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Data-driven stock valuation

Banca Transilvania S.A. (TLV) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Banca Transilvania S.A. stock RON 23.24, price RON 36.60, that is 36.5% below the price, quality 42 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services RO · ISIN ROTLVAACNOR1

BT Banca Transilvania S.A. logo Some data Nov 8, 2026

Banca Transilvania S.A.

TLV · RO
Very expensive, weak quality

Our calculation puts a fair price 37% below what the stock costs today.

Highly profitable · 42.1% net margin (TTM)
3.1% dividend yield · Low payout
Ranks above peers (8/13)
Wide moat 72/100
Revenue last quarter +16% vs. a year ago.
Quality 42/100
Expensive Growth (revenue 5y +18.7 %/yr in RON)
Some data
Fair value 23.24 RON · Strongly overvalued
⚠ Dilution

Risks from the AI analysis

🚩Fintech rivals like Revolut could erode digital share🚩ROBOR fines from Competition Council could hit finances
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

38.30 RON 8.87 RON Fair Value 23.24 RON May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range 8.87 RON – 38.30 RON · fair‑value band 18.02 RON – 36.75 RON · the 36.60 RON price screens above the 23.24 RON fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Banca Transilvania S.A. provides various banking products and services in Romania, Italy, and the Republic of Moldova.

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The company operates through Large Corporate Clients, Medium Corporate Customers, SME clients, Micro Business clients, Retail customers, Treasury, Leasing and consumer finance granted by non-banking financial institutions, and Other segments.

It offers transactional banking products, current account subscriptions, bancassurance products, debit and credit cards, deposits and savings accounts, consumer loans and mortgages, and ATM services to children, students, and employees.

The company also provides transaction banking, treasury, trade finance, and retail products, as well as asset management, merger and acquisition consultancy, and capital market advisory services to legal and public entities, and financial institutions.

In addition, it offers lending, current and treasury operations; bonus packages, structured finance, and co-financing of EU-funded projects; and bancassurance, and financial and operating leasing services, as well as lease facilities, microfinance, brokerage, factoring, and real estate services.

Further, the company provides loans for working capital or investments, letters of guarantee, EU project co-financing, invoice discounting, and factoring; general and FX operations, incoming and outgoing payments, cheques, promissory notes, and salary payment agreements; and internet and mobile banking, e-commerce, POSs and, the integration service of financial data to limited liability companies, freelancers, and sole proprietorships.

Additionally, it offers services to companies that have undergone the incipient growth stages and whose business activity requires further attention. Banca Transilvania S.A. was incorporated in 1993 and is headquartered in Cluj-Napoca, Romania.

Stock analysis

Banca Transilvania S.A. (TLV) currently trades at 36.60 RON, while our model-based Fair Value estimate is 23.24 RON, 37% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 36.09 RON per share, and 1 of the 6 models we run sit above the 36.60 RON price.

Bear case: the Asset-Based group reads lowest at 11.28 RON, and 5 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 18.02 RON (bear) to 36.75 RON (bull), the price of 36.60 RON sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 42/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Banca Transilvania S.A. reported revenue of 11.8B RON in FY2025 versus 5.5B RON in FY2021, a compound +20.9%/yr. Reported net income was 4.7B RON in FY2025, compounding +23.8%/yr from FY2021.

Key figures

Market cap 45.6B RON (≈ $9.6B) Mid · P/E ratio 9.9 · P/S ratio 3.88 · EPS (TTM) 3.71 RON · Dividend yield 3.1% · Net margin 42.1% · Return on equity 24.5% · Return on assets (EBIT) 2.2% (3-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (medium confidence).

What moves the price

The share trades about 4% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −37%, TLV screens richer than that median.

