v1: The emergence of the Messiah. He would spring forth from the line of Jesse, being the father of King David. There is a hint here of a 'second David,' a man of wise leadership and godly character. The stump is the nation brought very low; this certainly happened at the time of Hezekiah, but the greater fulfilment is in Christ. Notice that the Hebrew word for branch (NETZER) has the same root as Nazarene (Matt 2.23), underlining the fulfilment in Christ.
v2: The excellence of His character; wisdom and understanding, counsel and power, knowledge and the fear of the Lord God, matching 9.6-7. The Messiah was one marked out as full of the Spirit of God.
v3-5: The equity of His government, and the exercise of His judgment; to Him is given divine authority, which He will exercise with perfect fairness. He will reign from David's throne (9.7), and rule all the nations.
v6-9: The effects of His reign; a period of peace, reconciliation and safety. This is not the work of human effort, nor even the influence of the church, but rather the direct intervention of God in human affairs through His Messiah, Jesus.
v10: The extent of His dominion will be world wide, as nations and peoples will rally to Him.
v11: The exiles will return, the final restoration of the Jewish people. There was a regathering during Hezekiah's reign (2 Chr 30.11) which Isaiah doubtless witnessed. But these verses speak of something greater and later.
v12: The regathering from the four corners of the earth, where the people of Judah have been scattered. This verse speaks of a geographical gathering, rather than spiritual restoration, although that is described elsewhere. The banner is Christ Himself.
v13: Enemies will be defeated, and internal squabbles finished, as Israel and Judah are once more reunited. There is some fulfilment in the church, as people of different nations are part of the same family. But the context here is of another later bringing together of all nations.
v14-15: There will be an authority over surrounding nations.
v16: The highway from Assyria, to facilitate Israel's return.