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Analyses on Ludan (4)
- March 26, 2026March 26, 2026
- Follow-up
Lodan 2025: Is Romania moving from an opportunity engine to a durable earnings engine
Romania is no longer a side activity inside Lodan. In 2025 it was the driver of improvement in overseas engineering profitability, but it is still not the durable earnings engine of the full European platform because 86% of overseas revenue remains in Western Europe and the sign…
- Follow-up
Lodan 2025: The Israeli MEP backlog looks large, but how much of it is actually close to revenue and collections
Lodan's Israeli MEP backlog provides visibility, but as of year-end 2025 it looks more like long-dated visibility than a near-term engine of revenue, collections, and profitability.
- Follow-up
Lodan 2025: How much of the cash is actually accessible after the spin-off
After the spin-off, Lodan can look like it has NIS 52.1 million of liquidity when cash and the related-company loan are viewed together, but in practice only NIS 21.6 million is cash and only NIS 2.5 million more sits in the current bucket. The rest is tied up as a longer-durati…
Lodan 2025: Europe carries the earnings, Israel still has to prove the cash
Lodan emerged from the spin-off as a cleaner engineering company, but also a more economically split one: Europe and Romania carry the earnings, while Israel still drives the backlog without yet proving clean cash conversion.
