OPEX Ratio Alignment & Portfolio Valuation Overview
Externally
valued¹
29
CLINICS & DIAGNOSTICS BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 2Q22
(GEL MILLION)
Change q-o-q
-8.4%
+23.4%
-28.9%
-18.9%
206
189
(17)
120
(65)
(4)
Enterprise value
31-Mar-22
Net decrease
in EV
Enterprise value
30-Jun-22
Net debt inc.
Lease liabilities
Minority
interest
Equity value
30-Jun-22
IMPLIED LTM EV/EBITDA DEVELOPMENT
(incl. IFRS 16)
9.8x
9.0x
31-Mar-22
VALUATION HIGHLIGHTS1
NET DEBT TO EBITDA
GEL million, unless noted otherwise
30-Jun-22
31-Mar-22 Change 31-Dec-21 Change
2.8x
Enterprise value
188.8
206.1
(17.3)
211.6
(22.8)
2.0x
LTM EBITDA
19.2
22.8
(3.6)
22.3
(3.1)
Implied EV/EBITDA multiple
9.8x
9.0x
0.8x
9.5x
0.3x
Net debt incl. lease liabilities
(64.8)
(52.6)
(12.2)
(48.1)
(16.7)
Equity value of GCAP's share
120.0
148.0
(28.0)
158.0
(38.0)
30-Jun-22
< 2.0x
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, Clinics &
Diagnostics was valued externally by a third-party independent valuation firm.
GEORGIA
CAPITAL
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