TBC Bank Group (LSE:TBCG) Cyclically Adjusted PB Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

LSE:TBCG TBC Bank Group PLC LSE:TBCG
80 GF Score
Price £51.60
GF Value £43.17
Valuation Modestly Overvalued
! 5 Warning Signs
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What is TBC Bank Group Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


TBC Bank Group  (LSE:TBCG) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


TBC Bank Group Cyclically Adjusted PB Ratio Related Terms


TBC Bank Group Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for TBC Bank Group's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

TBC Bank Group Cyclically Adjusted PB Ratio Chart

TBC Bank Group Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only - 1.76 1.85 1.75 1.97

TBC Bank Group Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.55 2.49 2.05 1.99 2.08

TBC Bank Group Cyclically Adjusted PB Ratio Competitor Comparison

For the Banks - Regional subindustry, TBC Bank Group's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


TBC Bank Group Cyclically Adjusted PB Ratio vs Banks Industry

For the Banks industry and Financial Services sector, TBC Bank Group's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where TBC Bank Group's Cyclically Adjusted PB Ratio falls into.


LSE:TBCG
80GF Score
TBC Bank Group PLC LSE:TBCG
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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TBC Bank Group Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

TBC Bank Group's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, TBC Bank Group's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=35.161/142.3000*142.3000
=35.161

Current CPI (Jun. 2026) = 142.3000.

TBC Bank Group Quarterly Data

Book Value per Share CPI Adj_Book
201609 9.253 101.500 12.972
201612 9.215 102.200 12.831
201703 10.460 102.700 14.493
201706 10.256 103.500 14.101
201709 10.206 104.300 13.924
201712 10.233 105.000 13.868
201803 10.636 105.100 14.401
201806 11.087 105.900 14.898
201809 11.127 106.600 14.853
201812 11.915 107.100 15.831
201903 12.209 107.000 16.237
201906 11.947 107.900 15.756
201909 12.129 108.400 15.922
201912 12.437 108.500 16.311
202003 11.419 108.600 14.962
202006 12.736 108.800 16.657
202009 12.465 109.200 16.243
202012 11.846 109.400 15.408
202103 11.993 109.700 15.557
202106 13.859 111.400 17.703
202109 14.899 112.400 18.862
202112 16.005 114.700 19.856
202203 17.507 116.500 21.384
202206 20.366 120.500 24.050
202209 24.479 122.300 28.482
202212 22.202 125.300 25.214
202303 24.448 126.800 27.437
202306 23.674 129.400 26.034
202309 24.894 130.100 27.228
202312 25.375 130.500 27.669
202403 25.739 131.600 27.832
202406 25.877 133.000 27.686
202409 26.458 133.500 28.202
202412 28.920 135.100 30.461
202503 28.582 136.100 29.884
202506 28.035 138.400 28.825
202509 29.868 138.900 30.599
202512 31.352 139.900 31.890
202603 32.954 140.800 33.305
202606 35.161 142.300 35.161

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is TBC Bank Group (LSE:TBCG) Overvalued in 2026?

Based on GuruFocus' analysis, TBC Bank Group stock appears to be overvalued. The current stock price of £51.60 is trading 19.5% above its estimated GF Value™ of £43.17. GuruFocus considers TBC Bank Group to be Modestly Overvalued.

Key valuation signals for LSE:TBCG:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: £43.17 vs. price of £51.60 (19.5% above fair value)
  • GF Score™: 80/100 with 5 warning signs

No single metric tells the full story. See the LSE:TBCG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


TBC Bank Group Business Description

Address C/O Law Debenture, 100 Bishopsgate, London, GBR, EC2N 4AG
TBC Bank Group PLC is a UK-based banking group. The business activities of the company involves universal banking operations within Georgia. The bank is focused on financial services activities, and the majority of its total assets relate to banking, insurance, leasing, brokerage, and corporate advisory services. Its operating segments include Georgian financial services (Georgia FS), which includes corporate and investment banking (CIB), Retail - non-business individual customers; Micro, Small, and Medium Enterprises: (MSME); Uzbekistan; and Other Operations.
80GF Score

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Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

£51.60
Price
£43.17
GF Value