OPEX Ratio Alignment & Portfolio Valuation Overview
Externally
valued¹
RETAIL (PHARMACY) BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 2Q22
+1.7%
+19.1%
-22.4%
+2.1%
(GEL MILLION)
Change q-o-q
900
15
915
(159)
671
(85)
Enterprise value
31-Mar-22
Net increase
in EV
Enterprise value
30-Jun-22
Net debt inc.
financial leases
Minority
interest
Equity value
30-Jun-22
VALUATION HIGHLIGHTS1
GEL million, unless noted otherwise
30-Jun-22 31-Mar-22 Change 31-Dec-21 Change
Enterprise value
915.3
900.2
15.1
952.3
(37.0)
LTM EBITDA
109.7
111.4
(1.7)
102.9
6.8
Implied EV/EBITDA multiple
Net debt inc. lease liabilities
Equity value of GCAP's share
8.3x
8.1x
0.2x
9.3x
(1.0x)
(159.5)
(133.9)
671.0
657.1
(25.6)
13.9
(118.4)
(41.1)
710.4
(39.4)
IMPLIED LTM EV/EBITDA DEVELOPMENT
(incl. IFRS 16)
8.1x
31-Mar-22
8.3x
30-Jun-22
ADJUSTED NET DEBT TO EBITDA²
1.7x
1.6x
< 1.5x
31-Mar-22 30-Jun-22 TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22, Retail
(Pharmacy) was valued externally by a third-party independent valuation firm. 2. Included the application of the minority buyout agreement.
GEORGIA
CAPITAL
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