Tel-Aviv Stock Exchange (TASE:TASE) - Share price, News & Analysis

Q: What is the Fair Price of TASE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TASE (₪17.4) is trading above our estimate of [[fair value]] (₪6.09)

TASE fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	3/6
Past Performance	4/6
Financial Health	6/6
Dividends	2/6

TASE Stock Overview

The Tel-Aviv Stock Exchange Ltd. manages securities stock exchange and related activities in Israel.

Rewards

Earnings are forecast to grow 16.66% per year

Earnings have grown 6% per year over the past 5 years

Risk Analysis

No risks detected for TASE from our risk checks.

Tel-Aviv Stock Exchange Competitors

Trendline Information and Communication Services

TASE:TREN

₪120.2m

Generation Capital

TASE:GNRS

₪1.6b

I.B.I Investment House

TASE:IBI

₪1.2b

Atreyu Capital Markets

TASE:ATRY

₪903.9m

Price History & Performance

Summary of all time highs, changes and price drops for Tel-Aviv Stock Exchange
Historical stock prices
Current Share Price	₪17.40
52 Week High	₪20.74
52 Week Low	₪14.20
Beta	0.44
1 Month Change	7.41%
3 Month Change	18.77%
1 Year Change	-8.61%
3 Year Change	86.10%
5 Year Change	n/a
Change since IPO	90.16%

Recent News & Updates

Mar 25

Tel-Aviv Stock Exchange's (TLV:TASE) Upcoming Dividend Will Be Larger Than Last Year's

The Tel-Aviv Stock Exchange Ltd.'s ( TLV:TASE ) dividend will be increasing to ₪0.22 on 7th of April. Despite this...

Shareholder Returns

	TASE	IL Capital Markets	IL Market
7D	3.8%	0.6%	-0.4%
1Y	-8.6%	0.7%	13.6%

Return vs Industry: TASE underperformed the IL Capital Markets industry which returned 0.7% over the past year.

Return vs Market: TASE underperformed the IL Market which returned 13.6% over the past year.

Price Volatility

Is TASE's price volatile compared to industry and market?
TASE volatility
TASE Average Weekly Movement	5.2%
Capital Markets Industry Average Movement	4.6%
Market Average Movement	5.4%
10% most volatile stocks in IL Market	8.9%
10% least volatile stocks in IL Market	3.7%

Stable Share Price: TASE is not significantly more volatile than the rest of IL stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: TASE's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1935	258	Ittai Ben-Zeev	https://www.tase.co.il

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.

Tel-Aviv Stock Exchange Fundamentals Summary

How do Tel-Aviv Stock Exchange's earnings and revenue compare to its market cap?
TASE fundamental statistics
Market Cap	₪1.77b
Earnings (TTM)	₪50.53m
Revenue (TTM)	₪342.96m

35.1x

P/E Ratio

5.2x

P/S Ratio

Is TASE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TASE income statement (TTM)
Revenue	₪342.96m
Cost of Revenue	₪0
Gross Profit	₪342.96m
Other Expenses	₪292.44m
Earnings	₪50.53m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 08, 2022

Earnings per share (EPS)	0.50
Gross Margin	100.00%
Net Profit Margin	14.73%
Debt/Equity Ratio	0%

How did TASE perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

45%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is TASE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TASE?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TASE. This is calculated by dividing TASE's market cap by their current preferred multiple.
What is TASE's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₪1.77b

TASE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4x
Enterprise Value/EBITDA	14.7x
PEG Ratio	2.1x

Price to Earnings Ratio vs Peers

How does TASE's PE Ratio compare to its peers?

TASE PE Ratio vs Peers

The above table shows the PE ratio for TASE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	19.3x
TREN Trendline Information and Communication Services	45.7x	n/a	₪120.2m
GNRS Generation Capital	5.7x	n/a	₪1.6b
IBI I.B.I Investment House	15.3x	n/a	₪1.2b
ATRY Atreyu Capital Markets	10.3x	n/a	₪903.9m
TASE Tel-Aviv Stock Exchange	35.1x	16.7%	₪1.8b

Price-To-Earnings vs Peers: TASE is expensive based on its Price-To-Earnings Ratio (35.1x) compared to the peer average (19.3x).

Price to Earnings Ratio vs Industry

How does TASE's PE Ratio compare vs other companies in the Asian Capital Markets Industry?

Price-To-Earnings vs Industry: TASE is expensive based on its Price-To-Earnings Ratio (35.1x) compared to the IL Capital Markets industry average (11.7x)

Price to Earnings Ratio vs Fair Ratio

What is TASE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TASE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	35.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TASE's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of TASE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TASE (₪17.4) is trading above our estimate of fair value (₪6.09)

Significantly Below Fair Value: TASE is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Tel-Aviv Stock Exchange forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

16.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TASE's forecast earnings growth (16.7% per year) is above the savings rate (1.5%).

Earnings vs Market: TASE's earnings (16.7% per year) are forecast to grow faster than the IL market (3.2% per year).

High Growth Earnings: TASE's earnings are forecast to grow, but not significantly.

Revenue vs Market: TASE's revenue (7.5% per year) is forecast to grow faster than the IL market (5.6% per year).

High Growth Revenue: TASE's revenue (7.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if TASE's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Tel-Aviv Stock Exchange performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

6.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TASE has high quality earnings.

Growing Profit Margin: TASE's current net profit margins (14.7%) are higher than last year (12.1%).

Past Earnings Growth Analysis

Earnings Trend: TASE has become profitable over the past 5 years, growing earnings by 6% per year.

Accelerating Growth: TASE's earnings growth over the past year (39.1%) exceeds its 5-year average (6% per year).

Earnings vs Industry: TASE earnings growth over the past year (39.1%) underperformed the Capital Markets industry 42.7%.

Return on Equity

High ROE: TASE's Return on Equity (7.5%) is considered low.

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Financial Health

How is Tel-Aviv Stock Exchange's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: TASE's short term assets (₪1.0B) exceed its short term liabilities (₪720.2M).

Long Term Liabilities: TASE's short term assets (₪1.0B) exceed its long term liabilities (₪116.6M).

Debt to Equity History and Analysis

Debt Level: TASE is debt free.

Reducing Debt: TASE has not had any debt for past 5 years.

Debt Coverage: TASE has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: TASE has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Tel-Aviv Stock Exchange current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

1.28%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: TASE's dividend (1.28%) isn’t notable compared to the bottom 25% of dividend payers in the IL market (1.91%).

High Dividend: TASE's dividend (1.28%) is low compared to the top 25% of dividend payers in the IL market (6.36%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, TASE has been paying a dividend for less than 10 years.

Growing Dividend: TASE's dividend payments have increased, but the company has only paid a dividend for 2 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (44.8%), TASE's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (30.7%), TASE's dividend payments are well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

5.6yrs

Average management tenure

CEO

Ittai Ben-Zeev (47 yo)

5.58yrs

Tenure

Mr. Ittai Ben-Zeev is Chief Executive Officer of Tel - Aviv Stock Exchange Ltd. since January 1, 2017. Prior to joining TASE, Mr. Ben-Zeev served as Executive Vice President, Head of Capital Markets Divisi...

Leadership Team

Experienced Management: TASE's management team is seasoned and experienced (5.6 years average tenure).

Board Members

Experienced Board: TASE's board of directors are considered experienced (3.7 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/07 00:00
End of Day Share Price	2022/08/04 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31