Georgia Capital Shareholder and Market Opportunity Overview
Externally
valued¹
HEALTHCARE SERVICES BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 1Q21
(GEL MILLION)
Change q-o-q
837
+7.4%
+11.7%
+4.1%
+5.8%
62
62
899
605
(257)
(37)
IMPLIED LTM EV/EBITDA
DEVELOPMENT
(incl. IFRS 16)
13.2x
12.5x
31-Dec-20²
31-Mar-21
Enterprise value
31-Dec-20
Increase
in EV
Enterprise value
31-Mar-21
Net debt inc.
Lease liabilities
Minority
interest
Equity value
31-Mar-21
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
898.8
836.9
61.9
LTM EBITDA²
71.9
63.6
8.3
Implied EV/EBITDA multiple
12.5x
13.2x
-0.7x
Net debt incl. lease liabilities
(257.1)
(230.1)
(27.0)
Equity value
641.7
606.8
34.9
Equity value of GCAP's share
605.1
571.7
33.4
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. 2. LTM EBITDA at 31-Mar-21 and 31-Dec-20 is presented
excluding HTMC.
GEORGIA
CAPITAL
Agu. Sap. Oct.
Nov.
Dec.
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aVL
SUP
aVF
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