NEWS BITES - MIDDLE EAST & NORTH AFRICA
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Bank Hapoalim B.M. (TASE: POLI NIS32.21) ranks 5 in the Top 20 by dividend yielding stocks in the TA-25 Index of 20 stocks.
Bank Hapoalim B.M. is Israel's largest Banking & Investment Services company by market cap.
Past 12 months DPS: NIS1.70;
Last price: NIS32.21;
Dividend yield: 5.3%;
The dividend yield of 5.3% is 1.3 times the triple-A bond yield of 4.0%.;
BANK HAPOALIM B.M. (POLI) Stock Dashboard [traded in Israeli New Shekel, NIS] End-of-Day
| Exchange | ISRAEL [Tel Aviv] | 52-Week Price Range | 26.87 - 34.19 |
| Currency | 1.000 USD = 3.65 New Israeli Shekel (NIS) | Sector | Banking & Investment Services |
| Jun 08, 2023 | NIS32.21 | Independent Rating | Ranked 785 in Forbes 2000 |
| EPS (FY2022) | NIS4.89 | Market Cap | NIS43 billion [US$12 billion] |
| DPS (past 12 months) | 70 agorot | Shares Outstanding | 1,336,859,593 |
| EPS Growth (FY2022 vs FY2021) | 32.9% | POLI in Indices | TA-25 |
| Ave Daily Volume | 3,119,401 shares | PVNIS1000 (1 yr) PVUS$1000 (1 yr) | NIS1,139 US$1,043* |
*If You Invested $1,000 in Bank Hapoalim B.M. a year ago, This is How Much You Would Have Today: $1,043. USD1000 would have bought NIS3,327 for 111.4 shares (@the then price of 29.87) worth NIS1,139 @32.21 today. Dividends reinvested are worth $55.
INDEX
SECTION 1 RECENT NEWS AND RESEARCH
SECTION 2 TODAY'S BULLISH SIGNALS
SECTION 3 ONGOING BULLISH PARAMETERS
SECTION 4 TODAY'S BEARISH SIGNALS
SECTION 5 ONGOING BEARISH PARAMETERS
SECTION 6 CORPORATE PROFILE AND INDEPENDENT RATINGS
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
APPENDIX II STOCK IDENTIFIERS
GLOSSARY
SECTION 1 RECENT NEWS AND RESEARCH
ex-Dividend since Jun 1
BANK HAPOALIM B.M. EX-DIVIDENDS SINCE JUN 1
The shares gained 9.2% in the 5 trading sessions since the ex-dividend date of June 01. The company paid a dividend of 60.05 agorot per share. Based on dividends of NIS1.70 per share for the trailing twelve months and the last price of NIS32.21 the dividend yield is 5.3%.
Bearish Turning Point
Williams % R
The stock is overbought according to the Williams % R indicator of -0.9, suggesting the price is close to its 14-day high. The Williams % R was previously -21.3.
Press Releases and Corporate Wire
May 23: Bank Hapoalim B.M. announces dividend
Bank Hapoalim B.M. today announced a cash dividend of 60.05 agorot per share. The ex-dividend date is Thursday, June 01, 2023 and the record date is Thursday, June 01, 2023 and it is payable on Wednesday, June 14.
SECTION 2 TODAY'S BULLISH SIGNALS
2.1 Relative Value Indicators: Undervaluation compared with sector averages
Bank Hapoalim B.M. stock is the fifth highest dividend yielding stock in the TA-25 Index.
2.2 Relative Value Indicators: Undervaluation compared with Index averages and bond yield
Dividend Yield > Bond Yield of 3.95%:
The dividend yield of 5.26% is 1.33 times the triple-A bond yield of 3.95%. The times factor of 1.33 is above the benchmark factor of 0.67 times set by Benjamin Graham.
