DEA CAPITAL - STAR Conference - London, 23 October 2018
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
DEA CAPITAL STAR Conference – London, 23 October 2018
DEA CAPITAL AT A GLANCE
DeA Capital is the #1 Alternative Asset Manager of private equity and real estate funds in Italy,
with over € 11.2 Bln of AUM and € 473 Mln of NAV
AAM Platform Key Aspects
v ~200 Professionals
Real Estate Private Equity § Wide range of products in the most promising
asset classes: Real Estate, Private Equity and NPL
§ Capability to structure and launch innovative
AUM AUM products
9.0 2.2 § Deep knowledge of the Italian market
Bln Bln
§ Independent platform and state-of-the-art
compliance and risk management
Investments
v Large international investors’ network
Indirect Direct v Experienced management team and reputable
long term shareholders
v Strong balance sheet
v Listed company on the Milan Stock Exchange
1
Data as of 30.06.2018
DE AGOSTINI GROUP
DE AGOSTINI GROUP
v De Agostini is a family-owned private group (~1.7%)
founded in 1901 and active worldwide with € 4.8
Bln in revenues
MEDIA & GAMING &
v During the last two decades, the De Agostini Group PUBLISHING FINANCE
COMMUNICATION SERVICES
has gradually diversified its activities from the
traditional publishing sector to other sectors and
significantly expanded its operations in markets
outside of Italy
(100%) (100%) (50.6%) (58.3%)
v Today, the De Agostini Group, led by the holding
De Agostini S.p.A., operates in four sectors
through four sub-holdings: De Agostini North America
Publishing Lottery
§ De Agostini Editore – coordination and De Agostini North America DeA Capital
strategic management of all the Group's Scuola
Banijay Group
Gaming Alternative Funds
SGR (100%)
activities in the publishing sector, active in 30 Digital De (30.9%)
Agostini International
countries with publications in 13 languages JV Grupo
Planeta-DeA Italy
§ De Agostini Communications – active in the (50%) (Lottomatica) DeA Capital
Real Estate
media and communication sector, focused in SGR (64.3%)
production, broadcasting, and distribution of
content for television, new media, and cinema Publishing
Grupo Planeta-DeA
§ IGT – worldwide leader in the gaming and DeA Planeta Libri SPC (80.0%)
services, listed on the New York Stock Exchange Atresmedia
(20.9%)
§ DeA Capital – De Agostini Group's vehicle for
alternative investments, listed on the Milan Yard
(45.0%)
Stock Exchange
2
KEY FINANCIALS @ GROUP LEVEL
v Total AUM of € 11.2 Bln (of which € 9.0 Bln in Real Estate and
€ 2.2 Bln in Private Equity)
Alternative
Asset v Management Fees RE-PE of ~ € 60 Mln (> 50 bps on AUM)
Management
v EBITDA RE-PE of ~ 20 Mln (35% on Management fees)
v Book value of AAM Platform of € 137 Mln (2017 P/E 13.9X)
Direct / v Aggregate investments of € 243 Mln, including:
Indirect § Indirect € 181 Mln
Investments § Direct € 62 Mln
Corporate v Net Cash Position at holding level of ~ € 90 Mln
3
Data as of 30.06.2018 for AUM, Book Value, investments and net cash position; data as of 31.12.2017 for fees and EBITDA
AAM PLATFORM - KEY FINANCIALS
€ Mln
AUM
AUM & Net Profit (*)
Net tInPcrofmite
v Stable AUM due to a strong fund raising activity balancing
disposals from old vintage funds
v 2018 Dividends to DeA Capital S.p.A. over € 7 Mln (Yield 5%)
4
(*) Before the impact of Purchase Price Allocation («PPA»), impairment, other non-recurring iterms («NRI»)
DEA CAPITAL REAL ESTATE
THE COMPANY MAIN INVESTORS
v #1 manager of Real Estate funds in Italy
Pension
Funds
v High quality portfolio, focused on large Italian cities (about 66% in
Milan and Rome) and on offices/bank branches (~70% of total)(1)
v A diversified investor base: approx. 100 institutional investors, more
Banks / Insurance
than 70,000 retail investors(2) – Institutional investors account for
