Georgia Capital Shareholder and Market Opportunity Overview
GEL million
INVESTING IN EDUCATION
INDUSTRY INVESTMENT RATIONALE
■ Asset light industry
■
High quality revenue with high margins
■
High trading multiples
Highly fragmented K-12 private school market with strong growth potential
CURRENT INVESTMENT OVERVIEW | 31-Mar-21
889
63
Of which:
Premium: 40
➤Mid-level: 13
Affordable: 10
GCAP equity invested
TOTAL NET INVESTMENT OF C. US$ 14MLN IDENTIFIED FROM GCAP OVER
THE NEXT 5 YEARS BY 20252
■
■
Scaling up to capacity of 21,000 learners through expansion plans in existing
schools and M&As by 2025.
Strong organic growth at existing schools is expected to drive solid growth in
Run-rate EBITDA, on top of expansion plans and M&As.
By 2025, average investment and EBITDA per learner are expected to
decrease, as 80% of M&A capacity will be concentrated in affordable sector.
40
EDUCATION BUSINESS SNAPSHOT
NOW
BY 2025
103
MOIC (Multiple of Invested Capital)
1.6x
2.0x+
IRR
30.3%
25%+
Existing capacity (# of learners)
2,810
21,000
of which, existing schools
2,810
6,000
of which, M&A
15,000
Value creation
Equity value
31-Mar-21
EBITDA
GEL 10mln³
GEL 50mln+
RANGE FOR PEER TRADING MULTIPLES¹
7x-29x
LTM EV/EBITDA
Georgia Capital PLC | 1. Our valuation peer group multiples as of 31-Mar-21. 2. Announced in November 2020.
3. EBITDA GEL 10mln is an estimate for 2021 academic year.
GEORGIA
CAPITAL
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