Georgia Capital Shareholder and Market Opportunity Overview
PORTFOLIO VALUE AS OF 31-MAR-21
81% OF OUR PORTFOLIO IS
VALUED EXTERNALLY¹
(ON A SEMI-ANNUAL BASIS)
% SHARE IN TOTAL PORTFOLIO VALUE:
17%
MULTIPLE:
BGEO
PRICE ON LSE
GBP 11.00
21%
11%
8%
17%
236
505
310
PORTFOLIO
BREAKDOWN
GEL 2,922 MILLION
64%
1,871
■Listed
■Large
Investment stage
Other
Georgia Capital PLC
GEL MILLION
18%
16%
9%
7%
4%
8%
12.5X
9.5X
9.6X
LTM
EV/EBITDA²
LTM
EV/EBITDA²
LTM
EV/EBITDA³
11.4X-9.8X
LTM P/E4
9.7X
EV/EBITDA5
12.5X
LTM
EV/EBITDA
605
536
505
457
273
236
207
103
00
BOG
Healthcare
Retail
Water
Services6 (Pharmacy) 6
Utility 7
Insurance
(P&C &
Medical)6
Renewable
Energy 7
Education
Other
EXTERNALLY VALUED¹ (ON A SEMI-ANNUAL BASIS)
LARGE PORTFOLIO
COMPANIES
INVESTMENT STAGE
PORTFOLIO
COMPANIES
GEORGIA
CAPITAL
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. LTM EV/EBITDA multiples for Healthcare services and Retail (pharmacy) are presented including IFRS 16 as of 31-Mar-21. 3. Adjusted
LTM 31-Dec-20 EBITDA was used in Water Utility valuation, as the impact of new tariffs was already embedded in the year-end 2020 assessment. 4. LTM P/E multiple of 11.4x for P&C Insurance at 31-Mar-21 and 9.8x for medical
insurance at 31-Mar-21. 5. Hydrolea HPPs and Qartli wind farm were valued using run-rate / actual LTM EBITDA earnings and related EV/EBITDA multiple, while Mestiachala HPPs and other pipeline projects are stated at cost.
Blended multiple is 9.7x for Hydrolea HPPs and Qartli WPP. 6. Healthcare Services, Retail (pharmacy), and Medical Insurance are owned through GHG. 7. Water Utility & Renewable Energy are owned through GGU.
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