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  • 23 Feb 24
Georgia Capital - 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 hospit

Companies: Georgia Capital Plc

Edison
  • 07 Sep 23
Georgia Capital - Successful bond refinancing improves risk profile

Georgia Capital (GCAP) delivered positive newsflow during August, including the successful pricing of its new sustainability-linked bond (with proceeds used to redeem the 2024 Eurobond), as well as its Q223 results release, with a robust 8.2% NAV total return (TR) in GEL terms posted during the quarter. We believe that the successful bond refinancing, coupled with continued deleveraging at holding level (net capital commitment ratio of 17.4% at end-June 2023) further reduces GCAP’s risk profile.

Companies: Georgia Capital Plc

Edison
  • 15 May 23
Georgia Capital - Staying on course

Georgia Capital (GCAP) continued to make progress on its strategic priorities in Q123: reduction in the net capital commitment (NCC) ratio, deleveraging its portfolio companies, selling subscale businesses, executing tactical buybacks (a US$10m programme was announced in April 2023), further investments in the renewable energy and education businesses and moving to the LSE standard listing. GCAP operates against the backdrop of strong GDP growth in Georgia at 7.2% y-o-y in Q123 (after 10.1% in 2

Companies: Georgia Capital Plc

Edison
  • 08 Mar 23
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 1

Companies: Georgia Capital Plc

Edison
  • 25 Nov 22
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 stand

Companies: Georgia Capital Plc

Edison
  • 25 Aug 22
Georgia Capital - NAV per share stable in local currency in Q222

Georgia Capital’s (GCAP’s) NAV per share in Georgian lari total return (TR) terms remained broadly stable in Q222 (a 0.2% increase) after absorbing the impact from lower public market multiples and higher discount rates in Q122 (when NAV per share declined by 16.5% in TR terms). Having said that, the continued appreciation of the Georgian lari against sterling (driven by the strong local economy) resulted in a solid 14.4% NAV TR in sterling terms in Q222 (-2.1% in H122). We also note that the sh

Companies: Georgia Capital Plc

Edison
  • 31 May 22
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

Companies: Georgia Capital Plc

Edison
  • 05 Jan 22
Georgia Capital - Sale of majority stake in the water utility business

On 31 December Georgia Capital (GCAP) announced it has agreed to sell an 80% stake in its water utility business (held through Georgia Global Utilities, GGU) to FCC Aqualia for a US$180m cash consideration. We estimate the deal values the business at a 13.4% uplift to its carrying value at end-September 2021 (on top of a c 13% uplift in Georgian Lari (GEL) terms that GCAP booked in Q321 vs Q221) and translates into a 2.2pp NAV accretion for GCAP (vs end-September 2021). GCAP will achieve a solid

Companies: Georgia Capital Plc

Edison
  • 13 Sep 21
Georgia Capital - Value creation on the back of macro recovery

Georgia Capital (GCAP) posted a 13.2% NAV total return (TR) in local currency terms in H121 (15.2% in sterling), driven by an improved operating performance across its private holdings (assisted by Georgia’s 12.7% y-o-y real GDP rebound in H121), a c 10% rise in the Bank of Georgia’s share price and appreciation of the Georgian lari versus the US dollar. GCAP continues to focus its new investments on the education and renewable energy sectors. It recently announced a school acquisition and the o

Companies: Georgia Capital Plc

Edison
  • 05 Mar 21
Georgia Capital - Solid positive revaluations in Q420

Georgia Capital (GCAP) posted a 27.2% NAV total return (TR) in local currency terms in Q420 on the back of solid valuation uplifts across all key portfolio holdings. This, together with the Q320 revaluation of GHG after it was made private (see our initiation note for details), offset the weak performance of GCAP’s hospitality and commercial real estate business and the subdued share price performance of Bank of Georgia in 2020. Consequently, GCAP’s FY20 NAV TR reached 2.7% in local currency (th

Companies: Georgia Capital Plc

Edison
  • 08 Dec 20
Georgia Capital - A private equity play on Georgia

Georgia Capital (GCAP) has a unique position as an experienced institutional financial investor in Georgia with superior access to attractive private investment opportunities. Its management team has built several market leaders before BGEO’s de-merger into Bank of Georgia (BoG) and GCAP, which remain in GCAP’s portfolio. A few of them are valued at c GEL0.5bn (c US$150m) and may be ripe for an exit in the medium term, which could help validate GCAP’s strategy. Due to COVID-19, the company decid

Companies: Georgia Capital Plc

Edison

Georgia Capital Plc

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Research Tree provides access to ongoing research coverage, media content and regulatory news on Georgia Capital Plc. We currently have 24 research reports from 3 professional analysts.

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Date Source Announcement
12Apr24 07:00 RNS Georgia Capital PLC - Notice of AGM
08Apr24 10:52 RNS Georgia Capital PLC - Change of Registered Office
03Apr24 17:29 RNS Georgia Capital PLC - Director/PDMR Shareholding
25Mar24 17:29 RNS Georgia Capital PLC - Holding(s) in Company
22Mar24 07:00 RNS Georgia Capital PLC - Annual Financial Report
14Mar24 17:13 RNS Georgia Capital PLC - Director/PDMR Shareholding
01Mar24 07:00 RNS Georgia Capital PLC - Total Voting Rights
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