Georgia Capital 3Q23 & 9M23 Performance Overview
Externally
valued¹
29
CLINICS & DIAGNOSTICS BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q23
(GEL MILLION)
Change q-o-q
-3.3%
3.4%
-7.5%
-8.0%
183
177
(6)
96
(77)
(4)
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
GEORGIA
CAPITAL
IMPLIED LTM EV/EBITDA DEVELOPMENT²
18.8x
30-Jun-23
12.8x
30-Sep-23
VALUATION HIGHLIGHTS¹
GEL million, unless noted otherwise
30-Sep-23
30-Jun-23
Change 31-Dec-22 Change
NET DEBT TO EBITDA
(excl. IFRS 16)
7.1x
Enterprise value
176.9
183.0
(6.1)
179.9
(3.0)
4.7x3
LTM EBITDA
13.8
9.7
4.1
10.9
2.9
Implied EV/EBITDA multiple
12.8x
18.8x
(6.0x)
16.5x
(3.7x)
<2.5x
Net debt incl. lease liabilities
(77.3)
(74.7)
(2.6)
(63.8)
(13.5)
Equity value of GCAP's share
96.1
104.5
(8.4)
112.2
(16.1)
30-Jun-23 30-Sep-23
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. 2. The forward-looking implied valuation multiple is estimated at 10.1x.
3. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics buildings in 3Q23. The net debt includes the receivable of US$ 6.2 million incurred from the sales transaction.
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