OPEX Ratio Alignment & Portfolio Valuation Overview
Externally
valued¹
HOSPITALS BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 2Q22
(GEL MILLION)
Change q-o-q
-7.7%
-3.5%
-12.7%
-8.8%
736
679
(57)
478
(169)
(32)
Enterprise value
31-Mar-22
Net decrease
in EV
Enterprise value
30-Jun-22
Net debt inc.
Lease liabilities
Minority
interest
Equity value
30-Jun-22
IMPLIED LTM EV/EBITDA DEVELOPMENT
(incl. IFRS 16)
10.3x
10.5x
31-Mar-22
30-Jun-22
VALUATION HIGHLIGHTS1
NET DEBT TO EBITDA
GEL million, unless noted otherwise
30-Jun-22
31-Mar-22 Change 31-Dec-21 Change
Enterprise value
678.7
735.6
(56.9)
791.5
(112.8)
2.5x
2.3x
<2.0x
LTM EBITDA
64.9
71.5
(6.6)
75.1
(10.2)
Implied EV/EBITDA multiple
10.5×
10.3x
0.2x
10.5×
Net debt incl. lease liabilities
Equity value of GCAP's share
(168.6)
(174.7)
478.0
524.3
6.1
(46.3)
(178.4)
9.8
573.8
(95.8)
31-Mar-22 30-Jun-22 TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 2Q22,
Hospitals Business was valued externally by a third-party independent valuation firm.
COM
GEORGIA
CAPITAL
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