Portfolio Valuation and Ameriabank Acquisition Update
PORTFOLIO VALUE AS OF 31-DEC-23
92% OF OUR PORTFOLIO
IS VALUED EXTERNALLY1
% SHARE IN TOTAL PORTFOLIO VALUE:
33%
GBP 39.75
15%
8%
38%
GEORGIA
CAPITAL
BGEO
PRICE ON LSE
4%
OPTION
VALUATION²
19%
10%
9%
7%
5%
3%
8%
MULTIPLE:
9.7x
LTM EV/EBITDA³
13.0x-11.0x
LTM P/E4
13.8x
LTM EV/EBITDA³
12.6x
EV/EBITDA5
16.7x
LTM EV/EBITDA6
11.7x
EV/EBITDA³
1,226
284
1,385
567
GEL MILLION
714
378
344
284
PORTFOLIO
267
189
BREAKDOWN
159
GEL 3,672 MILLION
Q
111
&
00
Ⅲ
BOG
Water
Utility
Retail
(Pharmacy)
Insurance
(P&C &
Medical)
Hospitals
Renewable
Energy
Education
Clinics and
diagnostics
Other
1,436
39%
LISTED AND OBSERVABLE
LARGE PORTFOLIO COMPANIES
INVESTMENT STAGE
PORTFOLIO COMPANIES
Listed and observable
Investment stage
■Large
Other
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party
independent valuation firm. 2. The valuation of Water Utility in 4Q23 reflects the application of the put option valuation to GCAP's 20% holding in the business. 3. LTM EV/EBITDA multiples for Retail (Pharmacy), Hospitals
and Clinics & Diagnostics are presented including IFRS 16 as of 31-Dec-23. 4. LTM P/E multiple of 13.0x for P&C insurance and LTM P/E multiple of 11.0x for medical insurance business as at 31-Dec-23. 5. Blended multiple
for the operational assets of Renewable Energy is 12.6x, while other pipeline projects are stated at cost. 6. The forward-looking implied valuation multiple is estimated at 10.5x for the 2024-2025 academic year.
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