Portfolio Valuation and Ameriabank Acquisition Update
Private investment
stage portfolio
companies
EXTERNALLY VALUED
EDUCATION BUSINESS OVERVIEW (CONT'D)
GEORGIA
CAPITAL
Operating
highlights
As of 31-Dec-23
PRIVATE K-12 MARKET IN GEORGIA
Number of learners in private K-12 market
Turnover of private K-12 market
Capacity utilization,
80.2%
12% CAGR 14-19
Change (y-o-y)
+6.8 ppts
10.4% 10.7%
10.5%
10.0%
9.9%
10.1%
10.2%
10.0%
9.7%
9.7%
Number of learners
5,827
10% CAGR 20-23
4.5
4.7
4.2
3.6
3.7
3.8
3.2
2.9
2.6
2.7
Change (y-o-y)
+40.0%
Learner to teacher
7.9x
53.9
55.4
56.1
57.6
60.8
63.2
61.9
60.3
63.5
66.4
158
177
192
217
257
280
281
298
343
375
ratio
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023E
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023E
Change (y-o-y)
-0.8x
I Number of private learners, '000
% of total number of learners
I Total revenue, GEL mln
Revenue per learner, GEL '000
Source: Ministry of Education of Georgia, G&T, GCAP estimates
Financial
4Q23
FY23
Total spending on K-12 education, latest
highlights
EBITDA
GEL 6.4m
GEL 14.4m
3.6%
3.9% 4.4% 4.3%
3.5% 3.7%
4.2%
4.4%
3.8%
3.7%
4.1%
3.6%
3.7%
3.3%
3.6%
2.9%
Change (y-o-y)
26.9%
6.0%
2.1%
EBITDA margin
33.1%
26.0%
Change (y-o-y)
-3.8 ppts
-6.0 ppts
US$ '000
Cash flow from
GEL (0.1)m
GEL 17.4m
operations
14.8
13.4
12.5
11.3
10.5
10.2
9.9
9.7
9.4
9.2
8.6
7.9
7.6
7.5
7.0
4.5
0.8
Change (y-o-y)
NMF
+5.5%
Net debt
GEL 20.2m
GEL 20.2m
Austria Germany UK
France
Change (y-o-y)
+26.1%
+26.1%
Italy Portugal Slovenia Czech Spain
Total spending per learner
Estonia Poland Hungary Slovakia Lithuania Latvia Turkey Georgia,
Demand on private education
is trending globally, growth
attributable to regions with
lower spending on Education
Source: OECD, Ministry of Finance of Georgia
2022
Total spending as % of GDP
Georgia Capital PLC | 1. Excluding kindergarten learners.
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