TBC Bank Group
Market Cap
UK£728.1m
Last Updated
2020/02/18 22:51 UTC
Data Sources
Company Financials +
Executive Summary
TBC Bank Group PLC, through its subsidiaries, provides banking, leasing, brokerage, and card processing services to corporate and individual customers in Georgia.
Rewards
Risk Analysis
Snowflake Analysis
Undervalued with adequate balance sheet.
Similar Companies
Share Price & News
How has TBC Bank Group's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: TBCG has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
7.0%
TBCG
-4.6%
GB Banks
-0.9%
GB Market
1 Year Return
1.7%
TBCG
-7.7%
GB Banks
6.2%
GB Market
Return vs Industry: TBCG exceeded the UK Banks industry which returned -7.7% over the past year.
Return vs Market: TBCG underperformed the UK Market which returned 6.2% over the past year.
Shareholder returns
| TBCG | Industry | Market | |
|---|---|---|---|
| 7 Day | 7.0% | -4.6% | -0.9% |
| 30 Day | 3.9% | -5.7% | -3.1% |
| 90 Day | 8.0% | -3.0% | 3.9% |
| 1 Year | 5.5%1.7% | -1.8%-7.7% | 11.9%6.2% |
| 3 Year | 2.6%-6.5% | -7.7%-19.1% | 17.3%2.4% |
| 5 Year | n/a | -4.2%-22.4% | 34.1%3.2% |
Price Volatility Vs. Market
How volatile is TBC Bank Group's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Those Who Purchased TBC Bank Group (LON:TBCG) Shares A Year Ago Have A 15% Loss To Show For It1 month ago | Simply Wall St
TBC Bank Group PLC's (LON:TBCG) 4.2% Dividend Yield Looks Pretty Interesting2 months ago | Simply Wall St
Is TBC Bank Group PLC's (LON:TBCG) CEO Being Overpaid?Valuation
Is TBC Bank Group undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: TBCG (£13.2) is trading below our estimate of fair value (£45.93)
Significantly Below Fair Value: TBCG is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: TBCG is good value based on its PE Ratio (5.3x) compared to the Banks industry average (9x).
PE vs Market: TBCG is good value based on its PE Ratio (5.3x) compared to the UK market (18.5x).
Price to Earnings Growth Ratio
PEG Ratio: TBCG is good value based on its PEG Ratio (0.6x)
Price to Book Ratio
PB vs Industry: TBCG is overvalued based on its PB Ratio (1.1x) compared to the GB Banks industry average (0.6x).
Next Steps
Future Growth
How is TBC Bank Group forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?
9.6%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TBCG's forecast earnings growth (9.6% per year) is above the savings rate (0.5%).
Earnings vs Market: TBCG's earnings (9.6% per year) are forecast to grow slower than the UK market (12.2% per year).
High Growth Earnings: TBCG's earnings are forecast to grow, but not significantly.
Revenue vs Market: TBCG's revenue (11% per year) is forecast to grow faster than the UK market (3.5% per year).
High Growth Revenue: TBCG's revenue (11% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: TBCG's Return on Equity is forecast to be low in 3 years time (19.3%).
Next Steps
Past Performance
How has TBC Bank Group performed over the past 5 years?
23.1%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TBCG has a high level of non-cash earnings.
Growing Profit Margin: TBCG's current net profit margins (50.7%) are higher than last year (46.5%).
Past Earnings Growth Analysis
Earnings Trend: TBCG's earnings have grown significantly by 23.1% per year over the past 5 years.
Accelerating Growth: TBCG's earnings growth over the past year (27%) exceeds its 5-year average (23.1% per year).
Earnings vs Industry: TBCG earnings growth over the past year (27%) underperformed the Banks industry 28.3%.
Return on Equity
High ROE: Whilst TBCG's Return on Equity (20.42%) is high, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is TBC Bank Group's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: TBCG has a low level of unsold assets or inventory.
Debt Coverage by Assets: TBCG's debt is not covered by short term assets (assets are 0.8x debt).
Financial Institutions Analysis
Asset Level: TBCG's level of assets compared to its equity is low.
Allowance for Bad Loans: TBCG has a low allowance for bad loans.
