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DeA Capital

High yield and discount to our SOP estimate

Outlook | Financials | 13 May 2016

DeA Capital is an alternative asset manager of private equity and real estate funds and co-investor of managed funds. It made some progress in 2015 with the partial sale of a stake in a large direct private equity investment and in raising funds for specialist private equity funds, but adverse market conditions forced it to cancel a planned REIT listing in H215/H116. The company announced a €0.12 per share dividend for 2015 as part of its programme of returning excess capital to shareholders. DeA Capital shares are trading at a c 32% discount to our sum-of-the-parts valuation of €1.93/share and offer a high yield of c 9%.

DeA Capital

Accelerating strong cash flow supports dividends

Update | Financials | 23 Nov 2017

Although Q317 saw a reduction in NAV per share as a result of lower investment portfolio values, there was a positive acceleration in net cash flows from fund investments and a noticeable further strengthening in the net financial position. Alternative assets under management also continued to increase and our valuation of the asset management division increases, partly offsetting the investment portfolio valuation impact on our modified NAV/sum-of-the parts (SOP), which reduces to EUR 1.87 from EUR 1.91 previously. The share price discount to both IFRS NAV and our SOP remains attractively wide while strong cash flow underpins the high level of distributions and attractive 9.2% yield.

DeA Capital

Growing AUM and NAV with cash for dividends

Update | Financials | 03 Oct 2017

H117 was an active period for the direct investment portfolio, with a new direct investment in a listed special purpose acquisition vehicle and a further reduction in its Migros stake. Alternative assets under management have continued to grow and positive investment performance has seen NAV, adjusted for dividends, grow. We forecast positive returns from DeA Capital's diverse investment portfolio and positive momentum in asset management, AUM and earnings, while prospective cash inflow from maturing private equity funds would mitigate the risk of a rise in market volatility. We forecast continuing high distributions, generating a yield of 8.8%, and our sum-of othe parts valuation is now €1.91 per share.

DeA Capital

Executive Interview - DeA Capital

Edison TV: | Financials | 25 Jul 2017

DeA Capital is one of Italy’s largest alternative investment operators, and is active as both an investor and a manager of assets. The investment division invests the group’s own permanent capital both directly, via strategic stakes in companies, and indirectly via funds, overwhelmingly managed by the group’s asset management division. The asset management division provides a broad offering across private equity, real estate and credit funds with €11.4bn in assets under management (AUM) at the end of Q1.

DeA Capital

Growth, value and income

Outlook | Financials | 12 Jun 2017

DeA Capital has continued to be active in its direct investment portfolio in the opening months of FY17, returning to direct investment with a stake in a newly created and listed special purpose acquisition vehicle and a further reduction in its Migros stake. Q117 also saw further growth in AUM and a positive investment performance. Returning growth momentum to asset management and a diverse investment portfolio have the potential to create further value. Meanwhile the prospect of cash inflows as private equity fund investments mature provides a measure of protection against any rise in market volatility.

DeA Capital

Expanding asset management platform

Update | Financials | 20 Mar 2017

FY16 saw good growth in its alternative AUM, positive performance from fund investments, offsetting weakness at Migros, the retailer quoted in Turkey, and a robust holding company net financial position after €31.6m in dividends (€0.12 per share), a level that DeA will maintain in 2017. The shares continue to trade at a wide discount to both NAV and our assessment of fair value. Returning momentum to asset management and a diverse investment portfolio have the potential to create further value, while the prospect of cash inflows as private equity fund investments mature provides a measure of protection against any rise in market volatility.

DeA Capital

AUM growing again

Update | Financials | 18 Nov 2016

DeA Capital (DeA) has a strategic focus on its alternative asset management business, which is among the largest players in Italy, and also holds a portfolio of fund and direct investments. Assets under management in both the private equity and real estate asset management subsidiaries grew in Q3, reflecting new fund launches and a more stable appetite for real estate funds. The shares trade at a wide discount which, along with the diverse portfolio and the prospect of cash inflows as private equity fund investments mature, should provide a measure of protection against any rise in market volatility.

DeA Capital

Relative haven in unsettled environment

Update | Financials | 17 Oct 2016

DeA Capital (DeA) is an alternative asset manager of private equity and real estate funds and holds a portfolio of fund and direct investments. DeA continues to focus on the development of its asset management business. The recent climate has not been favourable for Italian real estate funds but DeA's specialist/thematic private equity funds are making good progress. The latest fund launches are in the area of non-performing loans, a sector which has good potential for further development. The shares trade on a substantial discount that, taken together with the diversified nature of the assets, should mitigate risks even if market volatility increases.

DeA Capital

Transformation progress

Update | Financials | 23 Nov 2015

DeA Capital's NAV per share at 30 September 2015 was €2.17, little changed from €2.18 at 30 June 2015. The company has made progress on its path to reposition itself as an alternative asset manager rather than a private equity investor in Q315. It received the cash from the part-disposal of its stake in Migros and made an application to Borsa Italiana to list a REIT. DeA Capital is cash-positive, yields just below 7% according to our dividend estimate and is trading at a discount of around 30% to our estimate of its sum-of-the-parts of €2.10 per share.

DeA Capital

Transformation continues

Update | Financials | 24 Sep 2015

DeA Capital's NAV per share at 30 June 2015 was €2.18, which compares to €2.15 at 31 March 2015 (after adjusting for the capital distribution in May 2015). The company continues its transformation from a private equity investor to an alternative asset manager with the completion of the Migros sale in July (included in the June NAV at transaction value). Our current sum-of-the-parts calculation is €2.02 per share compared to €2.19 on 26 May when we published on the Q1 results. The decline arises from lower market multiples currently being given to asset management businesses and a reduction in our asset management profit forecasts in 2015. If it makes further progress in reducing its private equity investments in line with its valuations, the gap between the share price and our SOTP could be narrowed.

DeA Capital

On track

Update | Financials | 26 May 2015

Q115 results were largely in line with our expectations, with NAV improving slightly from €2.41 per share at the end of 2014 to €2.45 in Q115. DeA Capital has encountered some delays in the sale of its Migros stake as well as in the launch of new asset management products, but management's strategic development targets remain in place. Following the €79.9m (€0.30 per share) capital return on 13 May, our estimated SOTP value is €2.19.

DeA Capital

Increased focus on asset management

Initiation | Financials | 27 Mar 2015

DeA Capital is an Italian alternative asset manager with fund management activities, as well as investments in private equity. It is exiting some of its direct investments in private equity at close to NAV. A large part of the proceeds will be returned to shareholders, while a smaller part will be used to build up alternative asset management, thus capitalising on the growth in this area. Our fair value of €2.43 is based on a sum-of-the-parts (SOTP) methodology and provides c 33% upside.