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Analyses on Kardan Real EST (5)
- May 19, 2026
- March 19, 2026March 19, 2026
- Follow-up
Kardan Nadlan: How Much of El-Har's Backlog Is Real Diversification and How Much Stays Inside the Group?
El-Har's backlog gives Kardan Nadlan only partial diversification: about 66% is third-party, but roughly 34% still depends on five group projects, so earnings quality remains tied to the same residential economics.

- Follow-up
Kardan Nadlan: What Do 80/20 Deals and Contractor Loans Really Say About Sales Quality?
Kardan Nadlan’s 2025 sales look reasonable at the unit level, but in several key projects they relied materially on 80/20 campaigns and contractor loans, so sales quality is weaker than the headline number and the real test is deferred to delivery and collection.

- Follow-up
Kardan Nadlan: How Much of the Project Surplus Can Actually Reach Shareholders?
Kardan Nadlan's project-surplus table points to value being created inside projects, but only part of that value can realistically become cash accessible to shareholders, and certainly not at the pace or scale that the NIS 523.7 million headline might suggest.

Kardan Nadlan 2025: El-Har Is Carrying Results, but Land and Debt Are Eating the Room to Maneuver
El-Har and Beit Kardan are holding the near-term picture together, but 2025 showed that Kardan Nadlan is in a debt-funded bridge year in which land, inventory and debt are growing faster than profit and cash.






























































