Georgia Capital PLC Investment Overview
NAV Statement | 30 June 2019
GEORGIA
CAPITAL
Valuation
Realized
GEL thousands unless otherwise noted
%
Multiples
Fair Values
Change%
MOIC
IRR
Method
MOIC
Jun-19 Dec-18
Listed Equity Investments
Jun-19
1,194,712
Dec-18
Jun-19
977,827
22.2%
6.5x
33.0%
2.1x
Georgia Healthcare Group PLC
57.0%
LSE
661,413
520,332
27.1%
5.7x
43.9%
1.0x
Bank of Georgia Group PLC
19.9%
LSE
533,299
457,495
16.6%
7.4x
21.4%
3.3x
Private Investments
1,042,811
905,547
15.2%
Late Stage (at fair value)
681,973
628,326
8.5%
2.8x
0.6x
Water Utility
100%
EV/EBITDA
9.0
8.8
459,706
431,017
6.7%
2.4x
32.0%
0.3x
Housing Development
100%
DCF
60,858
66,785
-8.9%
1.9x
14.6%
1.2x
P&C Insurance
100%
P/E
9.1
7.4
161,409
130,524
23.7%
18.9x
32.9%
3.1x
Early stage (at fair value)
314,901
271,288
16.1%
1.0x
Renewable Energy
65%
Cost
62,737
61,182
2.5%
1.1x
3.7%
Hospitality & Commercial RE
100%
NAV
182,431
149,079
22.4%
1.4x
14.7%
Beverage
86%
69,733
61,027
14.3%
0.6x
0.0%
Of which, wine
EV/EBITDA
9.9
9.1
59,633
56,771
5.0%
1.3x
7.0%
Of which, beer
EV/Sales
2.1
2.2
10,100
4,256
NMF
0.1x
0.0%
Pipeline
Education
45,937
5,933
NMF
Auto Service
Other
Digital Services
Total Portfolio Value (1)
Net Debt (2)
of which, Cash and liquid funds
of which, Loans issued
of which, Gross Debt
Net other assets/ (liabilities) (3)
Net Asset Value (1)+(2)+(3)
Shares outstanding
Net Asset Value per share (GEL)
100%
Cost
100%
EV/EBITDA
10.1
60%
Cost
100%
Cost
11,209
7,071
58.5%
24,363
(1,326)
NMF
8,790
NMF
1,575
188
NMF
2,237,523
1,883,374
18.8%
(304,519)
(196,915)
54.6%
323,959
299,650
8.1%
232,289
(860,767)
305,480
(802,045)
-24.0%
7.3%
5,361
1,762
NMF
1,938,365 1,688,221
14.8%
35,961,403 38,089,558
-5.6%
53.90
44.32
21.6%
Net Asset Value per share (GBP)
14.81
13.05
13.5%
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