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.€464.5m
Last close€1.52
High / Low (52 weeks)€1.5 / €1.0
Stock market listingMI
Forecast net cash (€m)83.3
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual28.635.121.2
Relative *17.727.57.9

* % Relative to local index

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Company news

BRIEF-AEH indirectly buys 40.25 pct stake in Migros from DEA Capital units

Fri, 02 Jan 2015 14:03:45 GMT

RECORDATI ACQUIRES THE ITALIAN PHARMACEUTICAL COMPANY ITALCHIMICI

Tue, 31 May 2016 14:11:01 GMT

Investment Trust Watch: small cap trusts look 'cheap'

Fri, 12 Aug 2016 15:49:01 GMT

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

Tue, 02 Jun 2015 11:20:53 GMT

Busted! Maintenance workers find 26lbs of cocaine hidden inside American ...

Thu, 03 Dec 2015 14:07:40 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 9.8 2.1
2016A 80.5 N/A 12.4 4.7 32.2 20.8
2017E 69.7 N/A 18.3 3.4 44.6 20.4
2018E 72.6 N/A 20.6 3.7 40.9 8.8

Last updated on 21/03/2017

Latest research

Investment summary

FY16 saw good growth in its alternative AUM, positive performance from fund investments, offsetting weakness at Migros, the retailer quoted in Turkey, and a robust holding company net financial position after €31.6m in dividends (€0.12 per share), a level that DeA will maintain in 2017. The shares continue to trade at a wide discount to both NAV and our assessment of fair value. Returning momentum to asset management and a diverse investment portfolio have the potential to create further value, while 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 20/03/2017

Industry outlook

The subdued economic outlook in Italy, deferral of economic reforms and the ongoing task of strengthening the banking system, tends to support the case for alternative assets, independent of banks and with absolute return objectives.

Last updated on 02/03/2017

Key management

Manolo Santilli, CFO
Anna Majocchi, Investor Relations Manager

Company address

Via Brera, 21
Milan
20121
Italy
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