Georgia Capital PLC

First-pass take

Strong balance-sheet holding company (net cash GEL 103m, NCC ratio 2.3%, 10.5 ppts deleveraging in FY25) with defensive portfolio mix across Georgian pharmacy, insurance, and healthcare. However, zero AI exposure across all holdings; operating leverage is modest (pharmacy +26.7% EBITDA on +10.5% revenue, but labor-intensive); portfolio multiples (8.1x pharmacy EV/EBITDA, 7.0x LFG P/E) are fair-to-mid, not compelling. Significant concentration risk: Lion Finance Group is 49.1% of NAV. Lacks growth tailwinds and AI positioning.