DeA Capital - Accelerating strong cash flow supports dividends

Although Q317 saw a reduction in NAV per share as a result of lower investment portfolio values, there was a positive acceleration in net cash flows from fund investments and a noticeable further strengthening in the net financial position. Alternative assets under management also continued to increase and our valuation of the asset management division increases, partly offsetting the investment portfolio valuation impact on our modified NAV/sum-of-the parts (SOP), which reduces to €1.87 from €1.91 previously. The share price discount to both IFRS NAV and our SOP remains attractively wide while strong cash flow underpins the high level of distributions and attractive 9.2% yield.