Portfolio Valuation and Ameriabank Acquisition Update
Externally
valued¹
MEDICAL INSURANCE BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 4Q23
(GEL MILLION)
Change q-o-q
+22.9%
+32.1%
+24.7%
19
92
14
73
59
59
Enterprise value
30-Sep-23
Change in EV
Enterprise value
31-Dec-23
Excess cash
Equity value
31-Dec-23
IMPLIED LTM P/E MULTIPLE DEVELOPMENT
9.3x
30-Sep-23
11.0x
31-Dec-23
VALUATION HIGHLIGHTS1
GEL million, unless noted otherwise 31-Dec-23
30-Sep-23
Change 31-Dec-22 Change
NET DEBT TO EBITDA
(excl. IFRS 16)
No
Leverage
No
Leverage
No
Leverage
LTM Net income²
8.4
8.0
0.4
3.5
4.9
Implied P/E multiple²
11.0x
9.3x
1.7x
15.0x
(4.0x)
Equity value
92.3
74.0
18.3
51.9
40.4
LTM ROAE
17.2%
16.7%
0.5 ppts
10.2%
7.0 ppts
30-Sep-23 31-Dec-23
TARGET
Georgia Capital PLC | 1. 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. 30-Sep-23 and 31-Dec-23 LTM Net incomes and respective implied multiples are on a pre-tax basis, due to the business valuation as of 30-Sep-23 and 31-Dec-23,
incorporating impact of the adoption of the Estonian Taxation Model.
GEORGIA
CAPITAL
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