Georgia Capital - Benefiting from strong macro tailwinds in Georgia
Georgia Capital’s (GCAP’s) NAV per share in Georgian lari (GEL) total return (TR) terms was 8.2% in Q322. At the same time, further GEL strength against sterling (driven by the strong local economy) resulted in a 25.5% NAV/share increase in sterling terms. The main driver of GCAP’s NAV increase was the strong performance of Bank of Georgia (BoG) shares (21% of GCAP’s portfolio at end-September), which rallied by 52% during the quarter in sterling terms. GCAP’s ‘live’ NAV estimate currently stands at £18.87, with its share price implying a 60% discount to NAV, significantly wider than the average across listed private equity companies.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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