Georgia Capital Shareholder and Market Opportunity Overview
Internally
valued
EDUCATION BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 1Q21
(GEL MILLION)
Change q-o-q
+3.4%
LTM EV/EBITDA
DEVELOPMENT
+44.0%
+2.4%
+3.2%
+10.9%
12.5x
24
119
4
123
(14)
103
(30)
12.5x
Enterprise
Increase in EV
value
31-Dec-20
Enterprise
value
31-Mar-21
Investment
at cost
Net debt
Minority
interest 2
Equity
value
31-Mar-21
31-Dec-20
31-Mar-21
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
31-Mar-21
31-Dec-20
Change
Valuation method
Multiples³
NMF
Enterprise value
123.0
119.1
3.9
EBITDA1
9.8
9.5
0.3
Selected EV/EBITDA multiple
12.5x
12.5x
Net debt
(14.1)
(13.7)
(0.4)
Equity value
109.0
105.3
3.7
Investments at cost
24.2
16.8
7.4
Total equity value of GCAP's share
103.2
93.0
10.2
Georgia Capital PLC 1. LTM EBITDA used for valuation purposes (at 31-Dec-20 and at 31-Mar-21) includes functional currency adjustment in schools, where applicable. 2. GCAP has different ownership stakes
across schools (70-90%). 3. Education was valued internally. The valuation method used was market approach (multiples) cross checked with income approach (DCF).
GEORGIA
CAPITAL
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