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.€381.7m
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
Actual(7.1)(11.1)10.6
Relative *(5.2)(16.3)(9.4)

* % Relative to local index

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Company news

Is DeA Capital SpA (BIT:DEA) Undervalued?

Wed, 21 Jun 2017 13:07:30 GMT

Quick Look at Shareholder Yield For DeA Capital SpA (BIT:DEA)

Thu, 22 Jun 2017 07:07:30 GMT

A Look at What The Technicals Are Saying About DeA Capital SpA (BIT:DEA)

Wed, 14 Jun 2017 00:56:15 GMT

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

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 22.2 19.4
2018E 64.2 N/A 12.0 2.2 56.6 9.3

Last updated on 13/06/2017

Latest research

Investment summary

DeA Capital has continued to be active in its direct investment portfolio in the opening months of FY17, returning to direct investment with a stake in a newly created and listed special purpose acquisition vehicle and a further reduction in its Migros stake. Q117 also saw further growth in AUM and a positive investment performance. Returning growth momentum to asset management and a diverse investment portfolio have the potential to create further value. Meanwhile the prospect of cash inflows as private equity fund investments mature provides a measure of protection against any rise in market volatility.

Last updated on 12/06/2017

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 three to four 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 01/06/2017

Key management

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

Company address

Via Brera, 21
Milan
20121
Italy
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