# Lion Finance Group (BGEO.LSE)

Canonical: https://gigainvestors.com/s/BGEO.LSE

Analysis as of: 2026-10-16T07:36:37.546Z. Financial observations: FY2015–FY2026.

Listing currency: GBX. Reporting currency: GEL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 12,630.00 per share; close as of 2026-10-15.

Estimated value: low GBX 19,380.00 per share, central GBX 24,225.00 per share, high GBX 32,300.00 per share. Buy at or below the central value GBX 24,225.00 per share. Valuation as of 2026-10-16T07:36:37.546Z; scenarios are not confidence intervals.

Expected annual return: 13.7% at the stated quote. About 13.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.28×

Chart: Net income; fiscal year observations.

- FY2016: GEL 399M

- FY2017: GEL 438M

- FY2018: GEL 469M

- FY2019: GEL 498M

- FY2020: GEL 294M

- FY2021: GEL 724M

- FY2022: GEL 1.4B

- FY2023: GEL 1.4B

- FY2024: GEL 2.5B

- FY2025: GEL 2.2B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 26.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 19.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 19.9%

- FY2017: 19.0%

- FY2018: 28.0%

- FY2019: 24.9%

- FY2020: 12.3%

- FY2021: 24.9%

- FY2022: 35.6%

- FY2023: 29.0%

- FY2024: 37.4%

- FY2025: 27.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 23.4%

- Book return interval: 10 years

- Starting book value per share: GEL 36.60

- Ending book value per share: GEL 184.83

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 20.7%

- FY2017: 20.3%

- FY2018: -22.3%

- FY2019: 27.2%

- FY2020: 19.0%

- FY2021: 25.0%

- FY2022: 46.3%

- FY2023: 28.1%

- FY2024: 58.2%

- FY2025: 29.8%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.9%

- Share growth excluding flagged crisis recapitalisations: -0.9%

- Five-year share growth excluding flagged crisis recapitalisations: -1.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.99×

- Book value created per share: GEL 148.23

- Earnings retained per share after dividends and buybacks: GEL 149.57

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 92

- FY2025: 91

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 0.9% a year forever · net income +8.3%

Story as of 2026-10-16T10:00:07.741Z; price observation 2026-10-15.

The price assumes profits grow 0.9% a year forever

### Net income · FY2026

net income +8.3%; source https://filings.xbrl.org/213800XKDG12NQG8VC53/2025-12-31/ESEF/GB/0/213800XKDG12NQG8VC53-2025-12-31/reports/213800XKDG12NQG8VC53-2025-12-31-T01.xhtml; observed 2026-04-07.

- FY2017: GEL 438M 

- FY2018: GEL 469M 

- FY2019: GEL 498M 

- FY2020: GEL 294M 

- FY2021: GEL 724M 

- FY2022: GEL 1.4B 

- FY2023: GEL 1.4B 

- FY2024: GEL 2.5B 

- FY2025: GEL 2.2B 

- FY2026: GEL 2.3B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are GEL 6.7 billion.

- Source: https://filings.xbrl.org/213800XKDG12NQG8VC53/2025-12-31/ESEF/GB/0/213800XKDG12NQG8VC53-2025-12-31/reports/213800XKDG12NQG8VC53-2025-12-31-T01.xhtml (filed 2026-04-07); FY2025: revenue 6696042000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BGEO.LSE: Lion Finance Group PLC, through its subsidiaries, provides banking and financial services with focus on the Georgian and Armenian markets. The company operates through Georgian Financial Services, Armenian Financial Services, and Other Businesses segments. The Georgian Financial Services segment provides retail banking, SME, and corporate and investment banking, and corporate center services; and brokerage and asset management services. The Armenian Financial Services offers retail banking, and investment banking services. The Other Businesses segment provides retail and corporate banking services for retail and SME clients in Belarus; and e-commerce, ticketing, and inventory management SaaS services. It also offers information sharing and market research services, charitable activities, leasing, digital, transportation, trade, registrar, card processing, electronic payment services, communication services, business servicing, and consulting services. The company was formerly known as Bank of Georgia Group PLC and changed its name to Lion Finance Group PLC in February 2024. Lion Finance Group PLC was incorporated in 2017 and is headquartered in London, the United Kingdom.

