# TBC Bank Group (TBCG.LSE)

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

Analysis as of: 2026-10-16T07:38:30.629Z. Financial observations: FY2015–FY2025.

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 5,035.00 per share; close as of 2026-10-15.

Estimated value: low GBX 9,764.12 per share, central GBX 12,205.15 per share, high GBX 16,273.53 per share. Buy at or below the central value GBX 12,205.15 per share. Valuation as of 2026-10-16T07:38:30.629Z; scenarios are not confidence intervals.

Expected annual return: 15.7% at the stated quote. About 15.7% 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): 0.19×

Chart: Net income; fiscal year observations.

- FY2016: GEL 298M

- FY2017: GEL 354M

- FY2018: GEL 435M

- FY2019: GEL 538M

- FY2020: GEL 318M

- FY2021: GEL 801M

- FY2022: GEL 995M

- FY2023: GEL 1.1B

- FY2024: GEL 1.3B

- FY2025: GEL 1.4B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 24.2%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 20.3%

- Years with reported combined ratio: 0

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

- FY2016: 20.4%

- FY2017: 20.3%

- FY2018: 21.1%

- FY2019: 22.3%

- FY2020: 12.1%

- FY2021: 26.5%

- FY2022: 29.0%

- FY2023: 27.1%

- FY2024: 26.2%

- FY2025: 26.2%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 21.9%

- Book return interval: 10 years

- Starting book value per share: GEL 21.11

- Ending book value per share: GEL 97.13

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

- FY2016: 38.0%

- FY2017: 22.3%

- FY2018: 18.5%

- FY2019: 21.4%

- FY2020: 7.5%

- FY2021: 19.4%

- FY2022: 21.5%

- FY2023: 28.4%

- FY2024: 23.7%

- FY2025: 20.7%

### 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: -0.0%

- Diluted shares, 5-year annual growth: -0.2%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: -0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.76×

- Book value created per share: GEL 76.02

- Earnings retained per share after dividends and buybacks: GEL 100.31

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

- FY2015: 100

- FY2016: 95

- FY2017: 96

- FY2018: 99

- FY2019: 99

- FY2020: 101

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 101

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits shrink 1.1% a year forever · net income +8.8%

Story as of 2026-10-16T10:00:10.005Z; price observation 2026-10-15.

The price assumes profits shrink 1.1% a year forever

### Net income · FY2025

net income +8.8%; source https://filings.xbrl.org/213800T6NS9N2WQ3B328/2025-12-31/ESEF/GB/0/213800T6NS9N2WQ3B328-2025-12-31/reports/213800T6NS9N2WQ3B328-2025-12-31.xhtml; observed 2026-04-09.

- FY2016: GEL 298M 

- FY2017: GEL 354M 

- FY2018: GEL 435M 

- FY2019: GEL 538M 

- FY2020: GEL 318M 

- FY2021: GEL 801M 

- FY2022: GEL 995M 

- FY2023: GEL 1.1B 

- FY2024: GEL 1.3B 

- FY2025: GEL 1.4B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are GEL 5.8 billion.

- Source: https://filings.xbrl.org/213800T6NS9N2WQ3B328/2025-12-31/ESEF/GB/0/213800T6NS9N2WQ3B328-2025-12-31/reports/213800T6NS9N2WQ3B328-2025-12-31.xhtml (filed 2026-04-09); FY2025: revenue 5824433000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TBCG.LSE: TBC Bank Group PLC, through its subsidiaries, provides banking, leasing, insurance, brokerage, and card processing services to corporate and individual customers in Georgia, Azerbaijan, and Uzbekistan. The company operates through Georgian Financial Services; Uzbekistan Operations; and Other Operations segments. It offers banking business solutions, such as deposit and loans; and other financial services, including non-health insurance and leasing services; asset finance solutions; advisory services; and financial leasing, operating leasing, and sale and leasebacks. The company also offers digital banking services comprising cash loans, deposits, debit cards, remittances, gamification, installment/POS loans, daily banking, credit cards, MSME, and buy now, pay later (BNPL). In addition, it provides payment solutions, such as P2P transfers, utility and government payments, PFM, and QR payments, as well as Payme travel, goals, tickets, and subscription. Further, the company offers brokerage and research solutions, leasing, payment processing, asset management, healthcare e-commerce, retail trade and leasing, PR and marketing, education, data analytics, computer programming, investment vehicle, ecosystem, and digital banking platform, as well as investment banking, financial, customer experience servicing, software services, and postal services. TBC Bank Group PLC was founded in 1992 and is based in London, the United Kingdom.

