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Edison Investment Research Limited
London, UK, 23 Februar 2024
Edison issues update on Georgia Capital (CGEO): FY23 NAV TR of 20% in sterling terms Georgia Capital (GCAP) reported a Q423 NAV total return (TR) of 7.7% in Georgian lari (GEL) terms (3.4% in sterling terms), bringing the FY23 NAV TR to a strong 26.5% (20.4% in sterling terms). The considerable increase in the sterling share price of Bank of Georgia (BoG) was the main contributor, adding c 5.1% and 19.5% to GCAP’s opening NAV in Q423 and FY23, respectively. This was further assisted by positive revaluation of all large and investment-stage private holdings, except for the hospital business. In aggregate, GCAP’s private holdings added 1.9pp to its Q423 NAV TR. NAV-accretive buybacks of US$8.3m added a further 0.9pp. Despite the c 50% appreciation in GCAP’s share price over the last 12 months, its shares still trade at a c 52% discount to NAV (when adjusted for the post-balance sheet change in BoG’s share price). If GCAP’s stake in BoG (which at end-2023 made up 33% of total portfolio value) was valued in line with the last closing price, GCAP’s current market cap would imply a wide 71% discount to the end-2023 fair value of its private assets (with GCAP’s enterprise value excluding BoG roughly equal to the fair value of the retail (pharmacy) business alone). to view the full report. All reports published by Edison are available to download free of charge from its website About Edison: As a content-led investor-relations business, Edison helps companies stand out and meet the right shareholders. Edison’s integrated investor relations solution combines expert analyst content, digital targeting and active investor engagement. This drives liquidity and valuations by building bigger, better informed and more engaged investor audiences globally. Edison has a proven history of increasing liquidity and valuations for its clients. Edison’s content can be viewed by all investors, anywhere in the world. Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Milosz Papst +44 (0)20 3077 5700 Learn more at and connect with Edison on: YouTube
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1844367 23-Feb-2024
