Tel-Aviv Stock Exchange: 2Q26 Preview: Trends Remain Up and to the Right; Model Update

Research evidence excerpt

Tel-Aviv Stock Exchange: 2Q26 Preview: Trends Remain Up and to the Right; Model Update

USA | Brokers, Asset Mgrs & Exchanges

Tel-Aviv Stock Exchange EquityJulyResearch13, 2026

TARGET | ESTIMATE CHANGE2Q26 Preview: Trends Remain Up and to the

RATING BUYRight; Model Update

PRICE ILS119.00^

We are raising our 2Q26 and '27 estimates' by +36% and 34%, respectively,

ILS145.00 (ILS88.00) |

to ILS 0.72 and ILS 3.45. While volatility - geopolitical or otherwise - has been PRICE TARGET | % TO PT +22%

helpful to exchange volumes and trading velocity, non-transactional revenues 52W HIGH-LOW ILS177.10 - ILS58.35

have continued to accelerate above the 10-12% 5yr CAGR targets. The backdrop FLOAT (%) | ADV MM (USD) 79.3% | 41.71

for new listings as well as overall activity remains constructive. As such, our PT MARKET CAP ILS11.3B | ILS11.3B

also increases to ILS 145 from ILS 88 previously. TICKER TASE IT

^Prior trading day's closing price unless otherwise

Following the end of our restriction period, our 2Q26 & 2027 EPS estimates for TASE (Buy) noted.

increase to ILS 0.72 (vs 0.53 prior) and 3.45 (vs 2.57 prior), respectively. Higher trading volumes,

continued strength in non-transactional businesses (particularly Clearing House services), and FY (Dec) CHANGE TO JEFe JEF vs CONS

rising global recognition following Palo Alto Networks (PANW) dual listing drive our revenue 2026 2027 2026 2027

revisions. Combined with continued cost discipline, these factors have supported recent record

REV +21% NA NA NA

EBITDA, margins, and valuation expansion. Changes to the company's trading days to align with

EPS +37% NA NA NA

global financial markets have been additive to overall activity levels and helpful for attracting global

flows. We are raising our PT to ILS 145 from ILS 88.