### Why customers stay

It earns 26% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on tangible equity observations [[2016,0.19923981136763463],[2017,0.18990854671998042],[2018,0.28022312882247924],[2019,0.24861322036607786],[2020,0.12338624605466107],[2021,0.24946577956203575],[2022,0.3555408405641105],[2023,0.29047838172910256],[2024,0.3738833807201549],[2025,0.27008074572425794]]; median 0.2597732626431468. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GEL 300.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,97106000],[2017,101714000],[2018,121962000],[2019,124052000],[2020,2169000],[2021,71985000],[2022,196948000],[2023,398156000],[2024,373426000],[2025,473215000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800XKDG12NQG8VC53/2025-12-31/ESEF/GB/0/213800XKDG12NQG8VC53-2025-12-31/reports/213800XKDG12NQG8VC53-2025-12-31-T01.xhtml (filed 2026-04-07); FY2025: cash repurchases 300247000 GEL.

### Are managers owners

Insiders own 18.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BGEO.LSE SharesStats.PercentInsiders = 18.121000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 0.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Price 12630; FX 29.107054630013938; original perpetual distributable cash 39.53294783268734; discount 0.1; growth 0.008892504176443272. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 1,911.48 per share

- 2016-11: GBX 1,913.42 per share

- 2016-12: GBX 1,929.58 per share

- 2017-01: GBX 1,914.06 per share

- 2017-02: GBX 1,813.83 per share

- 2017-03: GBX 2,083.48 per share

- 2017-04: GBX 2,327.92 per share

- 2017-05: GBX 2,371.89 per share

- 2017-06: GBX 2,259.37 per share

- 2017-07: GBX 2,228.98 per share

- 2017-08: GBX 2,237.39 per share

- 2017-09: GBX 2,108.06 per share

- 2017-10: GBX 2,302.05 per share

- 2017-11: GBX 2,122.28 per share

- 2017-12: GBX 2,300.11 per share

- 2018-01: GBX 2,369.30 per share

- 2018-02: GBX 2,192.12 per share

- 2018-03: GBX 2,299.46 per share

- 2018-04: GBX 2,250.32 per share

- 2018-05: GBX 1,872.80 per share

- 2018-06: GBX 1,885.00 per share

- 2018-07: GBX 1,825.20 per share

- 2018-08: GBX 1,653.00 per share

- 2018-09: GBX 1,711.40 per share

- 2018-10: GBX 1,559.40 per share

- 2018-11: GBX 1,370.00 per share

- 2018-12: GBX 1,377.00 per share

- 2019-01: GBX 1,532.20 per share

- 2019-02: GBX 1,674.80 per share

- 2019-03: GBX 1,653.00 per share

- 2019-04: GBX 1,719.00 per share

- 2019-05: GBX 1,640.00 per share

- 2019-06: GBX 1,498.00 per share

- 2019-07: GBX 1,406.00 per share

- 2019-08: GBX 1,361.00 per share

- 2019-09: GBX 1,336.00 per share

- 2019-10: GBX 1,299.00 per share

- 2019-11: GBX 1,480.00 per share

- 2019-12: GBX 1,625.00 per share

- 2020-01: GBX 1,513.00 per share

- 2020-02: GBX 1,692.00 per share

- 2020-03: GBX 915.00 per share

- 2020-04: GBX 996.00 per share

- 2020-05: GBX 925.00 per share

- 2020-06: GBX 1,070.00 per share

- 2020-07: GBX 777.00 per share

- 2020-08: GBX 920.00 per share

- 2020-09: GBX 893.00 per share

- 2020-10: GBX 897.00 per share

- 2020-11: GBX 1,120.00 per share

- 2020-12: GBX 1,220.00 per share

- 2021-01: GBX 1,148.00 per share

- 2021-02: GBX 998.00 per share

- 2021-03: GBX 1,100.00 per share

- 2021-04: GBX 1,022.00 per share

- 2021-05: GBX 1,310.00 per share

- 2021-06: GBX 1,344.00 per share

- 2021-07: GBX 1,500.00 per share

- 2021-08: GBX 1,670.00 per share

- 2021-09: GBX 1,554.00 per share

- 2021-10: GBX 1,518.00 per share

- 2021-11: GBX 1,542.00 per share

- 2021-12: GBX 1,668.00 per share

- 2022-01: GBX 1,468.00 per share

- 2022-02: GBX 1,318.00 per share

- 2022-03: GBX 1,188.00 per share

