WOOD Flash – TBC Bank: key takeaways from the 2026 Strategy Day
TBC Bank conducted its 2026 Strategy Day yesterday (24 February). The bank shared its ambitious 2030 vision of doubling its existing business within five years, in terms of loans, net income and digital MAU. TBC also shared its plans to potentially IPO its Uzbekistan arm and explore further opportunities for international expansion, after the full ramp-up of the Uzbek business. We liked that Mr. Kudratov, the Minister of Investment, Industry and Trade of the Republic of Uzbekistan, gave a presentation during this event. In our view, this could give additional confidence to investors, that TBC could navigate the rapidly evolving regulatory landscape of Uzbekistan successfully. Overall, we got a positive impression from this event. Currently, TBC is trading at 6.1x 2026E P/E and 1.4x 2026E P/BTV, vs. 6.8x P/E and 1.7x P/TBV at our target.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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