(All figures in %)
| Dividend Yield | 5.26 |
| Bond Yield | 3.95 |
| Spread | 1.31 |
The Dividend Yield of 5.3% is better than the Index average of 4.2%
- The relative yield of the stock, defined by its yield of 5.3%, divided by average yield of dividend yielding stocks in the TA-25 Index of 4.2% is 123.8%. This suggests the stock is undervalued in dividend yield terms.
| Sector | Dividend Yield % | |
| Forbes 2000 | Stock: 5.3; Sector: 0.9 | undervalued |
2.3 PAST WEEK: MODERATE MOMENTUM UP - POLI lifts 9.2% on volume 1.1 times average
Week 23 of 2023: Up 9.2%; Bank Hapoalim B.M. (POLI) outperformed the TA-25 Index in 4 out of 5 days. The price ranged between a low of NIS30.24 on Tuesday Jun 06 and a high of NIS32.21 on Thursday Jun 08.
| Jun | Bank Hapoalim B.M. | Close [NIS] | Change % | RPC % * | Comment |
| Sun 04 | Up 3.3% in 2 days | 30.38 | 3.0 | 1.6 | Rises for a second consecutive day |
| Mon 05 | Offers dividend yield of 5.6% | 30.47 | 0.3 | 0.2 | Rises for a third consecutive day |
| Tue 06 | Drops on increasing volatility | 30.24 | -0.8 | -0.4 | Week-low of 30.24; Steepest Fall |
| Wed 07 | Offers dividend yield of 5.4% | 31.5 | 4.2 | 2.7 | Top Rise; VI*=1.8 |
| Thu 08 | Rises to push past 32.0 | 32.21 | 2.3 | 1.8 | VI*=1.1 |
* RPC - Relative Price Change is % price change of stock less % change of the TA-25 Index.
[Volume Index (VI); 1 is average]
2.4 Rank in the top 24% by Price Performance in the Israel market
| Description | Value | Rank |
| 1-week Price Change % | 9.2 | In Top 17% |
| PV1000 [1 yr] $ | 1,043 | In Top 24% |
2.5 Uptrend
The stock traded at a 17-day high of NIS32.21 today.
Beta > 1 combined with price rise. The Beta of the stock is 1.2.
Price/Moving Average Price of 1.05 and positive MACD:
- The Price/MAP 200 for Bank Hapoalim B.M. is 1.05. Being higher than 1 is a bullish indicator. It is higher than the Price/MAP 200 for the TA-25 Index of 0.97, a second bullish indicator. The 200-day MAP has increased to NIS30.81, a third bullish indicator.
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 30.83 minus the 26-day EMA of 30.72 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.
Past Quarter:
The Best 3 weeks in the past quarter
In the past quarter the week beginning Sunday June 04 saw the highest weekly rise of 9.2% for a relative price increase of 5.8%.
| Sun-Thu | Change % | TA-25 Index Change % | RPC % | Vol Ind [1 is avg] |
| Jun 04-08 | 9.2 | 3.4 | 5.8 | 1.1 |
| Apr 23-27 | 4.9 | 2.5 | 2.4 | 1.9 |
| Mar 19-23 | 4.4 | 3.6 | 0.8 | 1.2 |
Relative Strength (6 months) 74 percentile:
- The stock has a 6-month relative strength of 74 in the Israel market of 352 stocks indicating it has outperformed 74% of the market.
SECTION 3 ONGOING BULLISH PARAMETERS
3.1 EPS growth [FY2022 vs FY2021] of 32.9%:
| FY | EPS (ILS) | Growth % |
| 2022 | 4.89 | 32.9 |
| 2021 | 3.68 | 139.0 |
3.2 Past three-years
- Bank Hapoalim B.M. rose for a third consecutive year. In the past three years it has risen NIS12.15 (60.6%).
