NAV Trend

 

 

NAV at September 30, 2019

  September 30, 2019 December 31, 2018 "adjusted"
  M€ €/Sh. M€ €/Sh.
Alternative Asset Management        
- DeA Capital Real Estate SGR 138.0 0.53 140.4 0.56
- DeA Capital Alternative Funds SGR 42.6 0.16 43.4 0.17
- Other (YARD, DeA Capital RE France, Iberia) 7.4 0.03 6.8 0.03
Total AAM (A) 188.0 0.72 190.6 0.76
 
Private Equity Investment        
- Funds 119.4 0.46 125.0 0.49
- Shareholdings 61.5 0.24 51.0 0.20
Total PEI (B) 180.9 0.70 176.0 0.69
 
Investment Portfolio (A+B) 368.9 1.42 366.6 1.45
Other net assets (liabilities) 3.0 0.01 3.4 0.01
Net Financial Position Holdings 78.6 0.30 65.3 0.26
 
NAV 450.5 1.73 435.3 1.72

 

What is the NAV and how it is calculated

The Net Asset Value (NAV) is the value of the balance sheet assets less the liabilities and it is equal to the value of the Net equity, calculated and published quarterly by DeA Capital, based on the international accounting principles (IFRS).

As far as equity investments are concerned, at the moment of the acquisition. the value is equal to the price paid.

Subsequently, the value of equity investments increases/decreases on the basis of:

1) DeA Capital's share of the net result of the portfolio company, less the amount of dividends received by DeA Capital. for equity stakes >20% (associates)
2) Fair value at the time of evaluation. for equity stakes <20%. Private equity funds (e.g. Funds of Funds or Co-investment funds) are valued on a quarterly basis at fair value, as calculated and communicated by the fund managers.

NAV per share is calculated dividing the total NAV by the total number of outstanding shares.