Georgia Capital 3Q23 & 9M23 Performance Overview
Externally
valued¹
P&C INSURANCE BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q23
(GEL MILLION)
Change q-o-q
-3.3%
277
(49)
IMPLIED LTM P/E MULTIPLE DEVELOPMENT
39
268
11.8x
10.1x
Equity value
30-Jun-23
Operating
performance
Multiple
change
Equity value
30-Sep-23
30-Jun-23
30-Sep-23
VALUATION HIGHLIGHTS1
NET DEBT TO EBITDA
GEL million, unless noted otherwise 30-Sep-23
30-Jun-23 Change 31-Dec-22 Change
No
No
No
Leverage Leverage Leverage
LTM net income²
22.7
27.5
(4.8)
21.5
1.2
Implied P/E multiple²
11.8x
10.1x
1.7x
10.6x
1.2x
Equity value
267.8
277.0
(9.1)
228.0
39.8
LTM ROAE3
24.5%
30.3%
(9.4ppts)
29.7%
(20.3ppts)
30-Jun-23 30-Sep-23 TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by
incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. 30-Jun-23 and 30-Sep-23 LTM Net incomes and respective implied multiples are on a pre-
tax basis, due to the business valuation as of 30-Jun-23 and 30-Sep-23, incorporating impact of the forthcoming adoption of the Estonian Taxation Model. 3. Calculated based on average equity, adjusted for preferred shares.
GEORGIA
CAPITAL
19
61View entire presentation