Tel Aviv Stock Exchange (TASE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Tel Aviv Stock Exchange stock ILS 39.00, price ILS 142, that is 72.5% below the price, quality 87 out of 100. Rating: strongly overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 11.82 ILS – 171.21 ILS · fair‑value band 18.96 ILS – 56.71 ILS · the 141.60 ILS price screens above the 39.00 ILS fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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The Tel-Aviv Stock Exchange Ltd. operates as a stock exchange in Israel.
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The company offers shares, participation units, corporate bonds, structured bonds, warrants, convertible securities, exchange-traded funds, MCAMs and government bonds, as well as derivatives issued by the MAOF Clearing House are traded on the stock exchange, including stock options, options and futures contracts on stock indices.
It also engages in the clearing and settlement of securities; capital and debt raising; and dual listing activities, as well as operates trading platform for the buying and selling of a range of securities and other financial instruments.
In addition, the company provides initial and follow-on public offerings, data hub, conference centers, and data store services.
Further, it offers nominee, portfolio, and connectivity services; trading arena for technology, real estate, and other companies; and holds license to distribute and process the data. The Tel-Aviv Stock Exchange Ltd. was founded in 1935 and is based in Tel Aviv-Yafo, Israel.
Stock analysis
Tel Aviv Stock Exchange (TASE) currently trades at 141.60 ILS, while our model-based Fair Value estimate is 39.00 ILS, 72% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 42.53 ILS per share, and 0 of the 13 models we run sit above the 141.60 ILS price.
Bear case: the Dividend Discount group reads lowest at 7.95 ILS, and 13 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: 18.96 ILS (bear) to 56.71 ILS (bull), the price of 141.60 ILS sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 87/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Tel Aviv Stock Exchange reported revenue of 564M ILS in FY2025 versus 324M ILS in FY2021, a compound +14.9%/yr. Reported net income was 181M ILS in FY2025, compounding +41.2%/yr from FY2021.
Key figures
Market cap 13.4B ILS Mid · P/E ratio 51.9 · P/S ratio 20.2 · EPS (TTM) 2.73 ILS · Dividend yield 0.7% · Net margin 38.8% · Return on equity 42.5% · Return on assets (EBIT) 6.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 84 out of 100 (medium confidence).
What moves the price
The share trades about 17% below its 52-week high and 76% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −34% fair-value upside, at −72%, TASE screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (3.47 ILS to 61.74 ILS). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear18.96 ILSFair Value 39.00 ILSBull56.71 ILS
Price 141.60 ILS · Downside -72.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.50 ILS per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.98/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+28.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.1%
Start year 2020 (pandemic). Over 10 years: +7.9% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+41.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+40.4%
Dividend (yield on the price)0.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.40.4% vs 33.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16% → 42%
2025 sits 128% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+29.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Israel: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about +27.2% a year for the price.
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: TASE shows solid margins and returns from trading volumes and clearing services, yet limited public evidence on innovation, human capital and ownership alignment restricts the quality assessment.
Main risk: Political uncertainty after recent elections could reduce trading volumes and new listings, directly cutting revenue from core exchange and clearing activities.
TASE draws steady revenue from rising trading volumes and clearing services in Israel's active capital markets. The operator is pushing Israeli tech firms to list locally rather than chase US exchanges crowded by AI mega-deals. Political uncertainty after the recent elections could dampen volumes and listings. Will the push for domestic listings deliver more lasting growth than short-term market swings take away?
Compare Tel Aviv Stock Exchange with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Financial Data & Stock Exchanges · 48 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score87 · Top 25%
Fair Value upside−72.5% · Bottom 25%
Profitability
Return on equity (12 months)42.5% · Top 25%
Return on assets10.1% · Above median
Net margin (12 months)38.8% · Above median
Operating margin (12 months)54.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)36.2% · Top 25%
Dividend yield (12 months)0.7% · Bottom 25%
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
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Is Tel Aviv Stock Exchange (TASE) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 39.00 ILS versus a price of 141.60 ILS, about 72% lower (overvalued).
What is the fair value of TASE?
Our model-based fair value for Tel Aviv Stock Exchange is 39.00 ILS (as of Nov 7, 2026), built from audited fundamentals. The current price: 141.60 ILS.
What is the quality score of TASE?
Tel Aviv Stock Exchange has a Quality Score of 87/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tel Aviv Stock Exchange (TASE)?
Our model-based price target is the fair value of 39.00 ILS (as of Nov 7, 2026) from 13 valuation models. Cautious scenario 18.96 ILS, optimistic scenario 56.71 ILS. It is a calculation from audited fundamentals, not an analyst target.
What is the Tel Aviv Stock Exchange stock forecast for 2026?
Our models put fair value at 39.00 ILS, about 72% lower versus a price of 141.60 ILS (overvalued). Cautious scenario 18.96 ILS, optimistic scenario 56.71 ILS. The calculation is refreshed regularly with new filings.
What is the revenue of Tel Aviv Stock Exchange (TASE)?
Tel Aviv Stock Exchange reported trailing-twelve-month revenue of about 665M ILS (latest available figure, as of Nov 7, 2026).
Does Tel Aviv Stock Exchange pay a dividend?
Tel Aviv Stock Exchange currently shows a dividend yield of 0.69% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Tel Aviv Stock Exchange (TASE) and when is the ex-dividend date?
Tel Aviv Stock Exchange pays a dividend of 0.977 ILS per share a year, a dividend yield of 0.7%. The last ex-dividend date was Mar 13, 2026. A dividend has been paid every year since at least 2020. The payout ratio is 35.8% of earnings. Free cash flow covers the dividend 2.73 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Tel Aviv Stock Exchange (TASE)?
