Georgia Capital Financial Highlights
Portfolio overview | 31 December 2019
Multiples
GEORGIA
CAPITAL
GEL thousands unless otherwise noted
Ownership % Valuation Method
Dec-19 Jun-19 Dec-18
Listed Portfolio Companies
GHG
70.6%
Public markets
BOG
19.9%
Public markets
Private Portfolio Companies
Late Stage
Water Utility
100%
Housing Development
100%
P&C Insurance
100%
EV/EBITDA LTM
Discounted Cash
Flows
P/E (LTM)
8.8
9.0
8.8
9.0
9.1
7.4
Early Stage
Renewable Energy
65%-100%
At acquisition price
Hospitality & Commercial RE
100%
NAV¹
245,558
Beverages
87%
87,119
Dec-19
1,027,814
430,079
597,735
1,225,269 1,042,811 17.5%
692,746 681,973 1.6%
483,970 459,706 5.3%
43,853 60,858 -27.9%
164,923 161,409 2.2%
439,477 314,901 39.6%
106,800 62,737 70.2%
182,431 34.6%
69,733 24.9%
Jun-19 change
1,194,712 -14.0%
661,413 -35.0%
533,299 12.1%
Fair Values
Dec-18 Change
977,827 5.1%
520,332 -17.3%
457,495 30.7%
905,547 35.3%
628,326 10.3%
431,017 12.3%
66,785 -34.3%
130,524 26.4%
271,288 62.0%
61,182 74.6%
149,079 64.7%
61,027 42.8%
Of which, wine
Of which, beer
Pipeline
Education
EV/EBITDA (LTM)
EV/Sales (LTM)
10.0
9.9
9.1
72,042
2.2
2.1
2.2
15,077
93,046
59,633 20.8%
10,100 49.3%
45,937 NMF
56,771 26.9%
4,256
NMF
5,933 NMF
Auto Service
Digital Services
Other
70%-90%
100%
60%
At acquisition price
EV/EBITDA
56,350
11,209
NMF
7,071
NMF
10.4
10.1
25,757
24,363
5.7%
(1,326)
NMF
At acquisition price
8,790
8,790
NMF
NMF
At cost
2,149
1,575
36.4%
188
NMF
Total Portfolio Value
2,253,083
2,237,523
0.7%
1,883,374
19.6%
(1) NAV for the hospitality & commercial real estate business refers to IFRS 13 FV measurement methodology.
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