The company owns many industrial parks – a total of 743K sq. meters, in inflation-adjusted long-term contracts, with an occupation rate of 96%, which produced for the company an income of 330 Million Shekels in 2011.

In the residential sector, the company finished selling all units in two projects it had, and started selling a new project. From these sales the company received 5.1 Million Shekels in 2011.

The company has very interesting assets:

1. Haifa Matam Park: Home of Intel, Microsoft, Google, Elbit, Phillips and many other high-tech companies. It contains 194K sq. m. rental space of which 145K sq. m. are office space. The occupation rate of this asset is 97%. This assets gives a return of 8.4% on its value, which was calculated as 1,088,497K Shekels, almost one fourth of the company’s long term assets.
2. Herzlya North: Home of more hi-tech companies, one of them Microsoft. It contains 114K sq. m. rental space of which 44K sq. m. are office space. The occupation rate of this asset is 98%. This assets gives a return of 7.8% on its value, which was calculated as 721,160K shekels.

Overall, the company’s assets give a return of 8.6%, on assets valued at 3,231,870K Shekels, with an occupation rate of 96.5%. Pretty nice.

The company is also developing a number of projects, extending the Herlyza and Matam parks and building a full hi-tech park in Beer-Sheva similar to the Matam park. From a presentation to investors, the company is building 266K sq. m. more of office space that will be available for rent in the future (2-3) years.

The company’s stock price has grown 21% since 2000. It had a high valuation in 2006 of 1000 Shekels, from which it went to 410 Shekels in the hysteria of the sub-prime crisis. Now it hovers around 800, going up and down as the winds of the stock exchange carry it, with no real direction.

The stock’s behavior can be expected from how the company has operated in the last years. The stock’s EPS since 2005 has been a roller-coaster:

Here are some numbers from the latest (2011) yearly statements (all numbers are in terms of thousands shekels):

What I read from these statements is:

1. Consistent cash flow.
2. Lots of assets.
3. In 2011 the company had small income because it paid lots of taxes (I read that in the company’s statements).
4. Many liabilities, but most of them are long term, which will be paid in the next 5 to 10 years. Since the company generated very good cash flow from its rents, I don’t think it will have a problem paying.

Gav Yam has distributed dividends regularly since 2002, even doing so in the height of the real-estate crisis, which didn’t even touch the company:

It is hard to say that there is a trend to increase the dividends, and the company does not have a dividend policy, but since it is owned by holding companies that need the money to pay for their acquisitions, I thinks dividends will continue to flow.

Reading the numbers, Gav Yam does not look like a promising company. But from my point of view, it is. It has great assets, and even greater projects. It has debt, I don’t think they will have a problem serving it, both in the short and long terms.

If you have ideas how to better analyze this company, please commend. I’ll do my best to improve with time.

Disclaimer: I am not a certified investor of any kind. These are my personal views and are solely for informational purposes. The numbers I have provided here were digged up by me from many sources and may be wrong in many places. User discretion is advised. I may or may not own the stocks named in this post. This message will not self destruct in 5 seconds.

Related posts:

1. My Latest Analysis
2. Delek Nadlan Bonds – Speculate on Tshuva’s Image
3. The Price of Stocks

First, the “Select All” action should be similar to other eclipse standard actions, like “Undo” and “Delete”, so I expected some treatment similar to these actions – a SelectAllRetargetAction or something similar. There is a SelectAllAction class in the GEF framework, but I was not sure how to plug it in. First, I saw that this action was already registered in the actionRegistry in GraphicalEditor.createActions() function. So why was it disabled? More code reading showed me that also the undo and redo actions are registered there, but I also had to create for them a retargetable action in the ActionBarContributor of my editor. So I added this code to the OPMGraphicalEditorActionBarContributor.buildActions() method (the last line):

	@Override
	protected void buildActions() {
		addRetargetAction(new UndoRetargetAction());
		addRetargetAction(new RedoRetargetAction());
		addRetargetAction(new DeleteRetargetAction());
		addRetargetAction(new RetargetAction(GEFActionConstants.TOGGLE_GRID_VISIBILITY,
				GEFMessages.ToggleGrid_Label,
				IAction.AS_CHECK_BOX));
		addRetargetAction(new RetargetAction(GEFActionConstants.TOGGLE_SNAP_TO_GEOMETRY,
				GEFMessages.ToggleSnapToGeometry_Label,
				IAction.AS_CHECK_BOX));
		addRetargetAction(new RetargetAction(GEFActionConstants.SELECT_ALL, GEFMessages.SelectAllAction_Label));
	}

