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Edison Investment Research Limited Edison Investment Research Limited: Edison issues outlook on DeA Capital (DEA) 12-Jun-2018 / 10:21 GMT/BST London, UK, 12 June 2018 *Edison issues outlook on DeA Capital (DEA)* Over the past year, DeA Capital (DeA) has continued to make good progress in implementing the growth strategy for its alternative asset management (AAM) platform, comprising private equity, real estate and non-performing loans (NPLs). New fund launches have contributed to assets under management (AUM) growth of c 10% since end-FY16. Meanwhile, cash flow from its significant asset portfolio has remained strong, more than sufficient to fund co-investment in new fund launches, new direct investments and a continued high dividend distribution. After recent volatility in Italian markets, the yield is again more than 9% and the discount to our fair value of EUR1.72 per share is c 26%. With the shares having adjusted for payment of the EUR0.12 per share (FY17) DPS, combined with volatility in the Italian markets, the prospective yield is again above 9% and may provide investors with an attractive entry point. The discount to the end-March 2018 (ex-dividend) NAV of EUR1.78 per share is back at c 30% and the discount to our sum-of-the-parts fair value of EUR1.72 per share is c 25%. The latter values the AAM business by reference to peer earnings multiples and adjusts the remaining Migros investment for recent weakness in Turkish markets. Click here [1] to view the full report. All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com [2] *About Edison:* Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority [3]. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. *For more information please contact Edison:* Martyn King, +44 (0)20 3077 5745 Andrew Mitchell, +44 (0)20 3681 2500 *Financials@edisongroup.com* Learn more at www.edisongroup.com [4] and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-investment-research [5] Twitter www.twitter.com/Edison_Inv_Res [6] YouTube www.youtube.com/edisonitv [7] Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. End of Announcement - EQS News Service 694571 12-Jun-2018 1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e54fdb5e96f983b17153487db129fe66&application_id=694571&site_id=vwd&application_name=news 2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e7266211cbf0b72f2b3d94ab8bdaae97&application_id=694571&site_id=vwd&application_name=news 3: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=105fe9be9b5e36892886e5a39d51d4b7&application_id=694571&site_id=vwd&application_name=news 4: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=88c95533002fab2316572f9ef6cf3cc6&application_id=694571&site_id=vwd&application_name=news 5: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=edc5483da45ef361071849742dbf1595&application_id=694571&site_id=vwd&application_name=news 6: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ec2d264fe4f303e2143a2e85c6eaa823&application_id=694571&site_id=vwd&application_name=news 7: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=6b959e4d7ee3c402b931a274d2bbe945&application_id=694571&site_id=vwd&application_name=news
(END) Dow Jones Newswires
June 12, 2018 05:21 ET (09:21 GMT)
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