Georgia Capital Shareholder and Market Opportunity Overview
Internally
valued
RENEWABLE ENERGY BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 1Q21
(GEL MILLION)
Change q-o-q
489
19
+3.8%
508
7.9%
-1.6%
207
(301)
Enterprise value
Increase in EV
31-Dec-20
Enterprise value
31-Mar-21
Net debt
Equity value
31-Mar-21
VALUATION HIGHLIGHTS
GEL million, unless noted otherwise
31-Mar-21
31-Dec-20
Change
Valuation method
Multiples²
NMF
Enterprise value
508
489
19
EBITDA1
28.0
27.3
0.7
Selected EV/EBITDA multiple
9.7x
9.7x
NMF
Investments at cost (EV)³
235.7
224.6
11.1
Net debt
(301.2)
(279.4)
(21.8)
Equity value
206.5
209.9
(3.4)
EQUITY FAIR VALUE
COMPOSITION AT
31-MAR-21
(GEL MILLION)
GEORGIA
CAPITAL
eslagv
43
Total
value
207
164
■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). 3. Investments at cost include: Mestiachala and pipeline projects.
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