price $120.40, fair value $68.76, a gap of about −43% (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 AZRGF?
No. The price is what the market pays today ($120.40); the fair value is what the company's own numbers justify ($68.76). For Azrieli Group the two are $51.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Azrieli Group worth?
The market values Azrieli Group at about $17.8B (market capitalisation, as of Sep 29, 2026). Per share that is $120.40; our models calculate a fair value of $68.76 per share.
What do the bullish and bearish scenarios say about AZRGF?
Our models span a range for Azrieli Group: cautious scenario $36.23, base $68.76, optimistic $134.63 per share (as of Sep 29, 2026, price $120.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AZRGF?
Azrieli Group trades at a price-to-earnings ratio of 21.7 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $68.76 is built from several models across several years. Other multiples: P/B 0.7, P/S 4.7, EV/EBITDA 19.2.
How solid is the balance sheet of Azrieli Group (AZRGF)?
Balance-sheet figures for Azrieli Group (as of Sep 29, 2026): return on equity 7.8%, debt of 1.03 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is AZRGF from its 52-week high?
Azrieli Group trades at $120.40, about 16% below its 52-week high of $143.07 and 29% above the low of $93.28 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of $68.76 is for.
Which stocks are comparable to Azrieli Group?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, 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 stock attractive at the current price?
The data as of Sep 29, 2026: price $120.40, calculated fair value $68.76 (−43%), Quality Score 59/100, from 14 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 AZRGF calculated?
We run Azrieli Group through 14 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 $68.76, 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 14.5 % above its aggregate fair value. Azrieli Group 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 (AZRGF)?
The closing price on Sep 29, 2026 was $120.40. Our model-based fair value is $68.76, about −43% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Azrieli Group right now?
The model range is unusually wide ($36.23 to $134.63). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (59/100) 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.
Key figures of Azrieli Group
How large is the market capitalisation of Azrieli Group (AZRGF)?
The market capitalisation of Azrieli Group is $17.8B. 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 (AZRGF)?
The price-to-sales ratio of Azrieli Group is 10.5 (P/E × margin). 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 (AZRGF)?
Earnings per share at Azrieli Group are $5.55 (price ÷ EPS = P/E 21.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Azrieli Group (AZRGF)?
The net margin of Azrieli Group is 48.4% (fiscal year 2025). 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 (AZRGF)?
The return on equity (ROE) of Azrieli Group is 7.8% (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 (AZRGF)?
On an EBIT basis the return on assets of Azrieli Group is 3.3% (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.
How fast is revenue growing at Azrieli Group (AZRGF)?
Revenue at Azrieli Group is growing +18.9% versus a year earlier (3y avg +13.2%). 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 (AZRGF)?
Earnings per share at Azrieli Group are growing +17.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Azrieli Group (AZRGF) carry?
The net debt of Azrieli Group is 25.0B ILS (fiscal year 2025, ≈ 13.8 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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