The Tel-Aviv Stock Exchange Ltd. (TVAVF)
ValueMarkers Composite Index
138% above intrinsic value ($6)
The Tel-Aviv Stock Exchange Ltd. (TVAVF) — VMCI valuation read
Headline read on TVAVF: VMCI of 59/100 versus a Financial Services sector median of 50. The 9-point above-median position is what makes The Tel-Aviv Stock Exchange Ltd. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on TVAVF: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on TVAVF: value (TVAVF trades at 23.0x earnings, 28% above the Financial Services median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Financial Services median (10.0%)), and risk (net debt to EBITDA of 0.4x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Financial Services 12.0x baseline.
TVAVF fell 0.2% over the trailing 7 days, with a -18.6% read on a 30-day basis.
The Tel-Aviv Stock Exchange Ltd. operates a stock exchange in Israel. The company offers markets for the listing and trading of a range of securities and derivative instruments, including shares, corporate bonds, government bonds, treasury bills, ETFs, convertible securities, single stock options, options, and futures. It also engages in the clearing and settlement of securities; issuing of options and futures; and holding of securities for others, as well as provides securities registration services and dual listed shares; and operates trading platform for the buying and selling of a range of securities and other financial instruments. The company was founded in 1935 and is headquartered in Tel Aviv-Yafo, Israel.
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