DeA Capital (DEA)

Business description

DeA Capital, a De Agostini group company, is one of Italy’s leading players in alternative investments and asset management. At 31 March 2017 it had an investment portfolio of c €473m and assets under management of c €11.4bn (including SPC).

Stock data

Market cap.€382m
Last close€1.25
High / Low (52 weeks)€1.6 / €1.0
Stock market listingMI
Forecast net cash (€m)78.5
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual1.4(16.3)19.8
Relative *(1)(19)(7.8)

* % Relative to local index

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Company news

Investment Trust Watch: small cap trusts look 'cheap'

Fri, 12 Aug 2016 15:49:01 GMT

RECORDATI ACQUIRES THE ITALIAN PHARMACEUTICAL COMPANY ITALCHIMICI

Tue, 31 May 2016 14:11:01 GMT

UK Center Parcs sold to Canadian investment firm for £2.4bn

Tue, 02 Jun 2015 11:20:53 GMT

IDeA Capital and HIG's Bayside collect about $288 mln for initial corporate ...

Thu, 07 Jul 2016 14:36:39 GMT

Juarez prison where 'El Chapo' was suddenly transported is ranked Mexico's ...

Sun, 08 May 2016 15:50:32 GMT

Investment summary

Q117 NAV per share increased to €2.08 (end FY16: €2.03), driven mainly by an improved valuation for the investment in Turkish retailer Migros and the fund holdings. Real estate AUM at IDeA FIMIT increased to €9.0bn, taking total AUM to €11.4bn, including €0.5bn at the recently acquired SPC debt recovery business. DeA has also resumed direct investment with a €7.8m investment (5.8% stake) in a newly created and recently listed special purpose acquisition company (‘Crescita’, meaning growth) that seeks a suitable private company target within 24 months. Despite these positive developments, DeA trades at a significant discount to both NAV and our last published sum-of-the-parts valuation of €1.88/sh (based on a Migros price of TRY26.2, lower than the current price). This seems conservative given the new momentum in asset management and the diversity of the investment portfolio.

Last updated on 03/07/2017

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 156.0 N/A 32.5 15.4 8.1 1.8
2016A 80.5 N/A 12.4 4.6 27.1 17.1
2017E 72.4 N/A 21.3 5.6 22.3 19.4
2018E 64.2 N/A 12.0 2.2 56.6 9.3

Last updated on 29/06/2017

Latest research

Latest video

Executive Interview - DeA Capital

Industry outlook

DeA's alternative asset exposure has attractions in the context of Italy's subdued economic outlook. The potential for significant realisations from maturing private equity funds over the next 3-4 years means that €130-150m could be available for reinvestment in new fund launches, co-investments or distributions to shareholders, even after meeting outstanding investment commitments.

Last updated on 03/07/2017

Key management

Lorenzo Pellicioli, Chairman
Paolo Ceretti, CEO
Manolo Santilli, CFO
Anna Majocchi, Investor Relations Manager

Company address

Via Brera, 21
Milan
20121
Italy
View website