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Analyses on Petrochemical (4)
- May 20, 2026
- March 26, 2026March 26, 2026
- Follow-up
Petrochemicals versus Bazan: how much of reported equity is actually reachable
At Petrochemicals, reported equity of NIS 870.9 million does not translate into similar value for common shareholders because almost all of it rests on the Bazan stake at carrying value, while the market value of the pledged shares was only NIS 762.8 million and three debt layer…
- Follow-up
Petrochemicals' repayment source: how much of 2027 really depends on Bazan
Series 11 and the trustee cash bought Petrochemicals time, but not an independent repayment source. Even after the March 2026 Bazan dividend, the heavy part of the 2027 wall still depends on Bazan, its dividend stream, its share price, or refinancing against that same asset.
Petrochemicals in 2025: The equity looks large, but the path from Bazan to shareholders is still narrow
Petrochemicals entered 2026 with a shorter debt stack and more time, but not with a new repayment source. The accounting value of the Bazan stake still looks large, while the value actually available to common shareholders remains dependent on Bazan’s market value, upstream divi…
