Oakley Capital Investments Dividends - OCI

Oakley Capital Investments Dividends - OCI

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Stock Name Stock Symbol Market Stock Type
Oakley Capital Investments Limited OCI London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-0.50 -0.14% 352.50 08:00:00
Open Price Low Price High Price Close Price Previous Close
352.50 352.50 352.50 353.00
more quote information »
Industry Sector
EQUITY INVESTMENT INSTRUMENTS

Oakley Capital Investments OCI Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
10/09/2020InterimGBX2.2530/12/201930/06/202001/10/202002/10/202022/10/20200
12/03/2020FinalGBX2.2531/12/201831/12/201902/04/202003/04/202023/04/20204.5
11/09/2019InterimGBX2.2530/12/201830/06/201926/09/201927/09/201924/10/20190
13/03/2019FinalGBX2.2531/12/201731/12/201804/04/201905/04/201925/04/20194.5
13/09/2018InterimGBX2.2530/12/201730/06/201827/09/201828/09/201825/10/20180
15/03/2018FinalGBX2.2531/12/201631/12/201711/04/201812/04/201826/04/20184.5
12/09/2017InterimGBX2.2530/12/201630/06/201705/10/201706/10/201726/10/20170
16/12/2016InterimGBX4.531/12/201531/12/201629/12/201630/12/201630/01/20174.5

Top Dividend Posts

DateSubject
22/7/2021
15:34
1968jon: I can't see it either. I do not follow 3i - and they are a slightly different beast - but I have just had a cursory glance at their recent results. A good chunk of their recent NAV uplift is multiple expansion which they break out in their numbers. The only multiple I could find in my cursory glance was Action on 18.5x. Different scale to OCIs businesses, sure, but OCIs most recent published EV/EBITDA valuation multiple was 11.8x. Track OCIs multiple expansion over the last few years and it only ticks up. Check out the progression of HGT, which a few years ago would have been a similar beast, and their most recent valuation multiple was 22.1x and has been increasing a lot in the last few years - fair enough, they are in good and different businesses. I don't think OCI are going to move it that much, though I am hopeful for a good NAV uplift at conservative multiples.
29/6/2021
09:21
cwa1: Kepler research... https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-oakley-capital-investments-retail-jun-2021 Summary... Oakley Capital Investments (OCI) has a unique feel when compared to the listed private equity peer group. Aside from a focus on education, consumer and technology sectors, the recent capital markets day emphasised the entrepreneurial roots of Oakley Capital as manager, but also demonstrated a growing institutional feel as the team has expanded (see Management). Digital disruption and the opportunities it presents has long been a recurring theme in OCI. This placed OCI well at the beginning of 2020, and portfolio companies have clearly been nimble in adapting to the digital opportunities presented to them during lockdown. 53% of the portfolio by value had digital delivery models at the start of the year, which had risen to 76% by the end of 2020. This has helped ensure resilience and growth, with a NAV total return of 18% achieved for 2020 (see Performance). Following the recent capital markets day, we discuss many of the exciting businesses investors in OCI are exposed to in Portfolio. Across the three specialist sectors that Oakley focusses on, the recurring themes from the capital markets day presentations were the strong operational performance during 2020 and into 2021, the exciting future growth potential, and also how entrepreneurial founders of businesses represent a key part of Oakley Capital’s DNA. Oakley aim to continue to build on their track record of being the first institutional investors in growing companies and create “product” for other private equity firms to buy, as was the case with WebPros sold to CVC. Over the past five years, OCI has delivered good NAV and share-price total returns relative to peers and equity indices. The next NAV as at 30 June 2021 (announcement due end of July) will give more colour. Analyst's View OCI’s strong balance sheet is a differentiator. It went into the market sell-off with net cash on the balance sheet of c. £250m, or 36% of estimated net assets. This put the trust in a strong position, and Oakley Capital has made a number of interesting investments since then, in what is a competitive market. We estimate that OCI now has net cash on the balance sheet of c. £162m, representing 22% of the estimated NAV. Oakley’s track record is strong – both in absolute terms, but also relative to peers, which we discuss in Performance. For investors who want a focused private-equity portfolio, we think OCI looks exposed to plenty of exciting growth drivers from its Portfolio of niche businesses that are leaders in their field. It is perhaps in recognition of this fact that the Discount has narrowed considerably, which currently stands at 12% to Numis’s adjusted NAV. However, we believe this is more than justified by the good long-term performance and the resilience exhibited by the portfolio during 2020. We believe that should OCI’s strong performance continue along with the higher standards of governance and investor communication, OCI may be rewarded over time by a rating more in line with HgCapital (premium of 1%), rather than the wider peer group average. With OCI clearly offering a differentiated proposition, as well as the best liquidity position of the peer group, the shares should continue to attract interest. BULL BEAR[Apologies for lack of formatting here!] Strong long-term NAV growth, driven by portfolio-company performance Concentrated portfolio means that returns can be materially impacted by specific company performance Capital markets day highlighted the focus and expertise that gives Oakley Capital an edge in a competitive market Private companies offer limited liquidity, and returns can be lumpy Shares trade on a 12% discount to Numis's NAV estimate, with 30 June NAV announcement as a potential catalyst for further appreciation Private-equity funds charge relatively high fees
