Georgia Capital (GCAP) posted strong H125 results, with NAV per share up 31% in Georgian lari and 24% in pounds sterling in total return terms, accelerating its long-term growth (five-year NAV TR in Georgian lari stood at 31.7% pa). The main value driver remains GCAP's stake in LSE-listed Lion Finance Group (LFG), a leading Georgian bank representing roughly half of GCAP's portfolio. Its portfolio of private companies (concentrated in Georgian market leaders) posted aggregate EBITDA growth in H125 of 22% y-o-y. Over the past two years GCAP has made significant progress in deleveraging, reducing its net capital commitment (NCC) ratio below target, which allows it to accelerate capital deployment. GCAP recently announced a GEL700m capital return programme (15.7% compared to end-June 2025 NAV), which may include share repurchases, dividends and debt repayments. Confirmation of the validity of GCAP's strategy through successful exits and its capital distributions have contributed to a narrowing of the discount to 30%, which we continue to view as wide.Den vollständigen Artikel lesen ...
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