money-2696219 (1)

DeA Capital

MI: DEA

€436m market cap

€1.42 last close

DeA Capital, a De Agostini group company, is Italy’s leading alternative asset manager of real estate, private equity and NPLs. It had alternative assets under management of c €11.4bn in Q318 and the holding company net financial position was €140.3m.

Investment summary

DeA Capital performed well in FY18 despite turbulent financial markets, developing its alternative asset management platform and growing AUM. Minority interests have been eliminated and net asset value grew. Strong cash flow continues, driven by net distributions from maturing fund investments, sufficient to fund reinvestment and strong distributions. The board is proposing payment of an unchanged €0.12 per share dividend in the current year, a yield of almost 9%. Our adjusted net asset value per share is unchanged at €1.94, c 40% ahead of the share price.

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 32.3 N/A
2019E 75.2 N/A 20.0 5.8 24.5 N/A
2020E N/A N/A N/A N/A N/A N/A
Last updated on 19/03/2019
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 19/03/2019
Share price graph
Balance sheet
Forecast net debt (€m) 133.3
Forecast gearing ratio (%) 27
Price performance
%
1m
3m
12m
Actual 11.8 14.7 (5.1)
Relative* 5.8 1.3 0.7
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