Oakley Capital Investments Share Discussion Threads

[cwa1] 23/8/2021 13:54

Last announcement I could see before today's one was this one form June 2020 that suggested he had about 9.3%...

[essentialinvestor] 23/8/2021 13:47

OAKLEY CAPITAL INVESTMENTS LIMITED DIRECTORS + COMPANY RELATED HOLDINGS 19,111,757 10.58%
CITY OF LONDON INVESTMENT MANAGEMENT 12,897,359 7.14%
SARASIN & PARTNERS 12,727,235 7.05%
LOMBARD ODIER INVESTMENT MANAGEMENT 10,623,554 5.88%
FIDELITY INTERNATIONAL 9,755,061 5.40%
HARGREAVES LANSDOWN 9,166,373 5.08%
JON WOOD & FAMILY 8,010,194 4.44%
HAWKSMOOR INVESTMENT MANAGEMENT 6,456,197 3.57%



From the OCI investor site.

[essentialinvestor] 23/8/2021 13:46

Directors already held over 10%, of which I would guess his was by far the largest %?.

[cwa1] 23/8/2021 13:33

Peter Dubens, founder of Oakley Capital, has been announced as a holder of just over 10%(previously 9.3% I think!!) of the company...

[ali47fish] 12/8/2021 13:55

date 21 sept is in the future!

[davebowler] 12/8/2021 12:56

Liberum;
Interim Results Group Update


Date: Thursday 09 September 2021

Time: 14:30 – 15:30 BST / 9:30 - 10:30 EDT

OCI Host: Steven Tredget – Partner, Investor Relations

Summary:

Mkt cap: £640m | Prem/(Disc): -20.3% | Div yield: 1.3%
Oakley Capital Investments (OCI) invests in funds and direct investments managed by Oakley Capital. The strategy is to invest mainly in technology, consumer, and education-focused companies. The portfolio is focused on digital business models providing recurring or subscription-based revenues. The manager has a track record of sourcing investments at attractive prices, by originating transactions from through its network of founders and entrepreneurs. The overall strategy has been successful, with OCI delivering an annualised NAV CAGR of 21.3% and 17.4% over three and five years respectively.

Investment Case:

Digital focused portfolio – Over 76% of the portfolio is invested in companies with digital business models. Several of the company’s key portfolio companies are performing strongly and have the potential to deliver meaningful uplifts from current valuations.
Track record of accretive realisations – Portfolio valuation multiples leave significant scope for upside to the NAV. Historically, exits have been realised at a 44% premium to NAV.
Differentiated origination - Oakley’s ability to source transactions via proprietary channels and its track record of partnering with founders gives it a significant competitive advantage in the current market.
Strong NAV performance – OCI has generated a three-year NAV CAGR of 21.3%, one of the highest in the listed private equity sector. An 11% NAV total return over the recent H1 (and +26% over the year to June 2021) results period was mainly driven by earnings growth, rather than valuation uplifts, with 14 companies (accounting for 52% of NAV) growing or meeting revenue expectations.
Attractive valuation – 20% discount for a high-quality portfolio delivering consistently high returns

[chrysalis99] 12/8/2021 12:48

Thanks BB. Just to be clear, the average NAV multiple of 12 is the EBITDA multiple (rather than the p/e, etc).

[davebowler] 05/8/2021 11:55

Good mention here

[biggest bill] 05/8/2021 11:01

The valuation multiple comes from the annual results. It doesn't seem to have changed much over the years. The quoted nav is based on what I regard as extremely conservative valuations. Given that oci is itself trading at a large discount to the quoted nav, I regard oci as ludicrously undervalued.

[chrysalis99] 05/8/2021 10:41

Hi Makinbuks. Where does the stat on the average valuation multiple (12×) come from? Thanks

[paulbutcher1999] 30/7/2021 14:16

Yes the real discount is insane.

[makinbuks] 30/7/2021 14:03

Average EBITA growth 30%, NAV calculated on an average multiple of 12X. Clearly the discount is only the visible tip of the opportunity iceberg

[columbarius] 30/7/2021 12:03

Presentation available via the link. You'll need to sign up if you haven't previously visited the site. Worth listening to.

[cwa1] 29/7/2021 17:37

Quicker than I thought :-)

The Company announces that, further to its announcement on 29 July 2021, it has purchased 2,000,000 ordinary shares of £0.01 each ("Ordinary Shares") at a price of 354 pence per share for cancellation.

[cwa1] 29/7/2021 17:33

Wonder how much of today's volume was down to the buyback? Not long 'til we find out I suppose...

[dubai123] 29/7/2021 11:41

Be good to hear what the company has to say at 12pm at the investor meet company presentation

[columbarius] 29/7/2021 10:35

Huge director buy on 8th July and share buyback are putting ‘undervalued’ in lights. Market slow on the uptake. Presentation at 12:00 today.

[frazboy] 29/7/2021 07:45

So, 2m buyback programme announced. The last BB programme was for 10m shares. That was concluded in 2 (not consecutive) days, so I doubt the current BB will have any share price impact. That aside, great NAV performance, more than happy to hold.

[makinbuks] 28/7/2021 11:03

Yes all looks really positive, discount undeserved and very muted market response. I expected to see a 10% jump or so. But it doesn't matter, delivering these NAV improvements is what I am looking for as a long term holder

[davebowler] 28/7/2021 10:23

Liberum;
Note: 11% NAV return in H1

Mkt Cap £632m | Share price 351p | Prem/(disc) -21.1% | Div yield 1.3%

Event

Oakley’s digital-focused portfolio has delivered another strong period of growth with an 11% NAV total return in H1 2021. £95m was invested in attractive acquisitions in the period and we believe the origination focus in founder-led deals will enable OCI to deliver sector-leading NAV growth. NAV performance has been driven primarily by earnings growth. Portfolio valuation multiples leave plenty of scope for further upside. We reiterate our BUY rating and increase our target price to 455p to reflect NAV performance.

[essentialinvestor] 28/7/2021 08:25

Given realisations for OCI tend to be significantly over their valuation,
the % discount may be considerably higher.

[donald pond] 28/7/2021 07:49

So, NAV of 445, share price at 350, cash at 90p, so take out the cash and you pay 260p for assets worth 355p, a discount of over 25%. Bonkers cheap.

[essentialinvestor] 28/7/2021 07:12

11% NAV increase on just H1, on this basis NAV close to £5 by December ?..

Leaves OCI looking attractive near current levels.

[brexitplus] 28/7/2021 07:09

Good trading update.

[essentialinvestor] 22/7/2021 15:53

OOI also tend to value very conservatively, a point made again in the recent PI presentation.