3.3 Rank in the top 2% by Size in the Israel market
| Description | Value | Rank |
| Ave daily Turnover | NIS115 million ($31.5 million) | In Top 2% |
| MCap | $12 billion | In Top 2% |
3.4 Present Value of NIS1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVNIS1000 > 1,075
| PVNIS1,000 | 3 mo ago | 1 yr ago | 3 yrs ago |
| POLI.TASE | NIS1,076 | NIS1,139 | NIS1,820 |
| Banking & Investment Services sector | NIS1,002 | NIS926 | NIS1,792 |
| TA-25 Index | NIS1,021 | NIS939 | NIS1,218 |
3.5 The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 4.1
3-Year price change of 65.4% for Bank Hapoalim B.M. outperformed the change of 24.3% in the TA-25 Index for a relative price change of 41.2%.
| Price Change % | Quarter | Year | 3 Years |
| Bank Hapoalim B.M. | 4.2 | 7.8 | 65.4 |
| Banking & Investment Services sector | 0.2 | -7.3 | 85.8 |
| TA-25 Index | -0.5 | -5.9 | 24.3 |
3.6 Stock vs Index (Annual Percentage Change)
| December 31 | Last price in NIS | Annual Return | Return of TA-25 Index |
| 2022 | 31.7 | 0.9 | -9.1 |
| 2021 | 31.4 | 51.7 | 32.1 |
| 2020 | 20.7 | -23.1 | -10.8 |
| 2019 | 26.9 | 24.3 | 14.8 |
| 2018 | 21.7 | - | - |
Over 5 years Bank Hapoalim B.M. is up a total 46.3% at an annualized rate of 10.0% compared to the Index being up 22.9% at an annualized rate of 5.3%.
Bank Hapoalim B.M. has outperformed the TA-25 Index in 3 of the past 5
years: 2022, 2021, 2019.
3.7 Moving Annual Return of 13.5% in the past year:
Moving Annual Return was 13.5% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 11.8%. The Moving Annual Return has been positive in 4 of the last 5 years.
| POLI | Close (NIS) | Dividends (NIS) | Capital Gain / (Loss) % | % Yield | Annual Return % |
| Jun 08 | 32.21 | 1.7 | 7.8 | 5.7 | 13.5 |
| 1 Yr ago | 29.87 | 1.11 | 18.5 | 4.4 | 22.8 |
| 2 Yrs ago | 25.21 | - | 29.5 | - | 29.5 |
| 3 Yrs ago | 19.47 | 0.75 | (13.8) | 3.3 | (10.5) |
| 4 Yrs ago | 22.58 | 0.19 | 2.7 | 0.9 | 3.6 |
Close 5 years ago NIS21.99
3.8 MCap: 5-Year Increase of NIS10 B [$3B] (32%)
In the past 5 years Market Capitalization has increased by NIS10.3 billion (32%) from NIS32.7 billion to NIS43.1 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 3 out of 5 years.
| Price | MCap (NIS B) | MCap ($ B) | |
| Last | NIS32.21 | 43.1 | 11.8 |
| 1 Year ago | NIS29.87 | 41.6 | 12.5 |
| 2 Years ago | NIS25.21 | 36.5 | 10.7 |
| 3 Years ago | NIS19.47 | 28.2 | 7.5 |
| 4 Years ago | NIS22.58 | 33.6 | 9 |
| 5 Years ago | NIS21.99 | 32.7 | 9.2 |
3.9 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 10.2%
| TSR % | 1 yr | 3 yrs | 5 yrs | 10 yrs |
| POLI.TASE | 13.9 | 21.9 | 10.7 | 10.3 |
3.10 Increased Volume, up 43% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has increased 42.6% to 3.1 million shares.
Avg. Daily Volume Traded 12 months ended Jun 08, million shares
| Year | ADVT |
| 2023 | 3.1 |
| 2022 | 3.2 |
| 2021 | 3.1 |
| 2020 | 3.1 |
| 2019 | 2.2 |
3.11 Increased VWAP, up 35% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 35.2% to NIS30.33.
Past five years, 12 months ended Jun 08 (NIS)
| Year | High Price | VWAP | Low Price |
| 2023 | 34.19 | 30.33 | 26.87 |
| 2022 | 34.25 | 28.36 | 22.89 |
| 2021 | 26.03 | 20.57 | 16.16 |
| 2020 | 27.16 | 22.47 | 15.37 |
| 2019 | 24.64 | 22.43 | 19.61 |
3.12 Increased share turnover, up 98% in 5 years
In the past five years, average daily share turnover has increased 98.5% to NIS94.6 million ($25.9 million). This suggests increased liquidity.
