OR Shay

Provides non-banking credit services.

Sector: Non Banking CreditMarket cap:
All analyses

Analyses on OR Shay (1)

Orshi 2025: The Balance Sheet Has Consolidated, The Earnings Have Not, and the Funding Test Is Just Starting

Orshi exits 2025 as a broader credit platform, but also as a company whose center of gravity has shifted from pure underwriting quality to capital, covenants and funding architecture. Top Capital has already enlarged the balance sheet. It now has to enlarge earnings as well with…

March 26, 2026
Follow-up dives

Follow-up dives on OR Shay (3)

Follow-up

Follow-up on Orshi: Top Capital’s Price Tag, Purchase Accounting and What Could Still Move

Top Capital's NIS 36 million price tag looks cheap only if it is read as clean seller consideration. In practice, this was a control deal built from both share purchases and fresh capital injected into a leveraged lending platform, while the purchase-price allocation remains pro…

March 26, 2026
Follow-up

Follow-up on Orshi: How Much of the Combined Book Really Sits in Construction, Developers and Contractors

After the Top Capital acquisition, Orshi should be read first as a construction-linked credit group. On a conservative mapping, roughly 70% of the combined net book already sits directly on construction, and a broader reading that includes infrastructure pushes the share closer…

March 26, 2026
Follow-up

Follow-up on Orshi: The Bond Deed, the Capital Ratio and How the Balance Sheet Is Really Measured

Orshi's bond-deed amendment does not create new capital and does not relax the 15.75% floor, but it does change the balance-sheet perimeter used for Series E, which is why it can move the reading from a near-floor ratio to one that better matches the liabilities Orshi actually g…

March 26, 2026