Meitav Investment House (MTAV) Q4 2023 earnings summary

Executive summary

• AUM rose 22% YoY to ₪269bn; 2023 adjusted EBITDA reached ₪392m, up 23%, and presentation-basis revenue was ₪1,326m, up 12%.

• Net income was ₪157m and net income attributable to shareholders was ₪130m in 2023, versus ₪95m and ₪74m, respectively, in 2022.

Financial highlights

• Presentation-basis revenue was ₪1,326m, including nostro and excluding legal-claim revenue refunds; adjusted EBITDA was ₪392m.

• 2023 operating profit was ₪310m; net income was ₪157m and attributable net income was ₪130m.

• Q4 2023 EBITDA was ₪100m, comprising ₪60m profit before tax, ₪25m depreciation and amortization, and ₪15m net financing expenses.

Outlook and guidance

• AUM increased to approximately ₪127bn by early March 2024, from ₪120bn at year-end 2023.

• A possible separation of the credit segment and part of alternative investments was under preliminary review; assessments were incomplete and execution was uncertain.