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Analyses on Tase (8)
- May 20, 2026May 20, 2026
- Follow-up
Follow-up to TASE: the infrastructure cost of a more active market
A more active market strengthens TASE's revenue and profit, but the formal filing shows that clearing also requires resources, collateral and infrastructure investment that cannot be read only through the income statement.
TASE in the first quarter: the profit jump now has a broader base
TASE's first quarter looks less like a one-off jump in trading volumes and more like a successful test of the infrastructure model, because clearing services, index-usage revenue and deferred listing fees strengthen revenue quality. The constraint is that the dividend has alread…
- May 12, 2026May 12, 2026
- Follow-up
After the dividend: TASE's next buyback can no longer lean on old surplus
TASE can still examine another buyback in 2026, but after the March dividend it should be judged against an updated NIS 237.7 million liquidity surplus and NIS 70.1 million of quarterly free cash flow, not against the year-end 2025 surplus.
TASE in the first quarter: profit jumped, but the valuation needs more than one strong quarter
The first quarter strengthened the view that the company has real operating leverage, but the market value already requires proof that clearing, indices and the new trading week are creating a recurring base rather than one unusual volume quarter.
