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Analyses on PAZ Energy (6)
- May 20, 2026
- April 30, 2026
- March 11, 2026March 11, 2026
- Follow-up
Pazgaz in 2025: Paz’s Second Energy Engine, With Operating and Regulatory Friction
Pazgaz has already become Paz’s second energy engine, but the quality of that engine still depends on whether LPG growth, electricity supply under a moving regulatory framework, and the Sunray Texas contribution can coexist without turning into operating, infrastructure, or labo…

- Follow-up
Paz After Baz"a: Can the New Supply Model Preserve Transport Margins
2025 showed that Paz could lift gross profit and EBITDA in transport energy without much volume growth, but 2026 is still the first real proof year for whether those margins can be preserved under an external supply model split between Baz"a and BAZAN.

- Follow-up
Paz: How Much of the Real-Estate Value Can Actually Reach Shareholders
Paz's roughly NIS 3.2 billion real-estate layer is real, but most of it sits in self-use assets and in value that is not booked on the balance sheet; the hard disclosed monetization path is far narrower and currently amounts to NIS 127 million of signed transactions, of which NI…

Paz in 2025: The Operating Engine Improved, But Not All the Value Is Equally Accessible
Paz finished 2025 with a stronger operating engine than the accounting headline suggests: transport energy, Yellow, Pazgaz, and the balance sheet all improved, but part of the value still sits in self-use real estate or depends on monetization and on proving the new supply model…














