Investor Presentaiton
Private early
stage portfolio
Wine business overview (cont'd)
Valuation highlights | 31 March 2020
Financial metrics (GEL millions)
GEORGIA
CAPITAL
2015
2016 2017 2018
2019
1Q19
1Q20 Change
GEL millions, unless otherwise noted
31-Mar-20
31-Dec-19
Change
Wine Revenue
18
18
20
29
42 i
7.9
6.9 -12.5%
GCAP ownership
87%
87%
NMF
LTM EBITDA
10.81
9.5
12.9%
Gross profit margin
Wine EBITDA
52%
53%
49%
45%
48%
46.1%
37.8% -8.2ppts
2
3
5
7
9
1.2
0.3 -71.3%
Multiple applied
8.3
10.0
-17.0%
Cash flow from operations
2.6
1.8
1.5
0.1
2.8
1.5
2.6 70.0%
Enterprise value
81
95
-6.3%
Selected operating metrics (in '000)
Net debt
(35)
(31)
13.3%
('000)
1Q19
1Q20
Change
Alaverdi at acquisition price
16
16
NMF
Wine sales bottles
1,165
960
-17.6%
Equity fair value
56
72
-11.7%
Of which, export sales
971
824
-15.1%
LTM ROIC²
2.8%
6.2%
-2.4ppts
Export share (%)
83.3%
85.9%
+2.6 ppts
Valuation peer group
Average price per bottle US$
2.69
2.71
0.6%
Vina San Pedro
Company
Purcari Wineries
Vina Concha Y Toro
Bodegas Esmeralda
Country
Moldova
Romania
Chile
Ticker
Wine
CONCHA
Stock Exchange
Bucharest
Sant Comerc
Chile
Argentina
VSPT
ESME
Sant Comerc
Buenos Aires
(1)
FY19 EBITDA adjusted for FX.
(2) ROIC is calculated as EBITDA less depreciation, plus divided by average amount of total equity and borrowed fund.
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