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. 
 
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(END) Dow Jones Newswires

December 09, 2020 03:00 ET (08:00 GMT)