28/6/2021
09:15
davebowler: Liberum; Event Oakley Capital Fund III has agreed to sell its stake in ACE Education, a leading private vocational higher education platform in France and Spain. OCI's share of the proceeds will be c.£16m. The sale will generate a 2.1x money multiple and 27% IRR for Fund III. Oakley Capital Origin Fund will invest €40m in ACE alongside Groupe Amaury and ACE's founder, Patrick Touati. OCI's indirect contribution via the Origin Fund will be £10m. Following the transaction, OCI will have liquid resources of £174m. Amaury is the leading designer, producer, and distributor of mainstream sports content in France. Amaury and the Origin Fund intend to expand and diversify the platform through targeted acquisitions. Enrolments are expected to grow at a 12% CAGR over the next five years, benefiting from a number of recently opened campuses. Liberum view Fund III originally invested in ACE in August 2017 through the acquisition of AMOS. The group now operates under four brands and has over 4,000 students. ACE provides a platform for a roll-up in the higher education sector. ACE has expanded organically and also recently completed the acquisition of ESBS, a sports management business school in Spain. Revenue has grown by over 50% in the two years to June 2020. Enrolments grew by 13% in the most recent academic year despite the impact of Covid. At 31 December 2020, OCI's indirect share of the residual cost was £7.2m and the book value was £18.8m. OCI's share of the sale proceeds is £2.8m below the December book value, of which we estimate c.£1m is due to FX movements. The investment by Amaury should enable the business to solidify its position as the leading dedicated sports management business school. OCI currently trades on a c.12% discount to NAV. Given the positive outlook for the portfolio at the recent capital markets day, we expect OCI's strong NAV performance to continue in the upcoming H1 results.
22/6/2021
12:29
davebowler: Liberum; Event Oakley Capital Fund III has agreed the acquisition of PRIMAVERA Business Software Solutions, the Portuguese leader in business management software. Oakley Capital Investments' indirect contribution via Fund III will be £11m. Following the transaction, OCI will have liquid resources of £162m. PRIMAVERA was established in 1993 and it provides ERP and cloud business software solutions to over 32,000 SMEs in Portugal and Portuguese-speaking Africa. Oakley intends to combine PRIMAVERA with its existing portfolio company Ekon, a Spanish provider of ERP software. Oakley is acquiring the business from its founders who will invest alongside Fund III in the merged entity and continue to co-lead the PRIMAVERA business. The new merged entity, Grupo Primavera, will be the largest independent provider of business software in Iberia. The transaction is subject to regulatory approval. Grupo Primavera will comprise PRIMAVERA, Ekon and five additional bolt-on acquisitions made over the last twelve months (Tabulae, Contasimple, Billage, Diez Software and Professional Software). The group has over 55,000 customers and revenues of c.€60m (double-digit annual growth). The group will accelerate its deployment of cloud solutions through product development as well as further acquisitions. Liberum view The investment in Primavera has many of the characteristics of an Oakley acquisition (founder-led, subscription-based revenues, structural growth opportunity). The Primavera Group is well placed to benefit from the structural shift to the cloud. The market is dominated by legacy technology and international vendors. Ekon has performed resiliently through the pandemic as the shift in new business to SaaS accelerated in 2020. The market also offers scope for growth through buy and build strategies. The investment in PRIMAVERA is the third acquisition in June across the Oakley funds. OCI's indirect share of the transactions is c.£44m (6% of NAV). At the recent capital markets day, the manager outlined a strong pipeline of potential investments, led by opportunities within the technology sector. Despite a competitive investment market, Oakley has consistently been able to acquire at attractive multiple due to its focus on proprietary transactions. OCI currently trades on a c.14% discount to NAV. Given the positive outlook for the portfolio at the recent capital markets day, we expect OCI's strong NAV performance to continue in the upcoming H1 results. OCI’s discount is also based off the December NAV and many of the peer group have reported uplifts for Q1 2021 as well, indicating further latent upside in OCI’s NAV.
