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TBC Bank Group

LSE:TBCG
Snowflake Description

Undervalued with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TBCG
LSE
£836M
Market Cap
  1. Home
  2. GB
  3. Banks
Company description

TBC Bank Group PLC, through its subsidiaries, provides banking, leasing, brokerage, and card processing services to corporate and individual customers in Georgia. The last earnings update was 16 days ago. More info.


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TBCG Share Price and Events
7 Day Returns
-3.5%
LSE:TBCG
3.1%
GB Banks
1%
GB Market
1 Year Returns
-18.7%
LSE:TBCG
-6.9%
GB Banks
1.6%
GB Market
TBCG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TBC Bank Group (TBCG) -3.5% -6% 4.2% -18.7% - -
GB Banks 3.1% 3.6% 7.4% -6.9% 17.4% -11.6%
GB Market 1% 2.3% 8.6% 1.6% 14% 5.9%
1 Year Return vs Industry and Market
  • TBCG underperformed the Banks industry which returned -6.9% over the past year.
  • TBCG underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 1.6% over the past year.
Price Volatility
TBCG
Industry
5yr Volatility vs Market

TBCG Value

 Is TBC Bank Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of TBC Bank Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for TBC Bank Group.

LSE:TBCG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 8 analysts.
= Stable Book Value * Return on Equity
= GEL59.12 * 20.2%
GEL11.96
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. GEL59.12
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:TBCG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.591 (1 + (1- 19%) (120.84%))
1.114
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (1.114 * 6.65%)
8.63%

Discounted Cash Flow Calculation for LSE:TBCG using Excess Returns Model Model

The calculations below outline how an intrinsic value for TBC Bank Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

LSE:TBCG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (20.2% – 8.63%) * GEL59.12)
GEL6.86
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= GEL6.86 / (8.63% - 1.23%)
GEL92.65
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= GEL59.12 + GEL92.65
GEL151.76
LSE:TBCG Discount to Share Price
Calculation Result
Exchange Rate GEL/GBP
(Reporting currency to currency of LSE:TBCG)
0.286
Value per Share
(GBP)
= Value per Share in GEL x Exchange Rate (GEL/GBP)
= GEL151.76 x 0.286
£43.33
Value per share (GBP) From above. £43.33
Current discount Discount to share price of £15.24
= -1 x (£15.24 - £43.33) / £43.33
64.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price TBC Bank Group is available for.
Intrinsic value
>50%
Share price is £15.24 vs Future cash flow value of £43.33
Current Discount Checks
For TBC Bank Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • TBC Bank Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • TBC Bank Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for TBC Bank Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TBC Bank Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:TBCG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in GEL GEL8.07
LSE:TBCG Share Price ** LSE (2019-04-18) in GBP £15.24
LSE:TBCG Share Price converted to GEL reporting currency Exchange rate (GBP/ GEL) 3.502 GEL53.38
United Kingdom of Great Britain and Northern Ireland Banks Industry PE Ratio Median Figure of 15 Publicly-Listed Banks Companies 10.28x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 795 Publicly-Listed Companies 16.28x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of TBC Bank Group.

LSE:TBCG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:TBCG Share Price ÷ EPS (both in GEL)

= 53.38 ÷ 8.07

6.61x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TBC Bank Group is good value based on earnings compared to the GB Banks industry average.
  • TBC Bank Group is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does TBC Bank Group's expected growth come at a high price?
Raw Data
LSE:TBCG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
10.9%per year
United Kingdom of Great Britain and Northern Ireland Banks Industry PEG Ratio Median Figure of 14 Publicly-Listed Banks Companies 0.87x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 563 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

LSE:TBCG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.61x ÷ 10.9%

0.61x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TBC Bank Group is good value based on expected growth next year.
Price based on value of assets
What value do investors place on TBC Bank Group's assets?
Raw Data
LSE:TBCG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in GEL GEL40.61
LSE:TBCG Share Price * LSE (2019-04-18) in GBP £15.24
LSE:TBCG Share Price converted to GEL reporting currency Exchange rate (GBP/ GEL) 3.502 GEL53.38
United Kingdom of Great Britain and Northern Ireland Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.88x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,365 Publicly-Listed Companies 1.52x
LSE:TBCG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:TBCG Share Price ÷ Book Value per Share (both in GEL)

= 53.38 ÷ 40.61

1.31x

* Primary Listing of TBC Bank Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • TBC Bank Group is overvalued based on assets compared to the GB Banks industry average.
X
Value checks
We assess TBC Bank Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. TBC Bank Group has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TBCG Future Performance

