Georgia Capital Shareholder and Market Opportunity Overview
Externally
valued¹
P&C INSURANCE BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 1Q21
(GEL MILLION)
Change q-o-q
IMPLIED LTM P/E
MULTIPLE DEVELOPMENT
NMF
NMF
+3.4%
NMF
10
0.4
198
205
(3)
11.6x
11.4x
Equity value
31-Dec-20
Operating
performance
Multiple change
and FX
Other
Equity value
31-Mar-21
31-Dec-20
31-Mar-21
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
Valuation method
LTM Net income²
Implied P/E multiple
Equity value
LTM ROAE2
31-Mar-21
31-Dec-20
Change
Combination of income approach (DCF) and
market approaches¹
NMF
17.9
17.1
0.8
11.4x
11.6x
-0.2x
204.6
197.8
25.5%
24.9%
6.8
+0.6ppts
Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by
incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. Adjusted for non-recurring items.
GEORGIA
CAPITAL
D
田
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