Delek-Controlled Ithaca Joins London’s Prestigious FTSE 100 Index in September
Ithaca Energy, primarily owned by Israel’s Delek Group under businessman Yitzhak Tshuva, is set to join the FTSE 100, London’s leading stock index, in September. Although not officially an Israeli company, Ithaca is one of the few Israeli-owned firms to enter this prestigious index. The company operates in oil and gas exploration, production, and sales in the North Sea region. Its market capitalization currently stands at about 4.5 billion pounds (approximately 18 billion shekels), boosted by a more than 60% stock rally this year amid rising oil prices linked to the conflict in Iran.
Since its London Stock Exchange debut in November 2022 at a valuation of 2.5 billion pounds, Ithaca’s shares have surged 181% from their 2024 low and climbed 61% year-to-date. Entry into the FTSE 100 is expected to generate passive demand for about 2% of the company’s market cap, roughly 90 million pounds (over 360 million shekels), from index-tracking funds. This inclusion is also likely to increase trading volume and analyst coverage. Jefferies analyst Mark Wilson currently rates the stock a “buy” with a 350 pence target price, a 29.6% premium over the current price.
Ithaca recently reported strong financial results, including adjusted EBITDAX of $1.1 billion in the first half of the year, consistent with 2025’s comparable period, and net adjusted profit of around $128 million. The company’s free cash flow dividend policy remains at 30%, with an annual payout forecast of $500-530 million, of which Delek’s share is $129 million. Delek CEO Idan Walles highlighted the company’s production growth of 9% in Q2 and attributed strong results to increased output and prices. Chairman Yaniv Friedman noted the presence of four major players in the North Sea and expressed interest in growth opportunities beyond the UK, emphasizing a cautious approach to acquisitions.
Ithaca acquired ENI UK last year. The FTSE 100 index is managed by FTSE Russell, a subsidiary of the London Stock Exchange Group. Alongside Ithaca, airline EasyJet will also join the FTSE 100 index this September.
