OPEX Ratio Alignment & Portfolio Valuation Overview
Externally
valued¹
MEDICAL INSURANCE BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 2Q22
(GEL MILLION)
Change q-o-q
-7.9%
-12.4%
-9.4%
30
28
(2)
IMPLIED LTM P/E MULTIPLE DEVELOPMENT
14.0x
14.5x
12
40
Enterprise value
31-Mar-22
Decrease in EV
Enterprise value
30-Jun-22
Excess cash
Equity value
30-Jun-22
VALUATION HIGHLIGHTS1
GEL million, unless noted
otherwise
30-Jun-22
31-Mar-22
Change
31-Dec-21 Change
LTM Net income²
2.8
3.2
(0.4)
3.8
(1.0)
Implied P/E multiple
14.5x
14.0x
0.5x
15.0x
(0.5x)
Equity value
40.3
44.5
(4.2)
56.6
(16.3)
LTM ROAE²
8.5%
9.9%
-1.4ppts
12.3%
-3.8ppts
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual
basis. In 2Q22, Medical Insurance was valued externally by a third-party independent valuation firm. 2. Adjusted for non-recurring items.
31-Mar-22
NET DEBT TO EBITDA
30-Jun-22
No
No
No
Leverage Leverage Leverage
31-Mar-22 30-Jun-22 TARGET
GEORGIA
CAPITAL
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