Oakley Capital Investments Investors - OCI

Oakley Capital Investments Investors - 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
0.00 0.0% 354.50 07:31:15
Open Price Low Price High Price Close Price Previous Close
354.50 354.50 354.50 354.50 354.50
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columbarius: hTtps://www.investormeetcompany.com/investor/meeting/interim-2021-trading-update Presentation available via the link. You'll need to sign up if you haven't previously visited the site. Worth listening to.
dubai123: Be good to hear what the company has to say at 12pm at the investor meet company presentation
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
cwa1: Oakley agrees sale of ACE Education to Groupe Amaury and follow-on investment Oakley Capital is pleased to announce that Oakley Capital Private Equity III ("Fund III") and other co-investors have reached an agreement to sell their stakes in ACE Education ("ACE") (formerly AMOS), a leading private vocational higher education platform in France and Spain. The exit will generate a gross return on investment of c.2.1x MM and c. 27 % IRR to Fund III. As part of the transaction, Oakley Capital Origin Fund ("Origin Fund") will invest c.EUR40 million alongside Groupe Amaury ("Amaury") and ACE's founder, Patrick Touati, to benefit from the strong future growth potential, as well as the significant commercial and strategic benefits Amaury can bring to ACE, given their prominence in the French sports industry. Fund III first invested in ACE in 2017 through the platform acquisition of AMOS, the leading business school in France solely focused on sports management. Since then, the group has been transformed via three bolt-on acquisitions and five new campus openings. Today, ACE is a diversified higher education group with over 20 campuses and over 4,000 students, and operates under four brands: AMOS, which remains the leading French business school focused entirely on sports management; ESBS, a sports management school based in Valencia, Spain; ESDAC, the largest group of design schools in South East France; and CMH, a leading higher education provider in the hotel management, luxury brand and tourism sectors. Amaury is the leading designer, producer, and distributor of mainstream sports content in France. Amaury's investment will further reinforce AMOS's position as the leading dedicated sports management business school with all of its stakeholders including applicants, students, and employers in the sports industry. As owners, the Origin Fund and Amaury will benefit from strong growth momentum generated by recently opened campuses, as well as growth in enrolments which are expected to increase at a 12% CAGR over the next 5 years. Together, the owners will look to further expand and diversify the platform through targeted acquisitions. Peter Dubens, Managing Partner of Oakley Capital, commented: "We would like to thank the ACE management team for their continued hard work in developing the business and we look forward to the partnership with Amaury, who, given their unrivalled reputation in the French sports industry, will bring valuable experience and industry knowledge to support the growth of ACE."
1968jon: I could make the case that the rise has less to do with narrowing the discount than anticipating the NAV update in July. This stock for the last two years has tended to hang around at levels - arguably while share overhangs have cleared - and then have reasonable rallies in quick time until a new "hanging around" level is established. I have spoken before about decent chunks being available for sale inside the spread which have not been there the last few weeks. I hope the stock continues up but what if it hangs around here? As I said yesterday there are several good offers inside the spread now. Numis back with their usual !00k shares. Since 31st Dec the FTSE is up 11%, I would expect OCI to beat the FTSE over time, anecdotally decent businesses in functioning sectors are going gangbusters at the moment, the Capital Markets Investors presentation was hilariously bullish in parts, their portfolio valuations on an EV/EBITDA basis are lower than their peers - a lot lower in some cases. So let's say the published NAV for end June comes in up 15% at £4.63? Stock at £3.70ish and we're back to our comfortable 20% discount.
cwa1: Hardman Research note(May have to register, etc but free):- https://www.hardmanandco.com/?post_type=research&p=6133&preview=true ► Investment summary: OCI provides investors with liquid access to the attractive PE market, enhanced by Oakley’s incremental origination and management skills. The Oakley Funds are focused on mid-market, tech-enabled Western European companies that operate in the consumer, education and technology sectors. Accounting and governance appear conservative. There are risks – primarily sentiment-driven – around costs and cyclicality, as well as the liquidity and valuation of the underlying private assets. Previously large shareholder overhangs have now been sold completely. Buying a business with a consistent record of outperformance at a material discount to NAV is an additional attraction, we believe.
varies: The managers are certainly trying to generate some public interest in the shares. Campaigns of this nature are often the precursors of share offerings but in this case we are told that OCI has too much cash and seeks to invest it. So the motive must be to accelerate the increase in the proportion of capital held by private investors. I doubt if the price will move much here for a few months but I think we will do well over the medium term as the quality of the portfolio attracts more attention and the discount narrows.
varies: I have been watching OCI for months but was discouraged by its large exposure to Time Out. The recent presentation convinced me that I should buy some shares at last at 299p which I have done. Naturally I wish that I had bought them at half this price 9 months ago ! The Time Out holding now represents only a very small proportion of assets and its value may well recover once we are all allowed out again. I bought my shares through Interactive after certifying that I am an experienced investor. In due course OCI will presumably graduate from the Specialist Fund Segment and this limitation on trading will be removed. The presentation explains that over 60% of the shares are held by a small number of investors, down from 90% a few years ago, and the managers would like to see this proportion reduced further. It may be that for this reason some large shareholders are willing to satisfy demand from small investors at the present discount to NAV.
shaker44: No but I suspect it is to do with ownership and pe holdings. But of course they won't say why. Seems odd that an execution only platform seems scared of allowing investors to make up their own minds. Maybe over zealous compliance team.
biggest bill: I have found another post that says that Iweb only allows "professional investors" to buy oci. I don't understand that at all.
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