Portfolio Valuation and Ameriabank Acquisition Update
Externally
valued¹
EDUCATION BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 4Q23
(GEL MILLION)
Change q-o-q
+11.4%
+6.8%
+27.6%
+6.9%
+10.8%
31
24
229
205
(17)
189
(54)
LTM EV/EBITDA DEVELOPMENT4
GEORGIA
CAPITAL
16.5x
16.7x
Enterprise
value
Net change
in EV
30-Sep-23
Enterprise
value
31-Dec-23
Investment
at cost
Net debt
Minority
interest²
Equity value
31-Dec-23
30-Sep-23
31-Dec-23
Y-O-Y PROGRESS
NET DEBT TO EBITDA
VALUATION HIGHLIGHTS1
GEL million, unless noted otherwise
31-Dec-23
30-Sep-23
Change
31-Dec-22
Change
Enterprise value
228.8
205.3
23.5
218.3
10.5
LTM EBITDA³
13.7
12.4
1.3
12.9
0.8
Implied EV/EBITDA multiple
Net debt
16.7x
16.5x
0.2x
16.9x
(0.2x)
1.3x
1.4x
(16.5)
(12.9)
(3.6)
(16.3)
(0.2)
Investments at cost
30.5
28.6
1.9
16.3
14.2
Total equity value of GCAP's share
189.2
170.9
18.3
164.2
25.0
30-Sep-23 31-Dec-23
<2.5x
TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally
by a third-party independent valuation firm. 2. GCAP has different ownership stakes across schools (70-90%). 3. The LTM EBITDAS used in the valuation assessment of the education business incorporate the functional currency
adjustment at certain schools. The LTM EBITDA calculations do not factor the performance of a recently launched schools, which are added to the equity value of the business at cost. Consequently, the EBITDA figures presented
on slide 35 may differ from those used in the business valuations. 4. The forward-looking implied valuation multiple is estimated at 10.5x for the 2024-2025 academic year.
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