Georgia Capital PLC Financial and Operational Report
Externally
valued¹
RETAIL (PHARMACY) BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q23
(GEL MILLION)
Change q-o-q
+2.6%
981
25
1,006
+28.0%
NMF
-6.1%
679
(319)
(8)
Enterprise value
30-Jun-23
Net increase
in EV
Enterprise value
30-Sep-23
Net debt inc.
financial leases
Minority
interest
Equity value
30-Sep-23
VALUATION HIGHLIGHTS1
GEL million, unless noted otherwise
30-Sep-23
30-Jun-23 Change 31-Dec-22 Change
Enterprise value
1,006.3
LTM EBITDA
110.8
980.7
106.9
25.6
3.9
957.7
105.5
48.6
5.3
Implied EV/EBITDA multiple
Net debt inc. lease liabilities
9.1x
9.2x
(0.1x)
(319.1)
(249.2)
Equity value of GCAP's share
679.2
723.5
(69.9)
(44.3)
9.1x
(145.9)
724.5
(173.2)
(45.3)
IMPLIED LTM EV/EBITDA DEVELOPMENT
9.2x
9.1x
30-Jun-23
30-Sep-23
ADJUSTED NET DEBT TO EBITDA²
(excl. IFRS 16)
2.3x
1.7x
< 1.5x
30-Jun-23 30-Sep-23 TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued
internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. Includes the application of the minority buyout agreement.
GEORGIA
CAPITAL
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