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Tel Aviv Stock Exchange Ltd. (IL:TASE)
:TASE
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Tase
(TASE)
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Rating:77Outperform
Price Target:
10,428.00
▲(10.48% Upside)
Tase's overall stock score is driven by strong financial performance and positive earnings call results, reflecting robust growth and strategic initiatives. Technical indicators support a bullish trend, though high valuation metrics suggest caution. The absence of notable corporate events does not impact the score.
Positive Factors
Revenue Growth
The significant revenue growth of 35% YoY indicates strong demand for Tase's services and successful strategic initiatives, supporting long-term business expansion.
Market Position
Outperforming major global indices enhances Tase's market position, attracting more investors and increasing its influence in the financial markets.
Strategic Initiatives
Successful strategic initiatives, such as market-making programs, enhance liquidity and market accessibility, strengthening Tase's competitive advantage.
Negative Factors
Increased Expenses
Rising operational expenses can pressure profit margins, potentially impacting long-term profitability if not managed effectively.
Decline in Government Bond Issuance
A decline in government bond issuance may reduce trading volumes and revenue from this segment, affecting Tase's growth in the bond market.
Reduced Net Financing Income
Decreased net financing income can limit Tase's ability to invest in growth opportunities, potentially affecting future financial performance.
Tase (TASE) vs. iShares MSCI Israel ETF (EIS)
Market Cap
8.74B
Dividend Yield0.59%
Average Volume (3M)318.08K
Price to Earnings (P/E)55.9
Beta (1Y)0.58
Revenue Growth24.94%
EPS Growth61.25%
CountryIL
Employees275
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)54.70
Shares Outstanding92,605,350
10 Day Avg. Volume365,532
30 Day Avg. Volume318,085
Financial Highlights & Ratios
PEG Ratio1.44
Price to Book (P/B)5.41
Price to Sales (P/S)8.92
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Tase Business Overview & Revenue Model
Company DescriptionThe Tel-Aviv Stock Exchange Ltd. manages securities stock exchange and related activities in Israel. The company offers markets for the listing and trading of a range of securities and derivative instruments, including shares, corporate bonds, government bonds, treasury bills, ETFs, convertible securities, single stock options, options, and futures. It also engages in the clearing and settlement of securities; issuing of options and futures; and holding of securities for others, as well as provides securities registration services. The company was founded in 1935 and is headquartered in Tel Aviv, Israel.
How the Company Makes MoneyTase generates revenue through multiple key streams, including trading fees charged to participants for executing transactions on its platform, listing fees from companies that choose to list their securities on the exchange, and data services provided to market participants. Additionally, Tase earns income from clearing services, which involve the settlement and clearing of trades. Strategic partnerships with financial institutions and technology providers also contribute to its revenue, as these collaborations enhance its service offerings and market reach.
Tase Earnings Call Summary
Earnings Call Date:Nov 11, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 31, 2026
Earnings Call Sentiment Positive
The earnings call reflected a strong positive sentiment, with TASE achieving record-breaking financial results and substantial growth across all core business lines. Despite some challenges like a decline in government bond issuance and increased expenses, the significant achievements in revenue growth, market performance, and strategic initiatives indicate a robust overall performance.Q3-2025 Updates
Positive Updates
Record-Breaking Revenue and Growth
TASE concluded Q3 2025 with record results. Revenues for the quarter were ILS 147.1 million, up 35% year-on-year. Adjusted EBITDA reached ILS 79.5 million, up 76% year-on-year, with an EBITDA margin of 54.1%. Net profit reached ILS 50 million, up 29% year-on-year.
Strong Market Performance
TA-35 and TA-90 indices saw gains of 34% and 32% respectively, outperforming global indices like Dow Jones and S&P 500. The equity market cap increased to ILS 1.8 trillion, a 51% year-on-year growth.
Increased Trading Volume
Equity average daily trading volumes reached a new all-time high of ILS 3.8 billion in Q3, up 88% year-on-year. Net inflows from foreign investors totaled ILS 6.4 billion in the first 9 months of 2025.
Surge in IPO and Bond Market Activity
17 new companies joined TASE, raising ILS 3.8 billion, compared to 5 companies raising ILS 0.8 billion in 2024. Corporate bond issuance totaled ILS 148 billion, up from ILS 87 billion last year.
Successful Strategic Initiatives
TASE advanced its market-making program with the participation of all major banks and companies like Bezeq. The 'Trading At Last' phase was successfully implemented, and new indices were launched.
Negative Updates
Decline in Government Bond Issuance
Government bond issuance declined with ILS 115 billion raised by the Ministry of Finance in the first 9 months of 2025, down from ILS 142 billion in the same period last year.
Employee and Operational Expense Increase
Expenses increased by 7% year-on-year, primarily due to higher computer and communication expenses, and depreciation and amortization.
Reduced Net Financing Income
Net financing income decreased to ILS 2.6 million from ILS 4 million year-on-year, due to a decrease in deposits and gains from marketable securities.
