Portfolio Valuation and Ameriabank Acquisition Update
Externally
valued¹
HOSPITALS BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW
(GEL MILLION)
619
(241)
344
(33)
Enterprise value
31-Dec-23
Net debt inc.
Lease liabilities
Minority
interest
Equity value
31-Dec-23
13.8x
IMPLIED LTM EV/EBITDA
OF THE HOSPITALS BUSINESS
VALUATION HIGHLIGHTS1
NET DEBT TO EBITDA³
(excl. IFRS 16)
GEL million, unless noted otherwise
31-Dec-232
30-Sep-232 31-Dec-222
5.3x4
4.4x
Enterprise value
618.9
645.4
653.3
<2.5x
LTM EBITDA
44.8
51.7
53.6
Implied EV/EBITDA multiple
13.8x
12.5x
12.2x
Net debt incl. lease liabilities
(241.1)
(231.0)
(188.1)
Equity value of GCAP's share
344.4
381.9
433.2
30-Sep-23 31-Dec-23
TARGET
COM
GEORGIA
CAPITAL
300
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. The 31-Dec-23 numbers include the performance of the community clinics, which were previously presented as part of the clinics and diagnostics business. Comparative
figures for 30-Sep-23 and 31-Dec-22 have not been restated retrospectively. 3. 31-Dec-23 and 30-Sep-23 figures reflect the performance of the community clinics. 4. LTM EBITDA as at 31-Dec-23 excludes the performance of
the recently divested regional hospital, while the net debt takes into account the cash proceeds from this transaction.
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