### Why customers stay

It earns 24.2% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); 10-year return on tangible equity observations [[2016,0.20353616175297934],[2017,0.20263011499391956],[2018,0.21095810705973622],[2019,0.2232010961396101],[2020,0.12104985660777579],[2021,0.2646364636794152],[2022,0.2896429688807398],[2023,0.27073135371456675],[2024,0.2617057195306849],[2025,0.26188550698046115]]; median 0.2424534078351475. 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 108.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2016,54560000],[2017,67927000],[2018,85484000],[2019,91928000],[2020,1344000],[2021,87723000],[2022,238975000],[2023,279251000],[2024,275015000],[2025,487552000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800T6NS9N2WQ3B328/2025-12-31/ESEF/GB/0/213800T6NS9N2WQ3B328-2025-12-31/reports/213800T6NS9N2WQ3B328-2025-12-31.xhtml (filed 2026-04-09); FY2025: cash repurchases 108311000 GEL.

### Are managers owners

Insiders own 19.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TBCG.LSE SharesStats.PercentInsiders = 19.139999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits shrink 1.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Price 5035; FX 29.107054630013938; original perpetual distributable cash 19.126556345670252; discount 0.1; growth -0.010569557187182471. 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 1,289.00 per share

- 2016-11: GBX 1,329.00 per share

- 2016-12: GBX 1,452.00 per share

- 2017-01: GBX 1,492.00 per share

- 2017-02: GBX 1,417.00 per share

- 2017-03: GBX 1,497.00 per share

- 2017-04: GBX 1,625.00 per share

- 2017-05: GBX 1,700.00 per share

- 2017-06: GBX 1,584.00 per share

- 2017-07: GBX 1,675.00 per share

- 2017-08: GBX 1,686.00 per share

- 2017-09: GBX 1,660.00 per share

- 2017-10: GBX 1,712.00 per share

- 2017-11: GBX 1,581.00 per share

- 2017-12: GBX 1,750.00 per share

- 2018-01: GBX 1,640.00 per share

- 2018-02: GBX 1,564.00 per share

- 2018-03: GBX 1,840.00 per share

- 2018-04: GBX 1,838.00 per share

- 2018-05: GBX 1,654.00 per share

- 2018-06: GBX 1,746.00 per share

- 2018-07: GBX 1,758.00 per share

- 2018-08: GBX 1,600.00 per share

- 2018-09: GBX 1,684.00 per share

- 2018-10: GBX 1,690.00 per share

- 2018-11: GBX 1,496.00 per share

- 2018-12: GBX 1,522.00 per share

- 2019-01: GBX 1,440.00 per share

- 2019-02: GBX 1,504.00 per share

- 2019-03: GBX 1,544.00 per share

- 2019-04: GBX 1,628.00 per share

- 2019-05: GBX 1,628.00 per share

- 2019-06: GBX 1,588.00 per share

- 2019-07: GBX 1,412.00 per share

- 2019-08: GBX 1,232.00 per share

- 2019-09: GBX 1,236.00 per share

- 2019-10: GBX 1,280.00 per share

- 2019-11: GBX 1,240.00 per share

- 2019-12: GBX 1,300.00 per share

- 2020-01: GBX 1,240.00 per share

- 2020-02: GBX 1,294.00 per share

- 2020-03: GBX 725.00 per share

- 2020-04: GBX 819.00 per share

- 2020-05: GBX 830.00 per share

- 2020-06: GBX 894.00 per share

- 2020-07: GBX 792.00 per share

- 2020-08: GBX 908.00 per share

- 2020-09: GBX 1,014.00 per share

- 2020-10: GBX 919.00 per share

- 2020-11: GBX 1,198.00 per share

- 2020-12: GBX 1,250.00 per share

- 2021-01: GBX 1,218.00 per share

- 2021-02: GBX 1,086.00 per share

- 2021-03: GBX 984.00 per share

- 2021-04: GBX 974.00 per share

- 2021-05: GBX 1,160.00 per share

- 2021-06: GBX 1,160.00 per share

- 2021-07: GBX 1,214.00 per share

- 2021-08: GBX 1,420.00 per share

- 2021-09: GBX 1,450.00 per share

