DeA Capital - Continuing to focus on asset management growth
DeA Capital produced a solid performance in Q119, with the alternative asset management division benefiting from performance-related fees, continuing its platform development, and launching new funds. NAV and the net cash position remained robust, and an unchanged €0.12 per share dividend was paid on 22 May 2019. We forecast a similar distribution in FY19, representing a prospective yield of more than 9%. Following the dividend payment, our adjusted net asset value per share is €1.75.DeA Capital is an alternative investment operator based in Italy. Co. which operates in both the Private Equity Investment and Alternative Asset Management businesses and heads the De Agostini Group in the area of financial investments. Co., which has "permanent" capital, and therefore is not restricted to a pre-set duration, has greater flexibility in optimizing the timing of entry and withdrawal from investments. In terms of investment policy, this flexibility allows Co. to adopt an approach based on value creation over the medium to long term. Co. maintains an investment portfolio of around Euro780 million and assets under management of approximately Euro11 billion.
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