- Growing AUM and NAV with cash for dividends
H117 was an active period for the direct investment portfolio, with a new direct investment in a listed special purpose acquisition vehicle and a further reduction in its Migros stake. Alternative assets under management have continued to grow and positive investment performance has seen NAV, adjusted for dividends, grow. We forecast positive returns from DeA Capital’s diverse investment portfolio and positive momentum in asset management, AUM and earnings, while prospective cash inflow from maturing private equity funds would mitigate the risk of a rise in market volatility. We forecast continuing high distributions, generating a yield of 8.8%, and our sum-of –the parts valuation is now €1.91 per share.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.
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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