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Tase
(TASE:TASE)
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Rating:73Outperform
Price Target:
13,380.00
▲(3.16% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by very strong financial performance (high margins, strong cash conversion, low current leverage) and a constructive earnings outlook with clear growth/return initiatives. These positives are partially offset by weak technical momentum (below major moving averages with negative MACD) and a rich valuation (high P/E with only a modest dividend yield).
Positive Factors
High and expanding profitability
TASE’s margins have expanded materially (gross ~69%, operating ~51%, EBITDA ~61%, net ~39% TTM). Such persistently high margins reflect scalable exchange economics and pricing power, enabling durable free cash generation, reinvestment in infrastructure, and consistent shareholder returns.
Negative Factors
Regulatory constraints on dual‑listings
Restrictions on dual‑class structures limit TASE’s ability to capture larger cross‑listing flows and related fee expansion. Because policy change is election‑dependent and uncertain, this regulatory barrier is a multi‑month structural constraint on listing growth and internationalization efforts.
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Positive Factors
Negative Factors
High and expanding profitability
TASE’s margins have expanded materially (gross ~69%, operating ~51%, EBITDA ~61%, net ~39% TTM). Such persistently high margins reflect scalable exchange economics and pricing power, enabling durable free cash generation, reinvestment in infrastructure, and consistent shareholder returns.
Read all positive factors
Tase (TASE) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪10.98B
Dividend Yield1.34%
Average Volume (3M)318.08K
Price to Earnings (P/E)41.9
Beta (1Y)1.23
Revenue Growth35.29%
EPS Growth96.02%
CountryIL
Employees276
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)2.79
Shares Outstanding93,835,810
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
₪15,100.00Price Target Upside16.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.96
Revenue Forecast (FY)₪712.55M
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
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Tase Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 24, 2026
Earnings Call Sentiment Positive
The call portrayed a strongly positive operational and financial performance with record revenues, margins, profits, trading volumes, IPO activity and improved liquidity metrics. Operational initiatives (indices, co-location, retail app, dual-listing outreach) and shareholder actions (buyback, employee options) reinforce growth and alignment. The main negatives were external: geopolitical volatility, a market correction affecting near-term IPO valuations, regulatory constraints on certain dual listings, and some higher near-term operating and accounting-driven personnel expenses. On balance, the positive achievements and meaningful financial outperformance materially outweigh the challenges and constraints.Positive Updates
Record Revenue and Profit Growth
Q2 revenues reached ILS 185.4m, up 36% YoY; adjusted EBITDA rose 60% to ILS 114.5m with margin improving to 61.8% (from 52.6%); adjusted net profit increased 82% to ILS 80.8m; basic EPS up 76% to ILS 0.842. First half revenues ILS 368.7m (+38% YoY), adjusted EBITDA ILS 230.1m (+72%), adjusted net profit ILS 158.9m (+96%).
Negative Updates
Geopolitical Volatility and Market Correction
Q2 and H1 were impacted by ongoing multi-front conflict in Israel and a market correction in June following reports of a possible U.S.–Iran agreement, creating heightened volatility and negotiation pressure on IPO valuations.
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Q2-2026 Updates
Positive
Negative
Record Revenue and Profit Growth
Q2 revenues reached ILS 185.4m, up 36% YoY; adjusted EBITDA rose 60% to ILS 114.5m with margin improving to 61.8% (from 52.6%); adjusted net profit increased 82% to ILS 80.8m; basic EPS up 76% to ILS 0.842. First half revenues ILS 368.7m (+38% YoY), adjusted EBITDA ILS 230.1m (+72%), adjusted net profit ILS 158.9m (+96%).
