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 anticipated.
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