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 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 PLC. Georgia Capital PLC is a United Kingdom-based holding company. The Company is focused on investing in developing businesses in Georgia. Its portfolio companies include Georgian Global Utilities LLC (GGU), JSC m2 (m2), JSC Aldagi (Aldagi) and JSC Teliani Valley (Teliani). GGU carries on business in two areas: water utility and renewable energy generation. m2 is the Company's real estate business. m2 develops residential and commercial property in Georgia, outsourcing design while focusing on project and construction management, and sales. m2 also focuses on developing hotels with outsourced operations. Aldagi is a provider of property and casualty insurance products in Georgia. Aldagi primarily focuses on the Georgian motor vehicle, property, credit life, and liability insurance markets and also on other markets offering cargo and agricultural (Agro) insurance. Teliani is a wine and beer producer in Georgia and its sells its products across 15 countries.
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