Oakley Capital Investments Share Discussion Threads

[donald pond] 20/4/2023 11:15

On that podcast he gave quite some detail on north sails but it seems to be going great guns and starting to perform at last

[makinbuks] 20/4/2023 10:59

I think if they could extract themselves from North Sails we would see a re-rating. So far I’ve seen little evidence that the brand can gain traction outside the sailing industry as the thesis hoped

[donald pond] 20/4/2023 08:59

About a month old but worth a listen. Tredget is on good form, and interesting on the discount and on North Sails and TMO, both of which seem to be progressing very well https://podcasts.apple.com/gb/podcast/money-makers/id1154102371?i=1000603716828

[donald pond] 18/4/2023 09:17

Surely that is what Oakley want: a brand they can add value to. I wonder what the plan is: I think there is a big untapped market in digital tutoring. Could they leverage the brand into that area? Private schools in the U.K. don't seem, per se, an obvious area.

[mwj1959] 18/4/2023 08:52

A strong brand, but not necessarily well run

[ayl30] 18/4/2023 07:37

Good investment rns today

[biggest bill] 18/4/2023 07:17

Here is the same article without the need to sign in.

[davebowler] 18/4/2023 06:18

hTTps://citywire.com/investment-trust-insider/news/james-carthew-will-good-performance-narrow-oakley-capital-s-illogical-discount/a2414621?re=108104&refea=252901

[serapuff] 11/4/2023 08:19

I'm not able to buy new shares - using IBKR - the customer service says there's "clearing related issues" with a closing only restriction. Anyone facing the same issue?

[danieldruff2] 04/4/2023 13:53

Does anyone have a view on how long they can keep up 20% a year NAV growth? The returns become eyewatering if they can do it for another decade or two.

[makinbuks] 04/4/2023 13:46

Very detailed report. Worth saving for the synopsis on each investment if nothing else. Nothing new but a couple of things grabbed my attention.

First, despite it size OCI remains very expensive compared to peers. OK the post costs returns are the best in the market so I guess the argument is its value for money.

Second, and I've commented on this before, the loans to North Sails are the second largest asset but without details on coupon and security. You have to assume they are not attractive otherwise there would be transparency

[biggest bill] 29/3/2023 08:14

The Oakley funds are not officially quoted on any stock market. For private investors, the only way to get exposure to them is by buying oci's shares. However, if an institutional investor has a direct holding in one of the Oakley funds and wishes to sell its holding, there is an unofficial private market where other institutions can buy from other large holders. The discount at which these holdings are changing hands is currently between 0 and 10%. Private investors can do much better than that by buying oci's shares in the market at a discount of over 30%.

[ali47fish] 29/3/2023 07:26

biggest please clarify not sure what you mean good or bad

[apollocreed1] 28/3/2023 23:19

Do you mean that they sell shares privately?

[biggest bill] 28/3/2023 17:30

This is an excerpt from the latest Hardman research note on Oakley. It shows that other investors are willing to pay a lot more for Oakley's funds than the large discount which is currently available on OCI's shares.

“A further independent check is the secondary market. OCI helps coordinate the sales of Oakley Funds, as general partners seek liquidity, and so it can see the price at which its funds are traded. It is currently a seller’s markets (average discounts marketwide are 10-20% to NAV), but Oakley Funds’ sales have been in the range of a 0-10% discount”.

[rik shaw] 16/3/2023 09:59

See top of this page or link below:

[ali47fish] 16/3/2023 09:57

biggest where no rns today

[biggest bill] 16/3/2023 09:23

It's reassuring to see that the directors are still accumulating shares. They know better than anybody else what the prospects are for Oakley.

[makinbuks] 09/3/2023 11:19

Some interesting comments by Steven Tredget at the results presentation today. North Sails debt £147m represents 12% of NAV: company undergoing a refinancing exercise at the moment which will hopefully lead to more new equity and a refinancing of the debt. In the meantime the company has EBITA much improved at £28m (5.25x). Timeout has already refinanced and "unfortunately the debt couldn't be repaid" but it is short term and due to be repaid this year (£5.2m).

[davebowler] 09/3/2023 10:56

Liberum Note: Delivering leading NAV growth
Analysts: Shonil Chande and Ciaran Donnelly

Mkt Cap £842m | Share price 474.0p | Prem/(disc) -28.4% | Div yield 0.9%

Event

EBITDA growth was the principal driver behind OCI’s 24% NAV total return in FY 2022, contributing 65% of the uplift to portfolio value. The 35% contribution from multiple expansion predominantly reflected five completed exits, achieved at a c.70% average premium to book value and there is potential for attractive realisations in 2023. The key driver of NAV growth will continue to be EBITDA growth and this is a portfolio characterised by 70% of look-through revenues being recurring or subscription-based and with a focus on digital disruptors exposed to megatrends. Placing too much weight on a discount that has persisted for years (29% currently) takes away from the main reason for owning the shares, which is NAV growth. We upgrade our TP to 653p and reiterate our BUY recommendation.

[this_is_me] 09/3/2023 07:25

Highlights for the year ended 31 December 2022


-- Net Asset Value ("NAV") per share of 662 pence and NAV of GBP1,167 million
-- Total NAV return per share of 24% (+128 pence)
-- Total shareholder return of 1%
-- Additional investments made of GBP271 million and share of proceeds of GBP244 million
-- Year-end cash and available credit facility of GBP210 million
-- Outstanding commitments of GBP929 million
-- Buy-back and cancellation of 2.2 million shares
-- Final dividend of 2.25 pence, taking dividends declared to 4.5 pence

[rik shaw] 07/3/2023 12:45

As they updated NAV to end of Dec 22 in RNS on 25/1 we may have to wait until TU for 1Q23 on 26/4 for another update, but I may be proved wrong.

[danny500] 07/3/2023 09:50

SP on a big discount. Results out this Thursday, hopefully another good increase in NAV.

[biggest bill] 07/3/2023 09:12

Oakley has a favourable article in Investors Chronicle.