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 30 September 2017, it had an investment portfolio of c €435m and alternative assets under management of c €11.6bn.

Stock data

Market cap.€423.1m
Last close€1.38
High / Low (52 weeks)€1.6 / €1.2
Stock market listingMI
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *0.45.7(3)

* % Relative to local index

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Company news

Investment summary

DeA’s sale of its investment in Sigla has closed, generating the expected cash inflow of c €11.5m. Proceeds of c €12.2m from the November sale (by Kenan Investments, in which DeA has a stake of c 17%) of an additional 7.3% of Migros, have also been received. Q417 net fund distributions are also expected to be strong (DeA’s share: €26.5m approved). Around €25m has been reinvested in a newly listed Italian SPAC (IDEAMI), jointly sponsored by DeA and Banca IMI, and jointly owning c 16% of the share capital, and the alternative asset management platform (Q3 AUM c €11.6bn) has launched new funds. The Q317 published NAV per share was €1.96 and our last published sum-of-the-parts value was €1.87, although the subsequent increase in the market value of Migros should add slightly to this. DeA’s share price has increased in recent weeks, perhaps in recognition of the strong cash flow that underpins the attractive yield, still more than 8%.

Last updated on 02/02/2018

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 156.0 N/A 32.5 15.4 9.0 N/A
2016A 80.5 N/A 12.4 4.6 30.0 N/A
2017E 69.7 N/A 7.1 1.9 72.6 N/A
2018E 63.6 N/A 13.2 2.2 62.7 N/A

Last updated on 24/01/2018

Latest video

Executive Interview - DeA Capital

Industry outlook

Low interest rates support demand for alternative assets, while fund maturities and other divestments are supporting cash flow for reinvestment in new fund launches, new investments or distributions to shareholders, even after meeting outstanding investment commitments.

Last updated on 02/02/2018

Key management

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

Company address

Via Brera, 21
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