For today's price to be fair in a discounted-cash-flow model, Tel Aviv Stock Exchange would have to grow free cash flow by +29.8 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.1 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of TASE use?
Our models discount Tel Aviv Stock Exchange at 10.3 %: a base by market capitalisation (mid), damped by beta 0.57, country premium for Israel. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Tel Aviv Stock Exchange that is +29.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Tel Aviv Stock Exchange (TASE) delivered so far?
Over the past 5 years revenue at Tel Aviv Stock Exchange grew +13.1 % a year. The price currently implies free-cash-flow growth of +29.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Tel Aviv Stock Exchange (TASE) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Tel Aviv Stock Exchange (+29.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tel Aviv Stock Exchange (TASE)?
The free-cash-flow yield on the price is 1.85 %: that much free cash flow Tel Aviv Stock Exchange produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tel Aviv Stock Exchange (TASE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tel Aviv Stock Exchange it is 39.00 ILS per share (as of Nov 7, 2026), against a price of 141.60 ILS. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Tel Aviv Stock Exchange stock overvalued or undervalued in 2026?
As of Nov 7, 2026, TASE trades above its calculated fair value: price 141.60 ILS, fair value 39.00 ILS, a gap of about −72% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TASE?
No. The price is what the market pays today (141.60 ILS); the fair value is what the company's own numbers justify (39.00 ILS). For Tel Aviv Stock Exchange the two are 102.60 ILS per share apart. That gap is exactly why we show both numbers side by side.
How much is Tel Aviv Stock Exchange worth?
The market values Tel Aviv Stock Exchange at about 13.4B ILS (market capitalisation, as of Nov 7, 2026). Per share that is 141.60 ILS; our models calculate a fair value of 39.00 ILS per share.
What do the bullish and bearish scenarios say about TASE?
Our models span a range for Tel Aviv Stock Exchange: cautious scenario 18.96 ILS, base 39.00 ILS, optimistic 56.71 ILS per share (as of Nov 7, 2026, price 141.60 ILS). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TASE?
Tel Aviv Stock Exchange trades at a price-to-earnings ratio of 51.9 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 39.00 ILS is built from several models across several years. Other multiples: P/B 20.6, P/S 20.2, EV/EBITDA 36.8.
How solid is the balance sheet of Tel Aviv Stock Exchange (TASE)?
Balance-sheet figures for Tel Aviv Stock Exchange (as of Nov 7, 2026): return on equity 42.5%, debt of 0.15 per unit of equity. They feed the Quality Score of 87/100, which measures business quality independently of the share price.
How far is TASE from its 52-week high?
Tel Aviv Stock Exchange trades at 141.60 ILS, about 17% below its 52-week high of 171.21 ILS and 76% above the low of 80.44 ILS (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 39.00 ILS is for.
Which stocks are comparable to Tel Aviv Stock Exchange?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tel Aviv Stock Exchange stock attractive at the current price?
The data as of Nov 7, 2026: price 141.60 ILS, calculated fair value 39.00 ILS (−72%), Quality Score 87/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TASE calculated?
We run Tel Aviv Stock Exchange through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 39.00 ILS builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Tel Aviv Stock Exchange itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tel Aviv Stock Exchange (TASE)?
The closing price on Nov 6, 2026 was 141.60 ILS. Our model-based fair value is 39.00 ILS, about 72% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tel Aviv Stock Exchange right now?
A high-quality business (quality 87/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (56.71 ILS). The favourable scenario is already priced in. The model range is unusually wide (18.96 ILS to 56.71 ILS). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Tel Aviv Stock Exchange (TASE) come from?
Earnings per share at Tel Aviv Stock Exchange grew +33.2 % a year from 2015 to 2025. Broken into its drivers: revenue per share +8.0 %, EBIT margin +22.2 %, tax rate +2.0 %, residual (interest, one-offs) −1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tel Aviv Stock Exchange
How large is the market capitalisation of Tel Aviv Stock Exchange (TASE)?
The market capitalisation of Tel Aviv Stock Exchange is 13.4B ILS. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tel Aviv Stock Exchange (TASE)?
The price-to-sales ratio of Tel Aviv Stock Exchange is 20.2 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tel Aviv Stock Exchange (TASE)?
Earnings per share at Tel Aviv Stock Exchange are 2.73 ILS (price ÷ EPS = P/E 51.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tel Aviv Stock Exchange (TASE)?
The dividend yield of Tel Aviv Stock Exchange is 0.7% (payout 35.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Tel Aviv Stock Exchange (TASE)?
The net margin of Tel Aviv Stock Exchange is 38.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tel Aviv Stock Exchange (TASE)?
The return on equity (ROE) of Tel Aviv Stock Exchange is 42.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tel Aviv Stock Exchange (TASE)?
On an EBIT basis the return on assets of Tel Aviv Stock Exchange is 6.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tel Aviv Stock Exchange (TASE)?
The operating margin of Tel Aviv Stock Exchange is 54.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tel Aviv Stock Exchange (TASE)?
Revenue at Tel Aviv Stock Exchange is growing +36.2% versus a year earlier (3y avg +16.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tel Aviv Stock Exchange (TASE)?
Earnings per share at Tel Aviv Stock Exchange are growing +78.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Tel Aviv Stock Exchange (TASE) hold?
Tel Aviv Stock Exchange holds more cash than debt, 270M ILS net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 7, 2026