Tel Aviv Stock Exchange Ltd. (IL:TASE)
TASE:TASE
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Tase
(TASE:TASE)
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Rating:79Outperform
Price Target:
17,461.00
▲(79.09% Upside)
Action:ReiteratedDate:03/24/26
The score is driven primarily by strong financial performance (material 2025 profitability and cash-flow improvement with modest leverage) and supportive technical trend signals. This is tempered by a demanding valuation (high P/E and modest yield) and, from the earnings call, execution/geopolitical uncertainties and elevated investment spending.
Positive Factors
Revenue & Margin Expansion
A material step-up in revenues and a ~9.5pp EBITDA margin improvement reflect scalable exchange economics and operating leverage. Sustained higher margins and revenue growth enhance durable cash generation, fund reinvestment and shareholder returns, and support long-term profitability.
Negative Factors
Balance-sheet & Result Volatility
Meaningful fluctuations in assets, equity and cash-flow metrics reduce predictability and complicate forecasting. Volatility may reflect one-offs or timing effects, making it harder to assess sustainability of 2025 gains and increasing execution and capital-allocation risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Margin Expansion
A material step-up in revenues and a ~9.5pp EBITDA margin improvement reflect scalable exchange economics and operating leverage. Sustained higher margins and revenue growth enhance durable cash generation, fund reinvestment and shareholder returns, and support long-term profitability.
Read all positive factors
Tase (TASE) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪13.14B
Dividend Yield0.58%
Average Volume (3M)318.08K
Price to Earnings (P/E)42.5
Beta (1Y)0.92
Revenue Growth24.95%
EPS Growth61.05%
CountryIL
Employees275
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)54.70
Shares Outstanding92,678,566
10 Day Avg. Volume365,532
30 Day Avg. Volume318,085
Financial Highlights & Ratios
PEG Ratio0.62
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.97
Revenue Forecast (FY)₪591.10M
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, gov...
Tase Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 26, 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.
Read all updates
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
90
Very Positive
Balance Sheet
83
Very Positive
Cash Flow
86
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 563.50M | 437.87M | 389.86M | 361.01M | 323.66M |
| Gross Profit | 367.40M | 198.29M | 165.41M | 150.35M | 117.20M |
| EBITDA | 305.34M | 199.87M | 162.43M | 121.62M | 107.00M |
| Net Income | 181.00M | 101.39M | 83.21M | 50.84M | 45.47M |
Balance Sheet | |||||
| Total Assets | 1.79B | 1.83B | 2.69B | 1.81B | 1.56B |
| Cash, Cash Equivalents and Short-Term Investments | 494.20M | 531.41M | 498.67M | 388.63M | 390.06M |
| Total Debt | 100.84M | 118.15M | 163.58M | 15.04M | 23.14M |
| Total Liabilities | 1.14B | 1.10B | 2.29B | 1.13B | 897.56M |
| Stockholders Equity | 651.48M | 721.27M | 401.72M | 686.45M | 661.87M |
Cash Flow | |||||
| Free Cash Flow | 248.09M | 110.25M | 109.71M | 71.32M | 70.73M |
| Operating Cash Flow | 268.48M | 165.21M | 160.27M | 119.58M | 106.38M |
| Investing Cash Flow | -62.02M | -55.68M | 57.02M | -52.89M | -40.22M |
| Financing Cash Flow | -272.11M | -79.67M | -1.35M | -54.65M | -28.38M |
Tase Technical Analysis
Neutral
9750.00
Price Trends
14218.82
Negative
11894.13
Positive
9475.65
Positive
Market Momentum
-70.78
Positive
45.45
Neutral
37.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:TASE, the sentiment is Neutral. The current price of 9750 is below the 20-day moving average (MA) of 14975.51, below the 50-day MA of 14218.82, and above the 200-day MA of 9475.65, indicating a neutral trend. The MACD of -70.78 indicates Positive momentum. The RSI at 45.45 is Neutral, neither overbought nor oversold. The STOCH value of 37.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | ₪13.14B | 42.50 | ― | 0.58% | 24.95% | 61.05% | |
69 Neutral | ₪16.99B | 8.91 | ― | 0.30% | 6.00% | 36.33% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | ₪4.66B | 24.03 | ― | 3.92% | 46.14% | -17.83% | |
53 Neutral | ₪9.33B | 11.95 | ― | 2.20% | 25.15% | 288.21% |
* Financial Sector Average
IL:TASE
Tase
14,180.00
9,823.00
225.45%
IL:MGDL
Migdal Insur.
1,606.00
973.30
153.83%
IL:FIBIH
Fibi Holdings
30,810.00
12,302.54
66.47%
IL:IBI
Ibi Inv House
33,100.00
15,254.29
85.48%
IL:LAPD
Lapidoth Cap.
9,048.00
3,361.03
59.10%
IL:MTAV
Meitav Invest
11,100.00
6,918.02
165.42%
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.