 How is TBC Bank Group expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TBC Bank Group expected to grow at an attractive rate?
  • TBC Bank Group's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • TBC Bank Group's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • TBC Bank Group's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:TBCG Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:TBCG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 10.9%
LSE:TBCG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 13.5%
United Kingdom of Great Britain and Northern Ireland Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.6%
United Kingdom of Great Britain and Northern Ireland Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11.1%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:TBCG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in GEL Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:TBCG Future Estimates Data
Date (Data in GEL Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 745
2022-12-31 1,625 705 1
2021-12-31 1,463 609 1
2020-12-31 1,307 548 6
2019-12-31 1,163 480 6
LSE:TBCG Past Financials Data
Date (Data in GEL Millions) Revenue Cash Flow Net Income *
2018-12-31 925 -1,448 435
2018-09-30 861 -1,379 400
2018-06-30 811 -978 379
2018-03-31 769 -936 355
2017-12-31 752 -1,188 354
2017-09-30 752 -1,559 347
2017-06-30 719 -1,577 331
2017-03-31 682 -1,700 335
2016-12-31 628 -1,085 298
2016-09-30 576 275
2016-06-30 548 -277 256
2016-03-31 528 167 229

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TBC Bank Group's earnings are expected to grow by 10.9% yearly, however this is not considered high growth (20% yearly).
  • TBC Bank Group's revenue is expected to grow by 13.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:TBCG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from TBC Bank Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:TBCG Future Estimates Data
Date (Data in GEL Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 11.29 11.38 11.19 2.00
2020-12-31 10.06 10.13 9.99 3.00
2019-12-31 9.03 9.13 8.93 2.00
LSE:TBCG Past Financials Data
Date (Data in GEL Millions) EPS *
2018-12-31 8.07
2018-09-30 7.48
2018-06-30 7.12
2018-03-31 6.73
2017-12-31 6.73
2017-09-30 6.58
2017-06-30 6.48
2017-03-31 6.64
2016-12-31 6.01
2016-09-30
2016-06-30 5.20
2016-03-31 4.68

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • TBC Bank Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess TBC Bank Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
TBC Bank Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TBCG Past Performance

  How has TBC Bank Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare TBC Bank Group's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • TBC Bank Group has delivered over 20% year on year earnings growth in the past 5 years.
  • TBC Bank Group's 1-year earnings growth is less than its 5-year average (22.8% vs 24.3%)
  • TBC Bank Group's earnings growth has not exceeded the GB Banks industry average in the past year (22.8% vs 42.2%).
Earnings and Revenue History
TBC Bank Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from TBC Bank Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:TBCG Past Revenue, Cash Flow and Net Income Data
Date (Data in GEL Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 925.29 435.08 400.27
2018-09-30 860.94 400.49 375.71
2018-06-30 811.17 379.24 368.64
2018-03-31 769.13 355.19 359.94
2017-12-31 751.75 354.41 351.86
2017-09-30 751.78 347.39 352.20
2017-06-30 719.33 331.39 325.14
2017-03-31 682.02 335.03 312.91
2016-12-31 628.09 298.13 295.04
2016-09-30 576.23 274.87 268.74
2016-06-30 547.90 255.66 263.66
2016-03-31 527.77 229.48 254.32
2015-12-31 499.89 216.40 242.45
2015-09-30 462.73 190.24 236.21
2015-06-30 451.58 185.44 227.50
2015-03-31 424.59 166.05 218.90
2014-12-31 408.33 156.47 216.91
2014-09-30 379.03 152.20 204.34
2014-06-30 358.44 140.04 198.87
2014-03-31 359.30 137.43 198.50
2013-12-31 338.55 121.62 194.26
2013-09-30 338.05 110.99 193.40
2013-06-30 322.90 101.23 192.33
2013-03-31 295.83 91.02 185.87
2012-12-31 297.73 96.52 180.47
2012-09-30 279.92 91.90 170.92
2012-06-30 273.30 92.15 165.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • TBC Bank Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • TBC Bank Group used its assets more efficiently than the GB Banks industry average last year based on Return on Assets.
  • Unable to establish if TBC Bank Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess TBC Bank Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
TBC Bank Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TBCG Health

 How is TBC Bank Group's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of TBC Bank Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from TBC Bank Group Company Filings, last reported 3 months ago.

