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| Announcement Date | Type | Currency | Amount | Ex-Dividend Date | Record Date | Payment | |
|---|---|---|---|---|---|---|---|
| 14/3/2024 | Dividend income or Cash Dividend | GBP | 0.0225 | 21/3/2024 | 22/3/2024 | 26/4/2024 | |
| 14/9/2023 | Dividend income or Cash Dividend | GBP | 0.0225 | 21/9/2023 | 22/9/2023 | 20/10/2023 | |
| 09/3/2023 | Dividend income or Cash Dividend | GBP | 0.0225 | 16/3/2023 | 17/3/2023 | 21/4/2023 | |
| 08/9/2022 | Dividend income or Cash Dividend | GBP | 0.0225 | 22/9/2022 | 23/9/2022 | 13/10/2022 | |
| 10/3/2022 | Dividend income or Cash Dividend | GBP | 0.0225 | 24/3/2022 | 25/3/2022 | 14/4/2022 | |
| 09/9/2021 | Dividend income or Cash Dividend | GBP | 0.0225 | 23/9/2021 | 24/9/2021 | 14/10/2021 | |
| 11/3/2021 | Dividend income or Cash Dividend | GBP | 0.0225 | 25/3/2021 | 26/3/2021 | 15/4/2021 | |
| 10/9/2020 | Dividend income or Cash Dividend | GBP | 0.0225 | 01/10/2020 | 02/10/2020 | 22/10/2020 | |
| 12/3/2020 | Dividend income or Cash Dividend | GBP | 0.0225 | 02/4/2020 | 03/4/2020 | 23/4/2020 | |
| 11/9/2019 | Dividend income or Cash Dividend | GBP | 0.0225 | 26/9/2019 | 27/9/2019 | 24/10/2019 |
| Top Posts |
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Posted at 03/4/2024 11:57 by davebowler 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. |
Posted at 14/3/2024 09:20 by davebowler 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. |
Posted at 24/1/2024 08:44 by davebowler EBITDA growth the key driver of returnsLiberum Analyst: Shonil ChandeMkt Cap £861m | Share price 482p | Prem/(disc) -29.5% | Div yield 0.9%EventOakley Capital Investments' NAV per share of 684p, as at 31 December 2023, represented a 1% NAV total return in Q4 and 4% in the calendar year. Of the realised and unrealised portfolio uplift in the year, 65% of the increase was driven by EBITDA growth, and 35% as a result of multiple expansion.Returns were driven by:IU Group £240m realisation at a 85% IRR. The company increased enrolment by 33%, to 125k students, in 2023North Sails revenue and profit generation was above targetIdealista strong performance in its core Southern Europe region?OCI made look-through investments of £175m in the year, including into the following new platforms: Thomas's London Day Schools, Liberty Dental Group, and WebCentral. Additionally, £66m was re-invested into IU Group, £35m of follow-on investments were made, and £24m into venture investments via Oakley Touring Venture Fund and PROfounders III portfolio companies.At the year-end, OCI had net cash of £207m and an undrawn RCF sized at £175m. Total outstanding commitments, as at 31 December 2023 and to be deployed into the Oakley funds over the next five years, amounted to £1,017m.Liberum viewWhile this is still a challenging market for realisations, the outlook for exits is tentatively improving. During the holding period, the valuation multiple for Oakley's portfolio companies tends to remain relatively close to the acquisition multiple. The underlying portfolio is growing well, benefitting from a focus on digital disruptors exposed to megatrends. The key driver of NAV growth will continue to be EBITDA growth, which has been the main driver of a 21% NAV TR CAGR over the past five years.OCI has a proven track record in delivering value by targeting sectors such as education, where PE representation can be fairly low. Several other portfolio companies are well-positioned to benefit from digital megatrends. These include Cegid, which operates in business software and cloud-based management solutions. It is well-placed to benefit from the data supercycle. Ultimately, the quality and durability of the portfolio holdings drive returns. We are BUYers with a 653p TP on OCI's shares. |
Posted at 09/1/2024 14:42 by davebowler Tom Biltcliffe update-OCI OCI invests in funds managed by Private Equity manager Oakley Capital which specialises in high-growth European businesses across Technology, Consumer, Education and Business Services. Oakley has a strong network of founders and partners that it leverages to find opportunities, often before these are seen by the wider PE market. The manager looks for tech-enabled or potential platform businesses with recurring revenues, especially those that are addressing a large market that has yet to be penetrated by technology. The most high-profile realisation last year was IU Group, an online university platform, which was realised at an 85% IRR. IU Group was a prime case of a tech-enabled solution taking market share in a large, growing market. Other sectors have included online residential property platforms in Spain, insurance comparison in Italy, and golf equipment, which have all lagged the online transition seen in other countries or sectors. Performance With a 5-year NAV total return of 178% and 5-year share price total return of 202%, OCI is established as a top name in the listed Private Equity sector. It is anticipated