Georgia Capital (CGEO): A private equity play o...

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. Subscribe to Edison's content to receive reports by email. All reports published by Edison are free-to-access and available on the website. About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information please contact Edison: Milosz Papst [phone] Michal Mordel [phone] [e-mail] Learn more at www.edisongroup.com and connect with Edison on:  LinkedIn  https://www.linkedin.com/company/edison-group- Twitter   www.twitter.com/Edison_Inv_Res YouTube   https://www.youtube.com/user/EdisonITV/videos Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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1153762 09-Dec-2020