LSE:TBCG Past Debt and Equity Data
Date (Data in GEL Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,205.97 3,538.45 1,590.28
2018-09-30 2,055.95 3,407.10 1,982.73
2018-06-30 1,943.68 3,307.55 2,423.04
2018-03-31 1,930.40 2,691.55 1,245.56
2017-12-31 1,890.45 2,982.55 1,490.39
2017-09-30 1,790.31 3,106.94 1,456.52
2017-06-30 1,690.51 2,619.60 1,104.51
2017-03-31 1,680.54 2,481.58 697.12
2016-12-31 1,582.63 2,391.45 1,029.80
2016-09-30 1,388.65 1,502.90 900.66
2016-06-30 1,314.92 927.35 386.55
2016-03-31 1,280.58 1,180.29 667.12
2015-12-31 1,218.45 1,348.07 797.20
2015-09-30 1,131.87 1,398.42 944.66
2015-06-30 1,076.63 1,246.27 666.74
2015-03-31 1,060.91 1,106.72 440.19
2014-12-31 1,019.48 878.31 759.53
2014-09-30 974.65 955.81 558.25
2014-06-30 926.16 845.69 559.24
2014-03-31 726.94 865.04 329.57
2013-12-31 729.29 695.71 711.70
2013-09-30 688.67 615.67 267.51
2013-06-30 671.05 681.51 354.67
2013-03-31 627.90 636.20 231.80
2012-12-31 604.02 689.07 614.47
2012-09-30 544.60 825.90 425.10
2012-06-30 518.55 919.28 290.29
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • TBC Bank Group has an acceptable proportion of non-loan assets held.
  • TBC Bank Group's liabilities are made up of primarily low risk sources of funding.
  • Loans at TBC Bank Group are broadly funded by customer deposits.
  • TBC Bank Group's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • TBC Bank Group has a low allowance for bad loans.
  • TBC Bank Group has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess TBC Bank Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. TBC Bank Group has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TBCG Dividends

 What is TBC Bank Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.71%
Current annual income from TBC Bank Group dividends. Estimated to be 6.9% next year.
If you bought £2,000 of TBC Bank Group shares you are expected to receive £74 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • TBC Bank Group's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.01%).
  • TBC Bank Group's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.12%).
Upcoming dividend payment

Purchase TBC Bank Group before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:TBCG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Banks Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 4.9%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:TBCG Future Dividends Estimate Data
Date (Data in GEL) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 6.28 2.00
2021-12-31 4.12 4.00
2020-12-31 3.20 8.00
2019-12-31 2.91 4.00
LSE:TBCG Past Annualized Dividends Data
Date (Data in GEL) Dividend per share (annual) Avg. Yield (%)
2019-04-02 1.980 3.581
2019-02-21 1.980 3.657
2018-05-21 1.640 3.077
2017-05-22 1.420 2.538
2016-08-10 1.090 2.573

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, TBC Bank Group has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but TBC Bank Group only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of TBC Bank Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.8x coverage).
X
Income/ dividend checks
We assess TBC Bank Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can TBC Bank Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TBC Bank Group has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TBCG Management

 What is the CEO of TBC Bank Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Vakhtang Butskhrikidze
COMPENSATION GEL4,084,000
TENURE AS CEO 2.9 years
CEO Bio

Mr. Vakhtang Butskhrikidze has been the Chief Executive Officer of TBC Bank Group PLC since May 2016. Mr. Butskhrikidze has been Chairman of the Management Board at JSC TBC Bank since 1996 and its CEO 1998. He served as President of TBC Bank Group PLC and served as its Chairman of The Management Board since 1996. He served as Deputy Chairman of the Management Board of JSC TBC Bank since 1994. Mr. Butskhrikidze joined TBC Bank as a Senior Manager of the Credit Department in 1993. From 1993 to 1994, he acted as a Junior Specialist at the Institute of Economics, Academy of Sciences of Georgia, as well as Assistant to the Minister of Finance of Georgia from 1992 to 1993. He has been the Chairman of Supervisory Council at Joint Stock Company Bank Republic since November 11, 2016. He has been Supervisory Board Member at JSC Partnership Fund, Georgia since 2011. He serves as Director of TBC Bank Group PLC since May 2016. He has been a Member of Supervisory Board at JSC TBC Bank since September 2016. Mr. Butskhrikidze serves as Member of the Supervisory Boards of the Association of Banks of Georgia and the Georgian Stock Exchange. In 2016, he joined the Visa Central & Eastern Europe, Middle East and Africa (CEMEA) Business Council. In 2001, Mr. Butskhrikidze was honored with the "Best Businessman of the Year" award by Georgian Times Magazine and in 2011, he was recognized as the "Best Banker 2011" by GUAM – Organization for Democracy and Economic Development award. He was also named as the Chief Executive Officer of the Year 2014 in Central and Eastern Europe and the CIS by EMEA Finance magazine. Mr. Butskhrikidze graduated from the Tbilisi State University in 1992 with a degree in Economics. He obtained an MBA from the European School of Management in Tbilisi in 2001.

