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Edison Investment Research Limited London, UK, 10 June 2019 Edison issues outlook on DeA Capital (DEA) As DeA Capital targets growth in its alternative asset management operations, where it is already a leader in Italy, the past year has seen it eliminate the minority interest in its key real estate subsidiary and take its first steps towards building out a pan-European real estate platform. New fund launches across private equity, real estate and credit have more than offset the impact of maturing fund of funds. The discount to IFRS NAV has narrowed over the past year, but at c 0.7x DeA still has the lowest P/BV among a range of peers and the highest yield. The discount to our adjusted NAV (see page 8) of EUR1.75 (ex-dividend) is slightly larger still. A strong balance sheet and cash flow position support an attractive yield, and provide resources for investment to grow AAM further. to Edison's content to receive reports by email. Edison is authorised and regulated by the . 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 Learn more at and connect with Edison on:
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