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 December 2017, it had an investment portfolio of c €397m and alternative assets under management of c €11.7bn.

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
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(7.4)0.03.4
Relative *(2.4)(0.2)(2.1)

* % Relative to local index

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Company news

Investment summary

AUM grew more than 10% in 2017, to c €11.7bn, while further progress was made with re-cycling capital from mature direct and fund investments, with the private equity investment portfolio reduced to c €250m (FY16: c €282m) despite €33m of new SPAC investment (Crescita and IDeaMI). The holding company's net financial position increased to €92.3m (FY16: €48.5m), or c 19% of NAV. NAV per share was lower at €1.91, but the underlying NAV total return (adjusted for the €0.12 per share dividend paid in the year and goodwill impairment of €0.09) was 4.6%. The impairment of historical goodwill had no effect on our sum-of-the-parts (SOP) value, which has increased to €1.92 per share. A distribution of €0.12 per share will be made May 2018, representing a dividend yield of more than 8% and although the discount to our SOP has recently narrowed, it remains above 20%.

Last updated on 27/04/2018

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 80.5 N/A 12.4 4.6 30.0 N/A
2017A 72.7 N/A (26.0) (15.7) N/A N/A
2018E 65.1 N/A 12.4 2.2 62.7 N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 24/04/2018

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 27/04/2018

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