Tel Aviv Stock Exchange (TASE) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Tel Aviv Stock Exchange ILS 41.18, price ILS 147, upside -72.0%, quality 92 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 11.82 ILA – 171.21 ILA · fair‑value band 18.80 ILA – 59.36 ILA · the 146.90 ILA price screens above the 41.18 ILA fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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The Tel-Aviv Stock Exchange Ltd. operates as a stock exchange in Israel.
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The Tel-Aviv Stock Exchange Ltd. operates as a stock exchange in Israel. 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 146.90 ILA, while our model-based Fair Value estimate is 41.18 ILA, implying the stock looks roughly 256.8% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 43.11 ILA per share, and 0 of the 13 models we run sit above the 146.90 ILA price.
Bear case: the Asset-Based group reads lowest at 4.65 ILA, and 13 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: 18.80 ILA (bear) to 59.36 ILA (bull), the price of 146.90 ILA 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 92/100 (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 13.6B ILA · P/E ratio 62.2 · P/S ratio 20.0 · EPS (TTM) 2.36 ILA · Dividend yield 0.7% · Net margin 32.1% · Return on equity 40.9% · Return on assets (EBIT) 6.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 101% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −26% 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 (4.65 ILA to 61.23 ILA). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 18.80 ILAFair Value 41.18 ILABull 59.36 ILA
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.01 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.Evidence ⓘEvidence = 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% vs 33%, 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.
Start year 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).
+29.9%
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.
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 · 55 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score91 · Top 25%
Fair Value upside−72% · Bottom 25%
Profitability
Return on equity (TTM)41% · Top 25%
Return on assets12% · Top 25%
Net margin (TTM)36% · Above median
Operating margin (TTM)56% · Top 25%
Growth and dividend
Revenue growth40% · Top 25%
Dividend yield (TTM)0.7% · Bottom 25%
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (TTM)62.2× · Priciest 25%
P/B6.86× · Pricier than median
P/S (TTM)7.26× · Cheaper than median
P/FCF18.0× · Pricier than median
EV/EBITDA13.3× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 69
PAST (return on equity)100· sector 77
HEALTH (low debt)93· sector 94
DIVIDEND (yield)13· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Tel Aviv Stock Exchange (TASE) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 41.18 ILA versus a price of 146.90 ILA, about −72% upside (overvalued).
What is the fair value of TASE?
Our model-based fair value for Tel Aviv Stock Exchange is 41.18 ILA (as of Sep 24, 2026), built from audited fundamentals. The current price: 146.90 ILA.
What is the quality score of TASE?
Tel Aviv Stock Exchange has a Quality Score of 92/100. 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 41.18 ILA (as of Sep 24, 2026) from 13 valuation models. Cautious scenario 18.80 ILA, optimistic scenario 59.36 ILA. 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 41.18 ILA, about −72% upside versus a price of 146.90 ILA (overvalued). Cautious scenario 18.80 ILA, optimistic scenario 59.36 ILA. 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 616M ILS (latest available figure, as of Sep 24, 2026).
Does Tel Aviv Stock Exchange pay a dividend?
Tel Aviv Stock Exchange currently shows a dividend yield of about 0.67% relative to its recent price (as of Sep 24, 2026).
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 +29.9 % 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 Sep 24, 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 0.54, 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 +29.9 % per year a year over ten years, 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 +29.9 % per year free-cash-flow growth a 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 +8.4 % a year. That is the yardstick for the growth priced into Tel Aviv Stock Exchange (+29.9 % per year a 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 1.82 %: 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 41.18 ILA per share (as of Sep 24, 2026), against a price of 146.90 ILA. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Tel Aviv Stock Exchange stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TASE trades above its calculated fair value: price 146.90 ILA, fair value 41.18 ILA, 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 (146.90 ILA); the fair value is what the company's own numbers justify (41.18 ILA). For Tel Aviv Stock Exchange the two are 105.72 ILA 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 13.6B ILA (market capitalisation, as of Sep 24, 2026). Per share that is 146.90 ILA; our models calculate a fair value of 41.18 ILA per share.
What do the bullish and bearish scenarios say about TASE?
Our models span a range for Tel Aviv Stock Exchange: cautious scenario 18.80 ILA, base 41.18 ILA, optimistic 59.36 ILA per share (as of Sep 24, 2026, price 146.90 ILA). 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 62.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 41.18 ILA is built from several models across several years. Other multiples: P/B 6.9, P/S 7.3, EV/EBITDA 13.3.
How solid is the balance sheet of Tel Aviv Stock Exchange (TASE)?
Balance-sheet figures for Tel Aviv Stock Exchange (as of Sep 24, 2026): return on equity 40.9%, debt of 0.15 per unit of equity. They feed the Quality Score of 92/100, which measures business quality independently of the share price.
How far is TASE from its 52-week high?
Tel Aviv Stock Exchange trades at 146.90 ILA, about 14% below its 52-week high of 171.21 ILA and 101% above the low of 73.24 ILA (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 41.18 ILA 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, Moody's Corporation, Intercontinental Exchange, Inc, 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 Sep 24, 2026: price 146.90 ILA, calculated fair value 41.18 ILA (−72%), Quality Score 92/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 41.18 ILA, 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 14.1 % 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 Sep 23, 2026 was 146.90 ILA. Our model-based fair value is 41.18 ILA, about −72% upside (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 92/100), 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 (59.36 ILA). The favourable scenario is already priced in. The model range is unusually wide (18.80 ILA to 59.36 ILA). 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 13.6B ILA. 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 20.0 (P/E × margin). 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 2.36 ILA (price ÷ EPS = P/E 62.2). 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 41.4%). 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 32.1% (fiscal year 2025). 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 40.9% (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 55.9% (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 +39.9% 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 +114% 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 ILA net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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