Bank of Georgia Group PLC

LSE:BGEO Stock Report

Market Cap: UK£2.1b

Bank of Georgia Group Valuation

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

Below Fair Value: BGEO (£49.15) is trading below our estimate of fair value (£137.81)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BGEO. This is calculated by dividing BGEO's market cap by their current earnings.
What is BGEO's PE Ratio?
PE Ratio3.2x
EarningsGEL 2.31b
Market CapGEL 7.30b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BGEO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average4.7x
TBCG TBC Bank Group
4.9x16.8%UK£1.8b
TCS TCS Group Holding
6.5xn/aUS$5.1b
HSBK Halyk Bank of Kazakhstan
3.7xn/aUS$5.2b
CBG Close Brothers Group
3.7x19.2%UK£329.0m
BGEO Bank of Georgia Group
3.2x-3.2%UK£2.1b

Price-To-Earnings vs Peers: BGEO is good value based on its Price-To-Earnings Ratio (3.2x) compared to the peer average (4.7x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
BGEO 3.2xIndustry Avg. 7.4xNo. of Companies43PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BGEO is good value based on its Price-To-Earnings Ratio (3.2x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is BGEO'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.

BGEO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.2x
Fair PE Ratio4.7x

Price-To-Earnings vs Fair Ratio: BGEO is good value based on its Price-To-Earnings Ratio (3.2x) compared to the estimated Fair Price-To-Earnings Ratio (4.7x).

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 BGEO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£49.15
UK£58.25
+18.5%
15.7%UK£72.50UK£45.50n/a5
Nov ’25UK£42.60
UK£57.25
+34.4%
13.4%UK£67.50UK£45.50n/a5
Oct ’25UK£35.60
UK£57.25
+60.8%
13.4%UK£67.50UK£45.50n/a5
Sep ’25UK£45.50
UK£57.25
+25.8%
13.4%UK£67.50UK£45.50n/a5
Aug ’25UK£43.85
UK£56.85
+29.7%
13.1%UK£67.50UK£45.50n/a5
Jul ’25UK£41.00
UK£56.84
+38.6%
14.3%UK£67.50UK£42.70n/a5
Jun ’25UK£37.10
UK£56.84
+53.2%
14.3%UK£67.50UK£42.70n/a5
May ’25UK£54.20
UK£62.60
+15.5%
23.8%UK£91.40UK£42.70n/a6
Apr ’25UK£50.50
UK£62.27
+23.3%
24.2%UK£91.40UK£42.70n/a6
Mar ’25UK£50.20
UK£58.46
+16.5%
23.5%UK£83.05UK£42.70n/a6
Feb ’25UK£37.95
UK£53.85
+41.9%
29.9%UK£83.05UK£39.00n/a5
Jan ’25UK£39.75
UK£53.85
+35.5%
29.9%UK£83.05UK£39.00n/a5
Dec ’24UK£34.80
UK£52.86
+51.9%
28.1%UK£83.05UK£39.00n/a6
Nov ’24UK£33.40
UK£51.37
+53.8%
23.6%UK£70.93UK£39.00UK£42.605
Oct ’24UK£36.90
UK£51.77
+40.3%
22.7%UK£70.93UK£39.00UK£35.605
Sep ’24UK£34.65
UK£51.77
+49.4%
22.7%UK£70.93UK£39.00UK£45.505
Aug ’24UK£32.75
UK£40.39
+23.3%
34.0%UK£65.35UK£21.20UK£43.856
Jul ’24UK£29.25
UK£40.39
+38.1%
34.0%UK£65.35UK£21.20UK£41.006
Jun ’24UK£30.40
UK£40.14
+32.0%
33.1%UK£63.83UK£21.20UK£37.106
May ’24UK£29.60
UK£38.13
+28.8%
30.5%UK£57.52UK£21.20UK£54.206
Apr ’24UK£27.50
UK£37.18
+35.2%
29.6%UK£57.52UK£21.20UK£50.506
Mar ’24UK£28.70
UK£37.18
+29.5%
29.6%UK£57.52UK£21.20UK£50.206
Feb ’24UK£26.75
UK£34.67
+29.6%
24.3%UK£47.77UK£21.20UK£37.956
Jan ’24UK£26.05
UK£32.27
+23.9%
33.2%UK£47.77UK£17.20UK£39.756
Dec ’23UK£25.10
UK£31.04
+23.7%
35.7%UK£47.77UK£17.20UK£34.806
Nov ’23UK£22.45
UK£25.80
+14.9%
29.2%UK£40.31UK£17.20UK£33.406

Analyst Forecast: Target price is less than 20% higher than the current share price.

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