Portfolio Valuation and Ameriabank Acquisition Update
Externally
valued¹
RENEWABLE ENERGY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 4Q23
(US$ MILLION)
Change q-o-q
169
+0.3%
-1.6%
+1.8%
170
99
(71)
EQUITY FAIR VALUE COMPOSITION
AT 31-DEC-23 (US$ MILLION)
GEORGIA
CAPITAL
21
Total
value
US$ 99
78
Enterprise value
30-Sep-23
Net change in EV
Enterprise value
31-Dec-23
Net debt
Equity value
31-Dec-23
Operational assets
Pipeline projects
VALUATION HIGHLIGHTS1
Y-O-Y PROGRESS
NET DEBT TO EBITDA
US$ million, unless noted otherwise
Enterprise value
31-Dec-23 30-Sep-23
Change
31-Dec-22 Change
169.6
169.1
0.5
154.7
14.9
EBITDA²
12.0
12.0
12.2
7.0x4
6.8x4
< 6.0x
(0.2)
Implied EV/EBITDA multiple
Investments at cost (EV) 3
12.6x
12.5x
0.1x
11.4x
1.2x
19.5
19.3
0.2
15.1
4.4
Net debt
(70.5)
(71.7)
1.2
(71.4)
0.9
Equity value
99.1
97.4
1.7
83.3
15.8
30-Sep-23 31-Dec-23
TARGET
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. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost included the pipeline projects. 4. Ratio is calculated in US$ terms.
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