Read all positive updates
Company Guidance
Guidance was constructive and concrete: management reiterated another clearing/pricing step‑up effective January 2027, approved a share buyback program of up to ILS 150 million through end‑2026, launched an employee option plan (exercise price ILS 164, vesting over 3 years) replacing cash grants for 2026–2028, and will shortly roll out a free Hebrew/English retail app with real‑time data and “smart money” insights; they also plan continued expansion of co‑location, membership (25 members today, +1 applicant in July) and international outreach to support more dual listings and IPOs. They expect the positive pipeline to build on the strong operating backdrop—Q2 revenues ILS 185.4m (+36% YoY), adjusted EBITDA ILS 114.5m (+60%) with a 61.8% margin, adjusted net profit ILS 80.8m (+82%) and basic EPS ILS 0.842 (+76%)—and H1 results (revenues ILS 368.7m, +38%; adj. EBITDA ILS 230.1m, +72%, 62.4% margin; adj. net profit ILS 158.9m, +96%). Management pointed to market metrics that support the outlook: equity market cap ILS 2.7tn (vs ILS 1.5tn a year ago), average daily equity volume ILS 5.7bn (+65% YoY), Friday average ILS 4.6bn (vs Sunday ILS 1.6bn in 2025) with international trading share rising from 12.5% to 41% on Fridays, record days of ILS 24.5bn and ILS 15.8bn, bond market daily avg ILS 5.9bn (+31.4%), 15 IPOs in H1 raising ILS 6.1bn, 12 new bond issuers ILS 6.8bn, corporate bond market ILS 117bn and MoF issuance ILS 89bn on‑TASE (+$6bn abroad), while balance‑sheet metrics remain strong (cash & marketable securities ILS 494m; equity ILS 665m; surplus equity ILS 562m; surplus liquidity ILS 322m; free cash flow ILS 95.6m).Tase Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 665.07M | 563.50M | 437.87M | 389.86M | 361.01M | 323.66M |
| Gross Profit | 459.17M | 367.40M | 198.29M | 165.41M | 150.35M | 117.20M |
| EBITDA | 403.07M | 305.34M | 199.87M | 162.43M | 121.62M | 107.00M |
| Net Income | 258.02M | 181.00M | 101.39M | 83.21M | 50.84M | 45.47M |
Balance Sheet | ||||||
| Total Assets | 1.25B | 1.79B | 1.83B | 2.69B | 1.81B | 1.56B |
| Cash, Cash Equivalents and Short-Term Investments | 368.04M | 494.20M | 531.41M | 498.67M | 388.63M | 390.06M |
| Total Debt | 75.38M | 100.84M | 118.15M | 163.58M | 15.04M | 23.14M |
| Total Liabilities | 586.68M | 1.14B | 1.10B | 2.29B | 1.13B | 897.56M |
| Stockholders Equity | 665.18M | 651.48M | 721.27M | 401.72M | 686.45M | 661.87M |
Cash Flow | ||||||
| Free Cash Flow | 327.56M | 248.09M | 110.25M | 109.71M | 71.32M | 70.73M |
| Operating Cash Flow | 363.90M | 268.48M | 165.21M | 160.27M | 119.58M | 106.38M |
| Investing Cash Flow | -78.38M | -62.02M | -55.68M | 57.02M | -52.89M | -40.22M |
| Financing Cash Flow | -197.56M | -272.11M | -79.67M | -1.35M | -54.65M | -28.38M |
Tase Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₪5.98B | 24.70 | ― | 2.88% | 42.12% | 31.27% | |
73 Outperform | ₪10.98B | 41.94 | ― | 1.20% | 35.29% | 96.02% | |
72 Outperform | ₪101.66B | 10.86 | 15.13% | 4.32% | 3.03% | 12.52% | |
67 Neutral | ₪11.16B | 11.86 | ― | 2.26% | 26.44% | 193.59% | |
64 Neutral | ₪41.60B | 10.37 | 13.10% | 4.88% | -4.38% | -4.54% | |
58 Neutral | ₪24.30B | 11.27 | 15.81% | 6.42% | 6.44% | -8.63% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IL:TASE
Tase
11,700.00
3,760.00
47.36%
IL:FIBI
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IL:DSCT
Discount
3,400.00
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IL:POLI
Poalim
7,774.00
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IL:IBI
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42,270.00
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IL:MTAV
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13,100.00
3,949.54
43.16%
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.