Georgia Capital Company Research (CGEO)

Georgia Capital (GCAP) reported strong Q325 results, with 7.9% quarterly growth in NAV per share (on a total return basis, in Georgian lari), continuing its long-term growth path (five-year NAV CAGR stands at 29.1%) and bringing its one-year sterling NAV performance to 63.2%. The main value driver remained the listed Lion Finance Group, which posted an 8.1% share price increase in the quarter. The private portfolio showed a 6.7% increase in value, reflecting good operational performance, which prompted GCAP to increase its expectations of 2025 dividend income to GEL200m (from GEL180m), with a view that this increase will be permanent. The NAV per share growth was also supported by GCAP’s NAV-accretive buybacks (+1.2pp), as the company continues to deploy its GEL700m capital return programme, scheduled until end-2027. After the current tranche of US$50m is concluded, the remaining capital to be deployed will amount to GEL300m, which translates to 6.5% of end-September NAV.