Georgia Capital PLC Financial and Operational Report
PORTFOLIO VALUE AS OF 30-SEP-23
91% OF OUR PORTFOLIO
IS VALUED EXTERNALLY1
% SHARE IN TOTAL PORTFOLIO VALUE:
31%
GBP 36.90
9%
36%
GEORGIA
CAPITAL
BGEO
PRICE ON LSE
5%
OPTION
VALUATION²
20%
11%
10%
7%
MULTIPLE:
9.1x
LTM EV/EBITDA³
12.5x
LTM EV/EBITDA³
11.8x-9.3x
LTM P/E4
12.5x
EV/EBITDA5
5%
16.5x6
LTM EV/EBITDA
3%
12.8x7
EV/EBITDA³
9%
1,092
297
15%
528
1,251
GEL MILLION
679
382
342
297
261
PORTFOLIO
171
BREAKDOWN
159
96
GEL 3,479 MILLION
Q
&
00
Ⅲ
BOG
Water
Utility
Retail
(Pharmacy)
Hospitals
Insurance
(P&C &
Medical)
Renewable
Energy
Education
Clinics and
diagnostics
Other
1,403
40%
LISTED AND OBSERVABLE
LARGE PORTFOLIO COMPANIES
INVESTMENT STAGE
PORTFOLIO COMPANIES
Listed and observable
Investment stage
■Large
Other
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. The valuation of Water Utility in 3Q23 reflects the application of the put option
valuation to GCAP's 20% holding in the business. 3. LTM EV/EBITDA multiples for Retail (Pharmacy), Hospitals and Clinics & Diagnostics are presented including IFRS 16 as of 30-Sep-23. 4. LTM P/E multiple of 11.8x for
P&C insurance and LTM P/E multiple of 9.3x for medical insurance business as at 30-Sep-23. 5. Blended multiple for the operational assets of Renewable Energy is 12.5x, while other pipeline projects are stated at cost. 6.
The forward-looking implied valuation multiple is estimated at 11.2x for the 2023-2024 academic year. 7. The forward-looking implied valuation multiple for Clinics & Diagnostics is estimated at 10.1x.
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