money-2696219 (1)

DeA Capital

MI: DEA

€359.4m market cap

€1.35 last close

DeA Capital, a De Agostini group company, is Italy’s leading alternative asset manager of real estate, private equity and NPLs, with AUM of c €11.9bn at 31 March 2019. The portfolio, including co-investment in funds managed, investment in the asset management platform and direct investment, amounted to c €372m.

Investment summary

DeA will report H119 results on 5 September. Q119 alternative AUM was c €11.9bn and NAV per share was €1.70, adjusted for the subsequent €0.12 per share distribution. Earlier this month DeA reached a series of agreements with Quaestio Group that will see it invest c €25m from its substantial cash resources and add a further significant boost to its growing AAM platform. The acquisition of the Quaestio NPL management business (completion expected in early 2020) will add c €2.5bn of NPL AUM directly and significantly broaden DeA’s NPL capabilities. DeA also plans to acquire a stake of up to 44% in the Quaestio holding company, becoming the single largest shareholder, cementing a strategic agreement between the two companies. This will allow DeA to provide added-value investment solutions and capital allocation strategies and broaden its market reach, while Quaestio will offer DeA’s alternative asset management products.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 72.8 N/A (25.9) (4.5) N/A N/A
2018A 102.9 N/A 47.1 4.4 30.6 N/A
2019E 63.8 N/A 8.6 1.8 74.9 N/A
2020E 71.7 N/A 15.5 4.3 31.3 N/A
Last updated on 16/09/2019
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 16/09/2019
Share price graph
Balance sheet
Forecast net cash (€m) 113.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 7.8 7.8 6.0
Relative* (0.1) 1.6 2.6
52-week high/low €1.6/€1.2
*% relative to local index
Key management
Lorenzo Pellicioli Chairman
Paolo Ceretti CEO
Manolo Santilli CFO
Anna Majocchi Investor Relations Manager

Content on DeA Capital