Investor Presentaiton
Private investment
stage portfolio
companies
INTERNALY VALUED
RENEWABLE ENERGY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 4Q20
(GEL MILLION)
Change q-o-q
+2.4%
NMF
+4.2%
478
11
489
210
(279)
Enterprise value
Increase in EV
30-Sep-20
Enterprise value
31-Dec-20
Net debt
Equity value
31-Dec-20
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
31-Dec-20 30-Sep-20 Change 31-Dec-19
Change
Valuation method
Multiples² Multiples² NMF
Cost²
NMF
Enterprise value
489
478
11
NMF
NMF
EBITDA1
27.3
26.5
0.8
NMF
NMF
Selected EV/EBITDA multiple
9.7x
9.7x
NMF
NMF
NMF
Investments at cost (EV)
224.63
221.6
3.0
NMF
NMF
Net debt
(279.4)
Equity value
209.9
(277.2)
201.5
2.2
NMF
NMF
8.4
106.7
NMF
EQUITY FAIR VALUE
COMPOSITION AT
31-DEC-20
(GEL MILLION)
41
Total
value
210
169
■Operational assets Pipeline projects
Georgia Capital PLC | 1) Run-rate and LTM EBITDA was used for the calculation purposes for different assets. 2) Renewable Energy was valued internally. The valuation method used was
market approach (multiples) cross checked with income approach (DCF) in 2020 and cost in 2019. 3) Investments at cost at 31-Dec-20 include: Mestiachala and pipeline projects.
GEORGIA
CAPITAL
eslagv
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