Georgia Capital 3Q23 & 9M23 Performance Overview
Externally
valued¹
HOSPITALS BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q23
(GEL MILLION)
Change q-o-q
-5.2%
+3.9%
0.0%
-10.4%
681
645
(35)
382
(231)
(33)
IMPLIED LTM EV/EBITDA DEVELOPMENT
12.9x
12.5x
Enterprise value
30-Jun-23
Net decrease
in EV
Enterprise value
30-Sep-23
Net debt inc.
Lease liabilities
Minority
interest
Equity value
30-Sep-23
30-Jun-23
30-Sep-23
VALUATION HIGHLIGHTS¹
NET DEBT TO EBITDA
(excl. IFRS 16)
GEL million, unless noted otherwise
30-Sep-23
30-Jun-23 Change 31-Dec-22 Change
4.3x
4.1x
Enterprise value
645.4
680.8
(35.4)
653.3
(8.0)
LTM EBITDA
51.7
52.9
(1.3)
53.6
(1.9)
Implied EV/EBITDA multiple
12.5x
12.9x
(0.4x)
12.2x
0.3x
Net debt incl. lease liabilities
(231.0)
(222.2)
(8.8)
(188.1)
(42.9)
Equity value of GCAP's share
381.9
426.1
(44.2)
433.2
(51.3)
30-Jun-23 30-Sep-23
<2.5x
TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio
companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm.
GEORGIA
CAPITAL
COM
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