Oakley Capital Investments Share Discussion Threads

[biggest bill] 15/8/2022 12:57

Oakley is mentioned in this write-up of pe trusts.

[makinbuks] 08/8/2022 15:35

Saw this comment from Hawksmoor on Citywire

"Looking to private equity, Conway said long-time bet Oakley Capital Investments (OCI), which is held in the Vanbrugh and Distribution potfolios, was a ‘fantastic opportunity’.

He said the management of the underlying portfolio was strong and the board bought back shares ‘at one of the fastest paces in the entire sector’ to narrow the discount between share price and net asset value (NAV). The discount is currently 35%, according to Numis Securities. "

[donald pond] 08/8/2022 10:25

I can only think he thought the comment about the buyback adding 1.5p to NAV referred to seedtag

[cwa1] 08/8/2022 10:21

I'm slightly bemused, apart from me when you asked for it, who has reposted it today?

[ali47fish] 08/8/2022 10:09

exactly if this is an old rns issued on 27 july why is is it posted today- if it was comment it's likely to to have been useful- but reposting the rns is of no use

[cwa1] 08/8/2022 09:44

Announcement here:-

[ali47fish] 08/8/2022 08:45

dave when was this annouced

[biggest bill] 08/8/2022 08:26

That is quite a significant share buyback this morning. This will increase nav by about 1.5p. Every little helps.

[davebowler] 28/7/2022 09:10

Liberum;
Partial exit of Seedtag

Mkt Cap £764m | Share price 427.5p | Prem/(disc) -32.1% | Div yield 1.1%

Event

Oakley Capital Origin Fund has agreed to sell part of its stake in Seedtag to Advent International. OCI's look-through share of the proceeds will be £13m. The transaction will add 4p per share or 0.6% to NAV.

Seedtag is a contextual advertising platform in Europe and Latin America. The business was founded in 2014. The company helps brands and agencies deliver digital advertising that is directly relevant to the content that readers are consuming. The business delivered strong results in 2021, growing revenue and EBITDA by 79% and 90% respectively.

Oakley first invested in the business in September 2021. Under Oakley's ownership, Seedtag has launched in North America and completed the strategic acquisition of KMTX in France. OCI's look-through share of the investment was valued at £9.2m at 31 March 2022 (0.9% of NAV). The partnership with Advent will help accelerate the expansion into the US and provide additional firepower for M&A.

Liberum view

The transaction would represent the first exit for the Origin Fund. The uplift to the June book value has not been disclosed, but we estimate it would have been in the region of 50-60%. The partial exit follows two other accretive transactions in Q2 2022. These included the exit of the stake in Facile (23% premium to book value) and the disposal and subsequent investment in Contabo at a 105% premium to book value. The sales again underline OCI's prudent approach to valuations (14x EV/EBITDA multiple) and the potential NAV growth from realisations. OCI's 23% five-year NAV CAGR has been driven by EBITDA growth and uplifts on exit. Following the recent trading update, we believe OCI remains well-positioned to maintained its attractive NAV growth profile.

[biggest bill] 27/7/2022 12:42

I think that the announcements made before 30th June will be reflected in the nav for 30th June.

[apple53] 27/7/2022 12:29

Yes BB not entirely clear to me how much of the post period £112m cash proceeds is already in the June 30th NAV.

[makinbuks] 27/7/2022 12:12

Very positive update and developments, I really like these quarterly updates. Surely as the market reflects on this we will see ATH's in the coming week

[biggest bill] 27/7/2022 10:39

The nav from 30th June already looks out of date. The initial investment in Seedtag last year was £7m and the partial sale has raised £13m.

[donald pond] 27/7/2022 09:07

TP of 533 from Liberum

[davebowler] 27/7/2022 08:56

Liberum;
Note: Strong realisation activity with more to come

Mkt Cap £715m | Share price 400.5p | Prem/(disc) -36.4% | Div yield 1.1%

Event

EBITDA growth and accretive realisation activity have driven a 17% NAV total return in H1 2022 for OCI. Agreed exits for Contabo and Facile added 4% to NAV in the period. We calculate a five-year NAV CAGR of 23% for OCI. The portfolio remains conservatively valued and the mature portfolio offers scope for further realisation activity. We upgrade our FY 2022 NAV estimate by 12% due to outperformance against our forecasts. In addition to high NAV growth expectations, the 36% discount is compelling

[biggest bill] 27/7/2022 07:11

Another exceptional performance from Oakley. The rise in the discount in the last few months now looks completely unwarranted.

[apple53] 26/7/2022 21:16

Thanks for all the updates everyone, and indeed the calculations.

[donald pond] 26/7/2022 16:10

I dropped Steven a line and he confirmed we will get an update tomorrow and then the impact of todays deal will be included in the Q3 NAV update. I'm guessing it's positive but Steven didn't say anything he shouldn't so that's an assumption

[ali47fish] 26/7/2022 14:51

good rns today about a combination of 2 companies

[biggest bill] 25/7/2022 11:06

Good find, Makinbuks. It looks as if Dexters is doing well.

"Last month, Dexters issued its 2021 Report and Accounts which showed a 32% rise in revenue to £143.3 million (2020: £108.7m) and a 75% increase in operating profit to £40.6 million (2020: £23.2m)".

[makinbuks] 25/7/2022 10:34

Isn't Dexters one of their investments?

hxxps://propertyindustryeye.com/dexters-adds-four-branches-after-completing-acquisition-of-well-known-estate-agency/

[biggest bill] 25/7/2022 08:42

From memory, I think the update is on Wednesday.

[donald pond] 25/7/2022 08:35

I imagine we will get another quarterly update this week. Should prove interesting.

[cdmitch1] 16/7/2022 10:59

A mention in Merryn Somerset Webb’s column in today’s FT.
“ But not all equity trusts invest in the kind of early-stage growth businesses that are collapsing in value. Some have long focused on mature businesses and focused on profits and cash flows. They will not see the same writedowns, so might be genuinely cheap and provide you with built-in insurance. Look at Oakley Capital Investments- on a discount of 30 per cent- and NB Private Equity Partners on 36 per cent, says Greenwood.” (Greenwood is manager of MIGO Opportunities Trust, a trust of investment trusts.)

[tomps2] 13/7/2022 09:01

OCI Mentioned in LPeC Part 2 of 2

OCI's Steven Tredget presents Oakley capital in the 2nd part of LPeC series.

Watch the video here: www.piworld.co.uk/company-videos/lpec-exploring-listed-private-capital-resilience-and-opportunity-part-2-of-2-july-2022/

Or listen to the podcast here: piworld.podbean.com/e/lpec-exploring-listed-private-capital-resilience-and-opportunity-part-2-of-2-july-2022/