The Tel-Aviv Stock Exchange Ltd (TVAVF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of The Tel-Aviv Stock Exchange Ltd $14.74, price $44.25, upside -66.7%, quality 89 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 $3.31 – $63.00 · fair‑value band $6.24 – $27.99 · the $44.25 price screens above the $14.74 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
The Tel-Aviv Stock Exchange Ltd (TVAVF) currently trades at $44.25, while our model-based Fair Value estimate is $14.74, 66.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $13.69 per share, and 0 of the 11 models we run sit above the $44.25 price.
Bear case: the Asset-Based group reads lowest at $1.52, and 11 of the 11 models stay below the price. Evidence for this calculation is medium.
Scenario range: $6.24 (bear) to $27.99 (bull), the price of $44.25 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 89/100 (high quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
The Tel-Aviv Stock Exchange Ltd 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 +41.3%/yr from FY2021.
Key figures
Market cap $4.1B · P/E ratio 55.3 · P/S ratio 17.8 · EPS (TTM) $0.8000 · Net margin 32.1% · Return on equity 40.9% · Return on assets (EBIT) 6.3% · Revenue (TTM) 530M ILS.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 30% below its 52-week high and 97% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at −67%, TVAVF screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($1.52 to $20.08). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear $6.24Fair Value $14.74Bull $27.99
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 ($0.6049 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.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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+39.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.9%
Dividend (yield on the price)0.0%
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% → 41%
2025 sits 117% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
+24.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in ILS, Israel: IMF forecast 2.1% a year to 2030, 1.7% from 2016 to 2025) that is about +21.7% a year for the price.
Compare The Tel-Aviv Stock Exchange Ltd 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 · 52 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score89 · Top 25%
Fair Value upside−70.3% · Bottom 25%
Profitability
Return on equity (TTM)40.9% · Top 25%
Return on assets11.8% · Above median
Net margin (TTM)36.2% · Above median
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth39.9% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (TTM)55.3× · Priciest 25%
P/B19.24× · Priciest 25%
P/S (TTM)23.67× · Priciest 25%
P/FCF53.9× · Priciest 25%
EV/EBITDA39.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 66
PAST (return on equity)100· sector 79
HEALTH (low debt)93· sector 96
DIVIDEND (yield)0· sector 36
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.
Cite: Fair Value Calculator (2026). "The Tel-Aviv Stock Exchange Ltd Fair Value". https://www.fairvalue-calculator.com/stock/TVAVF
Frequently asked questions
Is The Tel-Aviv Stock Exchange Ltd (TVAVF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $14.74 versus a price of $44.25, about −67% upside (overvalued).
What is the fair value of TVAVF?
Our model-based fair value for The Tel-Aviv Stock Exchange Ltd is $14.74 (as of Sep 24, 2026), built from audited fundamentals. The current price: $44.25.
What is the quality score of TVAVF?
The Tel-Aviv Stock Exchange Ltd has a Quality Score of 89/100. 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 The Tel-Aviv Stock Exchange Ltd (TVAVF)?
Our model-based price target is the fair value of $14.74 (as of Sep 24, 2026) from 11 valuation models. Cautious scenario $6.24, optimistic scenario $27.99. It is a calculation from audited fundamentals, not an analyst target.
What is the The Tel-Aviv Stock Exchange Ltd stock forecast for 2026?
Our models put fair value at $14.74, about −67% upside versus a price of $44.25 (overvalued). Cautious scenario $6.24, optimistic scenario $27.99. The calculation is refreshed regularly with new filings.
What is the revenue of The Tel-Aviv Stock Exchange Ltd (TVAVF)?
The Tel-Aviv Stock Exchange Ltd reported trailing-twelve-month revenue of about 530M ILS (latest available figure, as of Sep 24, 2026).
What growth is priced into The Tel-Aviv Stock Exchange Ltd (TVAVF)?
For today's price to be fair in a discounted-cash-flow model, The Tel-Aviv Stock Exchange Ltd would have to grow free cash flow by +24.2 % per year for five years (discount rate 8.5 %, 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 TVAVF use?
Our models discount The Tel-Aviv Stock Exchange Ltd at 8.5 %: a base by market capitalisation (mid), damped by beta 0.51, country premium for USA. 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 The Tel-Aviv Stock Exchange Ltd that is +24.2 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has The Tel-Aviv Stock Exchange Ltd (TVAVF) delivered so far?
Over the past 5 years revenue at The Tel-Aviv Stock Exchange Ltd grew +13.1 % a year. The price currently implies +24.2 % 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 The Tel-Aviv Stock Exchange Ltd (TVAVF) growing?
