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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 March 2018, it had an investment portfolio of c €376m and alternative assets under management of more than €11.6bn.

Stock data

Market cap.€384.5m
Last close€1.25
High / Low (52 weeks)€1.6 / €1.2
Stock market listingMI
Forecast net cash (€m)0
Forecast gearing ratio (%)N/A

Price performance

Relative *1.8(9.9)(0.1)

* % Relative to local index

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Company news

Investment summary

Q118 alternative AUM of €11.6bn were up 6.4% over the year, including the launch of a second corporate credit recovery fund, several new real estate funds and in January 2018, a new fund directed at real estate NPLs. The group continues to target a broadening of its product range and investor base and is exploring potential opportunities in Europe. NAV per share was €1.90 at end-Q118 (FY17: re-stated €1.92), primarily reflecting weakness in the Migros stake, but also share repurchases, offsetting otherwise net positive movements. The net financial position increased strongly, to €105.8m (FY17: €92.3m), equivalent to €0.42 per share or 22% of NAV, primarily due to strong net distributions from funds held. A DPS of €0.12 has since been paid and we expect a similar distribution for the current year, a yield of more than 9%. The shares also offer a discount of c 30% to NAV and c 25% to our €1.72 sum-of-the-parts (Migros at TRY18.70; TRY5.45 = €).

Last updated on 27/07/2018

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 80.5 N/A 12.4 4.6 27.3 17.2
2017A 72.7 N/A (26.0) (4.8) N/A 3.6
2018E 62.5 N/A 9.7 0.1 1254.0 4.8
2019E 69.5 N/A 15.7 2.6 48.2 13.3

Last updated on 18/07/2018

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 27/07/2018

Key management

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

Company address

Via Brera, 21
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