- 2022-04: GBX 1,228.00 per share

- 2022-05: GBX 1,604.00 per share

- 2022-06: GBX 1,306.00 per share

- 2022-07: GBX 1,506.00 per share

- 2022-08: GBX 2,000.00 per share

- 2022-09: GBX 1,988.00 per share

- 2022-10: GBX 2,125.00 per share

- 2022-11: GBX 2,530.00 per share

- 2022-12: GBX 2,605.00 per share

- 2023-01: GBX 2,670.00 per share

- 2023-02: GBX 2,790.00 per share

- 2023-03: GBX 2,750.00 per share

- 2023-04: GBX 2,960.00 per share

- 2023-05: GBX 3,015.00 per share

- 2023-06: GBX 2,925.00 per share

- 2023-07: GBX 3,255.00 per share

- 2023-08: GBX 3,485.00 per share

- 2023-09: GBX 3,690.00 per share

- 2023-10: GBX 3,330.00 per share

- 2023-11: GBX 3,450.00 per share

- 2023-12: GBX 3,975.00 per share

- 2024-01: GBX 3,795.00 per share

- 2024-02: GBX 4,710.00 per share

- 2024-03: GBX 5,050.00 per share

- 2024-04: GBX 5,380.00 per share

- 2024-05: GBX 3,710.00 per share

- 2024-06: GBX 4,035.00 per share

- 2024-07: GBX 4,560.00 per share

- 2024-08: GBX 4,550.00 per share

- 2024-09: GBX 3,675.00 per share

- 2024-10: GBX 4,160.00 per share

- 2024-11: GBX 4,685.00 per share

- 2024-12: GBX 4,710.00 per share

- 2025-01: GBX 4,755.00 per share

- 2025-02: GBX 5,290.00 per share

- 2025-03: GBX 5,460.00 per share

- 2025-04: GBX 6,000.00 per share

- 2025-05: GBX 6,680.00 per share

- 2025-06: GBX 7,080.00 per share

- 2025-07: GBX 7,615.00 per share

- 2025-08: GBX 7,330.00 per share

- 2025-09: GBX 7,650.00 per share

- 2025-10: GBX 8,005.00 per share

- 2025-11: GBX 8,960.00 per share

- 2025-12: GBX 9,300.00 per share

- 2026-01: GBX 10,090.00 per share

- 2026-02: GBX 11,630.00 per share

- 2026-03: GBX 9,280.00 per share

- 2026-04: GBX 11,040.00 per share

- 2026-05: GBX 11,110.00 per share

- 2026-06: GBX 11,330.00 per share

- 2026-07: GBX 11,610.00 per share

- 2026-08: GBX 13,420.00 per share

- 2026-09: GBX 14,370.00 per share

- 2026-10: GBX 12,630.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 2,744.45 per share, central GBX 3,430.56 per share, high GBX 4,574.09 per share

- FY2017: low GBX 3,342.52 per share, central GBX 4,178.15 per share, high GBX 5,570.87 per share

- FY2018: low GBX 2,528.49 per share, central GBX 3,160.62 per share, high GBX 4,214.16 per share

- FY2019: low GBX 3,101.39 per share, central GBX 3,876.73 per share, high GBX 5,168.98 per share

- FY2020: low GBX 2,470.23 per share, central GBX 2,717.26 per share, high GBX 3,019.17 per share

- FY2021: low GBX 4,529.93 per share, central GBX 5,662.41 per share, high GBX 7,549.88 per share

- FY2022: low GBX 6,671.49 per share, central GBX 8,339.37 per share, high GBX 11,119.16 per share

- FY2023: low GBX 9,383.33 per share, central GBX 11,729.16 per share, high GBX 15,638.88 per share

- FY2024: low GBX 14,050.43 per share, central GBX 17,563.03 per share, high GBX 23,417.38 per share

- FY2025: low GBX 17,215.22 per share, central GBX 21,519.03 per share, high GBX 28,692.04 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:23.812Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800XKDG12NQG8VC53/2025-12-31/ESEF/GB/0/213800XKDG12NQG8VC53-2025-12-31/reports/213800XKDG12NQG8VC53-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-04-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Lion Finance Group

BGEO · LSE

FTSE 100 · STOXX Europe 600

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: GBX 12,630.00
Buy up to: GBX 24,225.00
Expected / yr: 13.7% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: GEL 611M
Worst year: GEL 294M
Latest · 2025: GEL 2.2B

Earned a median 26% on tangible equity (minimum 12%), and the second-worst year 19% (minimum 5%).