Fair Value models

Bear 18.02 RON Fair Value 23.24 RON Bull 36.75 RON
Price 36.60 RON · Downside -36.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2.22 RON per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income 21.20 RON 27.34 RON 43.24 RON 74
Gordon GGM 13.31 RON 24.18 RON 33.54 RON 68
DDM Multi-Stage 13.31 RON 21.99 RON 25.81 RON 67
All 6 models by family
Dividend Discount
Gordon GGM 13.31 RON 24.18 RON 33.54 RON 68
DDM Multi-Stage 13.31 RON 21.99 RON 25.81 RON 67
Multiples
P/E Multiple 36.46 RON 48.61 RON 60.77 RON 63
P/B Multiple 17.68 RON 23.57 RON 29.46 RON 55
Asset-Based
NCAV (Graham) 8.42 RON 11.28 RON 16.84 RON 54
Economic Profit
Residual Income 21.20 RON 27.34 RON 43.24 RON 74

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 42/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 51
How much profit the company makes from its sales and capital
Quality Growth 57
Are margins and returns getting better?
Cashflow 30
Do the profits arrive as real cash?
Financial strength 63
Debt, balance sheet and risk of trouble
Investment 39
Does it invest with discipline instead of growing at any price?
Low Volatility 94
How calm the share price moves, does not count
Price momentum 55
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 81
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+16.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.7%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.6%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.8%
Dividend (yield on the price)3.1%
Per share before 2026divided by the spin-off factor 1.1442

TLV screens overvalued: fair value 37% below the price. Compare with China Merchants Bank Co →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 996 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 42 · Bottom 25%
Fair Value upside −36.5% · Bottom 25%
Profitability
Return on equity (12 months) 24.5% · Top 25%
Return on assets 2.1% · Top 25%
Net margin (12 months) 42.1% · Top 25%
Operating margin (12 months) 54.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 16.1% · Above median
Dividend yield (12 months) 3.1% · Above median
Balance sheet
Debt / equity 0.21× · Below median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 9.9× · Cheaper than median
P/B 2.04× · Priciest 25%
P/S (12 months) 3.88× · Pricier than median
PEG 2.48× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 8
FUTURE (revenue growth)81 · sector 47
PAST (return on equity)98 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)61 · sector 53

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs TLV
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs TLV
BNP Paribas SA BNP €91.93 €106.01 +15% vs TLV
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs TLV
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs TLV
UniCredit S.p.A UCG €76.80 €50.44 −34% vs TLV
Mizuho Financial Group MFG $9.40 $5.89 −37% vs TLV
DBS Group D05 69.72 SGD 40.39 SGD −42% vs TLV
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs TLV
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs TLV

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Banca Transilvania S.A.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Banca Transilvania S.A. Fair Value". https://www.fairvalue-calculator.com/stock/TLV