- 2021-10: GBX 1,570.00 per share

- 2021-11: GBX 1,556.00 per share

- 2021-12: GBX 1,650.00 per share

- 2022-01: GBX 1,410.00 per share

- 2022-02: GBX 1,202.00 per share

- 2022-03: GBX 1,100.00 per share

- 2022-04: GBX 1,262.00 per share

- 2022-05: GBX 1,480.00 per share

- 2022-06: GBX 1,264.00 per share

- 2022-07: GBX 1,380.00 per share

- 2022-08: GBX 1,774.00 per share

- 2022-09: GBX 1,668.00 per share

- 2022-10: GBX 1,884.00 per share

- 2022-11: GBX 2,185.00 per share

- 2022-12: GBX 2,270.00 per share

- 2023-01: GBX 2,380.00 per share

- 2023-02: GBX 2,480.00 per share

- 2023-03: GBX 2,240.00 per share

- 2023-04: GBX 2,355.00 per share

- 2023-05: GBX 2,300.00 per share

- 2023-06: GBX 2,470.00 per share

- 2023-07: GBX 2,490.00 per share

- 2023-08: GBX 2,845.00 per share

- 2023-09: GBX 2,985.00 per share

- 2023-10: GBX 2,685.00 per share

- 2023-11: GBX 2,780.00 per share

- 2023-12: GBX 2,830.00 per share

- 2024-01: GBX 2,915.00 per share

- 2024-02: GBX 2,960.00 per share

- 2024-03: GBX 3,215.00 per share

- 2024-04: GBX 3,460.00 per share

- 2024-05: GBX 2,550.00 per share

- 2024-06: GBX 2,570.00 per share

- 2024-07: GBX 3,100.00 per share

- 2024-08: GBX 3,150.00 per share

- 2024-09: GBX 2,650.00 per share

- 2024-10: GBX 2,750.00 per share

- 2024-11: GBX 3,030.00 per share

- 2024-12: GBX 3,120.00 per share

- 2025-01: GBX 3,340.00 per share

- 2025-02: GBX 4,300.00 per share

- 2025-03: GBX 4,130.00 per share

- 2025-04: GBX 4,730.00 per share

- 2025-05: GBX 4,465.00 per share

- 2025-06: GBX 4,640.00 per share

- 2025-07: GBX 4,850.00 per share

- 2025-08: GBX 4,375.00 per share

- 2025-09: GBX 4,545.00 per share

- 2025-10: GBX 4,355.00 per share

- 2025-11: GBX 4,080.00 per share

- 2025-12: GBX 4,060.00 per share

- 2026-01: GBX 4,250.00 per share

- 2026-02: GBX 4,810.00 per share

- 2026-03: GBX 4,080.00 per share

- 2026-04: GBX 4,850.00 per share

- 2026-05: GBX 4,502.00 per share

- 2026-06: GBX 4,432.00 per share

- 2026-07: GBX 4,812.00 per share

- 2026-08: GBX 5,050.00 per share

- 2026-09: GBX 5,385.00 per share

- 2026-10: GBX 5,035.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 2,092.39 per share, central GBX 2,615.48 per share, high GBX 3,487.31 per share

- FY2017: low GBX 2,603.00 per share, central GBX 3,253.75 per share, high GBX 4,338.34 per share

- FY2018: low GBX 3,123.04 per share, central GBX 3,903.80 per share, high GBX 5,205.07 per share

- FY2019: low GBX 3,673.07 per share, central GBX 4,591.34 per share, high GBX 6,121.79 per share

- FY2020: low GBX 3,926.06 per share, central GBX 4,907.58 per share, high GBX 6,543.44 per share

- FY2021: low GBX 4,580.78 per share, central GBX 5,725.98 per share, high GBX 7,634.64 per share

- FY2022: low GBX 5,204.30 per share, central GBX 6,505.37 per share, high GBX 8,673.83 per share

- FY2023: low GBX 6,440.67 per share, central GBX 8,050.84 per share, high GBX 10,734.46 per share

- FY2024: low GBX 8,029.28 per share, central GBX 10,036.60 per share, high GBX 13,382.13 per share

- FY2025: low GBX 9,047.10 per share, central GBX 11,308.87 per share, high GBX 15,078.50 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 2026-10-15T06:44:16.503Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800T6NS9N2WQ3B328/2025-12-31/ESEF/GB/0/213800T6NS9N2WQ3B328-2025-12-31/reports/213800T6NS9N2WQ3B328-2025-12-31.xhtml); period 2025-12-31, filed 2026-04-09.

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.

