Portfolio Overview & Capital Allocation
Private investment
stage portfolio
companies
INTERNALLY VALUED
EDUCATION BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 4Q20
(GEL MILLION)
Change q-o-q
LTM EV/EBITDA
DEVELOPMENT
+19.2%
+0.7%
+27.5
+15.7
+15.3%
12.5x
17
19
119
100
(14)
93
(29)
12.5x
Enterprise
Increase in EV
value
Enterprise
value
31-Dec-20
Investment
at cost
Net debt
Minority
interest 2
Equity
value
31-Dec-20
30-Sep-20
31-Dec-20
30-Sep-20
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
31-Dec-20
Valuation method
Multiples³
30-Sep-20
Multiples³
Change
31-Dec-19
Change
NMF
Cost³
NMF
Enterprise value
119.1
99.9
19.2
NMF
NMF
EBITDA
9.51
8.0
1.5
NMF
NMF
Selected EV/EBITDA multiple
12.5x
12.5x
NMF
NMF
NMF
Net debt
(13.7)
(10.8)
3.0
NMF
NMF
Equity value
105.3
89.1
16.2
NMF
NMF
Investments at cost
16.8
16.7
0.1
56.4
(39.5)
Total equity value
93.0
80.7
12.4
56.4
36.7
Georgia Capital PLC 1) GEL 9.5 million LTM EBITDA was used for valuation purposes due to functional currency adjustment in premium schools. 2) GCAP has different ownership stakes across schools (70-90%).
3) Education was valued internally. The valuation method used was market approach (multiples) cross checked with income approach (DCF) in 2020 and cost in 2019.
GEORGIA
CAPITAL
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