11/6/2021
07:57
cwa1: Hardman & Video | Q&A with Mark Thomas on Oakley Capital Investment (OCI) https://www.investegate.co.uk/hardman---38--co-research--oci-/eqs/hardman--amp--video---q-amp-a-with-mark-thomas-on-oakley-capital-investment--oci-/20210611073002EQTJB/
07/6/2021
09:33
davebowler: Liberum; Second investment by Origin Fund Mkt Cap £585m | Share price 324.0p | Prem/(disc) -19.5% | Div yield 1.4% Event Oakley Capital Origin Fund has acquired controlling stakes in Afterbuy and DreamRobot, e-commerce software providers in the German-speaking region. Oakley Capital Investments' indirect contribution via the Origin Fund will be c.£6m. Following the transaction, OCI will have liquid resources of £173m. Afterbuy and DreamRobot provide SaaS solutions for small to mid-sized online merchants selling their products through web shops and online marketplaces, such as Amazon or eBay. The platform enables users to manage and automate processes, such as multi-channel product listing, data collection and stock management. More than €50bn of gross merchandise volume has been processed across the businesses to date. The businesses will be combined to become ECOMMERCE ONE Group. The group is seeking to strengthen its position as the leading provider for small and medium-sized online merchants in the DACH region Liberum view The investments in Afterbuy and DreamRobot represents the second deal by Oakley's Origin Fund, following the acquisition of 7NXT, a German online fitness and nutrition platform in October. Oakley has a strong track record in implementing software buy-and-build strategies, demonstrated by its success with WebPros and Ekon. The WebPros exit completed last year at a 92% premium to carrying value and a gross return on investment of 6.7x (c.140% IRR). The deal appears to have all the hallmarks of a successful Oakley investment. The manager focuses on a well-proven strategy of operating in core sectors where it has significant experience and can leverage existing relationships. The deal was introduced by Valentin Schütt, who Oakley partnered with on its investment in Wishcard Technologies Group in 2019. This demonstrates the importance of Oakley's entrepreneur network for both repeated sourcing of proprietary deals. OCI currently trades on a c.20% discount to NAV. This is close to the widest discount of the private equity funds (excluding those that are in realisation). In our view, the strong outlook for the portfolio and NAV returns remains underappreciated. Digital business models account for 76% of the portfolio. OCI’s discount is also based off the December NAV and many of the peer group have reported strong uplifts for Q1 2021 as well, indicating further latent upside in OCI’s NAV.
07/6/2021
07:34
brexitplus: New investments in RNS “Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Origin Fund2 ("Origin Fund") has acquired controlling stakes in Afterbuy and DreamRobot, leading providers of e-commerce software in the German-speaking region. OCI's indirect contribution via Origin Fund will be £6 million. Note that the above figure only relates to OCI's share of Origin Fund's overall investment in Afterbuy and DreamRobot. OCI's liquid resources available for future deployment (including this transaction) are estimated to be £173 million.”
01/6/2021
08:53
davebowler: Liberum- Oakley Capital Investments Investment in ICP Education Mkt Cap £596m | Share price 330p | Prem/(disc) -19.2% | Div yield 1.4% Event Oakley Capital Fund IV has agreed to invest in ICP Education, an independent group of UK children's nurseries. Fund IV will invest alongside the management team of ICP Education. Oakley Capital Investments' indirect contribution via Fund IV will be c.£27m. Following the transaction, OCI will have liquid resources of £180m. ICP Education is one of the largest nursery operators in the UK. It serves 6,000 children at 44 nurseries across England, predominantly in London and the South East. A third of its nurseries are rated Ofsted Outstanding and 98% rated Outstanding or Good. Enrolments were negatively impacted due to lockdowns, but the business has recovered to pre-Covid levels in recent months. According to Companies House, revenue grew by 67% to £28.4m in the year to March 2020. Liberum view Oakley has extensive experience within the education sector. One of its most successful investments was Inspired Education, a leading global schools group. Oakley invested in Inspired in 2013 (Fund I) and 2014 (Fund II) to partner with the founder, Nadim Nsouli, to support the rapid growth of the business via a buy-and-build strategy. At the time of Oakley’s exit, Inspired educated over 45,000 students across 64 premium schools and early learning centres. Current education investments in the portfolio include IU Group (largest university group in Germany), ACE Education (vocational higher education group in France) and Schülerhilfe (after-school tutoring provider in Germany and Austria). The UK nursery market is estimated at £6.7bn and the sector is highly fragmented, offering the potential to scale the business, which should enable ICP Education to build on its strong market position. The business has many of the traits Oakley looks for when acquiring a business, with its industry-leading operational capabilities and attractive growth profile. OCI currently trades on a c.19% discount to NAV. This is close to the widest discount of the private equity funds (excluding those that are in realisation). In our view, the strong outlook for the portfolio and NAV returns remains underappreciated. Digital business models account for 76% of the portfolio. OCI’s discount is also based off the December NAV and many of the peer group have reported strong uplifts for Q1 2021 as well, indicating further latent upside in OCI’s NAV.