Return on tangible common equity

10y median: 26.0%
Worst year: 12.3%
Latest · 2025: 27.0%

Book value plus dividends grew 23.4% a year (minimum 7%).

Annual book + dividend return

10y median: 26.1%
Worst year: -22.3%
Latest · 2025: 29.8%

Book value gained 148.23 per share against 149.57 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2025: 91

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 45.19 GEL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 1911.48 · Value 3430.56 · Buy at or below 3430.56; 2016-11 · Price GBX 1913.42 · Value 3430.56 · Buy at or below 3430.56; 2016-12 · Price GBX 1929.58 · Value 3430.56 · Buy at or below 3430.56; 2017-01 · Price GBX 1914.06 · Value 3430.56 · Buy at or below 3430.56; 2017-02 · Price GBX 1813.83 · Value 4178.15 · Buy at or below 4178.15; 2017-03 · Price GBX 2083.48 · Value 4178.15 · Buy at or below 4178.15; 2017-04 · Price GBX 2327.92 · Value 4178.15 · Buy at or below 4178.15; 2017-05 · Price GBX 2371.89 · Value 4178.15 · Buy at or below 4178.15; 2017-06 · Price GBX 2259.37 · Value 4178.15 · Buy at or below 4178.15; 2017-07 · Price GBX 2228.98 · Value 4178.15 · Buy at or below 4178.15; 2017-08 · Price GBX 2237.39 · Value 4178.15 · Buy at or below 4178.15; 2017-09 · Price GBX 2108.06 · Value 4178.15 · Buy at or below 4178.15; 2017-10 · Price GBX 2302.05 · Value 4178.15 · Buy at or below 4178.15; 2017-11 · Price GBX 2122.28 · Value 4178.15 · Buy at or below 4178.15; 2017-12 · Price GBX 2300.11 · Value 4178.15 · Buy at or below 4178.15; 2018-01 · Price GBX 2369.30 · Value 4178.15 · Buy at or below 4178.15; 2018-02 · Price GBX 2192.12 · Value 3160.62 · Buy at or below 3160.62; 2018-03 · Price GBX 2299.46 · Value 3160.62 · Buy at or below 3160.62; 2018-04 · Price GBX 2250.32 · Value 3160.62 · Buy at or below 3160.62; 2018-05 · Price GBX 1872.80 · Value 3160.62 · Buy at or below 3160.62; 2018-06 · Price GBX 1885.00 · Value 3160.62 · Buy at or below 3160.62; 2018-07 · Price GBX 1825.20 · Value 3160.62 · Buy at or below 3160.62; 2018-08 · Price GBX 1653.00 · Value 3160.62 · Buy at or below 3160.62; 2018-09 · Price GBX 1711.40 · Value 3160.62 · Buy at or below 3160.62; 2018-10 · Price GBX 1559.40 · Value 3160.62 · Buy at or below 3160.62; 2018-11 · Price GBX 1370.00 · Value 3160.62 · Buy at or below 3160.62; 2018-12 · Price GBX 1377.00 · Value 3160.62 · Buy at or below 3160.62; 2019-01 · Price GBX 1532.20 · Value 3160.62 · Buy at or below 3160.62; 2019-02 · Price GBX 1674.80 · Value 3876.73 · Buy at or below 3876.73; 2019-03 · Price GBX 1653.00 · Value 3876.73 · Buy at or below 3876.73; 2019-04 · Price GBX 1719.00 · Value 3876.73 · Buy at or below 3876.73; 2019-05 · Price GBX 1640.00 · Value 3876.73 · Buy at or below 3876.73; 2019-06 · Price GBX 1498.00 · Value 3876.73 · Buy at or below 3876.73; 2019-07 · Price GBX 1406.00 · Value 3876.73 · Buy at or below 3876.73; 2019-08 · Price GBX 1361.00 · Value 3876.73 · Buy at or below 3876.73; 2019-09 · Price GBX 1336.00 · Value 3876.73 · Buy at or below 3876.73; 2019-10 · Price GBX 1299.00 · Value 3876.73 · Buy at or below 3876.73; 2019-11 · Price GBX 1480.00 · Value 3876.73 · Buy at or below 3876.73; 2019-12 · Price GBX 1625.00 · Value 3876.73 · Buy at or below 3876.73; 2020-01 · Price GBX 1513.00 · Value 3876.73 · Buy