TBC Bank Group

TBCG · LSE

FTSE 250 · STOXX Europe 600

Not a wonderful business

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

Share price: GBX 5,035.00
Buy up to: GBX 12,205.15
Expected / yr: 15.7% 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 669M
Worst year: GEL 298M
Latest · 2025: GEL 1.4B

Earned a median 24.2% on tangible equity (minimum 12%), and the second-worst year 20.3% (minimum 5%).

Return on tangible common equity

10y median: 24.2%
Worst year: 12.1%
Latest · 2025: 26.2%

Book value plus dividends grew 21.9% a year (minimum 7%).

Annual book + dividend return

10y median: 21.5%
Worst year: 7.5%
Latest · 2025: 20.7%

Book value gained 76.02 per share against 100.31 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 101
Latest · 2025: 100

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 22.9 GEL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price GBX 1289.00 · Value 2615.48 · Buy at or below 2615.48; 2016-11 · Price GBX 1329.00 · Value 2615.48 · Buy at or below 2615.48; 2016-12 · Price GBX 1452.00 · Value 2615.48 · Buy at or below 2615.48; 2017-01 · Price GBX 1492.00 · Value 2615.48 · Buy at or below 2615.48; 2017-02 · Price GBX 1417.00 · Value 3253.75 · Buy at or below 3253.75; 2017-03 · Price GBX 1497.00 · Value 3253.75 · Buy at or below 3253.75; 2017-04 · Price GBX 1625.00 · Value 3253.75 · Buy at or below 3253.75; 2017-05 · Price GBX 1700.00 · Value 3253.75 · Buy at or below 3253.75; 2017-06 · Price GBX 1584.00 · Value 3253.75 · Buy at or below 3253.75; 2017-07 · Price GBX 1675.00 · Value 3253.75 · Buy at or below 3253.75; 2017-08 · Price GBX 1686.00 · Value 3253.75 · Buy at or below 3253.75; 2017-09 · Price GBX 1660.00 · Value 3253.75 · Buy at or below 3253.75; 2017-10 · Price GBX 1712.00 · Value 3253.75 · Buy at or below 3253.75; 2017-11 · Price GBX 1581.00 · Value 3253.75 · Buy at or below 3253.75; 2017-12 · Price GBX 1750.00 · Value 3253.75 · Buy at or below 3253.75; 2018-01 · Price GBX 1640.00 · Value 3253.75 · Buy at or below 3253.75; 2018-02 · Price GBX 1564.00 · Value 3903.80 · Buy at or below 3903.80; 2018-03 · Price GBX 1840.00 · Value 3903.80 · Buy at or below 3903.80; 2018-04 · Price GBX 1838.00 · Value 3903.80 · Buy at or below 3903.80; 2018-05 · Price GBX 1654.00 · Value 3903.80 · Buy at or below 3903.80; 2018-06 · Price GBX 1746.00 · Value 3903.80 · Buy at or below 3903.80; 2018-07 · Price GBX 1758.00 · Value 3903.80 · Buy at or below 3903.80; 2018-08 · Price GBX 1600.00 · Value 3903.80 · Buy at or below 3903.80; 2018-09 · Price GBX 1684.00 · Value 3903.80 · Buy at or below 3903.80; 2018-10 · Price GBX 1690.00 · Value 3903.80 · Buy at or below 3903.80; 2018-11 · Price GBX 1496.00 · Value 3903.80 · Buy at or below 3903.80; 2018-12 · Price GBX 1522.00 · Value 3903.80 · Buy at or below 3903.80; 2019-01 · Price GBX 1440.00 · Value 3903.80 · Buy at or below 3903.80; 2019-02 · Price GBX 1504.00 · Value 4591.34 · Buy at or below 4591.34; 2019-03 · Price GBX 1544.00 · Value 4591.34 · Buy at or below 4591.34; 2019-04 · Price GBX 1628.00 · Value 4591.34 · Buy at or below 4591.34; 2019-05 · Price GBX 1628.00 · Value 4591.34 · Buy at or below 4591.34; 2019-06 · Price GBX 1588.00 · Value 4591.34 · Buy at or below 4591.34; 2019-07 · Price GBX 1412.00 · Value 4591.34 · Buy at or below 4591.34; 2019-08 · Price GBX 1232.00 · Value 4591.34 · Buy at or below 4591.34; 2019-09 · Price GBX 1236.00 · Value 