Oakley Capital Investments Share Discussion Threads

[davebowler] 04/4/2024 12:29

New Quarterly News letter...hTTps://mailchi.mp/oakleycapital/spring-ocinewsletter-april-2024?e=6780d8987a

[davebowler] 03/4/2024 11:57

Quoted Data -
OCI has consistently traded on a discount over the last five years. Over the 12 months ended 29 February 2024, the discount ranged between 40.8% and 26.9%, averaging 32.0%. At the time of publishing, the discount was 34.3%.

In our view, OCI’s discount is not reflective of its NAV track record, the conservative nature of its valuations (which is evidenced by the uplifts that it achieves when it makes an exit), or the potential of the underlying portfolio.

It is encouraging that, as mentioned above, the wider sector is becoming more proactive about addressing discounts. This should in time shift the dial.

It may also help that it looks as though interest rates have peaked. Valuations of listed comparators ought to be positively influenced by this.

[makinbuks] 28/3/2024 11:16

Ha Ha well read jon

[1968jon] 27/3/2024 14:15

And Ayl30, the £1.3m purchase by Dubens

[1968jon] 27/3/2024 14:14

The Numis offer is not currently there, some more big trades have gone through so far today and someone was publicly bidding 449 for 50k in the 2pm auction.......so what normally happens is.....

[1968jon] 27/3/2024 08:25

Numis still have a very large offer but has moved up to 449.6667 this morning

[ayl30] 27/3/2024 07:20

Rns- Director buys £200k block of shares

[donald pond] 27/3/2024 07:11

Well we know who was bidding now

[1968jon] 25/3/2024 15:12

Even though Numis have sold 140k shares today at 448.5 the offer is till there in large size. It is normally obvious when the order is filled or pulled.

[888icb] 22/3/2024 13:15

IC Article yesterday:
“ This PE company has trebled your money and is still a bargain
It continues to deliver strong shareholder returns from a portfolio that offers defensive characteristics and benefits from structural market growth
Simon Thompson

Net asset value per share up from 662p to 684p
17 per cent of book value in cash
Private equity investment company Oakley Capital Investments (OCI:465p) delivered a net asset value (NAV) total return of 4 per cent last year, but there should be no complaints from investors who enjoyed an 18 per cent total shareholder return (TSR). It takes the five-year annualised TSR to 24 per cent, during which time those who bought in when I announced my 2016 Bargain Shares Portfolio have trebled their money.

Oakley’s portfolio is focused on three core market segments – technology (23 per cent of portfolio), education (21 per cent) and digital consumer (42 per cent) – which delivered 14 per cent organic growth in cash profit, a key driver behind the valuation uplift. It highlights the portfolio’s ability to sustain growth rates even during challenging economic conditions.
The fact that two-thirds of portfolio companies operate a subscription-based or recurring revenue business model means that they are far less exposed to short-term falls in customer demand. The majority of Oakley’s investments also have defensive characteristics, benefit from strong structural market growth, and have asset-light business models and high cash conversion rates.

Importantly, portfolio companies’ leverage ratios (4.2 times cash profit to net debt) are well below the private sector industry average (six to seven times), and last year’s average entry multiple on new investments (12.4 times cash profit to enterprise valuation) was 24 per cent below the portfolio average. So, as investee companies mature, they benefit from multiple expansion and organic-growth-driven valuation uplifts. The 32 per cent share price discount to NAV fails to reflect Oakley’s strong attributes. Buy.

[1968jon] 22/3/2024 11:14

Too much to hope for the stock to rise with the market. As I have mentioned (many times) before, visible supply makes short-term moves easy to predict. Numis have had a chunk to sell for days. I have just asked for a quote and it is still on offer. Until that piece gets cleared out we're not going up.

[rambutan2] 16/3/2024 20:40

dave, many thanks for that.

[davebowler] 15/3/2024 11:31

OCI presentation

[rambutan2] 14/3/2024 22:45

Lots of detail, a v good AR:

[rik shaw] 14/3/2024 17:36

Dividend dates sorted now:

[makinbuks] 14/3/2024 16:22

Good to see the comments on Time Out and North Sails and encouraging to see North Sales also feature in the "Highlights" bullets

[cwa1] 14/3/2024 13:20

Saw that rik shaw and did scratch my head. It's amazing how often these supposedly professional companies get XD/record dates, etc. incorrect

[rik shaw] 14/3/2024 12:53

They need to sort out the dates for the dividend as record date of 22/3 should be ex div 21/3 not 14/3 as quoted in the RNS.

[davebowler] 14/3/2024 09:20

The Board continues to work towards the resolution and value maximisation of OCI's two direct investments of Time Out and North Sails. Developments in 2023 included: the receipt of an in-specie dividend of Time Out shares from the ongoing closure of Fund I which rationalised OCI's Time Out holdings in a single direct stake, giving greater autonomy over the holding; and converting OCI's outstanding North Sails loans and accrued interest into preferred equity. This was done alongside a wider organisational and capital restructure of the North Sails Group which improves OCI's overall security, creates an incentive for redemption and helps simplify the North Sails' capital structure, enhancing the attraction of the business to future investors. Time Out recently publicly reported strong half year results while North Sails delivered another record year for 2023.

[ayl30] 14/3/2024 07:17

Nice rns Caroline Foulger, Chair of Oakley Capital Investments, commented: "It is testament to the resilience of the underlying portfolio and Oakley's active management that, in spite of the unsettled nature of the global economy, the Company continued to deliver. Most importantly, total shareholder return was 18%, taking the annualised five-year total shareholder return to 24%. OCI continues to offer one of the most accessible ways to gain exposure to pan-European private equity through one of the industry's best performing managers."

[makinbuks] 05/3/2024 12:34

As I have stated I do not like the way OCI has been used to solve OCM issues with regard to TMO and consequently our stake in that business is uncomfortably large.

None the less, its encouraging that following todays positive reaction to their latest results the share price is back broadly to where it was two years ago. I take comfort from EBITA increasing from £2m to £6m and stated in the outlook to be at least £14m when all 9 sites are operational. Currently there are 7 sites with two more to come on stream later this year. If I am wearing my rose tinted spectacles and that is achieved in 2025 you might see the shares double in the next twelve months.

The big concern is how we exit such a large position without creating an overhang that blights the share price for months

[ali47fish] 03/3/2024 13:08

thanks that what i tend to do

[mrscruff] 02/3/2024 22:39

MACD is a technical, its just a short term momentum showing the direction of the share price. Traders use it to trade. I would ignore it if you are an investor because the long term-trend is upwards and healthy... its just a little volatile. I would not trade it as it could shake you out of OCI that is clearly the best value private equity in Europe. If it drops 4-5% buy some more.

[ali47fish] 02/3/2024 16:29

mrscuff is your comment about oci and what is macd