Analyses on OR Shay (4)
- March 26, 2026March 26, 2026
- Follow-up
Follow-up on Orshi: What Was Bought for NIS 36 Million, and What Could Still Move in Purchase Accounting
The Top Capital deal gave Orshi control over a developer-finance platform, but it also created an accounting mechanism that will keep moving earnings: NIS 12.9 million of goodwill, NIS 4.2 million of amortizing assets, and an initial NIS 1.152 million collective credit-loss char…
- Follow-up
Follow-up on Orshi: How Exposed the Group Really Is to Construction, and Why It Matters
Orshi is far more exposed to the construction chain than a simple segment split suggests: on a conservative view, at least about 69.5% of the combined gross credit book is already tied directly to construction finance or to the construction bucket inside business credit, and one…
- Follow-up
Follow-up on Orshi: The Bond Deed, the Equity Ratio, and What Really Has to Move
The requested bond-deed amendment mainly addresses a measurement problem: the ratio tightened because Top Capital's balance sheet was consolidated into Orshi while the parent says it does not guarantee that subsidiary's liabilities, not because Orshi suddenly lacks headline equi…
Orshi 2025: Top Capital Is Already in the Balance Sheet, but the Financing Test Is Just Starting
Orshi entered 2026 as a larger and more diversified credit platform, but the key question is not book size. It is whether the funding structure and covenants can translate the Top Capital consolidation into stable net profit.
