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Analyses on ZUR (5)
- May 4, 2026
- March 31, 2026March 31, 2026
- Follow-up
Zur Shamir: Adgar Between Flat Rent, One-Off Compensation, and FX and Cap-Rate Sensitivity
Adgar's 2025 improvement was real, but it was not a clean improvement in the rental engine. Rent barely moved, while profit leaned mainly on expropriation compensation, a shift from negative to positive revaluation, and financial sensitivity that looked friendlier this year.
- Follow-up
Zur Shamir: Direct Finance After the Revenue Growth, Higher Credit Losses, and More Structured Funding
Direct Finance proved in 2025 that demand is real, but the quality of growth weakened because a larger share of the improvement came from fair-value marks, commissions, and loan assignments while credit losses and growth costs moved higher.
- Follow-up
Zur Shamir: The Parent Layer, Debt Maturities, and Dependence on Upstream Dividends
Zur Shamir's discount is driven less by a lack of asset value and more by a lack of direct access to that value: the parent value table is still anchored to a 31 December 2024 appraisal, the parent ends 2025 with NIS 954 million of net financial debt, and cash moves up the chain…
Zur Shamir 2025: Insurance Carries the Story, Credit Costs More, and the Parent Still Cannot Freely Access the Value
Zur Shamir ends 2025 with relatively strong operating assets, but also with a persistent gap between profit created inside the group and value that is actually accessible to the parent-company shareholders.
