Tase (TASE) AI Stock Analysis

• Market Cap: 10.41B
• Dividend Yield: 0.58%
• Average Volume (3M): 318.08K
• Price to Earnings (P/E): 66.7
• Beta (1Y): 0.67
• Revenue Growth: 24.95%
• EPS Growth: 61.05%
• Country: IL
• Employees: 275
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 54.70
• Shares Outstanding: 92,605,350
• 10 Day Avg. Volume: 365,532
• 30 Day Avg. Volume: 318,085
• PEG Ratio: 1.44
• Price to Book (P/B): 5.41
• Price to Sales (P/S): 8.92
• P/FCF Ratio: 35.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 77 Outperform
• Price Target: 12,757.00 ▲(30.84% 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 & Profit Growth

Sustained double-digit revenue growth and sharp EBITDA expansion indicate structural demand for exchange services, improving reinvestment capacity and margin durability. Strong profitability enhances ability to fund tech, market initiatives and return capital without relying on volatile market income.

Cash Generation & Free Cash Flow

Nearly 20% FCF growth and a high FCF-to-net-income ratio reflect durable cash conversion from operations, supporting capex, dividends and strategic investments. Consistent cash generation reduces refinancing risk and underpins long-term financial flexibility.

Market Liquidity & Listings

Record trading volumes, strong inflows and a meaningful jump in IPO activity strengthen network effects and fee scalability. Higher liquidity makes the exchange more attractive to issuers and intermediaries, supporting durable core fee growth and competitive positioning.

Negative Factors

Decline in Government Bond Issuance

Reduced government issuance represents a structural headwind for bond trading and listing fee revenue. If lower sovereign supply persists, the exchange may face sustained pressure on a key product line and must continue shifting reliance to corporate issuance and other fee sources.

Rising Operating Expenses

Ongoing growth in technology, communications and depreciation raises fixed cost base, which can erode operating leverage if revenue growth decelerates. Persistent opex inflation could constrain margin sustainability and limit free cash flow upside over the medium term.

Reduced Net Financing Income

Declining financing income signals exposure to lower deposit balances and marketable securities returns, reducing a non-core earnings buffer. In periods of market stress or lower yields this revenue source may be volatile, weakening overall earnings resilience.

Tase Business Overview & Revenue Model

Company Description

The 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 Money

Tase 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 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.

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.

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.

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

• Technical Analysis Sentiment: Positive
• Last Price: 9750.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 9750 is below the 20-day moving average (MA) of 10029.20, above the 50-day MA of 9345.48, and above the 200-day MA of 7041.91, indicating a bullish trend. The MACD of 568.59 indicates Negative momentum. The RSI at 74.95 is Negative, neither overbought nor oversold. The STOCH value of 77.38 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TASE	77 Outperform	10.41B	66.69	―	0.58%	24.95%	61.05%
IBI	74 Outperform	4.74B	31.53	―	3.92%	46.14%	-17.83%
MTAV	71 Outperform	10.55B	12.23	―	2.20%	25.15%	288.21%
MGDL	70 Outperform	16.78B	12.04	―	0.30%	6.00%	36.33%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%