Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DEA CAPITAL SPA. We currently have 5 research reports from 1 professional analysts.
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DEA CAPITAL SPA
DEA CAPITAL SPA
AUM growing again
18 Nov 16
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.
Relative haven in unsettled environment
17 Oct 16
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.
High yield and discount to our SOP estimate
13 May 16
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%.
23 Nov 15
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.
24 Sep 15
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.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.