Analyses on Almog (4)
- March 26, 2026March 26, 2026
- Follow-up
Almog Kfar Saba: what the new financing structure really fixes
The new Kfar Saba financing structure solves the land closing and the bridge into project finance, but it does not solve the full financing question of the project. It replaces an immediate cash shortage with an expensive, milestone-driven layered structure.
- Follow-up
Almog Yavne: can the appraised value really become cash
Yavne is a proof of asset quality and a proof of holding stability, but still not a proof of cash for shareholders, because value first runs through Harel’s 49% stake, a thick debt layer, and a hold period before any real monetization.
- Follow-up
Almog and Mataa HaZeitim: the gap between reported gain and cash that actually reaches the company
For Almog, the key number in the Mataa HaZeitim transaction is not NIS 220.5 million at the full-deal level but roughly NIS 72 million of expected free cash, while the company still keeps the site's commercial and employment rights.
Almog 2025: operations improved, but cash still hinges on Mataa HaZeitim and the Yavne refinance
Almog exited 2025 in better operating shape, but the read on the company still depends on turning the Mataa HaZeitim sale and the Yavne refinancing into real accessible liquidity rather than just delayed pressure.
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