Georgia Capital Shareholder and Market Opportunity Overview
Externally
valued¹
MEDICAL INSURANCE BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 1Q21
(GEL MILLION)
Change q-o-q
+6.7%
+6.2%
+5.6%
20
21
69
3
45
48
IMPLIED LTM P/E MULTIPLE
DEVELOPMENT
10.1x
9.8x
Enterprise value
31-Dec-20
Increase in EV
Enterprise value
31-Mar-21
Excess cash
Equity value
31-Mar-21
31-Dec-20
31-Mar-21
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
31-Mar-21
31-Dec-20
Change
Valuation method
Combination of income approach (DCF)
and market approaches¹
NMF
LTM Net income
7.0
6.4
0.6
Implied P/E multiple
9.8x
10.1x
-0.3x
Equity value
68.5
64.9
3.6
LTM ROAE²
25.1%
24.2%
+0.9ppts
Georgia Capital PLC | 1. The independent valuations of the large portfolio companies are performed on a semi-annual basis. In 1Q21, our private large portfolio companies were valued internally by
incorporating 1Q21 results, in line with IPEV guidelines and methodology deployed at the end of 2020, by a third-party independent valuation firm. 2. Adjusted for non-recurring items.
GEORGIA
CAPITAL
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