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.€418.5m
Last close€1.37
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
Actual7.610.830.5
Relative *4.43.5(4.3)

* % Relative to local index

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Company news

Investment Trust Watch: small cap trusts look 'cheap'

Fri, 12 Aug 2016 15:49:01 GMT

DeA Capital SpA (DEA) Is Yet to See Trading Action on Sep 24

Sun, 24 Sep 2017 00:11:15 GMT

DeA Capital SpA (DEA) Moved Up 0.71% on Sep 12

Tue, 12 Sep 2017 12:22:30 GMT

RECORDATI ACQUIRES THE ITALIAN PHARMACEUTICAL COMPANY ITALCHIMICI

Tue, 31 May 2016 14:03:45 GMT

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

Tue, 02 Jun 2015 11:20:53 GMT

Investment summary

DeA will report Q217 results on 8 September. Q117 NAV/share was €1.96 (pro forma ex-div May 2017) and total AUM rose to €11.4bn. DeA continues to be active in its direct investment portfolio, resuming investment in Q1 by taking a 5.8% stake in a newly created and recently listed special purpose acquisition company (‘Crescita’, meaning growth) at a cost of €7.8m, which was followed by partial divestment from Migros and the agreed sale of its Sigla holding, expected to close by year end. The former raised an immediate €17.8m and Sigla proceeds of €11.8m are expected, slightly ahead of the Q1 book value. 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/share (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 06/09/2017

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 8.9 1.9
2016A 80.5 N/A 12.4 4.6 29.7 18.8
2017E 72.4 N/A 21.3 5.6 24.4 21.2
2018E 64.2 N/A 12.0 2.2 62.0 10.2

Last updated on 30/08/2017

Latest research

Latest video

Executive Interview - DeA Capital

Industry outlook

Low interest rates support investor demand for alternative asset management, 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 06/09/2017

Key management

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

Company address

Via Brera, 21
Milan
20121
Italy
View website