Company Guidance
The Tel Aviv Stock Exchange's Q3 2025 results call highlighted a series of impressive financial metrics showcasing record-breaking performance across its core business lines. Revenues soared to ILS 147.1 million, marking a 35% year-on-year increase, while adjusted EBITDA surged by 76% to reach ILS 79.5 million, elevating the EBITDA margin to an unprecedented 54.1%. Net profit climbed 29% to a record ILS 50 million. The leading TASE indices, TA-35 and TA-90, achieved remarkable year-to-date returns of 34% and 32%, respectively, outperforming global indices like the Dow Jones and S&P 500. The domestic equity market cap grew by 51% year-on-year to ILS 1.8 trillion, with average daily trading volumes hitting an all-time high of ILS 3.8 billion, up 88% from the previous year. Notably, foreign investor net inflows reached ILS 6.4 billion, and retail net inflows totaled ILS 10.9 billion, a significant turnaround from the previous year's net outflows. Additionally, 17 new IPOs raised ILS 3.8 billion, while the bond market saw the issuance of ILS 148 billion in corporate bonds. Despite a decline in government bond issuance, the exchange's strategic initiatives, including partnerships and the implementation of the TAL trading phase, are set to further enhance liquidity and market accessibility.Tase Financial Statement Overview
Summary
Tase exhibits a strong financial position with robust revenue growth and profitability metrics. The income statement shows a 6.73% increase in revenue and high margins, while the balance sheet reflects low leverage and strong return on equity. Cash flow is strong with significant free cash flow growth, supporting operational flexibility.Income Statement
Tase has demonstrated strong revenue growth with a 6.73% increase in TTM, supported by healthy margins. The gross profit margin stands at 47.02%, and the net profit margin is 24.20%, indicating efficient cost management and profitability. EBIT and EBITDA margins are also robust at 33.98% and 46.37%, respectively. The consistent improvement in revenue and profitability metrics highlights a positive growth trajectory.85
Very Positive
Balance Sheet
The company's balance sheet is solid with a low debt-to-equity ratio of 0.28, suggesting prudent financial leverage. Return on equity is strong at 17.34%, reflecting effective use of shareholder funds. However, the equity ratio is not provided, which limits a full assessment of asset financing. Overall, the balance sheet reflects stability and efficient capital management.78
Positive
Cash Flow
Tase's cash flow performance is commendable, with a significant free cash flow growth rate of 35.18% in TTM. The operating cash flow to net income ratio is 0.22, and the free cash flow to net income ratio is 0.66, indicating strong cash generation relative to earnings. This robust cash flow position supports the company's operational and strategic flexibility.80
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 529.65M | 437.87M | 389.86M | 361.01M | 323.66M | 304.27M |
| Gross Profit | 279.97M | 198.29M | 165.41M | 150.35M | 117.20M | 108.39M |
| EBITDA | 272.60M | 199.87M | 162.43M | 121.62M | 107.00M | 93.14M |
| Net Income | 154.75M | 101.39M | 83.21M | 50.84M | 45.47M | 36.90M |
Balance Sheet | ||||||
| Total Assets | 1.62B | 1.83B | 2.69B | 1.81B | 1.56B | 1.19B |
| Cash, Cash Equivalents and Short-Term Investments | 429.18M | 531.41M | 498.67M | 388.63M | 390.06M | 346.71M |
| Total Debt | 113.87M | 118.15M | 163.58M | 15.04M | 23.14M | 13.39M |
| Total Liabilities | 1.02B | 1.10B | 2.29B | 1.13B | 897.56M | 557.02M |
| Stockholders Equity | 599.36M | 721.27M | 401.72M | 686.45M | 661.87M | 630.84M |
Cash Flow | ||||||
| Free Cash Flow | 193.04M | 110.25M | 109.71M | 71.32M | 70.73M | 57.54M |
| Operating Cash Flow | 257.31M | 165.21M | 160.27M | 119.58M | 106.38M | 95.43M |
| Investing Cash Flow | -64.82M | -55.68M | 57.02M | -52.89M | -40.22M | -42.09M |
| Financing Cash Flow | -263.86M | -79.67M | -1.35M | -54.65M | -28.38M | -14.98M |
Tase Technical Analysis
Positive
9439.00
Price Trends
8496.96
Positive
7940.30
Positive
6582.58
Positive
Market Momentum
253.71
Positive
60.79
Neutral
46.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:TASE, the sentiment is Positive. The current price of 9439 is above the 20-day moving average (MA) of 9181.00, above the 50-day MA of 8496.96, and above the 200-day MA of 6582.58, indicating a bullish trend. The MACD of 253.71 indicates Positive momentum. The RSI at 60.79 is Neutral, neither overbought nor oversold. The STOCH value of 46.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IL:TASE.
Tase Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | 8.74B | 55.93 | ― | 0.59% | 24.94% | 61.25% | |
74 Outperform | 4.14B | 27.83 | ― | 3.93% | 46.14% | -17.83% | |
71 Outperform | 9.93B | 11.53 | ― | 2.22% | 25.15% | 288.21% | |
70 Outperform | 17.84B | 12.80 | ― | 0.31% | 6.00% | 36.33% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
IL:TASE
Tase
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IL:FIBIH
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IL:IBI
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IL:LAPD
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IL:MTAV
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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.