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Unlike their European and Spanish counterparts, these three Israeli companies should show growth and promise over the next year and their second quarter results could very well come in toward the upside.

Teva Pharmaceuticals (TEVA) - Founded in 1901 and based in Petach Tikva, Israel, TEVA currently trades at a P/E ratio of 12.18 and yields 2.0% ($0.78) making the stock very inexpensive by most standards. Analysts expect TEVA to earn $1.28/share on revenue of $5.09 billion dollars for the second quarter and $5.41/share on revenue of $20.75 billion dollars for the year.

TEVA which began trading on the NYSE on Wednesday has demonstrated solid earnings growth over the last four quarters, beating estimates by an average of 1.77% over that period. The Israeli drug maker should beat estimates by $0.02/share to $0.04/share on revenue of $5.15 billion or higher. UBS recently reiterated its BUY rating on the stock and set a $52 price target for the drug maker most known for its ADHD drug, Adderall.

Allot Communications (ALLT) - Founded in 1996 and based in Hod-Hasharon, Israel, ALLT currently trades at a P/E ratio of 69.49 making the stock one of the most expensive of the group. Analysts expect ALLT to earn $0.15/share on revenue of $24.82 million dollars for the second quarter and $0.61/share on revenue of $105.53 billion dollars for the year.

Allot, a system software services provider, has beaten analysts estimates each of the last four quarters by an average of 23.55% and should continue that streak in the second quarter. Sales of the company's Proactive Analytics suite should begin to demonstrate results as early as the coming quarter and if sales can boost bottom line numbers I see no reason why ALLT can't be trading at $30/share.

Mellanox Technologies (MLNX) - Founded in 1999 and based in Yokneam, Isreal, MLNX currently trades at a P/E ratio of 100.66 and doesn't currently yield a dividend. Analysts expect MLNX to earn $0.73/share on revenue of $127.81 million dollars for the second quarter and $2.25/share on revenue of $429.01 million dollars for the year.

Over the last four quarters MLNX has surpassed analysts' estimates by an average of 23.1% and should surpass second quarter estimates when they report during the first week of August. The fabless semiconductor company recently forged an alliance with Hewlett-Packard (HPQ) announced that their Ethernet and InfiniBand solutions are now optimized for use with the HPQ line of ProLiant Servers. That being said, continued partnerships should strengthen the company over the next year and second quarter results should beat estimates by $0.03/share - $0.05/share on revenue of about $128.5 million dollars.

Source: 3 Israeli Companies That Should Demonstrate Growth