Lion Finance Group: Investor Day feedback; Tech, data & scale advantages offer more runway alongside footprint expansion

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Lion Finance Group: Investor Day feedback; Tech, data & scale advantages offer more runway alongside footprint expansion

C A Z E N O V E Europe Equity Research

29 June 2026

Lion Finance Group Overweight

BGEO.L, BGEO LN

Investor Day feedback; Tech, data & scale advantages Price (26 Jun 26):10,870p

offer more runway alongside footprint expansion ▲Price Target (Dec-27):13,900p Prior (Dec-27):13,100p

Lion hosted an Investor Day in Tbilisi showcasing its high-quality franchise and

highlighting the runway for deeper customer penetration in both Georgia and European Banks

Armenia. While medium-term targets were left unchanged, our exposure to the Sheel Shah, CFA AC

Group’s culture and leadership across multiple levels gives us confidence in Lion’s (44-20) 7134-8455

opportunity to compound its competitive advantages – including its technology, sheel.shah@jpmorgan.com

data and market positioning – see Lion Finance Group: Structural EM growth story Venkat Madasu

and Apex compounder. We increase our Dec-27 price target to £139 (prev £131) (44-20) 3493-9041

venkat.madasu@jpmorgan.com

driven by higher SOTP multiples reflecting this moat. We remain OW with the

Kian Abouhossein

stock offering unique exposure to frontier markets, +11% EPS CAGR and +21%

(44-20) 7134-4575

TNAV/sh CAGR 25-28E, with organic and inorganic capital allocation kian.abouhossein@jpmorgan.com

opportunities to drive a re-rating from 6.2x PE 27E (vs JPMe exit PE 8x 27E), J.P. Morgan Securities plc

despite elevated sovereign risk premiums.

Specialist Sales contact details:

We see potential MT earnings upside from: 1) the momentum of both economies Gigi Sparling - Specialist Sales -

including growing GDP/capita, large infrastructure investments (e.g. Anaklia port, European Financials