Investment house managing securities portfolios & mutual & provident funds.
Analyst enters 2026 with a stronger operating engine, but also with a capital and liquidity cushion that relies more heavily on markets, capitalized acquisition economics, and debt, so the key question has shifted from growth pace to capital and cash quality.
Analyst ended 2025 with a very strong inflow engine, but roughly one third of the AUM jump also came from market tailwinds, so the repeatability test for 2026 depends on both continued new money and a market backdrop that does not weaken too much.
Analyst finished 2025 with very strong earnings, but cash stayed behind: operations generated NIS 53.6 million before interest, tax, and dividends and only NIS 10.8 million after them, so the year-end cash balance depended mainly on NIS 124 million of share-issuance proceeds rat…
Analyst's end-2025 equity is stronger than in 2024, but it still rests unusually heavily on two lines that need to be separated: NIS 232.2 million of fair-value financial assets and NIS 202.5 million of the asset to obtain customer contracts.
