Georgia Capital Shareholder and Market Opportunity Overview
Externally
valued¹
WATER UTILITY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 1Q21
(GEL MILLION)
Change q-o-q
+1.8%
+6.8%
-3.0%
931
17
948
457
(491)
IMPLIED LTM EV/EBITDA
MULTIPLE DEVELOPMENT
9.6x
9.4x
Enterprise value
Increase in EV
31-Dec-20
Enterprise value
31-Mar-21
31-Dec-20
Net debt inc.
Lease liabilities
Equity value
31-Mar-21
31-Mar-21
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
31-Mar-21
31-Dec-20
Change
Combination of income approach (DCF) and
Valuation method
NMF
market approaches¹
Enterprise value
947.7
930.9
16.8
LTM EBITDA
98.72
98.72
Implied EV/EBITDA multiple
9.6x
9.4x
+0.2x
Net debt
Equity value
(490.8)
456.9
(459.7)
471.1
(31.1)
(14.2)
Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by
incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. Adjusted LTM 31-Dec-20 EBITDA was used in Water Utility
valuation. The impact of new tariffs was already embedded in the year-end 2020 assessment as the adjusted EBITDA was calculated based on the retrospective impact of new tariffs on 2020 performance.
GEORGIA
CAPITAL
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