The Tel-Aviv Stock Exchange (TASE) Q4 2020 earnings summary

Executive summary

• FY2020 revenue rose 17% YoY to NIS 304.3M; adjusted EBITDA increased 54% to NIS 95.1M and adjusted net profit rose 78% to NIS 38.2M.

• Q4 revenue grew 17% YoY to NIS 77.5M, with adjusted EBITDA up 72% to NIS 25.9M and adjusted net profit up 255% to NIS 11.5M.

Financial highlights

• FY2020 IFRS net profit was NIS 36.9M, up 110% YoY; diluted EPS was NIS 0.358, up 106%.

• FY2020 expenses were NIS 255.5M, up 4%; adjusted operating expenses were NIS 254.2M, up 5%.

• Q4 IFRS net profit was NIS 11.3M, up 298% YoY; diluted EPS was NIS 0.110, up 296%.

Segment performance

• FY2020 trading and clearing commissions grew 28% to NIS 136.5M, led by increased share trading, mutual fund activity, corporate bonds, derivatives, government bonds and T-bills.

• Listing fees and levies increased 10% to NIS 59.9M; clearing house services rose 10% to NIS 57.5M.

• Data distribution and connectivity revenue increased 14% to NIS 48.4M, including private-customer data revenue and fees for previously free business-customer data.

• Other revenue declined 42% to NIS 2.1M, largely reflecting the conference center closure in March 2020 following the coronavirus outbreak.