MSE Investor Day Conference – Chairman’s address

The Malta Stock Exchange hosted its first Investor Day Conference on 29 October 2026. As part of our ongoing coverage, we are delving deeply into each of the major speeches and presentations throughout the day.

In his welcome address, MSE Executive Chairman Joseph Portelli pointed out the “invaluable”  direct conversation between listed entities and shareholders, with the conference offering listed companies “a dedicated platform to present their business strategy and prospects directly to investors”.

Taking credit for thinking up the idea for the conference, he said: “It was so clear to me that there are so many excellent companies listed on the Malta Stock Exchange, which are just sheer value, trading at PE multiples, which were just silly – 7, 8, 10 PE multiples. So that’s really the reason for today’s event. It is to get the CEOs of some of these great companies here in front of you all to convince you that they are the companies you would want.”

Excellent MSE results

Outlining the excellent results of the MSE since his appointment 11 years ago, Mr Portelli said: “When I became chair of the Malta Stock Exchange in 2015, we had 45 companies listed on our market. Today, that number stands at 120. In 2025, 25 corporate bonds came to market – a record – and raised more than €720 million. That was 75% more than the year before. We’re going to end this year with another 20 companies coming to market. And next year, we’re looking at almost 20 companies refinancing.

“As of December 31, the total capitalisation of the Malta Stock Exchange Index was €19 billion. But a healthy market is measured not only by how many companies are on it; it’s measured by liquidity. We know that. We appreciate that we have had liquidity issues in the past.

“Our equity market is currently worth roughly €5 billion, but last year only 1% of that actually traded. Liquidity is what gives investors confidence that they can buy and sell at a fair price. It is what gives companies a share price that reflects their true value. You may recall in June 2024, we developed a five-point plan to increase trading volumes.”

(Photos: Jean Marc Zerafa)

Investi research platform

Mr Portelli went on to focus on investi.com.mt, the website the MSE launched last August. “This summer we launched Investi as a free research platform for anyone interested in Maltese companies. An investor should not have to dig through regulatory reports, company announcements and old newspaper articles just to do research on this company. Why not have all this financial data in one place in one clear, reliable, free form?

“Let me walk you through what you will find at Investi. First, every listed company has its own profile, what the business does, its sectors and up to 11 years of financial results presented so you can see how it has performed over time. We have put real effort into verifying the data because a research tool is only as good as the data it contains.

“Second, dividends. For many Maltese investors, income is the reason why they own shares. Investi shows each company’s history, payout ratio and other metrics. So, you can see who pays how much.

“Third, bonds. Our bond market is one of the great strengths of the Exchange, but a bond yield can confuse you. Investi calculates the current yield, yield to maturity on listed bonds and explains it in plain English so you can compare one bond with another or with a bank deposit. If you are not an expert on bond analysis, AI is built in to Investi to assist.

“Fourth, charts and news. You can follow the price history of any security, trends in quantitative and technical analysis, and read the latest news announcements from companies listed on the Exchange.

“Fifth, companies are grouped by sector so that you can now compare banks with banks, property companies with property companies, and see where the opportunities lie.”

Mr Portelli affirmed: “Investi does not give investment advice. It is an educational and research tool. Our aim is to help people make their own informed decisions and to get investors here and abroad excited about the many great companies on our market.

Promoting liquidity in the market

“Investi sits along four other measures. If you recall, when we came out with our five-point plan, we had another four points. One was cost. We waived the €4.50 charge from trades. The early evidence is encouraging. Last year, the number of trades rose by 16%. This year, they rose another 20%. And, by the way, that €4.50 deduction cost the Malta Stock Exchange roughly €30,000 a year.”

On buybacks, Mr Portelli said the MSE has “encouraged listed companies to consider buyback programmes, and more than five now buy their own shares. A buyback signals that the board believes its shares are undervalued” and, because investors are not savvy enough to see the value of the company, it is prepared to buy back its shares.

On insider investment, said the MSE wants “directors and senior management to invest more in the companies they believe (in), fully within the rules of disclosure and market conduct. When the people running a business put their own money alongside shareholders, interests are aligned. We want C-suite individuals to invest just like their investors are. I’d like to single out APS and BOV for offering shares to executives and employees, and I encourage others to follow.”

On the communication front, Mr Portelli said the MSE is “strengthening our use of social media and will soon launch a mobile app. Imagine getting a notification on your phone the moment a Maltese company reports their earnings.

“So, are these initiatives working? Well, I think the numbers are moving in the right direction. In the first six months of this year, equity trading volumes have risen by 60%. In 2025, the Malta Stock Exchange Equity Total Return Index rose 6%; this year our Total Return Index is up 18%. That makes 2026 one of the strongest years in the Index’s history.

‘The next step’

“Today’s Investor Day is the next step. Investi gives you research; today gives you the people behind it. Eleven years ago, many people saw our exchange as moribund, as small, as a quiet market. Today, I believe we have done a good job; I’m not suggesting we can’t do a better job. But today we have nearly three times as many listed companies. We have record bond issuance. We have lower costs, more trades and an index that’s having one of its best years ever.”

In conclusion, Mr Portelli said: “The foundations are in place. We’re proud of where we’ve come with our capital markets. For the size of our economy, I believe the Malta Stock Exchange punches above its weight class. I believe the MSE has been instrumental in propelling our economy to one of Europe’s fastest growing. But I concede there is still always more to do.

“Let us fill this market with activity, confidence and ambition. And let’s get Maltese companies and Maltese investors together to help our economy continue to grow.”

Follow investi.com.mt for further detailed coverage of the first Malta Stock Exchange Investor Day Conference.