Tel Aviv Stock Exchange Ltd. · TASE:TASE
Tel Aviv Stock Exchange — Q2 2024 Earnings Presentation
31 slides from Tel Aviv Stock Exchange's earnings presentation, Jun 30, 2024
Slide 1: Investors Presentation Quarter ended June 30, 2024
Tel-Aviv Stock Exchange (TASE) Investors Presentation Quarter ended June 30, 2024 1
Slide 2: Important notice and forward-looking statements
IMPORTANT: You must read the following before continuing. The following applies to the presentation with respect to The Tel-Aviv Stock Exchange Limited and its subsidiaries and affiliates (collectively, “TASE”). In accessing the presentation, you agree to be bound by the following terms and conditio
Slide 3: TASE at a Glance / Q2'24 by the Numbers
TASE at a Glance / Q2’24 by the Numbers Established in 1953, TASE is the only Securities Exchange in Israel and a cornerstone of its growing capital market Average Daily Turnover Listings and Offerings (‘000 Contracts) (NIS Billions) (NIS Billions) (NIS Billions) (NIS Billions) (NIS Billions) (NIS B
Slide 4: TASE at a Glance / Q2'24 by the Numbers - Continued
TASE at a Glance / Q2’24 by the Numbers Continued Financial Metrics (NIS Millions) (NIS Millions) (NIS Millions) )NIS( 105.1 45.8 43.6% 25.7 24.4% 0.263 )1( )1( )1( )1( Revenue Adj. EBITDA % Adj. EBITDA Adj. net profit % Adj. net profit Basic EPS 13% Y-o-Y Growth 29% Y-o-Y Growth 26% Y-o-Y Growth 38
Slide 5: Issuance Volume
Issuance Volume Number of Issuances(2) Q2’24(1) Capital Issuances(1) (NIS in billions) Secondary offerings IPO )3( IPO Secondary offerings 2% 19 21% Secondary Offerings Equity Market 29% 1.1 6.8 Private Placements 12 10 NIS in IPOs billions Exercise of Warrants 1.4 1.1 1 - 0.3 1 0 48% - Q2'22 Q2'23
Slide 6: The results for Q2'24
The results for Q2’24 NIS, in thousands Quarter Ended Revenue 105.1 IFRS (GAAP) June 30, 2024 June 30, 2023 Difference -% (NIS Millions) 92.9 Revenue from services Expenses 105,110 74,766 92,903 72,591 13% 3% 13% Y-o-Y Growth Profit before financing income, net 30,344 20,312 49% Q2'23 Q2'24 Financin
Slide 7: Revenue Q2'24
Revenue Q2’24 NIS, in thousands 37% Transactional Quarter Ended 63% Non-transactional % of the % of the June 30, Company’s June 30, Company’s Difference - 2024 total 2023 total % revenues revenues 1% 15% of the increase in revenue is due to an increase in the trading volumes and in the Trading and v
Slide 8: Q2'24 Revenue Composition
Q2’24 Revenue Composition 37% Transactional Trading and Clearing Commissions Clearing House Services 63% Non-transactional ▪ Trade execution and ▪ Custodian services, clearing across asset 7% clearing of corporate 7% Shares 1% classes and clearing for actions, and transfer Custodian fees creation/re
Slide 9: Adjusted Expenses Q2'24
Adjusted Expenses(*) Q2’24 NIS, in thousands Quarter Ended % of the % of the 0% June 30, 2024 Company’s June 30, 2023 Company’s Difference -% total expenses total expenses 19% Compensation 39,298 54% 37,067 52% 6% 1% Q2’24 Computer and Communications 10,469 14% 8,914 13% 17% Adjusted 3% Expenses Pro
Slide 10: The results for H1'24
The results for H1’24 NIS, in thousands Six months Ended Revenue IFRS (GAAP) June 30, 2024 June 30, 2023 Difference -% (NIS Millions) 213.4 192.9 Revenue from services Expenses 213,403 150,133 192,919 142,567 11% 5% 11% Y-o-Y Growth Profit before financing income, net 63,270 50,352 26% H1'23 H1'24 F
