money-2696219 (1)

DeA Capital

MI: DEA

€397.3m market cap

€1.4 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 €11.8bn at 30 September 2019. The portfolio, including co-investment in funds managed, investment in the asset management platform and direct investment, amounted to c €369m.

Investment summary

Q319 AUM of the alternative asset management (AAM) platform was c €11.8bn, similar to Q219 and up c €0.4bn from a year earlier. The AAM platform net operating result was €11.2m (9M18: €10.2m). Group NAV per share was €1.73 and the holding company net financial position was €78.6m or c €0.30 per share. In early November DeA completed the €12.2m acquisition of Quaestio NPL management business, adding NPL AUM of €2.35bn directly and significantly broadening its capabilities. DeA also completed the acquisition of a 38.8% stake in the Quaestio holding company (for €14.1m), becoming the single largest shareholder and cementing a strategic agreement between the two companies. Quaestio’s asset management subsidiary retains c €7.5bn of assets under management and the strategic agreement provides for both DeA and Quaestio to offer each other’s products to their customers, and allows DeA to provide added-value investment solutions and capital allocation strategies and broaden its market reach..

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 33.9 N/A
2019E 70.1 N/A 14.8 3.7 40.3 N/A
2020E 78.6 N/A 18.4 5.0 29.8 N/A
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 25/02/2020
Share price graph
Balance sheet
Forecast net cash (€m) 87.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 1.8 6.9 13.9
Relative* (2.2) (0.3) (6.8)
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