Cellcom Israel Ltd (CEL) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Cellcom Israel Ltd ILS 30.52, price ILS 35.31, upside -13.6%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 8.64 ILA – 40.72 ILA · fair‑value band 21.79 ILA – 39.81 ILA · the 35.31 ILA price screens above the 30.52 ILA fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Cellcom Israel Ltd. provides cellular communications services in Israel. The company offers wired communication services, including internet access and infrastructure, television services over the Internet, fixed telephony, and transmission services for business customers and telecommunication operators.
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Cellcom Israel Ltd. provides cellular communications services in Israel. The company offers wired communication services, including internet access and infrastructure, television services over the Internet, fixed telephony, and transmission services for business customers and telecommunication operators. It also provides conference call, information security, cloud computing, and server hosting services, as well as IOT solutions, roaming, and text and multimedia messaging services. In addition, the company sells various equipment, such as computing and communication equipment, such as servers, routers, and switches, and others; software and integration of information security products; electricity supply services to private and business customers; browsing and transferring data; and cellular terminal equipment and warranty and repair services. Further, it offers construction, operation, and maintenance services for the radio network; international call and mobile network operating services; voice calling, call waiting, caller ID, and voicemail; pleasant waiting; personnel management applications and vehicle fleet management; and cell phones, accessories, and electronic equipment, such as tablets, laptops, gaming consoles, speakers, headphones, and smart watches through physical stores and websites. Cellcom Israel Ltd. was incorporated in 1994 and is headquartered in Netanya, Israel.
Stock analysis
Cellcom Israel Ltd (CEL) currently trades at 35.31 ILA, while our model-based Fair Value estimate is 30.52 ILA, implying the stock looks roughly 15.7% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 57.28 ILA per share, and 16 of the 24 models we run sit above the 35.31 ILA price.
Bear case: the Earnings-Based group reads lowest at 9.91 ILA, and 8 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 21.79 ILA (bear) to 39.81 ILA (bull), the price of 35.31 ILA 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 60/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Cellcom Israel Ltd reported revenue of 4.2B ILS in FY2025 versus 4.1B ILS in FY2021, a compound +0.9%/yr. Reported net income was 564M ILS in FY2025, compounding +113.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 6.0B ILA · P/E ratio 10.4 · P/S ratio 1.39 · EPS (TTM) 3.38 ILA · Dividend yield 0.1% · Net margin 13.3% · Return on equity 22.0% · Return on assets (EBIT) 5.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 47% fair-value upside, at −14%, CEL screens richer than that median.
Fair Value models
Bear 21.79 ILAFair Value 30.52 ILABull 39.81 ILA
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 (2.48 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.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.
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.60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.5%
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.
−0.4%
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.
+2.9%
Start year 2020 (pandemic). Over 10 years: +0.2% a year
Revenue growth 24 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.
−0.6%
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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. Basis: EBIT basis.
≈ +25.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.7%
Dividend (yield on the price)0.1%
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.82% vs 9%, picking up
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.−1% → 9%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 5.2%/yr over ~10Y (margins eroding too) ⓘ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.
⚠ Rate on operating basis: 2025 sits 250% above its own trend.
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).
+0.3%
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 −1.7% a year for the price.
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.Telecom Services · 250 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−14% · Below median
Profitability
Return on equity (TTM)22% · Top 25%
Return on assets4% · Above median
Net margin (TTM)14% · Top 25%
Operating margin (TTM)12% · Above median
Growth and dividend
Revenue growth−9% · Bottom 25%
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity0.33× · Below median
Valuation Multiplesvs Telecom Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Cellcom Israel Ltd Fair Value". https://www.fairvalue-calculator.com/stock/CEL
Frequently asked questions
Is Cellcom Israel Ltd (CEL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 30.52 ILA versus a price of 35.31 ILA, about −14% upside (overvalued).
What is the fair value of CEL?
Our model-based fair value for Cellcom Israel Ltd is 30.52 ILA (as of Sep 24, 2026), built from audited fundamentals. The current price: 35.31 ILA.
What is the quality score of CEL?
Cellcom Israel Ltd has a Quality Score of 60/100. 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 Cellcom Israel Ltd (CEL)?
Our model-based price target is the fair value of 30.52 ILA (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 21.79 ILA, optimistic scenario 39.81 ILA. It is a calculation from audited fundamentals, not an analyst target.
What is the Cellcom Israel Ltd stock forecast for 2026?
Our models put fair value at 30.52 ILA, about −14% upside versus a price of 35.31 ILA (overvalued). Cautious scenario 21.79 ILA, optimistic scenario 39.81 ILA. The calculation is refreshed regularly with new filings.
What is the revenue of Cellcom Israel Ltd (CEL)?
Cellcom Israel Ltd reported trailing-twelve-month revenue of about 4.1B ILS (latest available figure, as of Sep 24, 2026).
Does Cellcom Israel Ltd pay a dividend?
Cellcom Israel Ltd currently shows a dividend yield of about 0.07% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Cellcom Israel Ltd (CEL)?