Companies
more than 90%(3) of the funds’ investor base
KPI
Net fees (€; Mln) AUM (€; Bln) # Funds
Investors
41 9.0 42
Foreign
TROPHY ASSETS
Data as of 30.06.2018 for AUM and funds; Data as of 31.12.2017 for fees
(1) By value
(2) Data on listed funds refer to the initial placement 5
(3) Includes: Pension Funds, Insurance Companies, Sovereign Funds, Corporations and Banks
DEA CAPITAL REAL ESTATE AUM & FEES EVOLUTION
€ Mln
AUM
Net Fees
Net Profit
Net Fees &
(*)
Average AUM profitability
Net Profit
0.44% 0.45%
v Business development focused on:
§ Existing funds expansion
Key
§ New core & value added initiatives
Development § Product range expansion (e.g. NPL funds like Special Opportunities Fund I)
Drivers
v Profitability improvement through funds portfolio rationalization and balanced mix
between traditional funds and innovative products
6
(*) Before the impact of Purchase Price Allocation («PPA»), impairment, other non-recurring iterms («NRI»)
DEA CAPITAL ALTERNATIVE FUNDS
THE COMPANY MANAGED FUNDS
v DeA Capital Alternative Funds is the leading Italian private equity asset € Mln Description Vintage Commitment
manager which manages single-manager, multi-manager investment IDeA I FoF 2007 646
Manager
programs and, starting from 2016, non performing corporate credit ICF II 2009 281
Multi
Italian closed-end funds of PE
funds IDeA Global funds with a global focus
Growth 2013 55
v With € 2.2 Bln of AUM, over 35 professionals work daily to deserve ICF III 2014 67
investors’ trust both by maintaining timely relationships with Total Multi Manager 1,049
international General Partners invested in ca. 700 companies through
80 funds worldwide, and by supporting management and € Mln Description Vintage Commitment
entrepreneurs of 30 directly-participated companies, which employ IDeA
Italian closed-end fund invested
in minority stakes of Italian
more than 30,000 people and generate revenues for about € 5 Bln Opportunity
companies across different
2008 217
Fund I
v More than 260 Limited Partners including both sophis ticated industries
Single Manager
institutional investors and successful entrepreneurs repeatedly granted Italian closed-end fund
IDeA EESS dedicated to energy efficiency 2011 100
DeA Capital AF their trust and sustainable growth
v A detailed reporting system, as well as direct access to the investment IDeA Taste Italian closed-end fund
dedicated to the Italian food 2014 218
teams, allow LPs to constantly track their investments of Italy
and beverage industry
KPI Italian closed-end fund
Investitori originally promoted by
Associati IV Investitori Associati SGR and 2004 53(1)
Net fees (€; Mln) AUM (€; Bln) # Funds managed by DeA CAF starting
from 2015
Total Single Manager 588
18 2.2 10 € Mln Description Vintage Commitment
Italian closed-end funds
Funds
Credit
CCR I investing in NPL of mid Italian 2016 222
MAIN INVESTMENTS companies and in DIP (Debtor-
CCR II 2017 326
in-possession) proceedings
Total Credit Funds 548
Total AUM 2,185 (2)
(1) Residual NAV after disposals
(2) 2,265 after the launch of the IDeA Agro Fund in July 2018
7
Data as of 30.06.2018 for AUM and funds; data as of 31.12.2017 for fees
DEA CAPITAL FUNDS AUM & FEES EVOLUTION
€ Mln
Funds of Funds
AUM Single Manager
Net Fees
Net Fees & Net Income
Profitability on Average
Net Profit AUM generating
revenues
1.21% 1.25%
Key
v Shift of AUM mix from funds of funds to thematic funds and credit funds
Development
v DeA Capital seed funding set in the 10% region for the new funds
Drivers
8DEA CAPITAL “OLDEST VINTAGE” FUNDS – AS AT JUNE 30TH 2018
(DEA CAPITAL S.P.A. STAKE)
M€
Fund Capital call NAV DPI TVPI
IDeA I FoF 149,7 42,3 1,04x 1,33x
(2007)
ICF II 37,4 37,4 0,77x 1,77x
(2009)
IDeA OF I 87,3 51,9 0,58x 1,17x
(2008)
IDeA EESS 24,0 15,6 0,67x 1,32x
