Last checked at 9 Dec 2020 08:00
Edison Investment Research Limited Georgia Capital (CGEO): A private equity play on Georgia 09-Dec-2020 / 08:00 GMT/BST
London, UK, 9 December 2020 Georgia Capital (CGEO): 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 decided to focus its existing portfolio investments on the local renewable energy (wind and hydro) and private education sectors.
GCAP is trading at a c 42% discount to NAV, which is wider than its pre-COVID-19 levels of c 10-30% and the current average discount across listed private equity (PE) peers (c 23%). While GCAP is not paying dividends at present, it has conducted NAV accretive buybacks in the past and could do so again if the wide discount persists. Click here to view the full report.
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1153762 09-Dec-2020
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