Meitav Dash – EBITDA of NIS 115 million in the last quarter – the capital market

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Although it reported a profit of NIS 117 million in the last quarter, excluding non-recurring items, the profit is NIS 41 million – an increase compared to NIS 14 million in the corresponding quarter. Net profit for 2020 Stood at NIS 192 million, an increase of about 100%, compared to NIS 96 million last year.

The company is traded at a market value of about NIS 1.2 billion and its share has risen by about 26% since the beginning of 2021 and in the last year its share has risen by about 197%.

EBITDA offset in the fourth quarter Of 2020 amounted to NIS 115 million, an increase of 77% compared to NIS 65 million in the corresponding quarter last year. The increase is mainly due to the member of the stock exchange sector, the non-bank credit sector and nostro margins. EBITDA neutralized in 2020 Amounted to NIS 349 million, an increase of 20% compared to NIS 291 million the previous year.

Revenues in the fourth quarter of 2020 Amounted to NIS 298 million, an increase of 28%, compared with revenues of NIS 233 million in the corresponding quarter last year. Most of the increase in the reporting period is due to income from the stock exchange member and Peninsula (in which Meitav Dash holds 50%), with the purchase of the credit portfolio for diamond dealers from Union Bank. Revenue in 2020 Amounted to a peak of NIS 995 million, an increase of about 8%, compared with revenues of NIS 925 million in 2019. Revenues including nostro activities amounted to NIS 1.014 billion per year.

The company Distribute a dividend In the amount of NIS 30 million, in addition to a dividend of NIS 20 million distributed in the previous quarter and in addition to the repurchase of shares in the amount of NIS 21 million made during the Corona crisis.

The volume of provident and pension fund assets managed by the company as of December 31, 2020 increased by 4.4% to NIS 59.7 billion, compared with NIS 57.2 billion on December 31, 2019. In 2021, growth in managed assets continued, and as of March 10, 2121, the volume of assets amounted to approximately NIS 61.6 billion. Following the balance sheet date, a transaction was signed for the acquisition of Hellman Aldubi’s pension funds, which is expected to lead to an additional contribution to income, profit and the volume of assets.

Revenues in 2020 in the long-term savings segment amounted to NIS 302 million, compared with NIS 318 million in 2019. Revenues in the quarter amounted to NIS 77 million, compared with NIS 81 million in the corresponding quarter last year. The provident sector continues to face an erosion in the average management fee rate, which is offset by an increase in the volume of assets under management.

Revenues from the current savings segment amounted to NIS 323 million in 2020, a decrease of 6%, compared with NIS 342 million in the corresponding period last year. Revenues in the fourth quarter of 2020 amounted to NIS 82 million, a decrease of 3.5%, compared with NIS 85 million in the corresponding quarter last year. The results were affected by massive redemptions in the mutual fund industry during the first half of the year, most of which were offset by fundraising in the second half of 2020. As of the date of publication of the report, the company’s mutual funds returned to their level on the eve of the corona crisis.

Revenues in 2020 in the Member of the TASE segment amounted to NIS 99 million, compared with NIS 66 million in 2020, an increase of 50%. Revenues in the quarter amounted to NIS 28 million, compared with NIS 17 million in the corresponding quarter last year, an increase of 65%. The stock exchange member sector enjoys accelerated growth in 2020 and increased customer recruitment and is a growth engine for the company also in 2021.

The volume of assets under management at the end of the fourth quarter of 2020 amounted to a peak of NIS 146 billion, compared with the volume of assets at the end of the fourth quarter of 2019, in the amount of NIS 136 billion. As of the date of publication of the report, the total assets are NIS 151 billion.

Against the background of the reports, a message Ilan Raviv, CEO of Meitav Dash Investments: “The growth we experienced during the fourth quarter continues into the first quarter of 2021 and we are working to maintain this trend for the rest of the year. The results of all operating segments led to revenue crossing a threshold of NIS 1 billion for the first time while cultivating the company’s growth engines “We have shown good returns and recruits in the current savings that are the core of the company’s business. Along with the organic growth, we continue to implement a strategy of mergers and acquisitions and in the last month we have acquired the new pension funds of Hellman Aldubi and will continue to examine further acquisitions.”