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 end December 2016 it had an investment portfolio of c €450m and assets under management of c €11.3bn (including SPC).

Stock data

Market cap.€458.7m
Last close€1.50
High / Low (52 weeks)€1.6 / €1.0
Stock market listingMI
Forecast net cash (€m)83.3
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(1.4)25.713.1
Relative *(4)16.51.3

* % Relative to local index

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Company news

How Does the MF Rank Score For DeA Capital S.p.A. (BIT:DEA)?

Fri, 28 Apr 2017 16:18:45 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

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

Tue, 02 Jun 2015 11:20:53 GMT

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

Sun, 08 May 2016 15:50:32 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 9.7 2.1
2016A 80.5 N/A 12.4 4.7 31.8 20.5
2017E 69.7 N/A 18.3 3.4 44.0 20.1
2018E 72.6 N/A 20.6 3.7 40.4 8.7

Last updated on 23/03/2017

Latest research

Investment summary

For FY16, DeA reported good growth in its AUM (to €11.3bn) and positive performance from its fund investments that offset weakness at Migros, its Turkish retail investment. The company has a robust net financial position of €80m at the holding company level, equivalent to c 15% of NAV. Adjusted for dividends of €0.12 paid during the year, NAV per share increased from €1.95 to €2.03. DeA continues to trade at a significant discount to NAV, which appears conservative given the new momentum in asset management and the diversity of the investment portfolio.

Last updated on 04/04/2017

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 04/04/2017

Key management

Manolo Santilli, CFO
Anna Majocchi, Investor Relations Manager

Company address

Via Brera, 21
Milan
20121
Italy
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