Slide 11: Revenue H1'24
Revenue H1’24 NIS, in thousands 38% Transactional Six months Ended 62% Non-transactional % of the % of the June 30, Company’s June 30, Company’s Difference - 2024 total 2023 total % revenues revenues 1% 11% of the increase in revenue is due to an increase in the trading volumes and in the volume of
Slide 12: H1'24 Revenue Composition
H1’24 Revenue Composition 38% Transactional Trading and Clearing Commissions Clearing House Services 62% Non-transactional ▪ Trade execution and ▪ Custodian services, clearing across asset 8% clearing of corporate 7% Shares actions, and transfer Custodian fees 1% classes and clearing for 35% Corpora
Slide 13: Adjusted Expenses H1'24
Adjusted Expenses(*) H1’24 NIS, in thousands Six months Ended % of the % of the 0% June 30, 2024 Company’s June 30, 2023 Company’s Difference -% total expenses total expenses 19% Compensation 78,328 53% 75,238 54% 3% H1’24 Computer and Communications 21,306 15% 17,927 13% 19% 3% Adjusted 1% Expenses
Slide 14: Balance Sheet and Liquidity Position
Balance Sheet and Liquidity Position as of June 30, 2024 | NIS Thousands Assets: Capital requirements in respect of the risk components: Current assets Cash and cash equivalents 388,705 Credit risk 9,919 Financial assets at fair value through profit or loss 90,402 Market risk 2,706 Trade receivables
Slide 15: Cash Flow
Cash Flow NIS in Millions סעיף H1’24 Q2’24 Q1’24 Q1’23 Q2’23 Q3’23 Q4’23 2023 Adjusted EBITDA(1) 94,380 45,812 48,568 43,534 35,575 38,412 40,061 157,582 Operating Changes in working capital )18,073( )22,933( 4,860 8,803 )2,151( )5,401( 9,904 11,155 Activities Financing and tax )14,422( )3,008( )1
Slide 16: Appendix
APPENDIX PROTA ge TELAVIV STOCK EXCHANGE ~~
Slide 17: Revenue Trends
Revenue Trends NIS in Millions 410.3 389.9 1% 361.0 1% 323.7 2% 18% 16% Annual 1% 16% Other revenue 16% 20% Revenue 20% 20% Data distribution and connectivity services 19% 23% 21% Clearing House services 21% 19% Listing fees and levies 40% Trading and clearing commissions 45% 41% 40% 2021 2022 2023
Slide 18: Adjusted Operating Expenses Trends
Adjusted Operating Expenses(1) Trends NIS in Millions 277.3 285.4 291.8 Annual 268.5 Expenses(1) 28% 27% 28% 4סידרה 27% Other 19% 18% 18% 18% Depreciation and amortization Compensation 55% 55% 53% 54% Quarterly 2021 2022 2023 LTM Expenses(1) 73.3 70.9 74.9 73.3 73.4 68.0 68.7 67.3 69.4 70.2 28% 28
Slide 19: Profitability Trends
Profitability Trends NIS in Millions 50% 45% 42% 60.0 44% 45% 44% 200.0 40% 40% 39% 40% 37% 172.9 38% 39% 38% 40% 37% 48.6 50.0 35% 45.8 157.6 35% 32% 43.5 150.0 40.1 135.2 30% 38.4 30% 40.0 36.8 35.8 35.6 32.1 25% 103.0 30.5 Adjusted EBITDA 20% 30.0 20% 100.0 & Margin (1) 10% 20.0 15% 50.0 10% 0% 1
Slide 20: Revenue Drill Down | Transactional - Shares
Revenue Drill Down | Transactional - Shares Velocity 40% 43% 43% 41% 49% 43% 40% 40% 46% 44% 39% 42% 39% 42% 2.60 2.30 2.39 2.15 2.17 2.14 2.07 2.14 2.16 1.88 2.00 1.99 1.87 1.93 Average Daily Turnover (NIS billions) 2021 2022 2023 H1'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 0.
