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Tase
(TASE:TASE)
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Rating:64Neutral
Price Target:
12,733.00
▲(30.59% Upside)
Action:Downgraded
Date:06/11/26
The score is driven primarily by strong financial performance (high margins, low leverage, improving ROE and cash generation). Offsetting this, technicals are bearish/oversold with the price below key moving averages and negative MACD, and valuation looks stretched with a high P/E and only a modest dividend yield.
Positive Factors
High Profitability
Very high TTM gross and net margins point to durable structural profitability and pricing power typical of exchanges/data businesses. Such margins create persistent cash generation, fund reinvestment or dividends, and provide a buffer versus cyclical revenue swings, supporting long-term resilience.
Negative Factors
EBIT Margin Softness
TTM EBIT margin erosion versus 2025 suggests operating profitability is susceptible to cost mix shifts or one-offs. If persistent, weaker EBIT margins could erode return on capital and limit reinvestment or distributions, making long-term earnings quality and forecasting less certain.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Very high TTM gross and net margins point to durable structural profitability and pricing power typical of exchanges/data businesses. Such margins create persistent cash generation, fund reinvestment or dividends, and provide a buffer versus cyclical revenue swings, supporting long-term resilience.
Read all positive factors
Tase (TASE) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪11.17B
Dividend Yield0.58%
Average Volume (3M)318.08K
Price to Earnings (P/E)49.0
Beta (1Y)1.19
Revenue Growth33.70%
EPS Growth100.81%
CountryIL
Employees276
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)2.43
Shares Outstanding93,876,490
10 Day Avg. Volume365,532
30 Day Avg. Volume318,085
Financial Highlights & Ratios
PEG Ratio0.60
Price to Book (P/B)13.49
Price to Sales (P/S)15.60
P/FCF Ratio35.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₪14,500.00Price Target Upside48.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.16
Revenue Forecast (FY)₪591.10M
Tase Business Overview & Revenue Model
Company Description
The Tel-Aviv Stock Exchange Ltd. operates as a stock exchange in Israel. The company offers shares, participation units, corporate bonds, structured bonds, warrants, convertible securities, exchange-traded funds, MCAMs and government bonds, as wel...
How the Company Makes Money
null...
Tase Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call presents a predominately positive picture: record revenues, materially higher adjusted EBITDA and margins, strong net profit and EPS growth, significant increases in trading volumes, market capitalization, IPO activity and index AUM, and decisive shareholder returns. Notable cautions include uncertainty around a potential sale of index activities, a reduction in surplus equity after buybacks/dividends, higher investing outflows and increased IT/CapEx spend, and ongoing geopolitical risk. On balance, the positive financial momentum and operational achievements substantially outweigh the identified challenges.Positive Updates
Record Revenues and Strong Top-Line Growth
Total revenues for FY2025 reached ILS 563.5 million, a 29% year-over-year increase; Q4 revenues were ILS 149.3 million (also +29% YoY).
Negative Updates
Uncertainty Over Index Activity Sale
Management is negotiating a partial or full sale of the index activity and strategic cooperation with a major international entity, but stated there is no certainty as to timing or whether a binding agreement will be reached.
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Q4-2025 Updates
Positive
Negative
Record Revenues and Strong Top-Line Growth
Total revenues for FY2025 reached ILS 563.5 million, a 29% year-over-year increase; Q4 revenues were ILS 149.3 million (also +29% YoY).
Read all positive updates
Company Guidance
The call’s forward-looking guidance highlighted a planned cash return to shareholders and modest 2026 spending targets: under the 2024–2026 dividend policy TASE will distribute 50% of 2025 net profit (ILS 90.5m) plus a special dividend of ILS 54.3m, for a total payout of ILS 144.8m (ILS 1.56 per ordinary share) payable March 20, 2026; management will also examine a share buyback plan (timing and size subject to market conditions). On operating spend, marketing is guided to “not exceed” the last couple of years, employee compensation is expected to be similar per existing agreements, and annual CapEx is estimated at roughly ILS 55–60m. Management is also negotiating a potential partial or full sale of the index activity with a major international partner, but noted there is no certainty as to timing or outcome.Tase Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 615.80M | 563.50M | 437.87M | 389.86M | 361.01M | 323.66M |
| Gross Profit | 401.06M | 367.40M | 198.29M | 165.41M | 150.35M | 117.20M |
| EBITDA | 359.61M | 305.34M | 199.87M | 162.43M | 121.62M | 107.00M |
| Net Income | 222.68M | 181.00M | 101.39M | 83.21M | 50.84M | 45.47M |
Balance Sheet | ||||||
| Total Assets | 1.61B | 1.79B | 1.83B | 2.69B | 1.81B | 1.56B |
| Cash, Cash Equivalents and Short-Term Investments | 407.58M | 494.20M | 531.41M | 498.67M | 388.63M | 390.06M |
| Total Debt | 88.09M | 100.84M | 118.15M | 163.58M | 15.04M | 23.14M |
| Total Liabilities | 1.02B | 1.14B | 1.10B | 2.29B | 1.13B | 897.56M |
| Stockholders Equity | 585.03M | 651.48M | 721.27M | 401.72M | 686.45M | 661.87M |
Cash Flow | ||||||
| Free Cash Flow | 277.25M | 248.09M | 110.25M | 109.71M | 71.32M | 70.73M |
| Operating Cash Flow | 322.11M | 268.48M | 165.21M | 160.27M | 119.58M | 106.38M |
| Investing Cash Flow | -80.98M | -62.02M | -55.68M | 57.02M | -52.89M | -40.22M |
| Financing Cash Flow | -197.48M | -272.11M | -79.67M | -1.35M | -54.65M | -28.38M |
Tase Technical Analysis
Negative
9750.00
Price Trends
14501.20
Negative
14699.40
Negative
11987.43
Negative
Market Momentum
-645.04
Negative
30.03
Neutral
10.46
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:TASE, the sentiment is Negative. The current price of 9750 is below the 20-day moving average (MA) of 12797.50, below the 50-day MA of 14501.20, and below the 200-day MA of 11987.43, indicating a bearish trend. The MACD of -645.04 indicates Negative momentum. The RSI at 30.03 is Neutral, neither overbought nor oversold. The STOCH value of 10.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IL:TASE.
Tase Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₪6.74B | 27.90 | ― | 3.92% | 42.12% | 31.27% | |
67 Neutral | ₪12.01B | 12.86 | ― | 2.20% | 26.44% | 193.59% | |
64 Neutral | ₪11.17B | 48.97 | ― | 0.58% | 33.70% | 100.81% | |
64 Neutral | ₪37.87B | 9.44 | 13.10% | 3.69% | 22.83% | -5.05% | |
64 Neutral | ₪92.43B | 9.83 | 15.13% | 3.54% | 20.24% | 17.76% | |
58 Neutral | ₪22.65B | 10.25 | 15.81% | 4.57% | 21.26% | -5.22% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IL:TASE
Tase
12,300.00
6,185.00
101.14%
IL:FIBI
Fibi Bank
22,480.00
-349.03
-1.53%
IL:DSCT
Discount
3,075.00
-53.37
-1.71%
IL:POLI
Poalim
7,046.00
1,023.02
16.99%
IL:IBI
Ibi Inv House
47,330.00
24,358.02
106.03%
IL:MTAV
Meitav Invest
13,720.00
6,268.87
84.13%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.