Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price8.54 USD
Fair value13.56
Ethical score70.0/100
RatingOPPORTUNITY
Our investment reviews on this name
2026-09-03Read Markup7.89+8.2% to today ✓
2026-08-03Read Markdown7.05+21.1% to today
2026-07-02Read Distribution7.44+14.8% to today
Our analytic regime reads on this name, dated and marked against today's price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Kamada Ltd. holds its Markup at $8.54. Consolidating, no directional conviction, held for 231 days.
As held on the ledger · 2026-09-07
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 231 days
Price at the screen
$8.54
Valuation
22.47 trailing · 14.31 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.14
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
2.54%
Below 33%
Interest-bearing debt is just 2.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
16.61%
Below 33%
Cash held in interest-bearing accounts and securities is 16.6% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads OPPORTUNITY: it trades at roughly a 59% discount to our $13.56 fair value, weak competitive moat, 22.70% revenue growth.
Fair value range in USD, drawn from the 2026-09-07 screen. The gold marker is the market price at the same screen. A 58.8% margin of safety to the base estimate.
Third-party analyst targets: 4 covering, consensus None. The average target sits +64% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-07 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Plasma proteins priced like a forgotten bargain
When a transplant patient needs protection from cytomegalovirus or a rabies exposure hits, the treatment often traces back to plasma proteins made in Israel. Kamada sits in that niche, selling specialised therapies that larger players overlook. At $7.05 against a fair value of $13.25 the shares trade at an 88 percent discount, a forward P/E of 11.5 times and an ethical screen that clears cleanly.
The business posts an 11 percent profit margin and 8 percent ROE while revenue edges forward at 3 percent a year. Four analysts carry a strong-buy consensus with a $13 median target. That combination of cash generation and valuation leaves room for re-rating if execution stays steady and plasma supply chains hold.
Risk sits around the weak moat and thin growth. Low returns on equity and modest top-line gains flag limited pricing power against bigger plasma collectors. Currency moves and any slip in specialist demand could keep multiples compressed for longer than the numbers suggest. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Israel and to currency swings; as a drug manufacturers - specialty & generic name, trial and regulatory outcomes can move it sharply either way; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
KMDA trades on Nasdaq (the company is based in Israel). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-03Markup · changed$7.89+11.9%Entry 5
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 11.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (4 analysts) rates it strong buy, with a mean price target of $13.
2026-08-03Markdown · changed$7.05-5.2%Entry 4
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (4 analysts) rates it strong buy, with a mean price target of $13.
2026-07-18Distribution$7.44+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 28%. The street (4 analysts) rates it strong buy, with a mean price target of $13.
2026-07-03Distribution$7.44+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$7.44Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