4591.34 · Buy at or below 4591.34; 2019-10 · Price GBX 1280.00 · Value 4591.34 · Buy at or below 4591.34; 2019-11 · Price GBX 1240.00 · Value 4591.34 · Buy at or below 4591.34; 2019-12 · Price GBX 1300.00 · Value 4591.34 · Buy at or below 4591.34; 2020-01 · Price GBX 1240.00 · Value 4591.34 · Buy at or below 4591.34; 2020-02 · Price GBX 1294.00 · Value 4907.58 · Buy at or below 4907.58; 2020-03 · Price GBX 725.00 · Value 4907.58 · Buy at or below 4907.58; 2020-04 · Price GBX 819.00 · Value 4907.58 · Buy at or below 4907.58; 2020-05 · Price GBX 830.00 · Value 4907.58 · Buy at or below 4907.58; 2020-06 · Price GBX 894.00 · Value 4907.58 · Buy at or below 4907.58; 2020-07 · Price GBX 792.00 · Value 4907.58 · Buy at or below 4907.58; 2020-08 · Price GBX 908.00 · Value 4907.58 · Buy at or below 4907.58; 2020-09 · Price GBX 1014.00 · Value 4907.58 · Buy at or below 4907.58; 2020-10 · Price GBX 919.00 · Value 4907.58 · Buy at or below 4907.58; 2020-11 · Price GBX 1198.00 · Value 4907.58 · Buy at or below 4907.58; 2020-12 · Price GBX 1250.00 · Value 4907.58 · Buy at or below 4907.58; 2021-01 · Price GBX 1218.00 · Value 4907.58 · Buy at or below 4907.58; 2021-02 · Price GBX 1086.00 · Value 5725.98 · Buy at or below 5725.98; 2021-03 · Price GBX 984.00 · Value 5725.98 · Buy at or below 5725.98; 2021-04 · Price GBX 974.00 · Value 5725.98 · Buy at or below 5725.98; 2021-05 · Price GBX 1160.00 · Value 5725.98 · Buy at or below 5725.98; 2021-06 · Price GBX 1160.00 · Value 5725.98 · Buy at or below 5725.98; 2021-07 · Price GBX 1214.00 · Value 5725.98 · Buy at or below 5725.98; 2021-08 · Price GBX 1420.00 · Value 5725.98 · Buy at or below 5725.98; 2021-09 · Price GBX 1450.00 · Value 5725.98 · Buy at or below 5725.98; 2021-10 · Price GBX 1570.00 · Value 5725.98 · Buy at or below 5725.98; 2021-11 · Price GBX 1556.00 · Value 5725.98 · Buy at or below 5725.98; 2021-12 · Price GBX 1650.00 · Value 5725.98 · Buy at or below 5725.98; 2022-01 · Price GBX 1410.00 · Value 5725.98 · Buy at or below 5725.98; 2022-02 · Price GBX 1202.00 · Value 6505.37 · Buy at or below 6505.37; 2022-03 · Price GBX 1100.00 · Value 6505.37 · Buy at or below 6505.37; 2022-04 · Price GBX 1262.00 · Value 6505.37 · Buy at or below 6505.37; 2022-05 · Price GBX 1480.00 · Value 6505.37 · Buy at or below 6505.37; 2022-06 · Price GBX 1264.00 · Value 6505.37 · Buy at or below 6505.37; 2022-07 · Price GBX 1380.00 · Value 6505.37 · Buy at or below 6505.37; 2022-08 · Price GBX 1774.00 · Value 6505.37 · Buy at or below 6505.37; 2022-09 · Price GBX 1668.00 · Value 6505.37 · Buy at or below 6505.37; 2022-10 · Price GBX 1884.00 · Value 6505.37 · Buy at or below 6505.37; 2022-11 · Price GBX 2185.00 · Value 6505.37 · Buy at or below 6505.37; 2022-12 · Price GBX 2270.00 · Value 6505.37 · Buy at or below 6505.37; 2023-01 · Price GBX 2380.00 · Value 6505.37 · Buy at or below 6505.37; 2023-02 · Price GBX 2480.00 · Value 8050.84 · Buy at or below 8050.84; 2023-03 · Price GBX 2240.00 · Value 8050.84 · Buy at or below 8050.84; 2023-04 · Price GBX 2355.00 · Value 8050.84 · Buy at or below 8050.84; 2023-05 · Price GBX 2300.00 · Value 8050.84 · Buy at or below 8050.84; 2023-06 · Price GBX 2470.00 · Value 8050.84 · Buy at or below 8050.84; 2023-07 · Price GBX 2490.00 · Value 8050.84 · Buy at or below 8050.84; 2023-08 · Price GBX 2845.00 · Value 8050.84 · Buy at or below 8050.84; 2023-09 · Price GBX 2985.00 · Value 8050.84 · Buy at or below 8050.84; 2023-10 · Price GBX 2685.00 · Value 8050.84 · Buy at or below 8050.84; 2023-11 · Price GBX 2780.00 · Value 8050.84 · Buy at or below 8050.84; 2023-12 · Price GBX 2830.00 · Value 8050.84 · Buy at or below 8050.84; 2024-01 · Price GBX 2915.00 · Value 8050.84 · Buy at or below 8050.84; 2024-02 · Price GBX 2960.00 · Value 10036.60 · Buy at or below 10036.60; 2024-03 · Price GBX 3215.00 · Value 10036.60 · Buy at or below 10036.60; 2024-04 · Price GBX 3460.00 · Value 10036.60 · Buy at or below 10036.60; 2024-05 · Price GBX 2550.00 · Value 10036.60 · Buy at or below 10036.60; 2024-06 · Price GBX 2570.00 · Value 10036.60 · Buy at or below 10036.60; 2024-07 · Price GBX 3100.00 · Value 10036.60 · Buy at or below 10036.60; 2024-08 · Price GBX 3150.00 · Value 10036.60 · Buy at or below 10036.60; 2024-09 · Price GBX 2650.00 · Value 10036.60 · Buy at or below 10036.60; 2024-10 · Price GBX 2750.00 · Value 10036.60 · Buy at or below 10036.60; 2024-11 · Price GBX 3030.00 · Value 10036.60 · Buy at or below 10036.60; 2024-12 · Price GBX 3120.00 · Value 10036.60 · Buy at or below 10036.60; 2025-01 · Price GBX 3340.00 · Value 10036.60 · Buy at or below 10036.60; 2025-02 · Price GBX 4300.00 · Value 11308.87 · Buy at or below 11308.87; 2025-03 · Price GBX 4130.00 · Value 11308.87 · Buy at or below 11308.87; 2025-04 · Price GBX 4730.00 · Value 11308.87 · Buy at or below 11308.87; 2025-05 · Price GBX 4465.00 · Value 11308.87 · Buy at or below 11308.87; 2025-06 · Price GBX 4640.00 · Value 11308.87 · Buy at or below 11308.87; 2025-07 · Price GBX 4850.00 · Value 11308.87 · Buy at or below 11308.87; 2025-08 · Price GBX 4375.00 · Value 11308.87 · Buy at or below 11308.87; 2025-09 · Price GBX 4545.00 · Value 11308.87 · Buy at or below 11308.87; 2025-10 · Price GBX 4355.00 · Value 11308.87 · Buy at or below 11308.87; 2025-11 · Price GBX 4080.00 · Value 11308.87 · Buy at or below 11308.87; 2025-12 · Price GBX 4060.00 · Value 11308.87 · Buy at or below 11308.87; 2026-01 · Price GBX 4250.00 · Value 11308.87 · Buy at or below 11308.87; 2026-02 · Price GBX 4810.00 · Value 12205.15 · Buy at or below 12205.15; 2026-03 · Price GBX 4080.00 · Value 12205.15 · Buy at or below 12205.15; 2026-04 · Price GBX 4850.00 · Value 12205.15 · Buy at or below 12205.15; 2026-05 · Price GBX 4502.00 · Value 12205.15 · Buy at or below 12205.15; 2026-06 · Price GBX 4432.00 · Value 12205.15 · Buy at or below 12205.15; 2026-07 · Price GBX 4812.00 · Value 12205.15 · Buy at or below 12205.15; 2026-08 · Price GBX 5050.00 · Value 12205.15 · Buy at or below 12205.15; 2026-09 · Price GBX 5385.00 · Value 12205.15 · Buy at or below 12205.15; 2026-10 · Price GBX 5035.00 · Value 12205.15 · Buy at or below 12205.15; 2026-10 · Price GBX 5035.00 · Value 12205.15 · Buy at or below 12205.15

GBX per share · annual estimates

Price & return math
Value range	GBX 9,764.12 – GBX 16,273.53
Buy at or below	Central value GBX 12,205.15
Discount to value	1 − 5035.00 / 12205.15 = 58.7%
Return / year	About 15.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book GBX 3051.29/share; ROE 24.2%; first payout GBX 488.21/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeGEL 1.4B

Net income

Book / shareGEL 97.13

Book / share

Dividend / shareGEL 8.88

Dividend / share

Return on tangible equity26.2%

Return on tangible equity

Diluted shares55M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·