Outlook: High yield and discount to our SOP estimate
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%.
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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