London, UK, 2 October 2020

Edison issues outlook on DeA Capital (DEA)

During the past year DeA Capital has exploited its financial strength and leading Italian position in alternative asset management (AAM) to grow and internationalise its AAM platform, extend its customer reach and enhance its product capability. The agreements with Quaestio Group marked a further important step in this process and should provide additional growth opportunities in less certain economic and market conditions.

At c 0.7x H120 IFRS NAV, DeA has the lowest P/NAV of a range of peers and the highest yield. Our P/E ratio valuation of the AAM business supports the carried value of the businesses, including intangibles, and the group NAV. 

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