CEO Compensation
  • Vakhtang's compensation has increased by more than 20% in the past year.
  • Vakhtang's remuneration is higher than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the TBC Bank Group management team in years:

6.3
Average Tenure
  • The average tenure for the TBC Bank Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Mamuka Khazaradze

TITLE
Co-Founder & Chairman
COMPENSATION
GEL1M

Vakhtang Butskhrikidze

TITLE
CEO & Executive Director
COMPENSATION
GEL4M
TENURE
2.9 yrs

Giorgi Shagidze

TITLE
CFO, Deputy CEO & Executive Director
COMPENSATION
GEL2M
TENURE
2.9 yrs

Anna Romelashvili

TITLE
Head of Investor Relations

Nino Kacheishvili

TITLE
Head of the Retail Loans Department
TENURE
6.3 yrs

David Japaridze

TITLE
Head of Customer Experience

Tamar Chkhaidze

TITLE
Head of Customer Experience Management group
TENURE
7.1 yrs

Alexander Iskonyan

TITLE
Deputy Head of Business Analysis and Quality Assurance
TENURE
6.3 yrs

Victor Kukhalashvili

TITLE
Head of Software Development Department
TENURE
6.6 yrs

Avtandil Tabatadze

TITLE
Head of Business Analysis and Quality Assurance Department
Board of Directors Tenure

Average tenure and age of the TBC Bank Group board of directors in years:

2.9
Average Tenure
58
Average Age
  • The average tenure for the TBC Bank Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Mamuka Khazaradze

TITLE
Co-Founder & Chairman
COMPENSATION
GEL1M
TENURE
2.9 yrs

Vakhtang Butskhrikidze

TITLE
CEO & Executive Director
COMPENSATION
GEL4M
TENURE
2.9 yrs

Badri Japaridze

TITLE
Deputy Chairman
COMPENSATION
GEL1M
AGE
58
TENURE
2.9 yrs

Giorgi Shagidze

TITLE
CFO, Deputy CEO & Executive Director
COMPENSATION
GEL2M
TENURE
2.9 yrs

Nikoloz Enukidze

TITLE
Senior Independent Director
COMPENSATION
GEL160K
TENURE
2.9 yrs

Nicholas Haag

TITLE
Independent Non-Executive Director
COMPENSATION
GEL135K
AGE
60
TENURE
2.9 yrs

Maria Cicognani

TITLE
Independent Non-Executive Director
AGE
54
TENURE
0.6 yrs

Tsira Kemularia

TITLE
Independent Non-Executive Director
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
03. Sep 18 Sell Giorgi Shagidze Individual 30. Aug 18 30. Aug 18 -5,000 £16.26 £-80,119
X
Management checks
We assess TBC Bank Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. TBC Bank Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TBCG News

Simply Wall St News

Will TBC Bank Group PLC's (LON:TBCG) Earnings Grow Over The Next Few Years?

TBC Bank Group PLC's (LON:TBCG) latest earnings update in December 2018a … suggested

Simply Wall St -

Is TBC Bank Group PLC's (LON:TBCG) 18.70% ROE Strong Compared To Its Industry?

and want to begin learning the link between company’s fundamentals and stock market performance. … TBC Bank Group PLC (LON:TBCG) delivered an ROE of 18.70% over the past 12 months, which is an impressive feat relative to its industry average of 8.68% during the same period. … View our latest analysis for TBC Bank Group

Simply Wall St -

Should You Be Tempted To Buy TBC Bank Group PLC (LON:TBCG) Because Of Its PE Ratio?

TBC Bank Group PLC (LON:TBCG) is trading with a trailing P/E of 8.3x, which is lower than the industry average of 13.8x. … While this makes TBCG appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … I will explain what the P/E ratio is as well as what you should look out for when using it

Simply Wall St -

What Are Analysts Saying About TBC Bank Group PLC's (LON:TBCG) Future?

Based on TBC Bank Group PLC's (LON:TBCG) earnings update in March 2018,. … with earnings expected to grow by 13.92% in the upcoming year … By 2019, we can expect TBC Bank Group’s bottom line to reach GEL404.62m, a jump from the current trailing-twelve-month GEL355.19m.

