TBC Bank Group PLC

BATS-CHIXE:TBCGL Stock Report

Market Cap: UK£1.8b

TBC Bank Group Valuation

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

Below Fair Value: TBCGL (£32.45) is trading below our estimate of fair value (£63.28)

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

Key Valuation Metric

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

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

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

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TBCGL 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
3.2x-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
3.6x16.0%UK£321.5m
TBCGL TBC Bank Group
4.9x16.8%UK£1.8b

Price-To-Earnings vs Peers: TBCGL is expensive based on its Price-To-Earnings Ratio (4.9x) compared to the peer average (4.1x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies47PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TBCGL 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 TBCGL'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.

TBCGL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.9x
Fair PE Ratio6.3x

Price-To-Earnings vs Fair Ratio: TBCGL is good value based on its Price-To-Earnings Ratio (4.9x) 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 TBCGL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£32.45
UK£40.07
+23.5%
24.7%UK£56.18UK£29.22n/a4
Nov ’25UK£28.15
UK£38.74
+37.6%
23.2%UK£53.39UK£29.03n/a4
Oct ’25UK£25.90
UK£38.67
+49.3%
22.6%UK£53.10UK£29.47n/a4
Sep ’25UK£31.60
UK£38.67
+22.4%
22.6%UK£53.10UK£29.47n/a4
Aug ’25UK£29.25
UK£39.53
+35.2%
18.8%UK£52.85UK£30.24n/a5
Jul ’25UK£26.30
UK£36.66
+39.4%
21.1%UK£50.65UK£28.98n/a5
Jun ’25UK£25.58
UK£38.32
+49.8%
19.6%UK£52.20UK£31.28n/a5
May ’25UK£34.55
UK£39.92
+15.5%
21.0%UK£55.69UK£33.32n/a5
Apr ’25UK£32.00
UK£39.43
+23.2%
21.0%UK£55.02UK£32.92n/a5
Mar ’25UK£31.35
UK£39.68
+26.6%
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£27.35
UK£38.95
+42.4%
21.7%UK£54.83UK£32.28n/a5
Nov ’24UK£27.80
UK£34.56
+24.3%
12.6%UK£39.78UK£26.86UK£28.155
Oct ’24UK£29.85
UK£34.56
+15.8%
12.6%UK£39.78UK£26.86UK£25.905
Sep ’24UK£28.30
UK£34.03
+20.3%
12.6%UK£39.02UK£26.35UK£31.605
Aug ’24UK£24.50
UK£31.55
+28.8%
14.8%UK£38.83UK£24.89UK£29.255
Jul ’24UK£24.55
UK£31.55
+28.5%
14.8%UK£38.83UK£24.89UK£26.305
Jun ’24UK£23.85
UK£32.51
+36.3%
15.2%UK£41.04UK£26.31UK£25.585
May ’24UK£23.28
UK£32.37
+39.1%
14.6%UK£41.01UK£27.32UK£34.555
Apr ’24UK£22.50
UK£32.49
+44.4%
15.8%UK£42.01UK£27.24UK£32.005
Mar ’24UK£24.80
UK£32.28
+30.1%
15.7%UK£41.65UK£27.01UK£31.355
Feb ’24UK£24.13
UK£30.41
+26.1%
17.0%UK£40.56UK£26.08UK£28.655
Jan ’24UK£22.75
UK£26.17
+15.0%
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£27.355
Nov ’23UK£19.92
UK£25.51
+28.1%
33.7%UK£41.80UK£17.07UK£27.805

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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