OPEX Ratio Alignment & Portfolio Valuation Overview
PORTFOLIO VALUE AS OF 30-JUN-22
90% OF OUR PORTFOLIO
IS VALUED EXTERNALLY1
% SHARE IN TOTAL PORTFOLIO VALUE:
17%
10%
GEORGIA
CAPITAL
6%
25%
18%
9%
6%
6%
4%
10%
GBP 13.06
BGEO
PRICE ON LSE
OPTION
VALUATION²
MULTIPLE:
8.3x
10.5x
LTM EV/EBITDA³ LTM EV/EBITDA³
11.0x 14.5x
LTM P/E4
11.1x
EV/EBITDA5
15.3x
LTM EV/EBITDA
9.8x6
EV/EBITDA³
671
23%
264
609
478
16%
444
GEL MILLION
456
264
240
172
PORTFOLIO
BREAKDOWN
GEL 2,705 MILLION
152
153
120
&
00
BOG
Water
Utility
Retail
(Pharmacy)
Hospitals
Insurance
(P&C &
Medical)
Renewable
Energy
Education
Clinics and
diagnostics
Other
1,389
51%
LISTED AND OBSERVABLE
LARGE PORTFOLIO COMPANIES
INVESTMENT STAGE
PORTFOLIO COMPANIES
Listed and observable
Investment stage
■Large
Other
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, our private large and investment portfolio companies were valued externally by a third-party
independent valuation firm. 2. The valuation of Water Utility in 2Q22 reflects the application of the put option valuation to GCAP's 20% holding in the business. 3. LTM EV/EBITDA multiples for Retail (Pharmacy), Hospitals and
Clinics & Diagnostics are presented including IFRS 16 as of 30-Jun-22. 4. LTM P/E multiple of 11.0x for P&C Insurance and 14.5x for Medical Insurance as at 30-Jun-22. 5. Blended multiple for the operational assets of Renewable
Energy is 11.1x, while other pipeline projects are stated at cost. 6. Blended multiple for Clinics & Diagnostics is 9.8x.
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