Financials
One of the top banks in Georgia and has grown to be the 8th largest position in Mike Churchill’s Classical Insights portfolio - Georgia has been a banker's paradise for several years now, helping TBC to outperform many struggling East European peers. The bank has a strong balance sheet (20.3% tangible equity to loans), low default rate (on pace for 0.8% provisioning this year), low price/book (0.69x) and high ROE (on track for 18.5% this year). The dividend yield is ~7% and the shares offer over 75% upside to Mike’s target price.
Edition: 146
- 14 October, 2022