The median revenue growth in the sector is +8.6 % a year. That is the yardstick for the growth priced into The Tel-Aviv Stock Exchange Ltd (+24.2 % 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 The Tel-Aviv Stock Exchange Ltd (TVAVF)?
The free-cash-flow yield on the price is 1.86 %: that much free cash flow The Tel-Aviv Stock Exchange Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of The Tel-Aviv Stock Exchange Ltd (TVAVF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For The Tel-Aviv Stock Exchange Ltd it is $14.74 per share (as of Sep 24, 2026), against a price of $44.25. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is The Tel-Aviv Stock Exchange Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TVAVF trades above its calculated fair value: price $44.25, fair value $14.74, a gap of about −67% (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 TVAVF?
No. The price is what the market pays today ($44.25); the fair value is what the company's own numbers justify ($14.74). For The Tel-Aviv Stock Exchange Ltd the two are $29.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is The Tel-Aviv Stock Exchange Ltd worth?
The market values The Tel-Aviv Stock Exchange Ltd at about $4.1B (market capitalisation, as of Sep 24, 2026). Per share that is $44.25; our models calculate a fair value of $14.74 per share.
What do the bullish and bearish scenarios say about TVAVF?
Our models span a range for The Tel-Aviv Stock Exchange Ltd: cautious scenario $6.24, base $14.74, optimistic $27.99 per share (as of Sep 24, 2026, price $44.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TVAVF?
The Tel-Aviv Stock Exchange Ltd trades at a price-to-earnings ratio of 55.3 (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 $14.74 is built from several models across several years. Other multiples: P/B 19.2, P/S 23.7, EV/EBITDA 39.0.
How solid is the balance sheet of The Tel-Aviv Stock Exchange Ltd (TVAVF)?
Balance-sheet figures for The Tel-Aviv Stock Exchange Ltd (as of Sep 24, 2026): return on equity 40.9%, debt of 0.15 per unit of equity. They feed the Quality Score of 89/100, which measures business quality independently of the share price.
How far is TVAVF from its 52-week high?
The Tel-Aviv Stock Exchange Ltd trades at $44.25, about 30% below its 52-week high of $63.00 and 97% above the low of $22.51 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $14.74 is for.
Which stocks are comparable to The Tel-Aviv Stock Exchange Ltd?
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 The Tel-Aviv Stock Exchange Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price $44.25, calculated fair value $14.74 (−67%), Quality Score 89/100, from 11 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 TVAVF calculated?
We run The Tel-Aviv Stock Exchange Ltd through 11 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 $14.74, 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 14.5 % above its aggregate fair value. The Tel-Aviv Stock Exchange Ltd 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 The Tel-Aviv Stock Exchange Ltd (TVAVF)?
The closing price on Oct 2, 2026 was $44.25. Our model-based fair value is $14.74, about −67% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with The Tel-Aviv Stock Exchange Ltd right now?
A high-quality business (quality 89/100), 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 ($27.99). The favourable scenario is already priced in. The model range is unusually wide ($6.24 to $27.99). 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.
Key figures of The Tel-Aviv Stock Exchange Ltd
How large is the market capitalisation of The Tel-Aviv Stock Exchange Ltd (TVAVF)?
The market capitalisation of The Tel-Aviv Stock Exchange Ltd is $4.1B. 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 The Tel-Aviv Stock Exchange Ltd (TVAVF)?
The price-to-sales ratio of The Tel-Aviv Stock Exchange Ltd is 17.8 (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 The Tel-Aviv Stock Exchange Ltd (TVAVF)?
Earnings per share at The Tel-Aviv Stock Exchange Ltd are $0.8000 (price ÷ EPS = P/E 55.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of The Tel-Aviv Stock Exchange Ltd (TVAVF)?
The net margin of The Tel-Aviv Stock Exchange Ltd 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 The Tel-Aviv Stock Exchange Ltd (TVAVF)?
The return on equity (ROE) of The Tel-Aviv Stock Exchange Ltd 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 The Tel-Aviv Stock Exchange Ltd (TVAVF)?
On an EBIT basis the return on assets of The Tel-Aviv Stock Exchange Ltd is 6.3% (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.
How fast is revenue growing at The Tel-Aviv Stock Exchange Ltd (TVAVF)?
Revenue at The Tel-Aviv Stock Exchange Ltd 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 The Tel-Aviv Stock Exchange Ltd (TVAVF)?
Earnings per share at The Tel-Aviv Stock Exchange Ltd are growing +114% versus a year earlier. How much earnings per share grew versus a year earlier.
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Sep 24, 2026