Investor Presentaiton
Externally
valued¹
RETAIL (PHARMACY) BUSINESS
VALUATION OVERVIEW
ӨӨ
VALUE DEVELOPMENT OVERVIEW | 3Q21
IMPLIED LTM EV/EBITDA
DEVELOPMENT
(GEL MILLION)
Change q-o-q
38
+4.4%
916
-2.9%
+3.3%
+6.4%
(incl. IFRS 16)
878
9.3x
(135)
618
(163)
9.2x
Enterprise value
30-Jun-21
Increase
in EV
Enterprise value
30-Sep-21
Net debt inc.
financial leases
Minority
interest
Equity value
30-Sep-21
30-Jun-21
30-Sep-21
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
30-Sep-21
30-Jun-21
Change
31-Dec-20
Change
Valuation method
Combination of income approach (DCF) and market approaches1
Enterprise value
916.4
878.0
38.4
835.9
80.5
LTM EBITDA
99.6
94.4
5.2
92.4
7.2
Implied EV/EBITDA multiple
9.2x
9.3x
-0.1x
9.1x
0.1x
Net debt inc. lease liabilities
Equity value
(134.9)
(138.9)
4.0
(130.2)
(4.7)
781.6
739.1
42.5
705.7
75.9
Equity value of GCAP's share
617.6
580.4
37.2
552.7
64.9
Georgia Capital PLC || 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 3Q21, our private large portfolio companies were valued internally by
incorporating 3Q21 results, in line with IPEV guidelines and methodology deployed in 1H21, by a third-party independent valuation firm.
GEORGIA
CAPITAL
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