Portfolio Valuation and Ameriabank Acquisition Update
Externally
valued¹
P&C INSURANCE BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 4Q23
(GEL MILLION)
Change q-o-q
+6.6%
IMPLIED LTM P/E MULTIPLE
DEVELOPMENT
26
286
268
13.0x
(6)
(2)
11.8x
Equity value
30-Sep-23
Operating
performance
Multiple
change
Dividends
paid
Equity value
31-Dec-23
VALUATION HIGHLIGHTS¹
Y-O-Y PROGRESS
GEL million, unless noted otherwise 31-Dec-23
30-Sep-23
Change 31-Dec-22 Change
LTM net income²
22.0
22.7
(0.7)
21.5
0.5
Implied P/E multiple²
13.0x
11.8x
1.2x
10.6x
2.4x
Equity value
285.6
267.8
17.8
228.0
57.6
LTM ROAE3
24.4%
24.5%
(0.1 ppts)
29.7%
(5.3 ppts)
30-Sep-23
31-Dec-23
NET DEBT TO EBITDA
No
No
No
Leverage Leverage Leverage
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. LTM net income and respective implied multiple are on a pre-tax basis, as per the business valuation, incorporating the impact of adoption of Estonian Taxation
Model. 3. Calculated based on average equity, adjusted for preferred shares.
GEORGIA
CAPITAL
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