that the next few years will be a more challenging period for the broader Private Equity market, but we believe OCI is well-positioned to continue to outperform. Key concerns for the sector have centred around the resilience of portfolio constituents in tougher market conditions, excessive leverage with increasing debt costs, and the validity of the valuations. We explain why we think these issues have less relevance to OCI. Portfolio Resilience In the 12 months to June 2023, OCI’s portfolio had average organic EBITDA growth of 21%. Considering this period was marred by high inflation, rising rates and low consumer confidence, this growth is reassuring in showing that OCI’s portfolio companies are coping well in a more challenging environment. This is because it largely consists of established, profitable companies that tend to have sticky, recurring revenues, whilst their innovative solutions are continuing to see strong demand. Leverage OCI has no gearing at the company level and the average net debt/EBITDA ratio of the portfolio is 4x, which is low for the PE sector. When you consider that EBITDA in the portfolio has been growing at 20%+ per annum, this appears even more conservative. Valuations Private Equity valuations have come under the microscope over the last 12-18 months, with suggestions that multiples have not been adjusted to reflect the weakening seen in public markets. OCI takes a much more conservative approach to valuations, demonstrated by the fact that the average uplift to book value on exit has averaged 35%. Furthermore, the current average EV/EBITDA multiple of 16.9x is not demanding for a portfolio growing EBITDA at 20%+ p.a. Although realisations in the sector have dropped off, 2023 European deal activity remained relatively strong last year, fuelled by the amount of dry powder in the sector. Exit opportunities is another key point of difference with OCI. Whilst the larger buyout peers are heavily reliant on a healthy IPO market, Oakley operate more at the mid-market valuation range. As a result, OCI has very rarely used an IPO as an exit route, instead selling businesses to larger PE firms such as Backstone, Apollo and EQT. As already mentioned, and as seen below, there remains significant dry powder and pressure to deploy capital, which we believe will result in continued healthy exit activity for OCI. 2024 Whilst narrowing slightly in the last couple months, the 28% discount to NAV remains an attractive entry point to a fund with a quality portfolio that has continued to perform through a difficult period, has conservative leverage, and a track record of realisations at substantial premiums to carrying values (35% average premium on exit vs 28% discount at share price is quite stark). Rate cuts in 2024, an easing environment for OCI’s assets, and a general improvement in sentiment towards the sector, could see a return to double-digit NAV growth in 2024, combined with a further unwinding of the discount to boost shareholder returns. |
Posted at 02/1/2024 10:57 by makinbuks Dave, I like , but don't hold Mercia. I'm not sure I agree they are right for OCI. For a start they would be a target for Oakley Asset Management rathe than OCI I suspect. They are focused very much at the VCT market and as I'm sure you know are an issuer in that space which would be a departure for OCI. I think 35% discount is reasonable frankly for the illiquidity risk and early stage many of their investments are at. I thing Oakley recently launched a micro fund which OCI participates in so there is some synergy there I agree, but I think Oakley will be quite happy to back their own origination skills without acquiring others.Just my thoughts, thanks for raising |
Posted at 25/10/2023 10:14 by davebowler Liberum-Private EquityOakley Capital InvestmentsStrong relative value, EBITDA growth the key driver of returnsAnalyst: Shonil ChandeMkt Cap £744m | Share price 422.0p | Prem/(disc) -37.8% | Div yield 1.1%EventOakley Capital Investments' NAV per share of 679p, as at 30 September 2023, reflected a 2.5% NAV total return in Q3. The Q3 NAV is based on a revaluation of all portfolio companies and the net impact from revaluation on NAV per share was +14p, or a +2.1% contribution to NAV per share. FX gains contributed 5p (+0.8% impact).Q3 Investment activity AI and dental buy and build dealOCI completed look-through investments of £23m in Q3, attributable to portfolio bolt-on acquisitions and Pixis, an AI marketing entity. Pixis was the first investment made by Oakley Touring Venture Fund, which was established to invest in next-generation enterprise software companies underpinned by generative AI. OCI has made a $100m commitment to the fund.OCI also agreed a £35m contribution to Fund V's acquisition of Flemming Dental, Excent, and Artinorway Group. The European dental laboratories market features many of the traits the Oakley funds have typically sought, including a large and growing addressable market, good