Oakley Capital Investments Share Discussion Threads

[davebowler] 28/6/2024 16:39

Bit of slapdash pasting there (like my DIY)!

[1968jon] 28/6/2024 11:14

Good that £70m of "not trusted by the market" NAV has been turned into cash but is it a bit disappointing that a "very conservative" NAV policy has turned out to be on the button in this instance?
Maybe they had to say something as it was in the press and the actual proceeds turn out a little higher?

[makinbuks] 28/6/2024 10:02

Good for confidence, helps narrow the discount.

[davebowler] 28/6/2024 09:46

Liberum
Exit from idealista at c.22% IRR
Analyst: Joachim Klement

Mkt Cap £890m | Share price 501p | Prem/(disc) -27.7% | Div yield 0.9%

Event

After rumours in newspapers a couple of weeks ago, Oakley confirmed today that it has exited its stake in idealista, southern Europe’s leading online real estate classifieds platform. Cinven buys idealista from EQT and Oakley Capital Fund IV in a transaction that values the company at €2.9bn. Fund IV will realise a gross return of 2.1x MM and c.22% IRR. OCI’s look-through share of proceeds will be c.£70m, reflecting the valuation as at 31 March 2024.

Oakley invested in idealista in 2021 alongside EQT, following the combination of Oakley portfolio company casa.it with idealista’s Italian operations in 2020.

Liberum view

This is a strong result for Oakley, though not quite as good as other recent transactions at a MM of 2.1x vs. an average of the recently reported exits of 5.7x. However, much of this is owed to the short holding period of the idealista investment of just three years. As far as we can see, the exit from idealista happens at a time when Iberian assets are highly sought after, so the disposal has likely achieved a money multiplier at the upper end of the range that can be expected.



On a look-through basis, idealista was OCI’s seventh largest investment and disposal happens at about the book value as at Mar-23. OCI did not publish book values at its latest quarterly update in detail so we have to rely on December 2023 data, but the idealista position amounts to roughly 5.6% of the portfolio providing ample dry powder to reinvest in a booming Iberian market.

[ayl30] 28/6/2024 07:03

Rns re disposal looks good

[red ninja] 24/6/2024 11:30

I take the dogs round a golf course, I collect the balls for relatives, Vice seem to be doing ok as they seem fairly common if not the most common.

[1968jon] 24/6/2024 09:24

Thanks davebowler. As the market has gone 2p better this morning at 493/495 there are no size offers available.

[donald pond] 24/6/2024 09:18

I often walk the dog around a nearby golf course. Found my first Vice ball this morning. I'd like to know how that investment is doing

[davebowler] 24/6/2024 09:18

Investec-Oakley Capital (OCI) - The manager came in to see us last week. The NAV Total Return has been impressive over 3 years (+75%) and 5 years (+160%) which is narrowly ahead of HGT, yet the discount is over 20% wider than their highly rated peer (OCI discount c.28%). We are encouraged to hear that 2 to 3 realisations within the next 12 months is realistic. We also understand that a move away from the Specialist Fund Segment to the Main Market is likely in due course which should further highlight the significant corporate governance improvements made since 2015 and the potential for further discount narrowing.

[simmyonion123] 21/6/2024 19:45

Thanks Dave but that RNS is now 10 days old. Most holder's of the share would probably have seen this.

[davebowler] 21/6/2024 12:27

11 June 2024

Oakley Capital Investments Limited



Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Fund V2 ("Fund V") has been granted exclusivity with a view to acquiring a co-controlling stake in I-TRACING, the leading independent provider of cyber security services in France.

OCI's indirect contribution via Fund V is expected to be up to c. £39 million, which relates to OCI's share of Oakley's investment in I-TRACING.

Further details on the transaction can be found in the below announcement from Oakley Capital3.



Oakley to invest in cybersecurity services provider I-TRACING in partnership with Eurazeo

Oakley Capital, a leading pan-European private equity investor, is pleased to announce that Oakley Capital Fund V has been granted exclusivity with a view to acquiring a co-controlling stake alongside Eurazeo in I-TRACING, the leading independent provider of cybersecurity services in France. The transaction is subject to consultation with I-TRACING's employee representative bodies as well as regulatory clearances.

Founded in Paris in 2005, I-TRACING is the leading, pure play, French managed cybersecurity services provider ('MSSP'), working with blue-chip companies in the enterprise and midmarket sectors. I-TRACING offers clients a one-stop-shop service including CyberDefence, Managed Detection & Response services, Identity & Access Management, Cloud Security and Data protection and Audit. One of the company's key differentiators is its premium Security Operations Centre (SOC) managed services offering, protecting complex environments on a 24/7 basis, leveraging an integrated international "follow-the-sun" operating model.

