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1. Company Snapshot

1.a. Company Description

InterCure Ltd., together with its subsidiaries, engages in the research, cultivation, production, marketing, and distribution of medical cannabis products in Israel and internationally.It offers dried cannabis inflorescences and cannabis extract mixed with oil.The company also invests in biomed sector.


InterCure Ltd.was incorporated in 1994 and is headquartered in Herzliya, Israel.

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1.b. Last Insights on INCR

InterCure's recent performance was negatively impacted by the delay in realizing benefits from its strategic acquisition of ISHI, despite unlocking access to premium U.S. cannabis technology and brands. The company's significant research partnership with Cannasoul, while innovative, may divert short-term resources. Moreover, the company's revenue growth, although positive, was modest at NIS 130 million in the first half of 2025. Additionally, the company's operating cash flow, although positive at NIS 12 million, may not be sufficient to address ongoing operational costs and investments in expansion.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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InterCure (NASDAQ:INCR) Shares Up 0.7% – Time to Buy?

Nov -22

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InterCure and Cannasoul Sign Strategic Investment and Collaboration Agreements to Advance Cannabis Science and Pharmaceutical Innovation

Nov -03

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InterCure Reports First Half 2025 Results with NIS 130 Million in Revenue and Positive Operating Cash Flow

Oct -08

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InterCure Announces Strategic Acquisition of ISHI, Unlocking Access to Premium U.S. Cannabis Technology and Brands

Sep -19

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InterCure Announces FY2024 Results and Provides Q1 2025 Update: Revenue of NIS 239 Million and Adjusted EBITDA of NIS 24 Million, Strong Start to 2025

May -01

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InterCure Names Alexander Rabinovich as Chairman Replacing Ehud Barak

Feb -12

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InterCure has Secured Funding of NIS 66M to support the recovery of Nir Oz Facility

Dec -20

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Are Investors Missing The Forest? 35% Stock Drop Masks The International Potential Of This Weed Company

Sep -14

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (20.50%)

6. Segments

Cannabis

Expected Growth: 20.5%

Growing demand for medical and recreational cannabis, increasing legalization, and InterCure's high-quality pharmaceutical-grade products position the company for significant growth in the global cannabis market.

7. Detailed Products

Cannabis Flos

High-quality cannabis flowers for medical and recreational use

Cannabis Oil

Concentrated cannabis oil for medical and recreational use

Vapes

Portable and discreet cannabis vaporizers for on-the-go use

Edibles

Cannabis-infused food and beverages for recreational and medical use

Topicals

Cannabis-infused creams, balms, and salves for localized relief

Pharmaceuticals

Cannabis-based pharmaceuticals for medical treatment

8. InterCure Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for InterCure Ltd. is medium due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers for InterCure Ltd. is high due to the concentration of buyers in the market.

Bargaining Power Of Suppliers

The bargaining power of suppliers for InterCure Ltd. is low due to the availability of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for InterCure Ltd. is medium due to the moderate barriers to entry in the market.

Intensity Of Rivalry

The intensity of rivalry for InterCure Ltd. is high due to the high level of competition in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 30.07%
Debt Cost 5.15%
Equity Weight 69.93%
Equity Cost 5.15%
WACC 5.15%
Leverage 43.00%

11. Quality Control: InterCure Ltd. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
PharmaSGP Holding

A-Score: 5.5/10

Value: 3.9

Growth: 6.6

Quality: 9.0

Yield: 2.5

Momentum: 4.0

Volatility: 7.0

1-Year Total Return ->

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Pharmanutra

A-Score: 4.2/10

Value: 1.8

Growth: 6.6

Quality: 8.1

Yield: 3.1

Momentum: 0.5

Volatility: 5.0

1-Year Total Return ->

Stock-Card
InterCure

A-Score: 3.1/10

Value: 9.0

Growth: 2.3

Quality: 2.9

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

1-Year Total Return ->

Stock-Card
Probi

A-Score: 2.9/10

Value: 0.6

Growth: 3.0

Quality: 4.2

Yield: 0.0

Momentum: 8.5

Volatility: 1.3

1-Year Total Return ->

Stock-Card
Benchmark

A-Score: 2.7/10

Value: 6.6

Growth: 2.3

Quality: 5.2

Yield: 0.0

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

Stock-Card
PolyPeptide

A-Score: 2.3/10

Value: 3.6

Growth: 4.0

Quality: 2.5

Yield: 0.0

Momentum: 2.5

Volatility: 1.0

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.36$

Current Price

1.36$

Potential

-0.00%

Expected Cash-Flows