Frequently asked questions

Is Banca Transilvania S.A. (TLV) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 23.24 RON versus a price of 36.60 RON, about 37% lower (overvalued).
What is the fair value of TLV?
Our model-based fair value for Banca Transilvania S.A. is 23.24 RON (as of Nov 8, 2026), built from audited fundamentals. The current price: 36.60 RON.
What is the quality score of TLV?
Banca Transilvania S.A. has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Banca Transilvania S.A. (TLV)?
Our model-based price target is the fair value of 23.24 RON (as of Nov 8, 2026) from 6 valuation models. Cautious scenario 18.02 RON, optimistic scenario 36.75 RON. It is a calculation from audited fundamentals, not an analyst target.
What is the Banca Transilvania S.A. stock forecast for 2026?
Our models put fair value at 23.24 RON, about 37% lower versus a price of 36.60 RON (overvalued). Cautious scenario 18.02 RON, optimistic scenario 36.75 RON. The calculation is refreshed regularly with new filings.
What is the revenue of Banca Transilvania S.A. (TLV)?
Banca Transilvania S.A. reported trailing-twelve-month revenue of about 11.8B RON (latest available figure, as of Nov 8, 2026).
Does Banca Transilvania S.A. pay a dividend?
Banca Transilvania S.A. currently shows a dividend yield of 3.07% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Banca Transilvania S.A. (TLV) and when is the ex-dividend date?
Banca Transilvania S.A. pays a dividend of 1.12 RON per share a year, a dividend yield of 3.1%. The last ex-dividend date was Jun 15, 2026. A dividend has been paid every year since 2016. The payout ratio is 30.2% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Banca Transilvania S.A. (TLV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banca Transilvania S.A. it is 23.24 RON per share (as of Nov 8, 2026), against a price of 36.60 RON. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Banca Transilvania S.A. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, TLV trades above its calculated fair value: price 36.60 RON, fair value 23.24 RON, a gap of about −37% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TLV?
No. The price is what the market pays today (36.60 RON); the fair value is what the company's own numbers justify (23.24 RON). For Banca Transilvania S.A. the two are 13.36 RON per share apart. That gap is exactly why we show both numbers side by side.
How much is Banca Transilvania S.A. worth?
The market values Banca Transilvania S.A. at about 45.6B RON (market capitalisation, as of Nov 8, 2026). Per share that is 36.60 RON; our models calculate a fair value of 23.24 RON per share.
What do the bullish and bearish scenarios say about TLV?
Our models span a range for Banca Transilvania S.A.: cautious scenario 18.02 RON, base 23.24 RON, optimistic 36.75 RON per share (as of Nov 8, 2026, price 36.60 RON). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TLV?
Banca Transilvania S.A. trades at a price-to-earnings ratio of 9.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 23.24 RON is built from several models across several years. Other multiples: PEG 2.5, P/B 2.0, P/S 3.9.
What is the PEG ratio of TLV?
The PEG ratio of Banca Transilvania S.A. is 2.48 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Banca Transilvania S.A. (TLV)?
Balance-sheet figures for Banca Transilvania S.A. (as of Nov 8, 2026): return on equity 24.5%, debt of 0.21 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is TLV from its 52-week high?
Banca Transilvania S.A. trades at 36.60 RON, about 4% below its 52-week high of 38.30 RON and 34% above the low of 27.21 RON (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 23.24 RON is for.
Which stocks are comparable to Banca Transilvania S.A.?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Banca Transilvania S.A. stock attractive at the current price?
The data as of Nov 8, 2026: price 36.60 RON, calculated fair value 23.24 RON (−37%), Quality Score 42/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TLV calculated?
We run Banca Transilvania S.A. through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 23.24 RON builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Banca Transilvania S.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Banca Transilvania S.A. (TLV)?
The closing price on Nov 6, 2026 was 36.60 RON. Our model-based fair value is 23.24 RON, about 37% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banca Transilvania S.A. right now?
Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (18.02 RON to 36.75 RON) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Banca Transilvania S.A.

How large is the market capitalisation of Banca Transilvania S.A. (TLV)?
The market capitalisation of Banca Transilvania S.A. is 45.6B RON (≈ $9.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Banca Transilvania S.A. (TLV)?
The price-to-sales ratio of Banca Transilvania S.A. is 3.88 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Banca Transilvania S.A. (TLV)?
Earnings per share at Banca Transilvania S.A. are 3.71 RON (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banca Transilvania S.A. (TLV)?
The dividend yield of Banca Transilvania S.A. is 3.1% (payout 30.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Banca Transilvania S.A. (TLV)?
The net margin of Banca Transilvania S.A. is 42.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Banca Transilvania S.A. (TLV)?
The return on equity (ROE) of Banca Transilvania S.A. is 24.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Banca Transilvania S.A. (TLV)?
On an EBIT basis the return on assets of Banca Transilvania S.A. is 2.2% (avg 3y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Banca Transilvania S.A. (TLV)?
The operating margin of Banca Transilvania S.A. is 54.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banca Transilvania S.A. (TLV)?
Revenue at Banca Transilvania S.A. is growing +16.1% versus a year earlier (3y avg +17.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Banca Transilvania S.A. (TLV)?
Earnings per share at Banca Transilvania S.A. are growing +21.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Banca Transilvania S.A. (TLV) generate?
The free cash flow of Banca Transilvania S.A. is −565M RON (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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