I-TRACING has expanded globally over the last decade to meet the needs of its customers' own internationalisation and today the Company employs around 700 cybersecurity experts across France, Canada, Hong Kong, Malaysia, China, Switzerland and the U.K.

I-TRACING has more than doubled in size over the last three years, driven by organic revenue growth of c.30% per annum supplemented by acquisitions. The company has benefitted from growing demand for mission-critical cybersecurity services driven by the increased complexity of IT architecture, the rapidly growing volume and sophistication of cyber threats and the ongoing shortage of cyber talent which is driving greater levels of outsourcing. All of these are long term trends which are expected to continue driving strong growth in the years ahead.

The investment in I-TRACING continues Oakley's strategy of backing exceptional founders with a proven track record of creating successful businesses. Oakley will work alongside I-TRACING's founders and management, in partnership with existing anchor investor Eurazeo, as well as Sagard NewGen reinvesting as a minority investor. All stakeholders will work jointly to help drive the next stage of the Company's growth and realise its ambitions to become a European champion in cybersecurity services. I-TRACING will capitalise on its leading market position to grow its blue-chip client base, pursue further M&A opportunities, while also continuing to attract the best talent as the employer of choice in cybersecurity with 250 new hires planned for 2024.

This will be Oakley's third investment in France after higher education platform ACE Education, and ProductLife Group, a provider of regulatory and compliance services to the global life sciences industry. It will also be Oakley's fifth deal in five months, extending a period of significant deal activity for the firm.

Oakley Capital Founder and Managing Partner Peter Dubens said:



"I-TRACING is a business we have followed for many years. We are pleased to now have this opportunity to partner with Théodore and his fellow co-founders on the next phase in the company's history. The attractive drivers of growth in this market are structural and long term and we believe I-TRACING will continue to prosper as the partner of choice for blue chip companies across Europe, leveraging its strong reputation and unrivalled technical capability."

I-TRACING co-Founder and President Théodore Vrangos said:



"We believe that there is significant untapped potential for further organic and external growth to create a leading MSSP in Europe. The combination of Oakley Capital and Eurazeo as investors with significant complementarity and alignment will enable us to accelerate our international growth journey, while ensuring we can sustain our values, the quality of our expertise and the commitment to our clients while preserving an attractive environment for our talented teams."

[1968jon] 20/6/2024 16:40

An interesting closing auction (for me). 6k shares at 492 and 10k shares at 493 and the 25k on offer at 495 that has been there for days, when someone came in with a 493 bid for 70k. Filled in 16k, wonder if the balance will be there in the morning. These trades will not have anything to with the market-makers.

[makinbuks] 20/6/2024 12:45

From Armchair trader this morning

"Publisher Time Out LON:TMO has provided a trading update noting a strong performance in Q4 and as a result now expects full year EBITDA to come in ahead of previous market forecasts. Management note that strategic and operational progress is being made across the business with social media helping drive its global brand audience. That momentum is expected to be maintained into the new financial year."

[1968jon] 20/6/2024 08:16

At 8.15 this morning only on trade printed so far, 58 shares at 493.5 and Libs upped the best bid to 493 and I wondered if we were going to get through the mid 90s. Well Nums still have a 100k+ block to go at 493.5 so maybe not yet.....

[crita 2] 13/6/2024 14:39

Yes I know, Thanks for the level 2 info.

[1968jon] 13/6/2024 14:31

Nums 490 bid/ 3 mms on the offer at 495. Nums have a block to go at 492
More large trades have printed

[crita 2] 13/6/2024 14:03

What is level 2 showing now?

[crita 2] 13/6/2024 14:01

What is level 2 showing now?

[1968jon] 13/6/2024 08:29

Some large blocks printed after the close yesterday including a 1.42m shares and a 650k shares.....holdings announcement incoming?

[davebowler] 09/6/2024 11:16

https://www.dailymail.co.uk/money/mailplus/article-13508623/MIDAS-SHARE-TIPS-UPDATE-private-equity-stock-tip-18-bargain-buy-investors.html?ns_mchannel=rss&ns_campaign=1490&ito=1490

[1968jon] 06/6/2024 11:50

Shame the market doesn't care! Numis has a block to go at 493.8 so could be here a while....

[makinbuks] 06/6/2024 10:41

Indeed. EQT selling their majority stake, interesting to see if we stay in