TBC Bank Group PLC

DB:LR6 Stock Report

Market Cap: €2.1b

TBC Bank Group Valuation

Is LR6 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 LR6 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LR6 (€38.2) is trading below our estimate of fair value (€79.3)

Significantly Below Fair Value: LR6 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LR6?

Key metric: As LR6 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for LR6. This is calculated by dividing LR6's market cap by their current earnings.
What is LR6's PE Ratio?
PE Ratio4.9x
EarningsGEL 1.24b
Market CapGEL 6.05b

Price to Earnings Ratio vs Peers

How does LR6's PE Ratio compare to its peers?

The above table shows the PE ratio for LR6 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.9x
PCZ ProCredit Holding
4.4x9.9%€471.2m
CBK Commerzbank
8.1x8.8%€17.3b
MBK Merkur PrivatBank KgaA
10x8.6%€107.3m
ABK Al Ahli Bank of Kuwait K.S.C.P
13x11.4%د.ك666.3m
LR6 TBC Bank Group
4.9x16.8%€1.8b

Price-To-Earnings vs Peers: LR6 is good value based on its Price-To-Earnings Ratio (4.9x) compared to the peer average (9x).

Price to Earnings Ratio vs Industry

How does LR6's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
LR6 4.9xIndustry Avg. 7.4xNo. of Companies47PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: LR6 is good value based on its Price-To-Earnings Ratio (4.9x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is LR6'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.

LR6 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.9x
Fair PE Ratio11.7x

Price-To-Earnings vs Fair Ratio: LR6 is good value based on its Price-To-Earnings Ratio (4.9x) compared to the estimated Fair Price-To-Earnings Ratio (11.7x).

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 LR6 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€38.20
€48.18
+26.1%
24.7%€67.55€35.14n/a4
Nov ’25€32.60
€46.28
+42.0%
23.2%€63.79€34.68n/a4
Oct ’25€31.60
€45.86
+45.1%
22.6%€62.96€34.95n/a4
Sep ’25€37.40
€45.86
+22.6%
22.6%€62.96€34.95n/a4
Aug ’25€36.60
€46.84
+28.0%
18.8%€62.62€35.83n/a5
Jul ’25€30.40
€43.47
+43.0%
21.1%€60.06€34.36n/a5
Jun ’25€30.60
€45.04
+47.2%
19.6%€61.35€36.76n/a5
May ’25€40.20
€46.56
+15.8%
21.0%€64.96€38.87n/a5
Apr ’25€36.95
€45.96
+24.4%
21.0%€64.13€38.37n/a5
Mar ’25€37.30
€46.46
+24.6%
20.7%€64.34€38.17n/a5
Feb ’25€33.80
€45.55
+34.8%
21.4%€63.51€37.39n/a5
Jan ’25€32.50
€44.50
+36.9%
21.7%€62.64€36.87n/a5
Dec ’24n/a
€44.50
0%
21.7%€62.64€36.87n/a5
Nov ’24n/a
€40.28
0%
12.6%€46.37€31.31€32.605
Oct ’24n/a
€40.28
0%
12.6%€46.37€31.31€31.605
Sep ’24n/a
€39.56
0%
12.6%€45.36€30.62€37.405
Aug ’24n/a
€36.70
0%
14.8%€45.17€28.96€36.605
Jul ’24n/a
€36.70
0%
14.8%€45.17€28.96€30.405
Jun ’24n/a
€37.38
0%
15.2%€47.17€30.25€30.605
May ’24n/a
€36.92
0%
14.6%€46.78€31.16€40.205
Apr ’24n/a
€36.92
0%
15.8%€47.73€30.95€36.955
Mar ’24n/a
€36.69
0%
15.7%€47.34€30.70€37.305
Feb ’24n/a
€34.63
0%
17.0%€46.18€29.70€33.805
Jan ’24n/a
€30.40
0%
33.7%€47.27€16.30€32.505
Dec ’23n/a
€30.40
0%
33.7%€47.27€16.30n/a5
Nov ’23n/a
€29.61
0%
33.7%€48.52€19.81n/a5

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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