Georgia Capital PLC Investment Overview
1.Value creation
Private portfolio valuation overview | 30 June 2019
Business
Valuation method
Fair value,
GEL '000
Fair value,
GEL '000
Multiple
Multiple
Change
applied
applied
30-Jun-19
31-Dec-18
30-Jun-19
31-Dec-18
Late stage portfolio
Water Utility
Housing Development
P&C Insurance
681,973
628,326
8.5%
EV/EBITDA (LTM')
459,706
431,017
6.7%
9.0
8.8
Discounted Cash Flow
60,858
66,785
-8.9%
n/a
n/a
P/E (LTM¹)
161,409
130,524
23.7%
9.1
7.4
Early stage portfolio
314,901
271,288
16.1%
Renewable Energy
At cost or EV/EBITDA (LTM¹)
62,737
61,182
2.5%
n/a
n/a
Hospitality & Commercial Real Estate
NAV
182,431
149,079
22.4%
n/a
n/a
Beverages - wine
EV/EBITDA (LTM¹)
59,633
56,771
5.0%
9.9
9.1
Beverages - beer
EV/Sales (LTM¹)
10,100
4,256
NMF
2.1
2.2
Pipeline
Education
45,937
5,933
NMF
At cost
11,209
7,071
58.5%
n/a
Auto Service
PTI business at EV/EBITDA (NTM1)²
24,363
(1,326)
NMF
10.1
Digital Services
At cost
8,790
NMF
n/a
Other
Total
At cost
1,575
188
NMF
n/a
加加加加
n/a
n/a
n/a
n/a
1,042,811
905,547
15.2%
(1) LTM refers to Last Twelve Months, NTM refers to Next Twelve Months.
(2) In line with our valuation policy, Amboli, recently acquired auto service industry player, is stated at cost.
GEORGIA
CAPITAL
Page 10View entire presentation