TBC Bank Group PLC (TBCG) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of TBC Bank Group PLC stock £62.44, price £47.20, upside +32.3%, quality 53 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 24, 2026.
How to read this chart
60‑month range £6.38 – £53.62 · fair‑value band £46.83 – £84.17 · the £47.20 price screens below the £62.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 24, 2026.
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TBC Bank Group PLC, through its subsidiaries, provides banking, leasing, insurance, brokerage, and card processing services to corporate and individual customers in Georgia, Azerbaijan, and Uzbekistan.
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The company operates through Georgian Financial Services; Uzbekistan Operations; and Other Operations segments.
It offers banking business solutions, such as deposit and loans; and other financial services, including non-health insurance and leasing services; asset finance solutions; advisory services; and financial leasing, operating leasing, and sale and leasebacks.
The company also offers digital banking services comprising cash loans, deposits, debit cards, remittances, gamification, installment/POS loans, daily banking, credit cards, MSME, and buy now, pay later (BNPL). In addition, it provides payment solutions, such as P2P transfers, utility and government payments, PFM, and QR payments, as well as Payme travel, goals, tickets, and subscription.
Further, the company offers brokerage and research solutions, leasing, payment processing, asset management, healthcare e-commerce, retail trade and leasing, PR and marketing, education, data analytics, computer programming, investment vehicle, ecosystem, and digital banking platform, as well as investment banking, financial, customer experience servicing, software services, and postal services.
TBC Bank Group PLC was founded in 1992 and is based in London, the United Kingdom.
Stock analysis
TBC Bank Group PLC (TBCG) currently trades at £47.20, while our model-based Fair Value estimate is £62.44, implying the stock looks roughly 24.4% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of £62.44 per share, and 2 of the 6 models we run sit above the £47.20 price.
Bear case: the Asset-Based group reads lowest at £18.78, and 4 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: £46.83 (bear) to £84.17 (bull), the price of £47.20 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 53/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
TBC Bank Group PLC reported revenue of 5.8B GEL in FY2025 versus 2.4B GEL in FY2021, a compound +24.9%/yr. Reported net income was 1.4B GEL in FY2025, compounding +14.9%/yr from FY2021.
Key figures
Market cap £2.6B Mid · P/E ratio 6.5 · P/S ratio 1.56 · EPS (TTM) £7.26 · Dividend yield 5.4% · Net margin 24.0% · Return on equity 23.7% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (medium confidence).
What moves the price
The share trades about 12% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at 32%, TBCG screens cheaper than that median.
Fair Value models
Bear£46.83Fair Value £62.44Bull£84.17
Price £47.20 · Upside +32.3%
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 (£5.91 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.
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.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+21.4%
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.
+22.0%
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.
+48.7%
Start year 2020 (pandemic). Over 10 years: +21.8% a year
Revenue growth 13 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.
+25.7%
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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.
+26.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.1%
Dividend (yield on the price)5.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.21.1% vs 19.1%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.47% → 29%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.8%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (97 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: TBC Bank draws moderate competitive strength from solid returns on equity and margins, yet its main weakness remains the lack of clear innovation or organizational advantages within a typical regional banking environment.
Main risk: Regional competition in Georgia may limit the longevity of the moderate moat by exerting sustained pressure on returns on equity and margins.
TBC Bank is folding its leading investment banking subsidiary TBC Capital directly into the main operations after regulatory approval. The integration promises easier client access to brokerage and M&A services plus new product ideas while keeping the TBC Capital brand and team intact. Does this deepen the group's competitive edge in Georgia and beyond or add layers of complexity that could dilute focus on core lending?
Price, fair value, quality and upside side by side.
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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 · 1050 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside+32.3% · Top 25%
Profitability
Return on equity (12 months)23.7% · Top 25%
Return on assets3.2% · Top 25%
Net margin (12 months)47.3% · Top 25%
Operating margin (12 months)0.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)10.8% · Above median
Dividend yield (12 months)5.4% · Top 25%
Balance sheet
Debt / equity1.05× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TBC Bank Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/TBCG
Frequently asked questions
Is TBC Bank Group PLC (TBCG) overvalued or undervalued?
As of Oct 24, 2026, our model estimates a fair value of £62.44 versus a price of £47.20, about +32% upside (undervalued).
What is the fair value of TBCG?
Our model-based fair value for TBC Bank Group PLC is £62.44 (as of Oct 24, 2026), built from audited fundamentals. The current price: £47.20.
What is the quality score of TBCG?
TBC Bank Group PLC has a Quality Score of 53/100. 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 TBC Bank Group PLC (TBCG)?
Our model-based price target is the fair value of £62.44 (as of Oct 24, 2026) from 6 valuation models. Cautious scenario £46.83, optimistic scenario £84.17. It is a calculation from audited fundamentals, not an analyst target.
What is the TBC Bank Group PLC stock forecast for 2026?
Our models put fair value at £62.44, about +32% upside versus a price of £47.20 (undervalued). Cautious scenario £46.83, optimistic scenario £84.17. The calculation is refreshed regularly with new filings.
What is the revenue of TBC Bank Group PLC (TBCG)?
