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.
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Giorgi Alpaidze
CFO
Irakli Gilauri
Chairman & CEO
% | 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 |
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.