Georgia Capital Shareholder and Market Opportunity Overview
Externally
valued¹
ӨӨ
RETAIL (PHARMACY) BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 1Q21
(GEL MILLION)
IMPLIED LTM EV/EBITDA
DEVELOPMENT
(incl. IFRS 16)
Change q-o-q
-0.4%
+8.3%
+2.3%
-3.1%
9.5x
836
833
9.1x
(3)
Enterprise value
(141)
536
(156)
Decrease
in EV
Enterprise value
31-Mar-21
Net debt inc.
financial leases
Minority
interest
Equity value
31-Mar-21
31-Dec-20
31-Mar-21
31-Dec-20
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
31-Mar-21
31-Dec-20
Change
Valuation method
Combination of income approach (DCF) and
market approaches¹
NMF
Enterprise value
832.9
835.9
(3.0)
LTM EBITDA
87.7
92.4
(4.7)
Implied EV/EBITDA multiple
9.5x
9.1x
+0.4x
Net debt inc. lease liabilities
(140.9)
(130.2)
(10.7)
Equity value
Equity value of GCAP's share
692.0
535.6
705.7
(13.7)
552.7
(17.1)
Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by
incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm.
GEORGIA
CAPITAL
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