Elbit: services revenue is compounding under a cyclical label

Aftermarket and services now contribute the majority of segment profit and grow independently of the equipment cycle. The whole company is still valued as a cyclical.

Adam Rosen@adam_rosen

Evidence · 4 cards

The case

Elbit: services revenue is compounding under a cyclical label

Aftermarket and services now contribute the majority of segment profit and grow independently of the equipment cycle. The whole company is still valued as a cyclical.

The edge

The Street says

Consensus models the cycle turning in the second half
Sell-side target clusters within 8% of spotAuto

I say

The turn already happened in order intake two quarters ago
My number is 14% above the street on the out yearCreator est.

Path to target

Entry: 114735.89Auto
Out-year EPS: +18% vs consensusCreator est.
Exit multiple: 22x, in line with the last cycle peakCreator est.
= Target: 133315.61Creator est.

Catalyst timeline

JUL 18, 2026 · PAST
Q results, margin guide reiterated
AUG 12, 2026 · PAST
Analyst day, capex framework updated
SEP 11, 2026
Next print, the number that decides this

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ESLT.TALong

Hit

Entry$114,735.89

Resolved$136,494.19

21d horizon

PositionNo position

Compensation

Certified independent

ViewsThese are the creator's own views

This is research, not financial advice. Calls lock at publish and are graded by the market; they can be and often are wrong. Do your own research and consider your own circumstances before acting.