OPEX Ratio Alignment & Portfolio Valuation Overview
Externally
valued¹
P&C INSURANCE BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 2Q22
(GEL MILLION)
Change q-o-q
+8.2%
7
15
200
185
(7)
Equity value
31-Mar-22
Operating
performance
Multiple
change
Dividends
paid
Equity value
30-Jun-22
IMPLIED LTM P/E MULTIPLE DEVELOPMENT
11.0x
10.6x
31-Mar-22
30-Jun-22
VALUATION HIGHLIGHTS¹
NET DEBT TO EBITDA
GEL million, unless noted otherwise 30-Jun-22
31-Mar-22
Change 31-Dec-21 Change
No
No
No
Leverage Leverage Leverage
LTM Net income²
18.2
17.4
0.8
17.6
0.6
Implied P/E multiple
11.0x
10.6x
0.4x
12.0x
(1.0x)
Equity value
199.8
184.6
15.2
211.5
(11.7)
LTM ROAE3
25.8%
24.5%
+1.3 ppts
24.7%
+1.1 ppts
31-Mar-22 30-Jun-22
TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, P&C Insurance was valued externally by a third-party
independent valuation firm. 2. Adjusted for non-recurring items. 3. Calculated based on net income, adjusted for non-recurring items and average equity, adjusted for preferred shares.
GEORGIA
CAPITAL
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