OPEX Ratio Alignment & Portfolio Valuation Overview
Externally
valued¹
EDUCATION BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 2Q22
(GEL MILLION)
Change q-o-q
+25.5%
-27.8%
+12.7%
+25.8%
+12.1%
LTM EV/EBITDA DEVELOPMENT
GEORGIA
CAPITAL
15.3x
26
12.0x
37
183
(9)
152
146
(48)
Enterprise
Net increase
value
31-Mar-22
in EV
Enterprise
value
30-Jun-22
Investment
Net debt
at cost
Minority
interest²
Equity value
30-Jun-22
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
182.7
145.6
37.1
139.9
42.8
EBITDA³
11.9
12.1
(0.2)
11.2
0.7
Implied EV/EBITDA multiple
15.3x
12.0x
3.3x
12.5x
2.8x
1.4x
Net debt
(8.9)
(7.9)
(1.0)
(8.4)
(0.5)
1.0x
Investments at cost
25.7
35.7
(10.0)
34.9
(9.2)
Total equity value of GCAP's share
151.8
135.4
16.4
129.8
22.0
<2.5x
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, Education was valued externally for the first time by a third-party independent valuation firm. 2. GCAP has different ownership stakes across
schools (70-90%). 3. Implied EV/EBITDA is calculated based on LTM EBITDA of schools; functional currency adjustment is applied where applicable.
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