potential for recurring business, and fragmentation. The relative fragmentation of the laboratories market, compared to dental groups, for example, means it is well-suited to the Oakley buy-and-build approachAt the quarter-end, OCI had net cash of £222m and an undrawn RCF sized at £175m. Total commitments were £1,053m. ?Liberum viewWhile this is still a challenging market for realisations, the underlying portfolio is growing well, benefitting from a focus on digital disruptors exposed to megatrends. The key driver of NAV growth will continue to be EBITDA growth, which has been the main driver of +22% NAV TR CAGR over the past five years.During the holding period, the valuation multiple for Oakley's portfolio companies tends to remain relatively close to the acquisition multiple. Ultimately, the quality and durability of the portfolio holdings drive performance.?While the outlook for NAV growth is the main driver of NAV returns and share price returns (both amongst the strongest across all investment companies over the past five years), a 38% discount to NAV also presents strong relative value, in our view. This level represents a 10.5ppt discount to peers. We are BUYers with a 653p TP on OCI's shares. |
Posted at 25/8/2023 14:51 by davebowler 18 August 2023Steven Tredget says private investors are replacing wealth firms on its shareholder register, although he notes individual wealth managers have snapped up its shares on a wide discount. Oakley Capital Investments (OCI ) says interest in his trust from retail investors has grown exponentially since the onset of the Covid-19 pandemic. Steven Tredget, a partner at Oakley Capital responsible for the investment company that invests in its funds, told Citywire that in 2020, 3% of OCI’s share register was retail investors. That number has now grown five-fold to 15%. Tredget, a partner at OCI’s manager Oakley Capital, noted that this money was replacing investment from wealth managers who are often restricted from holding investment trusts an closed-end funds. ‘There’s greater interest from private investors going into private equity (PE) for the first time,’ he said. ‘We’ve also noticed wealth managers, who are prohibited from buying our trust for their clients, are buying the trust in their personal portfolios.’ The £812m trust currently trades at a 31% discount to its net asset value (NAV) – a level which is not unusual for private equity trusts in the current uncertain environment. Numis Securities recently said that OCI’s price represented ‘exceptional value’. According to the Association of Investment Companies, 14 out of 17 private equity investment companies traded at double-digit discounts in June. Wealth managers were historically major buyers of listed private equity funds but have cooled on the sector since many funds ran into trouble during the financial crisis. More recently, consolidation among wealth managers has also made it harder for all but the largest trusts to find a place in the centralised portfolios of these bigger firms. ‘Icing on the cake’ Like other private equity managers, Tredget believes current pricing is ‘inefficient&# ‘We’ve had earnings growth in our companies. The discount is a complete red herring, and a distortion of the situation,’ he said. ‘There’s a lack of trust in PE company valuations, and there’s a low expectation of future returns. But the discount provides an icing on the cake for investors.’ He added that more than 60% of the consumer-facing, media and education companies in the portfolio have ‘had some kind of pricing event within the past 12 months’. In its interim results OCI, which acts as an effective shop window to private equity manager Oakley Capital, revealed that it had invested $100m (£79m) in an artificial intelligence (AI) venture fund launched by its parent company. The update for the first half of 2023 also revealed that its £1.1bn portfolio had generated an underlying investment return of 0.5% with 2.5p per share of dividends included. Those fairly modest returns should be viewed in the context of a 158% total return for shareholders in the five years to 17 August. That is triple the 49% gain for the MSCI World index, according to Morningstar data. ‘The modest increase in asset value reflects the company’s cautious approach to trading outlook and valuation multiples, and the fact that half of the NAV was not subject to change in the period,’ OCI said in a trading update. ‘This results from approximately 50% of the asset value being held in cash, or underlying investments that were valued based upon a transaction within the last 12 months.’ ‘It’s hard to explain listed PE’ Tredget added that wealth managers have a ‘hard time’ buying investment trusts more generally. ‘It’s hard to explain listed PE to investors, especially with the discount factor,’ he said. ‘There’s this view that PE is elitist and inaccessible, and the perception of vultures of old. The likes of Woodford and Chrysalis (CHRY ) have also impacted the industry.’ Tredget does not, however, believe that a share buyback policy is the best way to close OCI’s discount. ‘We only do a buyback when we think it’s the best way to deploy capital,’ he said. He did acknowledge that it is often a good way for a trust to signify its confidence in its net asset value. |
