Georgia Capital - Successful disposal from the portfolio
Georgia Capital’s (GCAP’s) net asset value (NAV) per share increased by 6.2% q-o-q in Q324 in Georgian lari terms (3.3% in sterling). The private portfolio companies performed well operationally, whereas the stock value of GCAP’s holding in Bank of Georgia (BoG) remained flat quarter-on-quarter, after de-rating in Q224 amid political uncertainty. Meanwhile, international strategic investors seem to remain confident in Georgia’s prospects, as highlighted by GCAP’s strong uplift on the disposal of the beer and distribution business to Royal Swinkels, which added 1.8pp to its NAV performance. GCAP continues NAV-accretive buybacks (+2.4pp accretion in Q324) financed by record-high recurring dividends received from the portfolio. However, its shares continue to trade at a wide discount to reported NAV of 48.9% (narrowing slightly versus the one-year average of 54.6%).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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