money-2696219 (1)

DeA Capital

MI: DEA

€369.5m market cap

€1.39 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 €11.7bn at 30 June 2019. The portfolio, including co-investment in funds managed, investment in the asset management platform and direct investment, amounted to c €353m.

Investment summary

DeA Capital’s (DeA) H119 AUM of the alternative asset management (AAM) platform was more than €11.7bn, up from c €11.2bn in H118 but slightly lower than Q119. The AAM platform net operating result was €7.4m (H118: €6.8m). Group NAV per share was €1.69 and the holding company net financial position was €81.5m or c €0.31 per share. DeA continues to expect the series of agreements reached with Quaestio Group to complete in early 2020. The proposed acquisition of the Quaestio NPL management business 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 (c)
P/E (x)
P/CF (x)
2017A 72.8 N/A (25.9) (4.5) N/A 3.9
2018A 102.9 N/A 47.1 4.4 31.5 3.6
2019E 61.1 N/A 6.9 0.9 154.0 11.8
2020E 71.0 N/A 15.5 4.4 31.5 11.5
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 21/11/2019
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 4.2 9.1 10.0
Relative* 0.5 (2.1) (10.9)
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