TBC Bank Group PLC reported trailing-twelve-month revenue of about 2.8B GEL (latest available figure, as of Oct 24, 2026).
Does TBC Bank Group PLC pay a dividend?
TBC Bank Group PLC currently shows a dividend yield of 5.43% relative to its recent price (as of Oct 24, 2026).
What growth is priced into TBC Bank Group PLC (TBCG)?
For today's price to be fair in a discounted-cash-flow model, TBC Bank Group PLC would have to grow free cash flow by +7.9 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +48.7 % per year. As of Oct 24, 2026.
What discount rate (WACC) does the fair value of TBCG use?
Our models discount TBC Bank Group PLC at 9.3 %: a base by market capitalisation (mid), damped by beta 0.64, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For TBC Bank Group PLC that is +7.9 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has TBC Bank Group PLC (TBCG) delivered so far?
Over the past 5 years revenue at TBC Bank Group PLC grew +48.7 % a year. The price currently implies +7.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of TBC Bank Group PLC (TBCG) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into TBC Bank Group PLC (+7.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of TBC Bank Group PLC (TBCG)?
The free-cash-flow yield on the price is 6.86 %: that much free cash flow TBC Bank Group PLC produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TBC Bank Group PLC (TBCG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TBC Bank Group PLC it is £62.44 per share (as of Oct 24, 2026), against a price of £47.20. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is TBC Bank Group PLC stock overvalued or undervalued in 2026?
As of Oct 24, 2026, TBCG trades below its calculated fair value: price £47.20, fair value £62.44, a gap of about +32% (undervalued). 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 TBCG?
No. The price is what the market pays today (£47.20); the fair value is what the company's own numbers justify (£62.44). For TBC Bank Group PLC the two are £15.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is TBC Bank Group PLC worth?
The market values TBC Bank Group PLC at about £2.6B (market capitalisation, as of Oct 24, 2026). Per share that is £47.20; our models calculate a fair value of £62.44 per share.
What do the bullish and bearish scenarios say about TBCG?
Our models span a range for TBC Bank Group PLC: cautious scenario £46.83, base £62.44, optimistic £84.17 per share (as of Oct 24, 2026, price £47.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TBCG?
TBC Bank Group PLC trades at a price-to-earnings ratio of 6.5 (as of Oct 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £62.44 is built from several models across several years. Other multiples: P/B 1.4, P/S 3.1, EV/EBITDA 5.7.
How solid is the balance sheet of TBC Bank Group PLC (TBCG)?
Balance-sheet figures for TBC Bank Group PLC (as of Oct 24, 2026): return on equity 23.7%, debt of 1.05 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is TBCG from its 52-week high?
TBC Bank Group PLC trades at £47.20, about 12% below its 52-week high of £53.62 and 37% above the low of £34.39 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of £62.44 is for.
Which stocks are comparable to TBC Bank Group PLC?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, 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 TBC Bank Group PLC stock attractive at the current price?
The data as of Oct 24, 2026: price £47.20, calculated fair value £62.44 (+32%), Quality Score 53/100, 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 TBCG calculated?
We run TBC Bank Group PLC through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £62.44, 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 12.3 % above its aggregate fair value. TBC Bank Group PLC currently trades 24 % below its own fair value, and the market average says nothing about that. 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 TBC Bank Group PLC (TBCG)?
The closing price on Oct 23, 2026 was £47.20. Our model-based fair value is £62.44, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TBC Bank Group PLC right now?
Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of TBC Bank Group PLC (TBCG) come from?
Earnings per share at TBC Bank Group PLC grew +21.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +22.2 %, EBIT margin +0.1 %, tax rate −0.7 %, residual (interest, one-offs) −0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of TBC Bank Group PLC
How large is the market capitalisation of TBC Bank Group PLC (TBCG)?
The market capitalisation of TBC Bank Group PLC is £2.6B. 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 TBC Bank Group PLC (TBCG)?
The price-to-sales ratio of TBC Bank Group PLC is 1.56 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TBC Bank Group PLC (TBCG)?
Earnings per share at TBC Bank Group PLC are £7.26 (price ÷ EPS = P/E 6.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TBC Bank Group PLC (TBCG)?
The dividend yield of TBC Bank Group PLC is 5.4% (payout 35.3%). 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 TBC Bank Group PLC (TBCG)?
The net margin of TBC Bank Group PLC is 24.0% (fiscal year 2025). 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 TBC Bank Group PLC (TBCG)?
The return on equity (ROE) of TBC Bank Group PLC is 23.7% (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 TBC Bank Group PLC (TBCG)?
On an EBIT basis the return on assets of TBC Bank Group PLC is 4.0% (avg 5y). 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.
How fast is revenue growing at TBC Bank Group PLC (TBCG)?
Revenue at TBC Bank Group PLC is growing +10.8% versus a year earlier (3y avg +22.0%). 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 TBC Bank Group PLC (TBCG)?
Earnings per share at TBC Bank Group PLC are growing +12.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TBC Bank Group PLC (TBCG) carry?
The net debt of TBC Bank Group PLC is 2.2B GEL (fiscal year 2025, ≈ 3.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 24, 2026