Past five years, 12 months ended Jun 08 (NIS million)
| Year | Average Daily Turnover |
| 2023 | 94.6 |
| 2022 | 88.2 |
| 2021 | 63.8 |
| 2020 | 65.1 |
| 2019 | 47.7 |
3.13 Satisfies two criteria of Benjamin Graham
-"Earnings growth over the most recent ten years of 7% compounded - that is a doubling of earnings in a five-year period"; the earnings per share have more than doubled in the last 5 years.
-"Stability of growth in earnings over the last 5 years, defined as no more than two declines of 5% or greater in year-end earnings";there has been only 1 decline in earnings in the last 5 years.
SECTION 4 TODAY'S BEARISH SIGNALS
4.1 Other Bearish Signals
- Total Liabilities/EBITDA of 36 is more than 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.
4.2 Overbought/Bearish Signals:
- The stock is overbought according to the Williams % R indicator of -0.9, suggesting the price is close to its 14-day high of NIS32.24.
SECTION 5 ONGOING BEARISH PARAMETERS
5.1 Rank in the bottom 11% by Productivity in the Israel market
| Description | Value | Rank |
| Return on Capital Employed [ROCE] % | 2.4 | In Bottom 11% |
| Return on Assets [ROA] % | 1 | In Bottom 9% |
5.2 Thin Interest Cover and Deteriorating
Interest cover of 2.7 is thin and under a safe benchmark figure of 3. Moreover, it has decreased from 5.1 a year ago.
| Years | Interest cover |
| 2022 | 2.74 |
| 2021 | 5.07 |
5.3 Satisfies 3 out of 9 criteria of Joseph Piotroski [pass mark 5]:
- Positive net income.
- Positive operating cashflow.
- Return on Assets improvement [from 0.8% to 1%].
But does not meet the following 6 criteria of Joseph Piotroski:
- Good quality of earnings [operating cashflow exceeds net income].
- Improvement in long-term debt to total assets.
- Improvement in current ratio.
- Total shares on issue unchanged (or reduction in total shares on issue).
- Improvement in gross margin.
- Improvement in asset turnover.
SECTION 6 CORPORATE PROFILE AND INDEPENDENT RATINGS
6.1 Activities
Bank Hapoalim is an Israel-based banking and financial institution which has a network of 252 branches and eight regional business centres in Israel and a presence in many countries. It is Israel's largest Banking & Investment Services company by market capitalisation.
6.2 Independent Ratings and Relative Value Indicators
+ Brand Finance 500:
Bank Hapoalim B.M. was ranked 151 in the Brand Finance list of the world's 500 Valuable Banking brands by brand value in 2015; an improvement over a year from rank 154 in 2014. Brand Finance valued the brand at US$1,058 million and ranked it Number 151 in Middle East.
6.3 Contact Details
| Website | http://www.bankhapoalim.co.il |
| Physical Address | 50 Rothschild Boulevard Tel Aviv, 66883 Israel |
| Phone | 972-3-5673333 |
| Fax | 972-3-5674576 |
| YORAM.WEISSBREM@MAILPOALIM.CO.IL |
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
POLI: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:
+ PRICE VOLUME - 5-YEAR HISTORY
+ FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2021]:
+ PEER COMPARISON - STOCK IN BANKING & INVESTMENT SERVICES SECTOR AND STOCK IN INDICES
POLI: LINKS IN HTML TO FURTHER INFORMATION:
+ NEWS ARCHIVES - POLI PAST 4 YEARS IN HTML:
APPENDIX II STOCK IDENTIFIERS
ISIN: IL0006625771
PermID: 4295875283
RIC: POLI.TA
GLOSSARY
ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Current Ratio: Current Assets/Current Liabilities (times)
Dividend Yield: Dividend Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
Interest Cover: Earnings Before Interest and Tax/Interest (times)
Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price Close/Moving Avg Price: Latest Price/Moving Average Price
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
Volatility: Highest Price minus Lowest Price/Lowest Price (%)
Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.
Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.
Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.
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