· Fairness of Market is ensured (Objective 45).
· Judges have sufficient knowledge of corporate/securities laws;
· Number of complaints against judges is reduced.
MoJ
NSCG
GSIA
· 6 months
4.1.4 Joint Stock Companies not traded at Georgian Stock Exchange
Kazbegi JSC
Sector:
Consumer Goods
GSE Ticker:
KAZB
Summary Information:
· Kazbegi JSC is the leading Georgian brewery and producer of non-alcoholic drinks, coffee, cigarettes, etc.;
· Last year the company reported an impressive 75% increase in annual sales to GEL 9.4 mln., although the sales figure fell somewhat behind the management's ambitious estimate of GEL 12 mln.;
· Net profit of the company increased by 18% to GEL 1.4 mln., translating into EPS of GEL 0.51;
· Capital expenditures amounted to GEL 1.7 mln. that were mainly used for modernizing the existing facilities;
· The company's assets grew by 21% over the year to reach GEL 7.7 mln.;
· The company's equity increased by 25% and amounted to GEL 5.6 mln.;
· The company continues to pay dividends, which amounted to GEL 240 thousand or GEL 0.086 per share. At current prices dividend yield amounts to 3%.
Source: Galt & Taggart
Kazbegi JSC - Summary
Current Price (GEL)
2.50
Year High (GEL)
2.50
Year Low (GEL)
2.50
Market Capitalization (GEL mln.)
7.0
Shares Outstanding (mln.)
2.8
Free Float (%)
42.7
Free Float (GEL mln.)
3.0
Source: Galt & Taggart
Kazbegi JSC – Key Figures (IAS)
Year Ending December 31
2001
2002
Net Sales (GEL mln.)
5.4
9.4
Net Income (GEL mln.)
1.2
1.4
EPS (GEL)
0.43
0.51
Total Assets (GEL mln.)
6.3
7.7
Equity/Assets (%)
70.8
73.2
ROA (%)
19.0
18.2
ROE (%)
26.8
24.9
Book Value per Share (GEL)
1.60
2.00
P/E
5.77
4.91
P/BV
1.57
1.25
Sources: Kazbegi, Galt & Taggart
Kazbegi JSC – Valuation (Refer to Annex 1)
Valuation Limits
True Value (GEL mln.)
True Value/Market Cap.
Low
15.0
2
High
22.5
3
BANK OF GEORGIA JSC
Sector:
Financial Services
GSE Ticker:
GEB
Summary Information:
· Bank of Georgia JSC is the country's leading commercial bank;
· Last year the company reported about 6% increase in annual sales to GEL 36.6 mln.;
· Net profit of the company has decreased by about 7% in 2002 mainly due to higher administrative expenses;
· The Earning Per Share (EPS) in 2002 was GEL 0.72;
· The company's assets grew by remarkable 30% over the year to reach GEL 176.7 mln.;
· The company's equity increased by 13% over the last year and amounted to GEL 46.6 mln.;
· The company continues to pay dividends, which amounted to GEL 2 mln.or GEL 0.20 per share.
Source: Galt & Taggart
BANK OF GEORGIA JSC - Summary
Current Price (GEL)
1.55
Year High (GEL)
1.90
Year Low (GEL)
1.00
Market Capitalization (GEL mln.)
15.5
Shares Outstanding (mln.)
10.0
Free Float (%)
47.6
Free Float (GEL mln.)
7.4
Source: Galt & Taggart
BANK OF GEORGIA JSC – Key Figures (IAS)
Year Ending December 31
2001
2002
Net Sales (GEL mln.)
34.4
36.6
Net Income (GEL mln.)
7.7
7.1
EPS (GEL)
0.78
0.72
Total Assets (GEL mln.)
135.6
176.7
Equity/Assets (%)
30.5
35.8
ROA (%)
5.7
4.0
ROE (%)
18.6
16.5
Book Value per Share (GEL)
4.13
5.14
P/E
2.02
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