175310 (626245), страница 27

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

2.15

P/BV

0.38

0.30

Sources: Bank of Georgia, Galt & Taggart

BANK OF GEORGIA JSC – Valuation (Refer to Annex 1)

Valuation Limits

True Value (GEL mln.)

True Value/Market Cap.

Low

50.8

3.3

High

68.6

4.4

• Business Communication

24 ah

(2 cr)

• Business Communication: Writing for Profession

16 ah

(1 cr)

• Business Statistics

24 ah

(2 cr)

• Legal Aspects of Business

16 ah

(1 cr)

• Business Ethics

20 ah

(1 cr)

• International Business

24 ah

(2 cr)

• Advertising

24 ah

(2 cr)

• Small Business Financing

24 ah

(2 cr)

• Business Planning

24 ah

(2 cr)

• Export Logistics

24 ah

(2 cr)

• Taxation

60 ah

(4 cr)

• Macro Economics

40 ah

(3 cr)

• Managerial Economics

40 ah

(3 cr)

• Production and Operations Management

56 ah

(4 cr)

• Human Resources Management

60 ah

(4 cr)

• Analysis for Financial Management

36 ah

(2 cr)

• Strategic Marketing

54 ah

(4 cr)

• Marketing Game

36 ah

(2 cr)

• Strategic Management I

24 ah

(2 cr)

• Investment Analysis I

24 ah

(2 cr)

• Management Information Systems

56 ah

(4 cr)

Total

486 ah

(34 cr)

• Thesis

(7 cr)

Credits

Required Courses:

Required Core Courses

34

Required Concentration Courses

11

MBA Project

7

Elective Courses (at least)

9

Credits for Degree (at least)

61

• General Manager’s Job

80 ah

(5 cr)

• Business Reengineering

24 ah

(2 cr)

• Strategic Management II

40 ah

(3 cr)

• Leadership

20 ah

(1 cr)

Total

164 ah

(11 cr)

• Advanced Financial Management

80 ah

(5 cr)

• Investment Analysis II

36 ah

(2 cr)

• Analysis of Business Decisions

• Banking

24 ah

24 ah

(2 cr)

(2 cr)

Total

164 ah

(11 cr)

• Marketing Research

60 ah

(4 cr)

• Consumer Behavior

32 ah

(2 cr)

• Global Marketing

32 ah

(2 cr)

• Advertising, PR, Personal Selling and Sales Promotion

40 ah

(3 cr)

Total

164 ah

(11 cr)