(2011)
Total 298,4 147,2 0,84x 1,33x
92018 LA PIADINERIA DISPOSAL BY IDEA TASTE OF ITALY
Leading chain in the fast casual food segment in Italy with over 180 sales outlets
Revenues EBITDA # Sales Outlets 220
70
M€ 44% 57 M€ 170
25 132
61%
39 18 99
DOS 98
27 84 67
19 12
Franchising 25 37
7
4 59 65 71
61
2014a 15a 16a 17a 18e 2014a 15a 16a 17a 18e 2014a 15a 16a 17a 18f
ToI Key Financials
Invested Equity: 10.6 M€
M€ Enterprise Value – 100%
263
140 Net Proceeds: 104.6 M€
Net cash multiple: 9.9x
Net IRR: 128%
93
30 DeA Capital investment
Commitment to the Fund: 11.6%
Entry @ Delta Delta Exit @ Net Cash-in pro quota: 12.0 M€
7x EBITDA 14a EBITDA Multiple 15x EBITDA 17a
Capital Gain pro quota: 10.8 M€
102018 CORIN DISPOSAL BY IDEA OPPORTUNITY FUND I
International Player in the production/distribution of hip and knee orthopaedic implants
Opportunity Fund I Key Financials
Enterprise Value – 100% Purchase price: 15.8 M€
312
185
Data in Mln £ Net Cash In: 65.6 M€
Net cash multiple: 4.2x
82
Net IRR: 35%
45
DeA Capital investment
Commitment to the Fund: 47%
Entry @ EBITDA Multiple Exit @
5.6x EBITDA 11a Delta Delta 13.8x EBITDA 17a Net Cash-in pro quota: 30.8 M€
Capital Gain pro quota: 23.4 M€
11DEA CAPITAL STRATEGY
v Growth of the AAM business DeA Capital NAV NAV Stock
§ Focus on consolidation of domestic leadership NAV (€ Mln) per share Price(1)
§ Launch of innovative products NAV 473 1.87 1.29
§ Focus on developing foreign investor base
§ International growth (DeA Capital Real Estate Cash 87 0.34 0.34
France) NAV net of Cash 386 1.53 0.95
§ Business model optimization (coordination of
investor coverage functions)
38 %
v Remodeling of the Private Equity Discount to
Investment business Assets
§ Sponsorship of new SPAC initiatives on the Of which:
Italian Stock Exchange
§ Sponsorship of new initiatives of the AAM AAM 144 0.57 @ BV
platform
§ New direct Private Equity deals with a co- Indirect Inv. 181 0.71 @ NAV
invest or/club-deal approach (average size €
25/30 Mln per ticket)
Direct Inv. 62 0.25 @ FMV
v Expected significant cash returns to
Shareholders through dividends/buyback
12
(1) Data as of 18.10.2018Disclaimer
This presentation cont ains statem ents that const itute forward-lookin g st atements regarding the intent , belief or
current expectat ions of the DeA Capit al (“the Company”) with respect t o th e finan cial results and other aspects of
the Company's activities and strategies
Such forward looking statem ents are n ot gu arantees of future perform ance and involve risks and uncert ainties,
and actual results may differ materially from those in the forward looking statements as a result of various factors
Analysts an d invest ors are cautioned n ot to place un due reliance on th ose forward lookin g statem ents, which
speak only as of th e dat e of this presentat ion – DeA Capital S.p.A. undertakes no obligation to release pu blicly the
result s of any revision s t o these forward looking st atements which may be made t o reflect events and
circum stances after the date of this present ation , in clu din g, without limitat ion , chan ges in the Com pany’s
business or investment strategy or to reflect the occurrence of unanticipated events
Analysts and invest ors are encouraged t o consult the Com pany's Annual Report an d periodic filings for accounting
inform ation, as well as press releases an d all docum entation made pu blicly available on the website
www.deacapital.com
The Manager responsible for the preparation of com pany accounting st atements, Manolo Santilli, declares in
accordance with paragraph 2 of article 154 of the Consolidated Finan ce Act that any accountin g information on
DeA Capital included in this document corresponds to registered company accounts, books and records
13You can also read
