money-2696219 (1)

DeA Capital

MI: DEA

€407.2m market cap

€1.33 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

At 31 March 2019 (Q119) alternative AUM was c €11.9bn, up from €11.6bn at end-Q118 and at a similar level to end-Q418. Commission income was a strong €16.9m compared with €14.4m in Q118, benefitting from performance-related fees. Fund launches have continued, with the DeA Capital Alternative Funds managed DeA Endowment fund, aimed specifically at banking foundations, and the group has acquired the remaining minority in DeA Capital Real Estate. The end-Q119 holding company’s financial position remained strong at €92.5m, or c 20% of NAV and the c €31m dividend distribution (€0.12 per share) in May is substantially matched by c €23m of dividend upstreaming from the AAM business. Shareholders have approved the cancellation of 40m treasury shares, with effect from August. This will have no impact on liquidity, NAV, or EPS. End-Q119 NAV per share was €1.82 (end-Q418: €1.84), before payment of the dividend.

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 30.2 N/A
2019E 63.8 N/A 8.6 1.8 73.8 N/A
2020E 71.7 N/A 15.5 4.3 30.9 N/A
Last updated on 16/07/2019
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 16/07/2019
Share price graph
Balance sheet
Forecast net cash (€m) 113.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 6.2 (11.3) 4.6
Relative* (0.9) (12.0) 4.0
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