Oakley Capital Investments Share Discussion Threads

[ali47fish] 22/12/2021 16:42

many thanks lozzers

[lozzer69] 22/12/2021 14:50

NBPE also pays a dividend while HVPE currently does not

[ali47fish] 22/12/2021 14:31

is iprv I-shares/ nbpe has a retrace recently and on a discount compared to hvpe- so I am going to watch nbpe

[lozzer69] 22/12/2021 14:01

IPRV has fallen back recently while the others are on a good run.

[ali47fish] 22/12/2021 13:08

lozzer any idea if the ones mentioned above are good entry now

[lozzer69] 22/12/2021 11:57

Just invested this week in OCI. This adds to my PE collection of HVPE NBPE IPRV. Still looking at PIN. I wish I had really understood the sector a few years ago but better late than never.

[cwa1] 21/12/2021 08:28

Kepler (free) research...



Analyst's View
We think Oakley’s focus and expertise in specific sectors, its proven ability to source investments (platform or bolt-on) through its proprietary network of entrepreneurs and its discipline in terms of pricing and valuations means OCI is highly differentiated from peers.

This differentiated approach has paid off for investors, given the strong performance in NAV terms (and share price) over the five years to 30/06/2021 (see Performance). The average holding period for Oakley Capital’s investments has been around four years (Source: Oakley Capital), which compares to the average maturity of the current portfolio being between 3.5 – 4 years. In this context, we would expect that Oakley should be able to take advantage of the current ‘sellers’ market’ in private equity markets.

We believe that evidence from other LPE trusts suggests that OCI will be reporting further progress in NAV growth at the year-end. At the time of the interims, Oakley attributed several key drivers of NAV growth, amongst them IU Group and TechInsights. Both companies represent ‘classic’ Oakley companies, in dominating their niches and using technology to grow. Importantly both companies seem to have been making strong progress since OCI’s interims.

Oakley is in the process of raising Oakley Fund V, and we expect an announcement on how fundraising has gone in Q1 2022. With institutional investors potentially committing capital at NAV (into Oakley Fund IV), we continue to question why the market ascribes a significant Discount to OCI’s shares.

[1968jon] 17/12/2021 16:41

Well that doesn't happen very often......at the close mkt 405/408 but 1900 shares traded at 410 on the RSP a few minutes before the close....and the in the auction someone went 417 bid for 107,000 shares! I presume(d) it was a fat finger? Anyway someone slotted the 5000 shares at the price.

[cwa1] 17/12/2021 15:59

Holding reduction announced:-

[rik shaw] 16/12/2021 16:57

Hardman Talks | Everything you wanted to know about private equity but were afraid to ask! Steven Tredget, a partner at Oakley Capital, for a no-holds barred Q&A on private equity

[1968jon] 15/12/2021 10:06

FarnesBarnes exactly! NAV (post HG-like mumble swerve) today 464. End Dec NAV published in Jan £5ish, share price £4.10-£4.30, mid-'22 £5.50ish, share price £4.50-£4.70.....rinse and repeat. The kicker will be if the market ever decides that the EV/EBITDA multiples are too low and provide upside/downside protection and compare them with the minimal discount/premium of a previously mentioned peer. I think there is probably some time and some work by the company before that will happen.

[essentialinvestor] 15/12/2021 09:43

Lack of recent disposal activity looked to be capping the SP, now removed.
THought around £4 in December as mentioned over the summer, very nice to see it happen.

[farnesbarnes] 15/12/2021 09:30

Tbh, I think the share price is behaving quite well. New high, bit of consolidation. New high, some more consolidation. Rinse repeat.

[essentialinvestor] 15/12/2021 09:15

Very welcome!. We needed a disposal to move the share price along.

[davebowler] 15/12/2021 09:01

Liberum: Material uplift on TechInsights disposal

Mkt Cap £692m | Share price 387.5p | Prem/(disc) -16.5% | Div yield 1.2%

Event

Fund III has agreed to sell TechInsights at an implied 134% premium to OCI’s latest book value. Fund III’s gross multiple on the investment was 19x. The realisation will add 19p (4.3%) to NAV and underlines how conservative the portfolio valuation is. TechInsights demonstrates the advantages of Oakley’s sourcing model as deals are often complex, providing scope to earn enhanced returns. The shares offer outstanding value given near-term catalysts and our expectations of 23% pa NAV growth.

[888icb] 15/12/2021 08:59

Look on the bright side it’s above £4 at an all time high.

[donald pond] 15/12/2021 08:52

Don't think so deadly, that was just people buying after the huge apparent sell going through on Friday

[deadly] 15/12/2021 08:48

News must have been leaked on Monday.

[shaker44] 15/12/2021 08:46

DP -exactly my thought, which makes today's share price rise look even more meagre. Market is truly Risk-Off

[donald pond] 15/12/2021 08:38

The biggest "disappointment" this year with OCI has been the lack of realisations. Today's news, together with HVPEs recent announcement that their realisations in H1 were coming in at 130% premium to carry values suggests to me that the realistic NAV here is at least 50%, and probably 100%, more than has been announced. In other words, the illiquidity premium is probably running at 60-65%.

[farnesbarnes] 15/12/2021 08:21

“I’m a great believer in luck and I find the harder I work, the more I have of it.” – Thomas Jefferson

[shaker44] 15/12/2021 07:55

It was very conservatively valued then. Or they got lucky!

[rik shaw] 15/12/2021 07:19

Oakley Capital Investments Limited(1) ("OCI") is pleased to announce that Oakley Capital Private Equity III(2) ("Fund III") has reached an agreement to sell its stake in TechInsights, an information services platform for the microelectronics sector.

OCI's share of proceeds will be c.GBP60 million, and the sale represents a c.134% premium to the 30 June 2021 interim carrying value of OCI's investment in TechInsights (via Fund III), an uplift of c.19 pence per share to the Company's NAV.

As part of the transaction, Oakley Capital Fund IV ("Fund IV") will invest in TechInsights alongside CVC Growth Funds. OCI's indirect contribution via Fund IV will be c.GBP36 million.

[biggest bill] 13/12/2021 16:53

The spike was caused by a single trade at 400p.

[davebowler] 13/12/2021 16:36

It showed up 7% on my screen, but dropped within minutes.