NANTUCKET TAKES: Value Wins and MAXO Remains Well-Positioned Ahead

研报英文原文证据摘录

NANTUCKET TAKES: Value Wins and MAXO Remains Well-Positioned Ahead

Israel | Discount Retailers

Max Stock Ltd. EquityJuneResearch18, 2026

FLASH NOTENANTUCKET TAKES: Value Wins and MAXO

RATING BUYRemains Well-Positioned Ahead

PRICE ILS39.28^

In Nantucket, we met with Talia Sessler (Chief Corporate Development & IR

Officer). During our meeting, mgmt noted a structurally strong comp backdrop PRICE TARGET | % TO PT ILS40.00 | +2%

driven by mix and basket expansion, supported by steady macro conditions 52W HIGH-LOW ILS42.47 - ILS14.53

and domestic demand. Looking ahead, we believe the retailer remains well- FLOAT (%) | ADV MM (USD) 63.8% | 14.45

positioned for growth. MARKET CAP ILS5.5B | $1.9B

TICKER MAXO IT

^Prior trading day's closing price unless otherwise

MET WITH MGMT. We met with Talia Sessler (Chief Corporate Development & IR Officer) to noted.

discuss recent trends, margin drivers, and growth initiatives. The tone was constructive, with mgmt

emphasizing strong consumer health, continued demand for upgraded assortment, and confidence

in sustaining both top-line momentum and margin stability.

Israeli Consumer Remains Resilient Despite Volatility. Mgmt highlighted that the Israeli consumer

remains healthy, supported by low unemployment, below-target inflation, and expectations for

declining rates given shekel strength. Demand trends remain solid, with no meaningful impact

from higher oil prices. April experienced some headwinds due to the calendar shift. Additionally,

expensive airfare has led to fewer Israelis traveling abroad, supporting domestic consumption.

Our Take: The setup suggests a ~relatively stable business, but results have been quite strong. We see

a structural tailwind to discretionary categories, particularly home-focused spend too.