Portfolio Valuation and Ameriabank Acquisition Update
Externally
valued¹
RETAIL (PHARMACY) BUSINESS
VALUATION OVERVIEW
VALUE DEVELOPMENT OVERVIEW | 4Q23
(GEL MILLION)
Change q-o-q
+3.7%
+1.0%
-4.6%
+5.1%
1,006
38
1,044
714
(322)
(8)
Enterprise value
30-Sep-23
Net change
in EV
Enterprise value
31-Dec-23
Net debt inc.
financial leases
Minority
interest
Equity value
31-Dec-23
VALUATION HIGHLIGHTS1
Y-O-Y PROGRESS
GEL million, unless noted otherwise
31-Dec-23
30-Sep-23
Change 31-Dec-22 Change
Enterprise value
1,043.8
1,006.3
37.5
957.7
86.1
LTM EBITDA
107.6
110.8
(3.2)
105.5
2.1
Implied EV/EBITDA multiple
Net debt inc. lease liabilities
Equity value of GCAP's share
9.7x
9.1x
0.6x
9.1x
0.6x
(322.2)
(319.1)
(3.1)
(145.9)
(176.3)
714.0
679.2
34.8
724.5
(10.5)
IMPLIED LTM EV/EBITDA DEVELOPMENT
9.7x
9.1x
30-Sep-23
31-Dec-23
ADJUSTED NET DEBT TO EBITDA²
(excl. IFRS 16)
2.3x
2.2x
<1.5x
30-Sep-23 31-Dec-23
TARGET
Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and
investment portfolio companies were valued externally by a third-party independent valuation firm. 2. Figures take into account the application of the minority buyout agreement.
GEORGIA
CAPITAL
50
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