Simply Wall St -

Three Key Risks For TBC Bank Group PLC (LON:TBCG) You Should Know

TBC Bank Group PLC (LON:TBCG) is a small-cap bank with a market capitalisation of GEL947.16m. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting TBC Bank Group’s bottom line. … Today we will analyse TBC Bank Group’s level of bad debt and liabilities in order to understand the risk involved with investing in the bank.

Simply Wall St -

TBC Bank Group PLC (LON:TBCG): Can Growth Justify Its June Share Price?

TBC Bank Group PLC (LON:TBCG) closed yesterday at £16.9, which left some investors asking whether the high earnings potential can still be justified at this price. … See our latest analysis for TBC Bank Group? … According to the analysts covering the company, the following few years should bring about good growth prospects for TBC Bank Group

Simply Wall St -

A Look At TBC Bank Group PLC's (LON:TBCG) Exceptional Fundamentals

Attractive stocks have exceptional fundamentals. … In the case of TBC Bank Group PLC (LON:TBCG), there's … factored into the price.

Simply Wall St -

Does TBC Bank Group PLC (LON:TBCG) Have A Place In Your Portfolio?

See our latest analysis for TBC Bank Group 5 checks you should do on a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is their annual yield among the top 25% of dividend payers? … LSE:TBCG Historical Dividend Yield May 23rd 18 How well does TBC Bank Group fit our criteria? … Relative to peers, TBC Bank Group has a yield of 2.80%, which is on the low-side for Banks stocks.Next Steps: If TBC Bank Group is in your portfolio for cash-generating reasons, there may be better alternatives out there.

Simply Wall St -

TBC Bank Group PLC (LON:TBCG): What You Have To Know Before Buying For The Upcoming Dividend

View our latest analysis for TBC Bank Group How I analyze a dividend stock When researching a dividend stock, I always follow the following screening criteria: Does it pay an annual yield higher than 75% of dividend payers? … LSE:TBCG Historical Dividend Yield May 12th 18 How does TBC Bank Group fare? … Next Steps: Whilst there are few things you may like about TBC Bank Group from a dividend stock perspective, the truth is that overall it probably is not the best choice for a dividend investor.

Simply Wall St -

Growth Stocks Investors Love

TBCG’s projected future profit growth is a robust 12.46%, with an underlying 47.13% growth from its revenues expected over the upcoming years. … It appears that TBCG’s profitability may be sustainable as the fundamental push is top-line expansion rather than unmaintainable cost-cutting activities. … LSE:DFS Future Profit Apr 30th 18 For more financially robust companies with high growth potential to enhance your portfolio, explore this interactive list of fast growing companies.

Simply Wall St -

TBCG Company Info

Description

TBC Bank Group PLC, through its subsidiaries, provides banking, leasing, brokerage, and card processing services to corporate and individual customers in Georgia. The company operates through Retail; Corporate; and Micro, Small and Medium Enterprises segments. It offers various current/settlement accounts, and term deposits; mortgage, consumer, retail, and corporate loans, as well as loans for micro, small, and medium enterprises; credit cards, credit lines, letters of credit, and guarantees; and money transfer and currency exchange services. The company also provides motor, travel, personal accident, credit life and property, business property, liability, and cargo insurance products; finance leasing; payment services; and corporate advisory, debt and equity capital markets, brokerage, and research services. In addition, it offers Internet and mobile banking services. The company operates 149 branches, 1200 ATMs, 17,000 POS terminals, and 3,300 self-service terminals. TBC Bank Group PLC was founded in 1992 and is based in Weybridge, the United Kingdom.

Details
Name: TBC Bank Group PLC
TBCG
Exchange: LSE
Founded: 1992
£836,058,840
54,859,504
Website: http://www.tbcbankgroup.com
Address: TBC Bank Group PLC
Elder House St Georges Business Park,
207 Brooklands Road,
Weybridge,
Surrey, KT13 0TS,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE TBCG Ordinary Shares London Stock Exchange GB GBP 10. Aug 2016
OTCPK TBCC.F Ordinary Shares Pink Sheets LLC US USD 10. Aug 2016
BATS-CHIXE TBCGL Ordinary Shares BATS 'Chi-X Europe' GB GBP 10. Aug 2016
Number of employees
Current staff
Staff numbers
7,252
TBC Bank Group employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:26
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/04/02
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.