Georgia Capital 3Q23 & 9M23 Performance Overview
Externally
valued¹
MEDICAL INSURANCE BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 3Q23
(GEL MILLION)
Change q-o-q
+14.0%
-17.2%
+6.1%
15
74
7
59
62
52
Enterprise value
Increase in EV
30-Jun-23
Enterprise value
30-Sep-23
Excess cash
Equity value
30-Sep-23
IMPLIED LTM P/E MULTIPLE DEVELOPMENT
10.4x
30-Jun-23
9.3x
30-Sep-23
VALUATION HIGHLIGHTS1
GEL million, unless noted otherwise 30-Sep-23
30-Jun-23
Change 31-Dec-22 Change
NET DEBT TO EBITDA
(excl. IFRS 16)
No
Leverage
No
Leverage
No
Leverage
LTM Net income²
8.0
6.7
1.3
3.5
4.5
Implied P/E multiple²
9.3x
10.4x
(1.1x)
15.0x
(5.7x)
Equity value
74.0
69.7
4.3
51.9
22.1
LTM ROAE
16.7%
15.1%
1.6ppts
10.2%
6.5ppts
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 2022 by a third-party independent valuation firm. 2. 30-Jun-23 and 30-Sep-23 LTM net income and respective implied
multiple 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.
GEORGIA
CAPITAL
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