Update: Transformation continues
DeA Capital’s NAV per share at 30 June 2015 was €2.18, which compares to €2.15 at 31 March 2015 (after adjusting for the capital distribution in May 2015). The company continues its transformation from a private equity investor to an alternative asset manager with the completion of the Migros sale in July (included in the June NAV at transaction value). Our current sum-of-the-parts calculation is €2.02 per share compared to €2.19 on 26 May when we published on the Q1 results. The decline arises from lower market multiples currently being given to asset management businesses and a reduction in our asset management profit forecasts in 2015. If it makes further progress in reducing its private equity investments in line with its valuations, the gap between the share price and our SOTP could be narrowed.
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