Search Follow us

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
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual(2)(21)(1.6)
Relative *1.8(9.9)(0.1)

* % 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 Atlantis Japan Growth Fund
Attica Bank Aviva
Banca IFIS Banca Sistema
BB Healthcare Trust Beazley
BlackRock Emerging Europe 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 Curtis Banks
Deutsche Börse Deutsche Grundstücksauktionen
DF Deutsche Forfait Empiric Student Property
Ernst Russ Experian
Fairpoint Group FBD Holdings
Ferratum Oyj FinLab
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 Senior Secured UK Property Debt Investments Ltd 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
Volta Finance Warsaw Stock Exchange
WH Ireland WorldSpreads Group

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
Milan
20121
Italy
View website