Investor Presentaiton
Portfolio overview | 31 March 2020
GEL thousands unless otherwise noted
Ownership % Valuation Method
Multiples / Share prices
Fair Values
Mar-20
Dec-19
Mar-20
Dec-19
Change
Listed Portfolio Companies
660,067
1,027,814
-35.8%
GHG
BOG
70.6%
19.9%
Public markets
Public markets
GEL 3.2
GEL 4.6
295,455
430,079
-31.3%
GEL 37.3
GEL 61.1
364,612
597,735
-39.0%
Private Portfolio Companies
1,139,711
1,225,269
-7.0%
Late Stage
613,323
692,746
-11.5%
Water Utility
100%
Housing Development
100%
P&C Insurance
100%
EV/EBITDA LTM
Discounted Cash Flows
P/E (LTM)
8.5
8.8
432,301
483,970
-10.7%
39,921
43,853
-9.0%
7.7
9.0
141,101
164,923
-14.4%
Early Stage
500,918
495,827
1.0%
Renewable Energy
100%¹
At acquisition price
151,150
106,800
41.5%
Hospitality & Commercial RE
100%
NAV
218,623
245,558
-11.0%
Beverages
87%
74,795
87,119
-14.1%
Of which, wine
Of which, beer
EV/EBITDA (LTM)
EV/Sales (LTM)
82
8.3
2.2
32
10.0
63,620
72,042
-11.7%
2.2
11,175
15,077
-25.9%
Education
Pipeline
70%-90%
At acquisition price
56,350
56,350
0.0%
25,470
36,696
-30.6%
Auto Service
Digital Services
Other
Total Portfolio Value
90%-100%
60%
EV/EBITDA
At acquisition price
8.7
10.4
15,052
25,757
-41.6%
8,790
8,790
0.0%
At cost
1,628
2,149
-24.2%
1,799,778
2,253,083
-20.1%
(1) Following the buyout of the 34.4% minority shareholder in GRPC on 25 February 2020, Georgia Capital owns 100% of renewable energy business.
GEORGIA
CAPITAL
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