Slide 21: Revenue Drill Down | Transactional - Bonds
Revenue Drill Down | Transactional - Bonds Velocity 81% 73% 81% 86% 74% 76% 67% 75% 91% 78% 75% 89% 89% 83% 4.50 4.49 4.60 4.39 3.93 3.93 4.08 3.48 3.70 3.60 3.56 3.51 0.96 1.16 1.14 3.18 3.40 1.12 0.91 1.02 1.09 0.97 0.93 1.05 1.29 1.01 1.08 0.91 Average Daily Turnover 3.36 3.53 3.44 3.27 3.02 2.99
Slide 22: Revenue Drill Down | Transactional - Mutual Funds
Revenue Drill Down | Transactional - Mutual Funds 1.83 1.83 1.83 1.42 1.50 1.47 1.41 1.23 1.31 0.99 0.94 0.92 0.89 0.87 Average Daily Turnover (NIS billions) 2021 2022 2023 H1'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 0.0120% 0.0113% 0.0112% 0.0107% 0.0103% 0.0081% 0.0084% 0.008
Slide 23: Revenue Drill Down | Transactional - Derivatives
Revenue Drill Down | Transactional – Derivatives Daily Contracts (thousands) Single-stock Derivatives FX derivatives Options on Indices 176.1 167.8 159.3 159.2 157.3 158.7 160.6 164.4 158.8 7.5 148.9 150.2 153.2 152.3 150.5 5.0 4.3 3.1 12.3 10.1 12.7 15.3 43.3 2.9 3.5 10.1 18.4 10.0 40.3 39.0 20.1 3
Slide 24: Revenue Drill Down | Non-transactional
Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted Custodian fees (Clearing House Services) 3,121 3,116 3,132 3,110 3,004 2,975 2,983 2,946 2,946 2,890 2,908 2,865 2,877 2,829 Asset Value (NIS billions) 2021 2022 2023 H1'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q
Slide 25: Revenue Drill Down | Non-transactional
Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted 38.1 39.8 33.1 21.6 Annual Levies 10.7 10.9 9.4 9.5 9.6 9.6 10.0 9.9 10.0 9.9 2021 2022 2023 H1'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 46.4 41.4 36.0 Examination and Listing 21.8 15.4 Fees* 10.8 10.
Slide 26: Transactional Metrics
Transactional Metrics Six months ended Quarter Ended Year ended 30.06.24 30.06.23 30.06.24 31.03.24 31.12.23 30.09.23 30.06.23 31.03.23 31.12.23 31.12.22 31.12.21 Number of trading days 120 122 57 63 66 61 58 64 249 244 244 SHARES Market cap of Shares (ex. ETFs) 964 927 964 1,038 953 964 927 893 953
Slide 27: Transactional Metrics | Continued
Transactional Metrics | Continued Six months ended Quarter Ended Year ended 30.06.24 30.06.23 30.06.24 31.03.24 31.12.23 30.09.23 30.06.23 31.03.23 31.12.23 31.12.22 31.12.21 Number of trading days 120 122 57 63 66 61 58 64 249 244 244 TREASURY BILLS Market cap (in NIS billions) 249 282 249 256 305
Slide 28: Non-Transactional Metrics
Non-Transactional Metrics Six months ended Quarter Ended Year ended 30.06.24 30.06.23 30.06.24 31.03.24 31.12.23 30.09.23 30.06.23 31.03.23 31.12.23 31.12.22 31.12.21 CLEARING HOUSE SERVICES Average Monthly Market value of assets (in NIS billions)* 3,121 2,853 3,132 3,110 2,908 2,946 2,877 2,829 2,8
Slide 29: Non-Transactional Metrics | Continued
Non-Transactional Metrics | Continued Six months ended Quarter Ended Year ended 30.06.24 30.06.23 30.06.24 31.03.24 31.12.23 30.09.23 30.06.23 31.03.23 31.12.23 31.12.22 31.12.21 LISTING FEES AND LEVIES- Continued The value of issuance used to calculate Listing fees (in NIS millions) Companies – Sha
Slide 30: Non-Transactional Metrics | Continued
Non-Transactional Metrics | Continued Six months ended Quarter Ended Year ended 30.06.24 30.06.23 30.06.24 31.03.24 31.12.23 30.09.23 30.06.23 31.03.23 31.12.23 31.12.22 31.12.21 DATA DISTRIBUTION AND CONNECTIVITY SERVICES Average number of data terminals Domestic business clients(1) 7,444 7,312 7,3
Slide 31: Contacts
CONTACTS Yehuda Ben Ezra Orna Goren EVP CFO Head of Communication & PR unit Email: cfo@tase.co.il Email: tase.ir@tase.co.il Tel: +972-76-8160442 Tel: +972-76-8160405 31
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