The Tel-Aviv Stock Exchange (TASE) Q4 2021 earnings summary

Executive summary

• FY21 revenue reached NIS 323.7M, up 6% YoY; adjusted EBITDA was NIS 103.0M, up 8%, and adjusted net profit was NIS 46.2M, up 21%.

• Q4 revenue rose 11% YoY to NIS 85.7M; adjusted EBITDA increased 14% to NIS 29.5M and adjusted net profit rose 24% to NIS 14.2M.

• Stronger trading activity, issuance and clearing-related fees supported growth, alongside expansion in market capitalization and capital raised.

Financial highlights

• Q4 IFRS revenue was NIS 85.7M, up 11% YoY; expenses were NIS 68.7M, up 8%, and profit before financing income and net was NIS 17.0M, up 25%.

• Q4 IFRS profit was NIS 14.1M versus NIS 11.3M; diluted EPS was NIS 0.136 versus NIS 0.110.

• FY21 adjusted net profit was NIS 46.2M versus NIS 38.2M in 2020; FY21 adjusted EBITDA was NIS 103.0M versus NIS 95.1M.

• Adjusted expenses were NIS 268.5M in FY21 versus NIS 254.2M in 2020; Q4 adjusted expenses were NIS 68.6M versus NIS 63.7M.

Segment performance

• Q4 trading and clearing commissions rose 9% YoY to NIS 36.6M, mainly on higher trading volumes; fewer trading days reduced the increase by 2%.

• Q4 listing fees and levies increased 14% to NIS 17.4M, supported by listing fees, more fee-paying companies and funds, and new annual fees.

• Q4 Clearing House services revenue rose 17% to NIS 17.6M, reflecting higher custodian fees on increased asset values and more member services revenue.

• Q4 data distribution and connectivity revenue increased 5% to NIS 13.5M, including growth in overseas data distribution and connectivity customers and services.

• FY21 revenue mix was 41% transactional and 59% non-transactional; trading and clearing commissions contributed NIS 131.1M and Clearing House services NIS 65.5M.