Who's Responsible for the Decline at Granite Hacarmel?

Three years after Yossi Singer predicted huge success for the holding company, it's clear his forecast missed the mark. Now Singer is blaming the market for not pricing Granite appropriately.

When Granite Hacarmel Investments was delisted from the Tel Aviv Stock Exchange three months ago and taken private by its parent, Azrieli Group, it was trading at a company value of NIS 810 million, well below the NIS 1.1 billion for which Azrieli bought control six years ago. It was worth NIS 1.3 billion when Yossi Singer, founding partner at the financial consulting firm Giza Singer Even, was called on in 2008...