Georgia Capital 3Q23 & 9M23 Performance Overview
Externally
valued¹
EDUCATION BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q23
(GEL MILLION)
Change q-o-q
-8.5%
+2.5%
-3.3%
-8.6%
-7.2%
225
29
205
(19)
(13)
171
(50)
LTM EV/EBITDA DEVELOPMENT
16.3x
16.5x
Enterprise
value
Net decrease
in EV
30-Jun-23
Enterprise
value
30-Sep-23
Investment
at cost
Net debt
Minority
interest²
Equity value
30-Sep-23
30-Jun-23
30-Sep-23
VALUATION HIGHLIGHTS1
NET DEBT TO EBITDA
GEL million, unless noted otherwise
30-Sep-23
30-Jun-23
Change
31-Dec-22
Change
Enterprise value
205.3
224.5
(19.2)
218.3
(12.9)
LTM EBITDA³
12.4
13.8
(1.3)
12.9
(0.5)
Implied EV/EBITDA multiple
Net debt
16.5x
16.3x
0.2x
16.9x
(0.4x)
1.3x
(12.9)
(13.4)
0.4
(16.3)
3.4
1.0x
Investments at cost
28.6
27.9
0.7
16.3
12.2
Total equity value of GCAP's share
170.9
184.2
(13.3)
164.2
6.6
<2.5x
30-Jun-23 30-Sep-23
TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued
internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. GCAP has different ownership stakes across schools (70-90%).
3. Functional currency adjustment is applied where applicable.
GEORGIA
CAPITAL
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