12/3/2021
12:48
davebowler: Liberum; Digital business models delivering strong growth Mkt Cap £525m | Prem/(disc) -26.0% | Div yield 1.5% Event OCI delivered another year of strong NAV performance in 2020, despite the headwinds caused by Covid-19. NAV per share at 31 December 2020 was 403p (previously reported), resulting in an 18% NAV total return in 2020. The main drivers of NAV growth in the period were realisation uplifts on Casa (+2.9% NAV impact) and Inspired (+2.9%) and the excellent operating performance of Career Partner Group (+9.8%). Considerable share buyback activity also added 3.6% to NAV in 2020. We calculate a five-year NAV CAGR of 16.7% (including dividends) for OCI. The operating performance of the portfolio has benefited from the bias towards software, tech-enabled services, online platforms and subscription based revenue models. Approximately 70% of the portfolio companies deliver their products or services digitally. Of the 17 portfolio companies, 10 have met or exceeded their pre-Covid budgets. The average EBITDA growth across the companies in 2020 was 20%. Despite the high revenue and EBITDA growth, the average portfolio valuation multiple remains conservative at 11.8x. Realisations have again been a material source of NAV growth in 2020, adding c.7% to NAV in 2020 (including the Daisy transaction). Total realisations in the period were £264m with an additional £77m received from refinancings and debt repayments. The realisations included the sale of its remaining stake in Inspired (25% uplift to book value), the exit of Casa (50% uplift), the partial realisation of atHome (estimated 82% uplift) and the partial sale of Daisy (33% uplift post-year end). Since 2018, we estimate the average uplift on realisations from the Oakley funds is c.48%, demonstrating the conservative approach to valuations. Four investments completed in 2020, deploying £152m. OCI has no leverage and a cash balance of £223m at 31 December 2020 (31% of NAV). Cash has reduced to £197m on a pro-forma basis after adjusting for recent transactions. Total outstanding commitments are £534m and these are expected to be deployed over the next five years. Commitments include €129m to the Oakley Capital Origin Fund, which will focus on investments in the lower mid-market segment (typical investment size will be between €10 million and €50 million). Oakley's track record in partnering with entrepreneurs has created a valuable network for sourcing new opportunities and the manager reports a strong pipeline of potential investments. Liberum view OCI has consistently delivered NAV growth (16.7% 5-year NAV CAGR) and we believe it offers a compelling way of accessing a high-quality portfolio. The portfolio performance demonstrates the benefits of the focus on digital business models with recurring revenues. The 40%+ average uplift on exit also highlights the conservative approach to valuations. Alignment of interests has been clearly demonstrated by £37m of share acquisitions by principals of the investment manager and board members in recent years. The board has also been proactive in seeking to address the discount by conducting accretive share buybacks. The current discount to NAV is c.26% (FX-adjusted), compared to an average of 8% for direct private equity peers (ex-3i). We believe the 18% differential is unwarranted and expect a re-rating of the shares. The upside in the portfolio is demonstrated by Career Partner Group, the largest investment in the private equity portfolio at 14% of NAV. Career Partner Group is the largest and fastest growing private university group in Germany. Student intake rose by 98% year-on-year. Oakley's initial investment in the business was in January 2018, and the number of students has risen from 13,600 to over 60,000 currently. The business offers significant scope for growth as the online education model market in Germany is not as mature as other countries in Europe or the US and we expect it will remain one of the main contributors to OCI's NAV growth over the medium term.
02/3/2021
12:56
davebowler: Liberum; Oakley Capital Investments Additional liquidity from CPG refinancing Mkt Cap £528m | Prem/(disc) -27.9% | Div yield 1.5% Event Career Partner Group, OCI's largest portfolio company at 14% of NAV, has completed a refinancing as a result of continued strong performance and cash generation. Career Partner Group achieved record student intake during the last 12 months and has been one of the key drivers of OCI's 18% NAV growth in 2020. OCI's share of the proceeds via Fund III will be £28m and will result in liquid resources available for deployment of £197m. Liberum view Career Partner Group is the largest and fastest growing private university group in Germany. Oakley's initial investment in the business was in January 2018, and the number of students has risen from 13,600 to over 60,000 currently. The business offers significant scope for growth as the online education model market in Germany is not as mature as other countries in Europe or the US and we expect it will remain one of the main contributors to OCI's NAV growth over the medium term. Following the transaction, OCI will have a cash balance of c.£197m (c.27% of NAV). This leaves the company well placed to capitalise on opportunities arising as a result of Covid-19 and we expect cash deployment to pick up over the next 12-18 months. Despite being the one of the best performing fund its its peer group over the last five years, generating a 17% CAGR, OCI continues to trade on the widest discount in the sector (ex-funds in realisation) at c.28%. We regard this as highly attractive given the manager's track record and the NAV growth potential of the fund.
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