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.