at or below 3876.73; 2020-02 · Price GBX 1692.00 · Value 2717.26 · Buy at or below 2717.26; 2020-03 · Price GBX 915.00 · Value 2717.26 · Buy at or below 2717.26; 2020-04 · Price GBX 996.00 · Value 2717.26 · Buy at or below 2717.26; 2020-05 · Price GBX 925.00 · Value 2717.26 · Buy at or below 2717.26; 2020-06 · Price GBX 1070.00 · Value 2717.26 · Buy at or below 2717.26; 2020-07 · Price GBX 777.00 · Value 2717.26 · Buy at or below 2717.26; 2020-08 · Price GBX 920.00 · Value 2717.26 · Buy at or below 2717.26; 2020-09 · Price GBX 893.00 · Value 2717.26 · Buy at or below 2717.26; 2020-10 · Price GBX 897.00 · Value 2717.26 · Buy at or below 2717.26; 2020-11 · Price GBX 1120.00 · Value 2717.26 · Buy at or below 2717.26; 2020-12 · Price GBX 1220.00 · Value 2717.26 · Buy at or below 2717.26; 2021-01 · Price GBX 1148.00 · Value 2717.26 · Buy at or below 2717.26; 2021-02 · Price GBX 998.00 · Value 5662.41 · Buy at or below 5662.41; 2021-03 · Price GBX 1100.00 · Value 5662.41 · Buy at or below 5662.41; 2021-04 · Price GBX 1022.00 · Value 5662.41 · Buy at or below 5662.41; 2021-05 · Price GBX 1310.00 · Value 5662.41 · Buy at or below 5662.41; 2021-06 · Price GBX 1344.00 · Value 5662.41 · Buy at or below 5662.41; 2021-07 · Price GBX 1500.00 · Value 5662.41 · Buy at or below 5662.41; 2021-08 · Price GBX 1670.00 · Value 5662.41 · Buy at or below 5662.41; 2021-09 · Price GBX 1554.00 · Value 5662.41 · Buy at or below 5662.41; 2021-10 · Price GBX 1518.00 · Value 5662.41 · Buy at or below 5662.41; 2021-11 · Price GBX 1542.00 · Value 5662.41 · Buy at or below 5662.41; 2021-12 · Price GBX 1668.00 · Value 5662.41 · Buy at or below 5662.41; 2022-01 · Price GBX 1468.00 · Value 5662.41 · Buy at or below 5662.41; 2022-02 · Price GBX 1318.00 · Value 8339.37 · Buy at or below 8339.37; 2022-03 · Price GBX 1188.00 · Value 8339.37 · Buy at or below 8339.37; 2022-04 · Price GBX 1228.00 · Value 8339.37 · Buy at or below 8339.37; 2022-05 · Price GBX 1604.00 · Value 8339.37 · Buy at or below 8339.37; 2022-06 · Price GBX 1306.00 · Value 8339.37 · Buy at or below 8339.37; 2022-07 · Price GBX 1506.00 · Value 8339.37 · Buy at or below 8339.37; 2022-08 · Price GBX 2000.00 · Value 8339.37 · Buy at or below 8339.37; 2022-09 · Price GBX 1988.00 · Value 8339.37 · Buy at or below 8339.37; 2022-10 · Price GBX 2125.00 · Value 8339.37 · Buy at or below 8339.37; 2022-11 · Price GBX 2530.00 · Value 8339.37 · Buy at or below 8339.37; 2022-12 · Price GBX 2605.00 · Value 8339.37 · Buy at or below 8339.37; 2023-01 · Price GBX 2670.00 · Value 8339.37 · Buy at or below 8339.37; 2023-02 · Price GBX 2790.00 · Value 11729.16 · Buy at or below 11729.16; 2023-03 · Price GBX 2750.00 · Value 11729.16 · Buy at or below 11729.16; 2023-04 · Price GBX 2960.00 · Value 11729.16 · Buy at or below 11729.16; 2023-05 · Price GBX 3015.00 · Value 11729.16 · Buy at or below 11729.16; 2023-06 · Price GBX 2925.00 · Value 11729.16 · Buy at or below 11729.16; 2023-07 · Price GBX 3255.00 · Value 11729.16 · Buy at or below 11729.16; 2023-08 · Price GBX 3485.00 · Value 11729.16 · Buy at or below 11729.16; 2023-09 · Price GBX 3690.00 · Value 11729.16 · Buy at or below 11729.16; 2023-10 · Price GBX 3330.00 · Value 11729.16 · Buy at or below 11729.16; 2023-11 · Price GBX 3450.00 · Value 11729.16 · Buy at or below 11729.16; 2023-12 · Price GBX 3975.00 · Value 11729.16 · Buy at or below 11729.16; 2024-01 · Price GBX 3795.00 · Value 11729.16 · Buy at or below 11729.16; 2024-02 · Price GBX 4710.00 · Value 17563.03 · Buy at or below 17563.03; 2024-03 · Price GBX 5050.00 · Value 17563.03 · Buy at or below 17563.03; 2024-04 · Price GBX 5380.00 · Value 17563.03 · Buy at or below 17563.03; 2024-05 · Price GBX 3710.00 · Value 17563.03 · Buy at or below 17563.03; 2024-06 · Price GBX 4035.00 · Value 17563.03 · Buy at or below 17563.03; 2024-07 · Price GBX 4560.00 · Value 17563.03 · Buy at or below 17563.03; 2024-08 · Price GBX 4550.00 · Value 17563.03 · Buy at or below 17563.03; 2024-09 · Price GBX 3675.00 · Value 17563.03 · Buy at or below 17563.03; 2024-10 · Price GBX 4160.00 · Value 17563.03 · Buy at or below 17563.03; 2024-11 · Price GBX 4685.00 · Value 17563.03 · Buy at or below 17563.03; 2024-12 · Price GBX 4710.00 · Value 17563.03 · Buy at or below 17563.03; 2025-01 · Price GBX 4755.00 · Value 17563.03 · Buy at or below 17563.03; 2025-02 · Price GBX 5290.00 · Value 21519.03 · Buy at or below 21519.03; 2025-03 · Price GBX 5460.00 · Value 21519.03 · Buy at or below 21519.03; 2025-04 · Price GBX 6000.00 · Value 21519.03 · Buy at or below 21519.03; 2025-05 · Price GBX 6680.00 · Value 21519.03 · Buy at or below 21519.03; 2025-06 · Price GBX 7080.00 · Value 21519.03 · Buy at or below 21519.03; 2025-07 · Price GBX 7615.00 · Value 21519.03 · Buy at or below 21519.03; 2025-08 · Price GBX 7330.00 · Value 21519.03 · Buy at or below 21519.03; 2025-09 · Price GBX 7650.00 · Value 21519.03 · Buy at or below 21519.03; 2025-10 · Price GBX 8005.00 · Value 21519.03 · Buy at or below 21519.03; 2025-11 · Price GBX 8960.00 · Value 21519.03 · Buy at or below 21519.03; 2025-12 · Price GBX 9300.00 · Value 21519.03 · Buy at or below 21519.03; 2026-01 · Price GBX 10090.00 · Value 21519.03 · Buy at or below 21519.03; 2026-02 · Price GBX 11630.00 · Value 24225.00 · Buy at or below 24225.00; 2026-03 · Price GBX 9280.00 · Value 24225.00 · Buy at or below 24225.00; 2026-04 · Price GBX 11040.00 · Value 24225.00 · Buy at or below 24225.00; 2026-05 · Price GBX 11110.00 · Value 24225.00 · Buy at or below 24225.00; 2026-06 · Price GBX 11330.00 · Value 24225.00 · Buy at or below 24225.00; 2026-07 · Price GBX 11610.00 · Value 24225.00 · Buy at or below 24225.00; 2026-08 · Price GBX 13420.00 · Value 24225.00 · Buy at or below 24225.00; 2026-09 · Price GBX 14370.00 · Value 24225.00 · Buy at or below 24225.00; 2026-10 · Price GBX 12630.00 · Value 24225.00 · Buy at or below 24225.00; 2026-10 · Price GBX 12630.00 · Value 24225.00 · Buy at or below 24225.00

GBX per share · annual estimates

Price & return math
Value range	GBX 19,380.00 – GBX 32,300.00
Buy at or below	Central value GBX 24,225.00
Discount to value	1 − 12630.00 / 24225.00 = 47.9%
Return / year	About 13.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 6056.25/share; ROE 25.0%; first payout GBX 969.00/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeGEL 2.3B

Net income

Book / shareGEL 207.18

Book / share

Dividend / shareGEL 10.93

Dividend / share

Return on tangible equity27.0%

Return on tangible equity

Diluted shares43M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·