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Analyses on Together (3)
- March 26, 2026March 26, 2026
- Follow-up
Togeder: Uganda and Export, Between Strategic Optionality and an Earnings Engine That Still Hasn't Arrived
Togeder's Uganda and export story looks like real strategic optionality in 2025, but not yet like an earnings engine for the group, because revenue outside Israel remained small, the Ugandan subsidiary stayed loss-making, and the group is still funding it heavily.
- Follow-up
Togeder: Where Cash Gets Stuck Between Inventory, Consignment and Receivables Financing
Togeder finished 2025 with operational improvement and positive operating cash flow, but the cash is still trapped inside working capital. The current-asset surplus leans mainly on inventory, consignment, and receivables that are already supporting financing, so the improvement…
Togeder 2025: The Improvement Is in the Numbers, but Israel and Financing Still Write the Story
Togeder in 2025 already shows real operating improvement, but the shareholder thesis is still defined mainly by dependence on Israeli sales, heavy working capital and a funding structure that still needs proof.
