Tel Aviv Stock Exchange Ltd. · TASE:TASE
Tel Aviv Stock Exchange — Q3 2024 Earnings Presentation
31 slides from Tel Aviv Stock Exchange's earnings presentation, November 2024
Slide 1: Tel-Aviv Stock Exchange (TASE) Investors Presentation
Tel-Aviv Stock Exchange (TASE) Investors Presentation Quarter ended September 30, 2024 1
Slide 2: Important disclaimer
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 / Q3'24 by the Numbers
TASE at a Glance / Q3’24 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 / Q3'24 by the Numbers - Continued
TASE at a Glance / Q3’24 by the Numbers Continued Financial Metrics (NIS Millions) (NIS Millions) (NIS Millions) )NIS( 109.0 45.1 41.4% 27.2 24.9% 0.282 )1( )1( )1( )1( Revenue Adj. EBITDA % Adj. EBITDA Adj. net profit % Adj. net profit Basic EPS 14% Y-o-Y Growth 17% Y-o-Y Growth 35% Y-o-Y Growth 44
Slide 5: Issuance Volume
Issuance Volume Number of Issuances(2) Q3’24(1) Capital Issuances(1) (NIS in billions) Secondary offerings IPO )3( IPO Secondary offerings 21 7% Secondary Offerings 17 15% Equity Market 11 2.5 Private Placements 5.8 NIS in IPOs billions 59% 3.3 19% 2.5 Exercise of Warrants 4 2 0 0.9 - 0.4 Q3'22 Q3'2
Slide 6: The results for Q3'24
The results for Q3’24 NIS, in thousands Quarter Ended Revenue 109.0 September 30, September 30, IFRS (GAAP) 2024 2023 Difference -% (NIS Millions) 95.5 Revenue from services Expenses 109,045 79,135 95,488 72,063 14% 10% 14% Y-o-Y Growth Profit before financing income, net 29,910 23,425 28% Q3'23 Q3'
Slide 7: Revenue Q3'24
Revenue Q3’24 NIS, in thousands 38% Transactional Quarter Ended 62% Non-transactional % of the % of the September Company’s September Company’s Difference - 30, 2024 total 30, 2023 total % revenues revenues 1% 12% of the increase in revenue from trading and clearing commissions is due to an increase
Slide 8: Q3'24 Revenue Composition
Q3’24 Revenue Composition 38% Transactional Trading and Clearing Commissions Clearing House Services 62% Non-transactional ▪ Trade execution and ▪ Custodian services, clearing across asset 6% clearing of corporate 7% Shares 1% classes and clearing for actions, and transfer Custodian fees creation/re
Slide 9: Adjusted Expenses Q3'24
Adjusted Expenses(*) Q3’24 NIS, in thousands Quarter Ended % of the % of the 0% September 30, September 30, Company’s Company’s Difference -% 2024 2023 total expenses total expenses 18% Compensation 41,744 54% 38,071 54% 10% 1% Q3’24 Computer and Communications 11,240 14% 10,183 15% 10% 3% Adjusted
Slide 10: The results for Q1-Q3'24
The results for Q1-Q3’24 NIS, in thousands Nine months Ended Revenue IFRS (GAAP) September 30, September 30, Difference -% (NIS Millions) 322.4 2024 2023 288.4 Revenue from services Expenses 322,448 229,268 288,407 214,630 12% 7% 12% Y-o-Y Growth Profit before financing income, net 93,180 73,777 26%
Slide 11: Revenue Q1-Q3'24
Revenue Q1-Q3’24 NIS, in thousands 38% Transactional Nine months Ended 62% Non-transactional % of the % of the September Company’s September Company’s Difference - 30, 2024 total 30, 2023 total % revenues revenues 1% 11% of the increase in revenue from trading and clearing commissions is due to an i
Slide 12: Q1-Q3'24 Revenue Composition
Q1-Q3’24 Revenue Composition 38% Transactional Trading and Clearing Commissions Clearing House Services 62% Non-transactional ▪ Trade execution and ▪ Custodian services, clearing across asset 7% clearing of corporate 7% Shares classes and clearing for actions, and transfer Custodian fees 1% creation
Slide 13: Adjusted Expenses Q1-Q3'24
Adjusted Expenses(*) Q1-Q3’24 NIS, in thousands Nine months Ended % of the % of the 0% September 30, September 30, Company’s Company’s Difference -% 2024 2023 total expenses total expenses 19% Compensation 120,072 53% 113,309 54% 5% 1% Q1-31’24 Computer and Communications 32,546 14% 28,110 13% 16% 3
Slide 14: Balance Sheet and Liquidity Position
Balance Sheet and Liquidity Position as of September 30, 2024 | NIS Thousands Assets: Capital requirements in respect of the risk components: Current assets Cash and cash equivalents 405,295 Credit risk 10,040 Financial assets at fair value through profit or loss 92,983 Market risk 2,721 Trade recei
Slide 15: Cash Flow
Cash Flow NIS in Millions Item Q1-Q3’24 Q3’24 Q2’24 Q1’24 Q1-Q3’23 Q3’23 Q2’23 Q1’23 Adjusted EBITDA(1) 139,503 45,123 45,812 48,568 117,521 38,412 35,575 43,534 Operating Changes in working capital )15,219( 2,854 )22,933( 4,860 1,251 )5,401( )2,151( 8,803 Activities Financing and tax )17,196( )2,77
