Georgia Capital

Georgia Capital (LSE: CGEO)

Currency in GBP

Last close As at 04/12/2023

GBP10.00

— 0.00 (0.00%)

Market capitalisation

GBP435m

Overview
Price performance
Financials
Research
Thematics

Georgia Capital focuses on scalable private equity opportunities in Georgia. These opportunities have the potential to reach at least an equity value of GEL300m over the next three to five years and the company can monetise investments through exits as investments mature.

Latest Insights

Investment Companies |
Update

07.09.23

Georgia Capital — Successful bond refinancing improves risk profile

Investment Companies |
Update

15.05.23

Georgia Capital — Staying on course

Investment Companies |
Review

08.03.23

Georgia Capital — Nearing deleveraging target

Investment Companies |
Update

25.11.22

Georgia Capital — Benefiting from strong macro tailwinds in Georgia

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Sector

Investment Companies

Equity Analyst

Milosz Papst

Director, Financials

Michal Mordel

Analyst, Investment trusts

Key Management

Giorgi Alpaidze

CFO
Irakli Gilauri

Chairman & CEO

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	13.4	4.9	33.3
Relative	10.2	5.4	35.5
52 week high/low	1050.0p/718.0p

Overview

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. Despite the above, GCAP’s shares are still trading at a relatively wide c 58% discount to its ‘live’ NAV estimate.