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.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.