For today's price to be fair in a discounted-cash-flow model, Cellcom Israel Ltd would have to grow free cash flow by +0.3 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CEL use?
Our models discount Cellcom Israel Ltd at 11.8 %: a base by market capitalisation (small), damped by beta 0.60, 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 Cellcom Israel Ltd that is +0.3 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Cellcom Israel Ltd (CEL) delivered so far?
Over the past 5 years revenue at Cellcom Israel Ltd grew +2.9 % a year. The price currently implies +0.3 % 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 Cellcom Israel Ltd (CEL) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Cellcom Israel Ltd (+0.3 % 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 Cellcom Israel Ltd (CEL)?
The free-cash-flow yield on the price is 12.29 %: that much free cash flow Cellcom Israel Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cellcom Israel Ltd (CEL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cellcom Israel Ltd it is 30.52 ILA per share (as of Sep 24, 2026), against a price of 35.31 ILA. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Cellcom Israel Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CEL trades above its calculated fair value: price 35.31 ILA, fair value 30.52 ILA, a gap of about −14% (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 CEL?
No. The price is what the market pays today (35.31 ILA); the fair value is what the company's own numbers justify (30.52 ILA). For Cellcom Israel Ltd the two are 4.79 ILA per share apart. That gap is exactly why we show both numbers side by side.
How much is Cellcom Israel Ltd worth?
The market values Cellcom Israel Ltd at about 6.0B ILA (market capitalisation, as of Sep 24, 2026). Per share that is 35.31 ILA; our models calculate a fair value of 30.52 ILA per share.
What do the bullish and bearish scenarios say about CEL?
Our models span a range for Cellcom Israel Ltd: cautious scenario 21.79 ILA, base 30.52 ILA, optimistic 39.81 ILA per share (as of Sep 24, 2026, price 35.31 ILA). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CEL?
Cellcom Israel Ltd trades at a price-to-earnings ratio of 10.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 30.52 ILA is built from several models across several years. Other multiples: P/B 0.7, P/S 0.5, EV/EBITDA 2.7.
How solid is the balance sheet of Cellcom Israel Ltd (CEL)?
Balance-sheet figures for Cellcom Israel Ltd (as of Sep 24, 2026): return on equity 22.0%, debt of 0.33 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is CEL from its 52-week high?
Cellcom Israel Ltd trades at 35.31 ILA, about 13% below its 52-week high of 40.72 ILA and 23% above the low of 28.61 ILA (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 30.52 ILA is for.
Which stocks are comparable to Cellcom Israel Ltd?
From the same area (Communication Services) we also value China Mobile Limited, T-Mobile US, Inc, Verizon Communications Inc, AT&T Inc, 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 Cellcom Israel Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 35.31 ILA, calculated fair value 30.52 ILA (−14%), Quality Score 60/100, from 24 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 CEL calculated?
We run Cellcom Israel Ltd through 24 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 30.52 ILA, 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 13.0 % above its aggregate fair value. Cellcom Israel 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 Cellcom Israel Ltd (CEL)?
The closing price on Sep 24, 2026 was 35.31 ILA. Our model-based fair value is 30.52 ILA, about −14% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cellcom Israel Ltd right now?
Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (21.79 ILA to 39.81 ILA) leaves room in how you read the outcome.
Where does the earnings growth of Cellcom Israel Ltd (CEL) come from?
Earnings per share at Cellcom Israel Ltd grew −1.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −5.2 %, EBIT margin −2.0 %, tax rate −0.4 %, residual (interest, one-offs) +6.6 %. 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 Cellcom Israel Ltd
How large is the market capitalisation of Cellcom Israel Ltd (CEL)?
The market capitalisation of Cellcom Israel Ltd is 6.0B ILA. 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 Cellcom Israel Ltd (CEL)?
The price-to-sales ratio of Cellcom Israel Ltd is 1.39 (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 Cellcom Israel Ltd (CEL)?
Earnings per share at Cellcom Israel Ltd are 3.38 ILA (price ÷ EPS = P/E 10.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cellcom Israel Ltd (CEL)?
The dividend yield of Cellcom Israel Ltd is 0.1% (payout 0.7%). 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 Cellcom Israel Ltd (CEL)?
The net margin of Cellcom Israel Ltd is 13.3% (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 Cellcom Israel Ltd (CEL)?
The return on equity (ROE) of Cellcom Israel Ltd is 22.0% (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 Cellcom Israel Ltd (CEL)?
On an EBIT basis the return on assets of Cellcom Israel Ltd is 5.0% (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 Cellcom Israel Ltd (CEL)?
The operating margin of Cellcom Israel Ltd is 11.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cellcom Israel Ltd (CEL)?
Revenue at Cellcom Israel Ltd is growing −8.9% versus a year earlier (3y avg −0.4%). 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 Cellcom Israel Ltd (CEL)?
Earnings per share at Cellcom Israel Ltd are growing +20.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Cellcom Israel Ltd (CEL) carry?
The net debt of Cellcom Israel Ltd is 1.7B ILA (fiscal year 2025, ≈ 2.3 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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