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Analyses on Nawi (4)
- March 27, 2026March 27, 2026
- Follow-up
Naoi 2025: Naoi et Luzon and the Post-Isracard Option Set
After exiting Isracard, Naoi is using the room that opened up to build options in adjacent credit fields. Naoi et Luzon is already operating and has received NIS 90 million of capital, but year-end 2025 still shows a launch phase built around a first acquired book rather than a…
- Follow-up
Naoi 2025: How Comfortable Is the Funding Stack After the Book Jump?
Naoi ended 2025 with a more diversified funding stack, but not with dramatically deeper balance-sheet slack. Most of its flexibility still rests on banks, commercial paper, and available facilities, while the truly long layer remains relatively small.
- Follow-up
Naoi 2025: Stage 3 Rose, Are the Collateral Buffers Really Enough?
At the total-book level Naoi has a real collateral cushion, but the sharp rise in Stage 3 and the sharp drop in Stage 3 coverage mean the debate has shifted from whether collateral exists to whether the model and recovery assumptions behind it are conservative enough.
Naoi 2025: The Book Grew Fast, Now Comes the Proof Year
Naoi ended 2025 as a large and well-funded lender, but 2026 is a proof year: it has to show that the jump in the book converts into clean core earnings, that provisioning stays under control, and that heavier dependence on banks and the capital markets does not erode returns.
