reports
- Jason Streets
The International Stock Exchange (TISE): Very strong full-year perform...
The International Stock Exchange (TISE) had a very good year in 2023, with revenue up 9% to £10.8m and fully diluted EPS +18% to 170p, against a continued backdrop of subdued financial markets. Both figures were marginally ahead of our expectations. The performance, once again, demonstrates the resilience of the business with the strength of the repeating annual listing fees; since 2020, it has now paid out more in dividends than its then share price (650p). Our forecasts are largely unchanged, ...
- Jason Streets
The International Stock Exchange (TISE): Strong first-half performance
The International Stock Exchange (TISE) had a strong first half to 2023, with revenue +7% to £5.2m and fully diluted EPS +17% to 83p, against a backdrop of subdued financial markets. The performance demonstrated the resilience of the business with the strength of the repeating annual listing fees. Our forecasts are largely unchanged, but we have raised our valuation range: we have lowered the discount rate we apply to reflect the consistency of returns, which have proved stronger than we first a...
- Jason Streets
The International Stock Exchange (TISE): Resilient performance in diff...
The International Stock Exchange (TISE) showed a resilient 2022 performance in tough conditions, with revenue flat, at £10m, and PBT down 13%, to £4.2m, driven by a fall in new listings and some cost inflation. During the year, a 200p special dividend was paid, in addition to the 80p ordinary dividend. The first quarter of 2023 was subdued, with new listings down possibly 30%, on our estimates. Our new forecasts reflect this slower start, with a pick-up in activity anticipated in the second half...
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