Stock chart
Analyses on HOD-Assaf (3)
- March 29, 2026March 29, 2026
- Follow-up
Had-Asaf follow-up: is Romania a real recovery engine or just a temporary trading-spread story
Romania turned profitable in 2025, but at this stage it still looks more like a temporary trading-spread story than a proven recovery engine: 88% of revenue already came from trading, segment profit was only NIS 0.7 million, and import quotas are due to be cut by about 50% from…
- Follow-up
Had-Asaf follow-up: how receivables, inventory, and on-call debt locked the cash cycle
In 2025, Had-Asaf did not lose only margin. It also lost cycle speed. Receivables stretched, inventory days jumped, supplier funding did not offset the change, and the cycle ended up being closed through short-term on-call bank debt rather than through internal cash generation.
Had-Asaf 2025: imports returned, margins compressed, and the pressure moved to the balance sheet
Had-Asaf entered 2026 with strong equity and wide covenant headroom, but also with a core business whose profitability has fallen back close to 2023 levels and with a balance sheet carrying more inventory, longer receivables, and more short-term debt. The right read today is the…
