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

Price performance

Relative *(1)(19)(7.8)

* % Relative to local index

Other companies in sector Show

Abbey Protection Aberdeen Asset Management
Admiral Group AFH Financial Group
Ai Claims Solutions Alpha Strategic
Amlin Arbuthnot Banking Group
Arden Partners Ashmore Group
Atlantis Japan Growth Fund Aviva plc
Banca IFIS Banca Sistema
BB Healthcare Trust Beazley
Brewin Dolphin Brightside Group
Catlin Group Cenkos Securities
ChimpChange Circle Holdings
City of London Group Collins Stewart
Corestate Capital Holding Covercy
Curtis Banks Deutsche Börse
Deutsche Grundstücksauktionen DF Deutsche Forfait
Empiric Student Property Ernst Russ
Experian Fairpoint Group
FBD Holdings Ferratum Oyj
Finlab Gable Holdings
Gartmore Group German Startups Group
GLI Finance Grand City Properties
Hardy Underwriting Hargreaves Lansdown
Heartland New Zealand Helphire
Henderson Group Hiscox
HSBC Holdings ICAP
IFG Group IG Group
Impax Asset Management International Personal Finance
Is Yatirim Menkul Degerler JDC Group
John Laing Group Jupiter Fund Management
Lancashire Holdings Liontrust Asset Management
Lloyd Fonds London Stock Exchange Group
MAN Group Market Tech Holdings
Mattioli Woods MCB Finance Group
MPC Capital MyBucks
Nürnberger Beteiligungs NEOVIA Financial
Noratis Novae Group
Numis Corporation Oakley Capital Investments Limited
Ocean Capital Oekoworld
Omega Insurance Holdings OTC Markets Group
Panmure Gordon Park Group
Picton Property Income Powerhouse Ventures
Prudential publity
Quayle Munro Holdings Randall & Quilter Investment Holdings
RCM Beteiligungs Record
Rensburg Sheppards RSM Tenon
S&U Sanlam Securities UK
Scherzer & Co Schroders
Secure Trust Bank Share
Shore Capital Group St. James's Place
Syndicate Asset Management Tawa
Tungsten Corporation Warsaw Stock Exchange
WH Ireland WorldSpreads Group

Company news

Investment Trust Watch: small cap trusts look 'cheap'

Fri, 12 Aug 2016 15:49:01 GMT


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
View website