Low Risk Liabilities: TBCG's liabilities are made up of primarily low risk sources of funding.
Loan Level: TBCG has an acceptable proportion of non-loan assets held.
Low Risk Deposits: TBCG's loans are broadly funded by customer deposits.
Level of Bad Loans: TBCG has a high level of bad loans (3.05%)
Next Steps
Dividend
What is TBC Bank Group's current dividend yield, its reliability and sustainability?
4.01%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: TBCG's dividend (4.01%) is higher than the bottom 25% of dividend payers in the UK market (1.82%).
High Dividend: TBCG's dividend (4.01%) is low compared to the top 25% of dividend payers in the UK market (5.15%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, TBCG has been paying a dividend for less than 10 years.
Growing Dividend: TBCG's dividend payments have increased, but the company has only paid a dividend for 3 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (21.3%), TBCG's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: TBCG's dividends in 3 years are forecast to be well covered by earnings (37.6% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
5.4yrs
Average management tenure
CEO
Vakhtang Butskhrikidze 0
3.8yrs
Tenure
GEL3,356,000
Compensation
Mr. Vakhtang Butskhrikidze serves as the Chief Executive Officer of TBC Bank Group PLC since May 2016. Mr. Butskhrikidze serves as Chief Executive Officer of JSC TBC Bank. Mr. Butskhrikidze has been Chairm ...
CEO Compensation Analysis
Compensation vs Market: Vakhtang's total compensation ($USD3.36M) is above average for companies of similar size in the UK market ($USD1.19M).
Compensation vs Earnings: Vakhtang's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director | 3.8yrs | GEL3.36m | 1.26% GEL9.2m | |
| CFO, Deputy CEO & Executive Director | 3.8yrs | GEL1.72m | 0.10% GEL731.8k | |
| Head of Investor Relations | 0yrs | no data | no data | |
| Head of the Retail Loans Department | 7.1yrs | no data | no data | |
| Head of Customer Experience | 0yrs | no data | no data | |
| Head of Customer Experience Management group | 7.9yrs | no data | no data | |
| Deputy Head of Business Analysis and Quality Assurance | 7.1yrs | no data | no data | |
| Head of Software Development Department | 7.4yrs | no data | no data | |
| Chief Economist | 2.2yrs | no data | no data | |
| Chief Executive Officer of TBC Insurance | 1.1yrs | no data | no data |
5.4yrs
Average Tenure
Experienced Management: TBCG's management team is seasoned and experienced (5.4 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director | 3.8yrs | GEL3.36m | 1.26% GEL9.2m | |
| CFO, Deputy CEO & Executive Director | 3.8yrs | GEL1.72m | 0.10% GEL731.8k | |
| Independent Chairman | 0.6yrs | GEL166.00k | 0.018% GEL132.0k | |
| Independent Non-Executive Director | 0.4yrs | GEL154.00k | no data | |
| Independent Non-Executive Director | 0.5yrs | no data | no data | |
| Senior Independent Director | 0.5yrs | GEL135.00k | no data | |
| Independent Non-Executive Director | 1.4yrs | GEL38.00k | no data | |
| Independent Non-Executive Director | 1.4yrs | GEL33.00k | no data |
1.0yrs
Average Tenure
61yo
Average Age
Experienced Board: TBCG's board of directors are not considered experienced ( 1 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
TBC Bank Group PLC's company bio, employee growth, exchange listings and data sources
Key Information
- Name: TBC Bank Group PLC
- Ticker: TBCG
- Exchange: LSE
- Founded: 1992
- Industry: Diversified Banks
- Sector: Banks
- Market Cap: UK£728.058m
- Shares outstanding: 55.16m
- Website: https://www.tbcbankgroup.com
Number of Employees
Location
- TBC Bank Group PLC
- 7 Marjanishvili Street
- Tbilisi
- 179
- Georgia
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| TBCG | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | GBP | Aug 2016 |
| TBCGL | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | GBP | Aug 2016 |
| TBCC.F | OTCPK (Pink Sheets LLC) | Yes | Ordinary Shares | US | USD | Aug 2016 |
Biography
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 Tbilisi, Georgia.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/18 22:51 |
| End of Day Share Price | 2020/02/18 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.