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 June 2017, it had an investment portfolio of c €453m and assets under management of more than €11.5bn (including SPC).

Stock data

Market cap.€389.7m
Last close€1.27
High / Low (52 weeks)€1.6 / €1.0
Stock market listingMI
Forecast net cash (€m)93
Forecast gearing ratio (%)N/A

Price performance

Relative *(3)(1.3)(14.4)

* % Relative to local index

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Company news

Gross Margin & Quant Signal Update on DeA Capital SpA (BIT:DEA)

Sun, 19 Nov 2017 07:41:15 GMT

DeA Capital SpA (DEA) Jumped 0.47% on Nov 17

Fri, 17 Nov 2017 13:18:45 GMT

DeA Capital SpA (DEA) Dipped -0.98% on Nov 8

Wed, 08 Nov 2017 12:45:00 GMT

Italy's DeA Could Net Double-Digit Returns from Restaurant Chain Sale

Thu, 09 Nov 2017 14:03:45 GMT

DeA Capital SpA (DEA) Is Yet to See Trading Action on Nov 11

Fri, 10 Nov 2017 12:56:15 GMT

Investment summary

NAV/share increased to €2.00 at 30 June, compared with €1.96 in March (adjusted for the €0.12 dividend paid in May) and, on the same basis, €1.91 at the end of FY16, while AUM increased to more than €11.5bn. The main driver of NAV growth was the investment in Turkish retailer Migros, which was reduced in May at a price close to the year high, generating proceeds of €17.8m. The sale of DeA's Sigla stake has also been agreed and is expected to complete by year-end, generating proceeds of €11.8m – a little above book value. Despite Q2 shareholder dividend payments of c €31m, the holding company net financial position was a healthy c €60m (€0.23/share), compared with c €66m at end-March. DeA’s fund investments generated net positive cash of €1.8m in the quarter (H117: €3.9m). Our updated sum-of-the-parts value is €1.91 (previously €1.88).

Last updated on 02/11/2017

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 8.3 1.8
2016A 80.5 N/A 12.4 4.6 27.6 17.5
2017E 72.2 N/A 11.7 3.1 41.0 9.8
2018E 62.3 N/A 12.3 2.2 57.8 9.3

Last updated on 23/10/2017

Latest video

Executive Interview - DeA Capital

Industry outlook

Low interest rates support demand for alternative assets, while expected maturities from private equity fund investments should support cash flows over coming years for reinvestment in new fund launches, new investments or distributions to shareholders, even after meeting outstanding investment commitments.

Last updated on 02/11/2017

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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