Georgia Capital - Nearing deleveraging target
Georgia Capital’s (GCAP’s) NAV per share total return in Q422 was 14.9% in Georgian lari (GEL) terms (8.5% in sterling), bringing the full year return to 4.0% (33.2% in sterling terms due to the significant appreciation of GEL). The portfolio value uplift in the quarter was mainly driven by the strong share price performance of Bank of Georgia (BoG), up 31% in sterling terms. This allowed GCAP to bring holding leverage closer to its target level, while maintaining a good liquidity position (up 14% y-o-y in US dollar terms). Meanwhile, GCAP shares continue to trade at a wide discount to NAV, currently 61%, based on GCAP’s ‘live’ NAV estimate, implying that the value of BoG shares and the put option on the water utility business is currently higher than GCAP's market capitalisation.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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