Initiation: Increased focus on asset management
DeA Capital is an Italian alternative asset manager with fund management activities, as well as investments in private equity. It is exiting some of its direct investments in private equity at close to NAV. A large part of the proceeds will be returned to shareholders, while a smaller part will be used to build up alternative asset management, thus capitalising on the growth in this area. Our fair value of €2.43 is based on a sum-of-the-parts (SOTP) methodology and provides c 33% upside.
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, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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