Search Follow us

DeA Capital (DEA)

Business description

DeA Capital, a De Agostini group company, is Italy’s leading alternative asset manager of real estate, private equity and NPLs. It had alternative assets under management of c €11.4bn in Q318 and the holding company net financial position was €140.3m.

Stock data

Market cap.€401.1m
Last close€1.31
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(0.2)4.1(6.3)
Relative *(3)(5.3)4.8

* % Relative to local index

Other companies in sector Show

3i Group Abbey Protection
Aberdeen Asset Management Admiral Group
AFH Financial Group Ai Claims Solutions
Allied Minds Alpha Strategic
Amlin APQ Global
Arbuthnot Banking Group Arden Partners
Ashford Ashford Hospitality Trust
Ashmore Group Attica Bank
Aviva Banca IFIS
Banca Sistema BB Healthcare Trust
Beazley Braemar Hotels & Resorts
Brewin Dolphin Brightside Group
Catlin Group Cenkos Securities
ChimpChange Circle Holdings
City of London Group Collins Stewart
Consus Real Estate Corestate Capital Holding
Covercy Creditshelf
Curtis Banks Deutsche Börse
Deutsche Grundstücksauktionen DF Deutsche Forfait
Empiric Student Property Ernst Russ
Experian Fairpoint Group
FBD Holdings FCR Immobilien
Ferratum Oyj FinLab
Freedom Holding Corp Gable Holdings
Gartmore Group GCP Student Living
German Startups Group GLI Finance
Grand City Properties Hardy Underwriting
Hargreaves Lansdown Heartland New Zealand
Helphire Henderson Group
Hiscox HSBC Holdings
ICAP ICG-Longbow SSUP
IE Financial IFG Group
IG Group Impax Asset Management
International Personal Finance Is Yatirim Menkul Degerler
JDC Group John Laing Group
Jupiter Fund Management Lancashire Holdings
Lighthouse Group Liontrust Asset Management
Lloyd Fonds London Stock Exchange Group
MAN Group Market Tech Holdings
Mattioli Woods MCB Finance Group
mic Moneysupermarket.com
MPC Capital MyBucks
NEOVIA Financial Noratis
Novae Group Numis Corporation
Nurnberger Beteiligungs Oakley Capital Investments
Ocean Capital Oekoworld
Omega Insurance Holdings OTC Markets Group
Panmure Gordon Park Group
Picton Property Income Powerhouse Ventures
Prudential publity
Quayle Munro Holdings Randall & Quilter Investment Holdings
RCM Beteiligungs Record
Rensburg Sheppards RSM Tenon
S&U Sanlam Securities UK
Scherzer & Co Schroders
Secure Trust Bank Share
Shore Capital Group St. James's Place
Supermarket Income REIT Syndicate Asset Management
Tawa The Dolphin Square Charitable Foundation
Town Centre Securities Tungsten Corporation
UmweltBank Warsaw Stock Exchange
WH Ireland WorldSpreads Group

Company news

Investment summary

Alternative assets under management increased to €11.4bn in Q318, driven by new fund launches, with fees up 3.4% ytd. The holding company net financial position was very strong at €140.3m (€0.55 per share, or more than 40% of the share price), continuing to increase with net distributions from private equity fund co-investments. NAV per share was €1.84, up from €1.80 (adjusted for dividends subsequently paid) at the start of the year, but down from €1.87 at end-Q218. We view positively DeA’s plans to cancel 40m of the 52.9m treasury shares acquired through its share repurchase programme, although this will not impact NAV or EPS. DeA has also increased its ownership of its main real estate management subsidiary to 94% from 64.3%, at book value, using cash resources. We believe the transaction strengthens the AAM platform and increases its earnings contribution, at an attractive price, while simplifying the group structure.

Last updated on 01/02/2019

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 80.8 N/A 12.7 4.7 27.8 N/A
2017A 72.8 N/A (25.9) (4.5) N/A N/A
2018E 102.4 N/A 45.7 4.0 32.7 N/A
2019E 74.4 N/A 20.0 5.9 22.2 N/A

Last updated on 26/01/2019

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 and distributions to shareholders, even after meeting outstanding investment commitments.

Last updated on 01/02/2019

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