TBC Bank Group PLC

LSE:TBCG Stock Report

Market Cap: UK£1.8b

TBC Bank Group Valuation

Is TBCG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TBCG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TBCG (£32.55) is trading below our estimate of fair value (£62.89)

Significantly Below Fair Value: TBCG is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TBCG?

Key metric: As TBCG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TBCG. This is calculated by dividing TBCG's market cap by their current earnings.
What is TBCG's PE Ratio?
PE Ratio5x
EarningsGEL 1.24b
Market CapGEL 6.18b

Price to Earnings Ratio vs Peers

How does TBCG's PE Ratio compare to its peers?

The above table shows the PE ratio for TBCG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average4.1x
BGEO Bank of Georgia Group
3.1x-3.2%UK£2.1b
HSBK Halyk Bank of Kazakhstan
3.3xn/aUS$5.2b
TCS TCS Group Holding
6.5xn/aUS$5.1b
CBG Close Brothers Group
3.3x19.2%UK£307.5m
TBCG TBC Bank Group
5x16.8%UK£1.8b

Price-To-Earnings vs Peers: TBCG is expensive based on its Price-To-Earnings Ratio (5x) compared to the peer average (4.1x).

Price to Earnings Ratio vs Industry

How does TBCG's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TBCG 5.0xIndustry Avg. 7.4xNo. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TBCG is good value based on its Price-To-Earnings Ratio (5x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is TBCG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TBCG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5x
Fair PE Ratio6.3x

Price-To-Earnings vs Fair Ratio: TBCG is good value based on its Price-To-Earnings Ratio (5x) compared to the estimated Fair Price-To-Earnings Ratio (6.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TBCG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£32.55
UK£40.07
+23.1%
24.7%UK£56.18UK£29.22n/a4
Nov ’25UK£28.05
UK£38.74
+38.1%
23.2%UK£53.39UK£29.03n/a4
Oct ’25UK£25.80
UK£38.67
+49.9%
22.6%UK£53.10UK£29.47n/a4
Sep ’25UK£31.50
UK£38.67
+22.8%
22.6%UK£53.10UK£29.47n/a4
Aug ’25UK£29.15
UK£39.53
+35.6%
18.8%UK£52.85UK£30.24n/a5
Jul ’25UK£26.15
UK£36.66
+40.2%
21.1%UK£50.65UK£28.98n/a5
Jun ’25UK£25.50
UK£38.32
+50.3%
19.6%UK£52.20UK£31.28n/a5
May ’25UK£34.65
UK£39.92
+15.2%
21.0%UK£55.69UK£33.32n/a5
Apr ’25UK£32.15
UK£39.43
+22.7%
21.0%UK£55.02UK£32.92n/a5
Mar ’25UK£31.65
UK£39.68
+25.4%
20.7%UK£54.96UK£32.60n/a5
Feb ’25UK£28.65
UK£38.93
+35.9%
21.4%UK£54.28UK£31.95n/a5
Jan ’25UK£28.30
UK£38.95
+37.6%
21.7%UK£54.83UK£32.28n/a5
Dec ’24UK£27.50
UK£38.95
+41.7%
21.7%UK£54.83UK£32.28n/a5
Nov ’24UK£27.85
UK£34.56
+24.1%
12.6%UK£39.78UK£26.86UK£28.055
Oct ’24UK£29.85
UK£34.56
+15.8%
12.6%UK£39.78UK£26.86UK£25.805
Sep ’24UK£28.25
UK£34.03
+20.5%
12.6%UK£39.02UK£26.35UK£31.505
Aug ’24UK£24.50
UK£31.55
+28.8%
14.8%UK£38.83UK£24.89UK£29.155
Jul ’24UK£24.70
UK£31.55
+27.7%
14.8%UK£38.83UK£24.89UK£26.155
Jun ’24UK£23.85
UK£32.51
+36.3%
15.2%UK£41.04UK£26.31UK£25.505
May ’24UK£23.55
UK£32.37
+37.4%
14.6%UK£41.01UK£27.32UK£34.655
Apr ’24UK£22.40
UK£32.49
+45.1%
15.8%UK£42.01UK£27.24UK£32.155
Mar ’24UK£24.85
UK£32.28
+29.9%
15.7%UK£41.65UK£27.01UK£31.655
Feb ’24UK£24.10
UK£30.41
+26.2%
17.0%UK£40.56UK£26.08UK£28.655
Jan ’24UK£22.70
UK£26.17
+15.3%
33.7%UK£40.68UK£14.03UK£28.305
Dec ’23UK£22.00
UK£26.17
+19.0%
33.7%UK£40.68UK£14.03UK£27.505
Nov ’23UK£19.92
UK£25.51
+28.1%
33.7%UK£41.80UK£17.07UK£27.855

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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