# 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.

## Reported holder observations