Portfolio Valuation and Ameriabank Acquisition Update
Externally
valued¹
29
CLINICS & DIAGNOSTICS BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW
(GEL MILLION)
172
111
(58)
(3)
Enterprise value
31-Dec-23
Net debt inc.
Lease liabilities
Minority
interest
Equity value
31-Dec-23
11.7x
IMPLIED LTM EV/EBITDA
VALUATION HIGHLIGHTS1
NET DEBT TO EBITDA³
(excl. IFRS 16)
GEL million, unless noted otherwise
31-Dec-232
30-Sep-232
31-Dec-222
4.5x4
Enterprise value
171.8
176.9
179.9
3.6x4
LTM EBITDA
14.7
13.8
10.9
<2.5x
Implied EV/EBITDA multiple
11.7x
12.8x
16.5x
Net debt incl. lease liabilities
(58.5)
(77.3)
(63.8)
Equity value of GCAP's share
110.8
96.1
112.2
30-Sep-23 31-Dec-23
TARGET
GEORGIA
CAPITAL
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally
by a third-party independent valuation firm 2. 31-Dec-23 numbers exclude the performance of the community clinics, which are now presented as part of the hospitals business. Comparative figures for 30-Sep-23 and 31-Dec-
22 have not been restated retrospectively. 3. 31-Dec-23 and 30-Sep-23 figures exclude the performance of the community clinics. 4. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinics
buildings in 3Q23. The net debt as of 30-Sep-23 includes the receivable of US$ 6.2 million incurred from the sales transaction.
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