Investor Presentaiton
Internally
valued
EDUCATION BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q21
(GEL MILLION)
Change q-o-q
-3.3%
+21.8%
-23.2%
+0.5%
+3.1%
34
144
139
(9)
127
(5)
(37)
LTM EV/EBITDA DEVELOPMENT
12.5x
12.5x
Enterprise Decrease in EV
value
30-Jun-21
Enterprise
value
30-Sep-21
Investment
at cost
Net debt
Minority
interest 2
Equity
value
30-Sep-21
30-Jun-21
30-Sep-21
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
30-Sep-21
30-Jun-21
Change
31-Dec-20
Change
Valuation method
Multiples³
Enterprise value
139.1
143.8
(4.7)
119.0
EBITDA1
11.1
11.5
(0.4)
9.5
20.1
1.6
Selected EV/EBITDA multiple
12.5x
12.5x
12.5x
-
Net debt
(8.8)
(11.5)
2.7
(13.7)
4.9
Equity value
130.3
132.3
(2.0)
105.3
25.0
Investments at cost
33.9
27.8
Total equity value of GCAP's share
127.5
123.7
6.1
3.8
16.8
17.1
93.0
34.5
Georgia Capital PLC 1. LTM EBITDAs used for valuation purposes 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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