Telecommunications service provider-telephone, satellite TV, mobile operator & internet.
Bezeq's core is stronger: fiber, Pelephone, and yes are now generating visible operating improvement. But after the dividend, the buyback, and the remaining M&A optionality, capital flexibility is no longer something investors should treat as automatic.
Bezeq Fixed Line has already crossed over at the revenue line, but not yet at the full profit-and-cash level: fiber, data and cloud now offset telephony erosion, while depreciation, tax noise and the retail-versus-wholesale mix still absorb too much of the value.
yes improved materially in 2025, but the cushion left in the valuation is still thin: the NIS 762 million DCF value is supported partly by a lower discount rate, while the accounting framework allows only a NIS 92 million reversal at year-end.
