Investor Presentaiton
Private large
portfolio companies
EXTERNALLY VALUED
WATER UTILITY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 4Q20
EBITDA AND EV/EBITDA
MULTIPLE HIGHLIGHTS
(GEL MILLION)
Change q-o-q
85
+10.0%
931
+14.3%
+6.0%
EBITDA
(GEL million)
98.71
109.92
471
9.4x
8.5x
846
(460)
Tariff adjusted
implied
EV/EBITDA
multiple (used
Normalised
2020 EBITDA 2
Enterprise value
30-Sep-20
Increase
in EV
Enterprise value
31-Dec-20
Lease liabilities
Equity value
31-Dec-20
in valuation)1
VALUATION HIGHLIGHTS
GEL million, unless noted
31-Dec-20
otherwise
30-Sep-20 Change 31-Dec-19
Change
Valuation method
DCF & Multiples³ Multiples4
NMF
Multiples4
Enterprise value
930.9
846.1
84.8
836.8
NMF
94.1
LTM EBITDA
98.71
84.65
14.1
95.1
3.9
Implied EV/EBITDA multiple
9.4x
10.0x
-0.6x
8.8x
+0.6x
Net debt
Equity value
(459.7)
471.1
(433.8)
25.9
(352.8)
106.9
412.3
58.8
484.0
(12.8)
Georgia Capital PLC | 1) 31-Dec-20 LMT EBITDA reflects new tariffs, announced in 2020. Tariff adjusted EBITDA was used in valuation. 2) Normalised for a) abnormally low generation levels in 2020 in
Zhinvali reservoir and b) low volume sales due to COVID-19 (reimbursed under the tariff-setting methodology). 3) Water utility business was valued externally for the first time in 4Q20. The valuation
method used was combination of income approach (DCF) and market approaches. 4) Water Utility was valued internally in 3Q20 and FY19. The valuation method used was market approach (multiples),
cross checked with income approach (DCF). 5) LTM 30-Jun-20 EBITDA was used for the valuation purposes.
GEORGIA
CAPITAL
557
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