The “Select All” menu item became available and the action worked, even with the expected “Ctrl+A” keyboard accelerator. But the editor showed me that the GEFActionConstants.SELECT_ALL constant is deprecated, and that I should use the ActionFactory.SELECT_ALL.getId()… I scratched my head a bit… I had a new lead on my problem, but where to search for clues? Obviously, the org.eclipse.gef.examples.logic project! And there it was: the ActionBarContributor.declareGlobalActionKeys() function calls addGlobalActionKey(ActionFactory.SELECT_ALL.getId()). In two minutes I removed my old line and added this one to my contributor class, and there it was again, the “Select All” action worked, and the code was clean of warnings.

Seems strange to me that although the action was already registered, only when I added here the action became available. The name of the function (and it’s location) is also confusing: why the Bar in ActionBarContributor? And another nice thing in the code of this class is the warning in the class comment:

/**
 * Contributes actions to the workbench. !!Warning: This class is subject to
 * change.
 */

But the “Select All” action works, and that is what matters.

Related posts:

1. Creating a GEF Editor – Part 12: Enable Save Action on the Editor
2. Creating an OPM GEF Editor – Part 18: Snapping to Grid and to Geometry
3. Creating a GEF Editor – Part 8: Delete, Undo and Redo

Related posts:

1. The Seven Laws of Investing

Some thoughts on my implementation:

First, I do no parameter validation or error checking. So what can happen? here are a few examples:

• The input file may not exist.
• The input file exists but is not a zip file.
• The output directory does not exist.
• Problems may occur in the middle of the process of reading from the input file or writing to the file system (for example if your output file system is a network disk and your cat just ate the network cable).

As you can see, many things can go wrong (and will), so a GOOD implementation (not a simple example) should check for these problems and deal with them as best as it can. I personally don’t like the way Java forces you to catch all exceptions, because it makes code harder to read. But in real systems you cannot have this luxury.

Second, the implementation assumes that the Enumeration returned by the ZipFile is ordered – directories before the files in the directories. I didn’t find any comments about this in the documentation of ZipFile… maybe it’s part of the zip standard.

Related posts:

1. Java Examples Repository – First Example: Copy a File from a URL to a Local Path
2. Creating a GEF Editor – Part 5: Loading the Model from an EMF File
3. The Quest for the Perfect Java Graph Framework

/*******************************************************************************
 * Copyright (c) 2012 Arieh 'Vainolo' Bibliowicz
 * You can use this code for educational purposes. For any other uses
 * please contact me: vainolo@gmail.com
 *******************************************************************************/
package com.vainolo.examples.net;

import java.io.BufferedInputStream;
import java.io.BufferedOutputStream;
import java.io.File;
import java.io.FileOutputStream;
import java.net.URL;
import java.net.URLConnection;

public class NetworkFileCopier {
	public static File copyFileFromWeb(String address, String filePath) throws Exception {
		byte[] buffer = new byte[1024];
		int bytesRead;

		URL url = new URL(address);
		BufferedInputStream inputStream = null;
		BufferedOutputStream outputStream = null;
		URLConnection connection = url.openConnection();
		// If you need to use a proxy for your connection, the URL class has another openConnection method.
		// For example, to connect to my local SOCKS proxy I can use:
		// url.openConnection(new Proxy(Proxy.Type.SOCKS, newInetSocketAddress("localhost", 5555)));
		inputStream = new BufferedInputStream(connection.getInputStream());
		File f = new File(filePath);
		outputStream = new BufferedOutputStream(new FileOutputStream(f));
		while ((bytesRead = inputStream.read(buffer)) != -1) {
			outputStream.write(buffer, 0, bytesRead);
		}
		inputStream.close();
		outputStream.close();
		return f;
	}
}

The code is available on the Vainosamples repository. Oh, and if you have a better implementation, please do tell me!

Related posts:

1. Learning JUNG – Java Universal Network/Graph Framework
2. JGraph – Another Java Graph Framework
3. Creating a GEF Editor – Part 5: Loading the Model from an EMF File