TBC Bank Group TBCG.L
United KingdomFinancial Services · Banks - RegionalLondon Stock Exchange · GBP
59.59 GBP (+20.1%)
5 analysts
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TBC Bank Group is a leading commercial bank in Georgia, offering retail, corporate, and microfinance banking services, as well as operating in the payments and fintech sector in the region.
Listed on London Stock Exchange · Symbol TBCG.L · LON: TBCG · Currency GBP
Key points
from its scores- ✓Attractive valuation8.6
- ✓Attractive dividend7.9
- ✓Favourable backdrop7.8
- ✕Poor share-price trend4.8
- ✕Little competitive advantage4.9
AI analysis
bottom line, main risk, context and newsFundamentals are strong and valuation is attractive, but the geopolitical and governance risk of Georgia justifies a risk premium that limits upside potential.
TBC Bank shows excellent financial health with an ROE of 23.66% and a net margin of 47.27%, supported by a very attractive valuation (P/E 6.83, adjusted P/B 0.64) and solid double-digit growth. The main drag is the institutional risk of its primary market, Georgia, which moderates the quality premium.
The main risk is revenue concentration in Georgia, an emerging market with currency risk, political instability, and weaker minority investor protection than in developed markets, which could affect the ability to generate shareholder value.
Context and risks
TBC Bank operates primarily in Georgia, an emerging market with institutional and governance risk that justifies a moderate penalty. Although the bank shows solid profitability, exposure to an economy with volatile currency and weaker minority protection than in developed markets adds risk not captured by financial metrics.
Is TBC Bank Group stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 34% below the Financial Services median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 6.8 | 13.7 | −50% |
| Price / book | 1.5 | 1.9 | −18% |
Sector: median of the 351 Financial Services companies analysed. In bold, the multiples used for the comparison.
Valuation score: 8.6 out of 10 (median for Financial Services: 5.2).
Average analyst target: 59.59 GBP, +20.1% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 7.7 (sector 5.5), Growth 6.8 (sector 6.9).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Financial Services medianValuation
- P/E
- 6.8
- Forward P/E
- 1.9
- Price / book
- 1.5
- PEG
- 0.15
- Market cap
- 2.7B GBP
- Enterprise value
- 9.3B GEL
Profitability
- ROE
- 23.7%
- ROA
- 3.5%
- Gross margin
- 0.0%
- Operating margin
- 0.0%
- Net margin
- 47.3%
Growth
- Revenue growth
- +10.8%
- Earnings growth
- +12.8%
- EPS (TTM)
- 7.26 GBP
- EPS (forward)
- 26.65 GBP
Dividend
- Dividend yield
- 4.1%
- Payout
- 33.8%
Risk and market
- Beta
- 0.64
- Analyst consensus
- none (5)
- Target price
- 59.59 GBP
Recent news
All TBCG.L news →Compare it with its sector
All 351 in Financial Services →Frequently asked questions about TBC Bank Group
Is TBC Bank Group stock cheap or expensive?
On P/E and Price / book, it trades 34% below the Financial Services median on average. Valuation score: 8.6 out of 10 (median for Financial Services: 5.2). Average analyst target: 59.59 GBP, +20.1% versus the price. This is not investment advice.
What score does TBC Bank Group get on MeridIAn Screener?
It scores 7.1 out of 10, rank 185 of 2,130 (better than 91% of the companies analysed). Its strongest category is Valuation (8.6) and its weakest, Momentum (4.8). Analysis of 08/10/2026.
What is TBC Bank Group's P/E ratio?
Its P/E is 6.8: the share price equals 6.8 times earnings per share over the last 12 months. The Financial Services median is 13.7. Based on the earnings analysts expect, the forward P/E is 1.9.
How much is TBC Bank Group worth on the stock market?
Its market capitalisation is 2.7B GBP.
Does TBC Bank Group pay a dividend?
Yes: its dividend yield is 4.05% and it pays out 34% of its earnings.
How has TBC Bank Group stock performed over the last year?
It has risen 11.5% over the last year, excluding dividends. Over the last 52 weeks it has traded between 0.00 and 54.90 GBP. Past performance does not guarantee future results.
What do analysts think of TBC Bank Group?
5 analysts cover it; their average recommendation is “none” and their average target is 59.59 GBP (+20.1% versus the price). It is an estimate, not market data.