Edison Investment Research - DeA Capital (DEA) Update: On track

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Edison Investment Research

Update: On track

Q115 results were largely in line with our expectations, with NAV improving slightly from â‚¬2.41 per share at the end of 2014 to â‚¬2.45 in Q115. DeA Capital has encountered some delays in the sale of its Migros stake as well as in the launch of new asset management products, but managementâ€™s strategic development targets remain in place. Following the â‚¬79.9m (â‚¬0.30 per share) capital return on 13 May, our estimated SOTP value is â‚¬2.19.

26/05/2015 7 EN

Underlying

DeA Capital

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Italy

Provider

Edison Investment Research

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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Update: On track

DeA Capital - Strategic delivery

Outlook: High yield and discount to our SOP estimate

Update: Transformation progress

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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