Investor Presentaiton
Internally
valued
RENEWABLE ENERGY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 2Q21
(GEL MILLION)
Change q-o-q
508
-0.2%
507
-5.1%
+7.1%
(1)
221
(286)
Enterprise value
Decrease in EV
31-Mar-21
Enterprise value
30-Jun-21
Net debt
Equity value
30-Jun-21
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
30-Jun-21 31-Mar-21
Change 31-Dec-20
Change
Valuation method
Multiples²
Enterprise value
506.9
507.7
(0.8)
489.3
17.6
EBITDA1
27.2
28.0
(0.8)
27.3
(0.1)
Selected EV/EBITDA multiple
10.3x
9.7x
0.6x
9.7x
0.6x
Investments at cost (EV)³
226.7
235.7
(9.0)
224.6
2.1
Net debt
(285.8)
(301.2)
15.4
(279.4)
(6.4)
Equity value
221.1
206.5
14.6
209.9
11.2
EQUITY FAIR VALUE
COMPOSITION AT
30-JUN-21
(GEL MILLION)
GEORGIA
CAPITAL
eslagv
41
Total
value
221
180
■Operational assets Pipeline projects
Georgia Capital PLC | 1. Run-rate and LTM EBITDA was used for the calculation purposes for different assets. 2. Renewable Energy was valued internally. The valuation method used was
market approach (multiples) cross checked with income approach (DCF). 3. Investments at cost include: Mestiachala and pipeline projects.
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