CGEO Georgia Capital

Edison issues report on Georgia Capital (CGEO)

Edison Investment Research Limited
Edison issues report on Georgia Capital (CGEO)

03-Sep-2024 / 11:34 GMT/BST
The issuer is solely responsible for the content of this announcement.

 

London, UK, 3 September 2024

 

Edison issues report on Georgia Capital (CGEO)

Edison issues report on Georgia Capital (LSE: CGEO).

Georgia Capital’s (GCAP’s) net asset value (NAV) per share decreased by 12.8% quarter-on-quarter in Q224 in Georgian lari (down 16.5% in sterling terms). This was mostly due to the widening of bond yields and credit spreads amid the latest political turmoil in Georgia. The de-rating of Bank of Georgia’s (BoG’s) shares had a 7.1pp impact on GCAP’s NAV, while higher discount rates applied to value the private portfolio companies contributed a further 7.5pp drag. Meanwhile, portfolio companies continue their expansion and dividend distributions, with GEL105m collected by GCAP to 12 August 2024, and management reiterated its dividend income outlook of GEL180–190m in FY24 (c 5% yield on the opening portfolio value). GCAP has recently increased its share buyback programme, with US$16.7m remaining to be repurchased as of 30 August 2024.

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The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service

1980659  03-Sep-2024 

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EN
03/09/2024

Underlying

CGEOGeorgia Capital

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Reports on Georgia Capital

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TBCB TBC BANK JOINT STOCK CO
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CGEO GEORGIA CAPITAL
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CTPNV CTP NV
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
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The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...

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BRE MBANK SA
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OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
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EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
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AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
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LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
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TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
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FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
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11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
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SFG SPHERA FRANCHISE GROUP SA
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MCOV B MEDICOVER AB
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EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
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TRESTATES TRADE ESTATES REIC SA
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PKN Polski Koncern ...
TPEIR PIRAEUS BANK SA ... (+9)

WOOD Daily: TPEIR GA; KSPI US; CGEO LN; SOLUTION AB; HU Macro; RO Macr...

HEADLINES: • Piraeus Financial Holdings: 4Q24 results and medium-term guidance highlights • Kaspi.kz: 4Q24 results highlights and 2025E guidance NEUTRAL • Georgia Capital: 4Q24 NAV and earnings call takeaways NEUTRAL • Solutions by STC: 4Q24 conference call takeaways POSITIVE • Hungary macro: election campaign is heating up • Romania macro: January budget deficit brings more headaches • HELLENiQ Energy: 4Q24E preview (due on 27 February) NEUTRAL • Orlen: 4Q24E results preview (due on 27 February...

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HB HELLENIC BANK LTD.
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RICHT RICHTER
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EME Equity Market – January 2025 The markets entered 2025 on the right foot. The MSCI EM Europe Index advanced by 7.7% in EUR terms and 8.4% in USD terms in January. The Polish WIG20 was the best performer (+12.7% mom), followed by the Hungarian BUX and Czech PX indices (+8.9% mom and +6.2% mom, in EUR terms, respectively). There was also a very solid performance from the Greek ASE Index (+5.4% mom in EUR terms), but more muted performances from the Romanian BET and Turkish ISE 30 indices (+1.6%...

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CEZ CEZ AS
KRKG KRKA D.D.
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WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
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MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
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INPST INPOST S.A.
PCF PCF GROUP SA
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GPP KAZMUNAYGAS NC JSC
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ELM CO
02/04/25 February 4, 2025 1 EN
Research Team
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WOOD Daily: KRU PW; CGEO LN; CAR PW

HEADLINES: • Kruk: issues 4Q24 trading update, with strong investments and recoveries POSITIVE • Georgia Capital: CEO reportedly targeted for US sanctions NEGATIVE • Inter Cars: December sales growth at 11% yoy NEUTRAL

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