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Equity Bottom-Up

<p>Georgia Capital (GCAP) has announced an updated strategy centred around: capital-light opportunities with the potential to reach an exit valuation of more than GEL300m; deleveraging at both the holding and portfolio levels; and putting ESG at the core of its investment approach. It will aim for regional expansion of its large, capital-light businesses (at present mainly the retail (pharmacy) business) and continue its capital allocation to investment stage businesses (renewable energy, education and clinics & diagnostics), as well as further share buybacks. GCAP’s one-year NAV total return (TR) to end-March 2022 in GEL terms was 12.4% (31.7% in sterling terms), mostly driven by the successful sale of its 80% stake in the water utility business. In Q122 alone, NAV declined by 16.5%, primarily due to the impact of higher discount rates, lower peer multiples and the decline in Bank of Georgia’s share price.</p>

Georgia Capital (GCAP) has announced an updated strategy centred around: capital-light opportunities with the potential to reach an exit valuation of more than GEL300m; deleveraging at both the holding and portfolio levels; and putting ESG at the core of its investment approach. It will aim for regional expansion of its large, capital-light businesses (at present mainly the retail (pharmacy) business) and continue its capital allocation to investment stage businesses (renewable energy, education and clinics & diagnostics), as well as further share buybacks. GCAP’s one-year NAV total return (TR) to end-March 2022 in GEL terms was 12.4% (31.7% in sterling terms), mostly driven by the successful sale of its 80% stake in the water utility business. In Q122 alone, NAV declined by 16.5%, primarily due to the impact of higher discount rates, lower peer multiples and the decline in Bank of Georgia’s share price.

Georgia Capital - A portfolio of market leaders in Georgia

<p>Georgia Capital (GCAP) posted a 13.2% NAV total return (TR) in local currency terms in H121 (15.2% in sterling), driven by an improved operating performance across its private holdings (assisted by Georgia’s 12.7% y-o-y real GDP rebound in H121), a c 10% rise in the Bank of Georgia’s share price and appreciation of the Georgian lari versus the US dollar. GCAP continues to focus its new investments on the education and renewable energy sectors. It recently announced a school acquisition and the opening of another campus in the affordable education segment, which will expand its capacity from 3,500 to 5,300 learners from September 2021.
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Georgia Capital (GCAP) posted a 13.2% NAV total return (TR) in local currency terms in H121 (15.2% in sterling), driven by an improved operating performance across its private holdings (assisted by Georgia’s 12.7% y-o-y real GDP rebound in H121), a c 10% rise in the Bank of Georgia’s share price and appreciation of the Georgian lari versus the US dollar. GCAP continues to focus its new investments on the education and renewable energy sectors. It recently announced a school acquisition and the opening of another campus in the affordable education segment, which will expand its capacity from 3,500 to 5,300 learners from September 2021.


Georgia Capital - Value creation on the back of macro recovery

United Kingdom

Georgia Capital PLC operates as an investment company. The Company focuses on investing in beverages, hospitality, commercial real estate, renewable energy, insurance, housing development, water utility, and health care sectors.

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Georgia Capital PLC (CGEO LN)

Georgia Capital - A portfolio of market leaders in Georgia

Georgia Capital (GCAP) has announced an updated strategy centred around: capital-light opportunities with the potential to reach an exit valuation...

Edison Investment Research

Georgia Capital - Value creation on the back of macro recovery

Georgia Capital (GCAP) posted a 13.2% NAV total return (TR) in local currency terms in H121 (15.2% in sterling), driven by an improved operating...

Edison Investment Research

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