Posted at 01/6/2023 08:22 by tudes100 Oakley Capital Investments(Discount: 31.3%/Contribution: +1.39%) Oakley Capital Investments ('OCI') was a significant contributor to your company's NAV over the period, adding +1.4% as the shares returned +21% and its discount closed from -42% to -31%. The share price was driven by Oakley reporting its stellar FY22 results, with its NAV growing +24% for the year despite a turbulent economic backdrop. OCI's underlying portfolio of asset-light, tech-enabled businesses delivered strong earnings growth in 2022, with 65% of total portfolio value growth attributable to the financial performance of the portfolio. The average EBITDA growth across the portfolio was 22%, a remarkable achievement reflecting the quality of the businesses that Oakley has assembled. The remaining 35% is from multiple expansion attributable to uplifts from divestments. The market environment has been one of scepticism towards private valuations and, ultimately, the only point when there is certainty about valuations of private assets is when they are sold. Oakley are paid fees on committed/invested capital rather than mark-to-market gains, leaving them no incentive to unduly mark up the portfolio. In fact, we believe that Oakley's portfolio carrying value is very much at the conservative end of the peer group. This was evidenced by OCI making five exits in 2022 at an average 5x gross money multiple and average premium to their carrying value of +70%. This only further highlights the conservatism of OCI's portfolio valuation approach Oakley were equally active on the investing side over the period, making £214m in new investments and £55m in follow-on investments. They also made a €30m commitment to Oakley Capital PROfounders Fund III. Of particular note was the performance of IU Group, which alone accounted for 51% of the NAV growth in 2022 (+64p). By way of reminder IU Group, Germany's largest private university group, is the crown jewel in Oakley's portfolio, now accounting for 21% of OCI's NAV. Despite its outsized position it remains one of the top three highest growth companies in the portfolio, growing EBITDA +38% year-on-year ('YoY') and student numbers +16%. Oakley had anticipated that IU's growth would almost certainly come from international expansion, but the European business has continued to perform resiliently, increasing student numbers by 16% YoY. The international business remains an exciting prospect and represents a future avenue through which IU can spur company growth if/when the European business begins to plateau. Only one quarter of the total student growth in 2022 came from the international cohort. Following the period end, Oakley's Fund III sold out of its position in German education business IU Group with Oakley's Fund V taking a stake alongside new third-party investors (thus ensuring validation of the transaction price). Although the sale price was equivalent to the most recent carrying value, we note that the asset had been written up by +85% over 2022. Over the life of the investment, it generated a multiple on cost of ~11x. On a look-through basis, IU Group accounted for 21% of OCI's NAV and has now effectively been resized at 6% given OCI's continuing exposure to the asset via Fund V. At Oakley's Capital Markets Day held on the day the transaction was announced, management discussed how IU Group's next phase of growth would require further investment into AI and M&A and that, given these investments would weigh on near-term earnings growth, the opportunity to realise some of the significant gains made sense. While we feel that IU Group's true value is higher than the current carrying/exit value, realising the largest portfolio investment at NAV not only returns a lot of cash to Oakley in a good environment to make new investments (c. £240m for OCI alone), but should help to underpin the NAV. The retention of a material stake in the business means OCI shareholders will continue to benefit from the company's long growth runway. OCI continues to offer the opportunity to own a fast-growing, high-quality portfolio of recurring revenue businesses, backed by a manager with a distinct deal sourcing strategy, and all available at a discount of 31%. We remain excited by our holding in OCI. |
Posted at 11/5/2023 09:53 by davebowler Bit more from Liberum- Mkt Cap £847m | Share price 477.0p | Prem/(disc) -28.6% | Div yield 0.9%EventOakle |
Posted at 25/1/2023 10:28 by davebowler Liberum-Attractive FY22 NAV growth deliveredMkt Cap £799m | Share price 450.0p | Prem/(disc) -32.0% | Div yield 1.0%EventOakle |
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