Slide 16: Appendix
APPENDIX PROTA ge TELAVIV STOCK EXCHANGE ~~
Slide 17: Revenue Trends
Revenue Trends NIS in Millions 423.8 389.9 1% 361.0 1% 18% 323.7 2% 16% Annual 1% 16% Other revenue Revenue 16% 20% 20% 20% Data distribution and connectivity services 19% Clearing House services 23% 21% 21% 19% Listing fees and levies Trading and clearing commissions 41% 40% 40% 45% 2021 2022 2023
Slide 18: Adjusted Operating Expenses Trends
Adjusted Operating Expenses(1) Trends NIS in Millions 277.3 285.4 299.6 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 78.0 68.0 68.7 67.3 69.4 70.2 2
Slide 19: Profitability Trends
Profitability Trends NIS in Millions 50% 45% 42% 60.0 44% 45% 44% 40% 40% 41% 40% 200.0 37% 38% 39% 38% 39% 179.6 40% 37% 48.6 50.0 35% 45.8 45.1 35% 32% 157.6 43.5 40.1 150.0 135.2 30% 38.4 30% 40.0 36.8 35.8 35.6 32.1 25% 30.5 103.0 Adjusted EBITDA 20% 30.0 20% 100.0 & Margin (1) 10% 20.0 15% 10%
Slide 20: Revenue Drill Down | Transactional - Shares
Revenue Drill Down | Transactional - Shares Velocity 40% 43% 43% 40% 49% 43% 40% 40% 46% 44% 39% 42% 39% 42% 39% 2.60 2.30 2.39 2.10 2.17 2.14 2.07 2.14 2.16 1.88 2.00 1.99 1.87 1.93 2.00 Average Daily Turnover (NIS billions) 2021 2022 2023 Q1-Q3'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1
Slide 21: Revenue Drill Down | Transactional - Bonds
Revenue Drill Down | Transactional - Bonds Velocity 81% 73% 81% 82% 74% 76% 67% 75% 91% 78% 75% 89% 89% 83% 76% 4.40 4.49 4.60 4.39 4.08 4.22 3.93 3.93 3.70 3.48 3.60 3.40 3.56 3.51 0.96 1.16 1.08 3.18 1.12 0.96 0.91 1.02 1.09 0.97 0.93 1.05 1.29 1.01 1.08 0.91 Average Daily Turnover 3.53 3.02 3.32
Slide 22: Revenue Drill Down | Transactional - Mutual Funds
Revenue Drill Down | Transactional - Mutual Funds 1.84 1.83 1.83 1.86 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 Q1-Q3'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 0.0120% 0.0113% 0.0112% 0.0107% 0.0103% 0.0081%
Slide 23: Revenue Drill Down | Transactional - Derivatives
Revenue Drill Down | Transactional – Derivatives Daily Contracts (thousands) Derivatives on shares and other FX derivatives Options on TA-35 index 191.9 171.2 176.1 172.2 159.3 159.2 157.3 160.6 164.4 158.8 20.1 7.5 148.9 150.2 153.2 152.3 151.2 14.5 5.0 4.3 17.9 3.1 12.3 12.7 43.3 2.9 3.5 10.1 18.4
Slide 24: Revenue Drill Down | Non-transactional
Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted Custodian fees (Clearing House Services) 3,239 3,160 3,116 3,110 3,132 2,983 3,004 2,975 2,946 2,946 2,890 2,908 2,865 2,877 2,829 Asset Value (NIS billions) 2021 2022 2023 Q1-Q3'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'2
Slide 25: Revenue Drill Down | Non-transactional
Revenue Drill Down | Non-transactional NIS in Millions Unless Otherwise Noted 38.1 39.8 33.1 32.6 Annual Levies 10.7 10.9 11.0 9.4 9.5 9.6 9.6 10.0 9.9 10.0 9.9 2021 2022 2023 Q1-Q3'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 46.4 41.4 36.0 33.1 Examination and Listing 15.4
Slide 26: Transactional Metrics
Transactional Metrics Nine months ended Quarter Ended Year ended 30.09.24 30.09.23 30.09.24 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 185 183 65 57 63 66 61 58 64 249 244 244 SHARES Market cap of Shares (ex. ETFs) 1,050 964 1,050 964 1,03
Slide 27: Transactional Metrics | Continued
Transactional Metrics | Continued Nine months ended Quarter Ended Year ended 30.09.24 30.09.23 30.09.24 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 185 183 65 57 63 66 61 58 64 249 244 244 TREASURY BILLS Market cap (in NIS billions) 231 316
Slide 28: Non-Transactional Metrics
Non-Transactional Metrics Nine months ended Quarter Ended Year ended 30.09.24 30.09.23 30.09.24 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 3,160 2,884 3,239 3,132 3,110 2,908 2,946 2,877 2,829 2,
Slide 29: Non-Transactional Metrics | Continued
Non-Transactional Metrics | Continued Nine months ended Quarter Ended Year ended 30.09.24 30.09.23 30.09.24 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) Compa
Slide 30: Non-Transactional Metrics | Continued
Non-Transactional Metrics | Continued Nine months ended Quarter Ended Year ended 30.09.24 30.09.23 30.09.24 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) 7,407
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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