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OCI Oakley Capital Investments Limited

500.00
3.00 (0.60%)
Share Name Share Symbol Market Type Share ISIN Share Description
Oakley Capital Investments Limited LSE:OCI London Ordinary Share BMG670131058 ORD 1P (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  3.00 0.60% 500.00 148,126 16:35:08
Bid Price Offer Price High Price Low Price Open Price
498.00 500.00 499.00 497.50 497.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 43.05M 26.86M 0.1561 31.97 855.02M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:07 UT 92,567 500.00 GBX

Oakley Capital Investments (OCI) Latest News

Oakley Capital Investments (OCI) Discussions and Chat

Oakley Capital Investments Forums and Chat

Date Time Title Posts
19/6/202518:33Oakley Capital Investments1,422

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Oakley Capital Investments (OCI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:35:07500.0092,567462,835.00UT
15:28:36498.0512,50062,256.50O
15:24:59498.0598488.09O
15:05:56498.001,1535,741.96O
14:16:59498.9099493.91O

Oakley Capital Investments (OCI) Top Chat Posts

Top Posts
Posted at 20/6/2025 09:20 by Oakley Capital Investments Daily Update
Oakley Capital Investments Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker OCI. The last closing price for Oakley Capital Investments was 497p.
Oakley Capital Investments currently has 172,036,749 shares in issue. The market capitalisation of Oakley Capital Investments is £858,463,378.
Oakley Capital Investments has a price to earnings ratio (PE ratio) of 31.97.
This morning OCI shares opened at 497.50p
Posted at 19/6/2025 18:33 by rambutan2
A snippet from an investor:

"In the month of May, we attended Oakley Capital
Investment’s (OCI) annual capital markets day event in
London. The positive highlight for us was the improved
trading performance of its long-running investment in
North Sails, the world’s leading sailmaker. Over Oakley’s
10+ years of ownership, North Sails has faced both
internal and macroeconomic challenges. In the past year,
it acquired both the number two and three sailmaking
brands to consolidate its market leading position in sail
manufacturing. North Sails is by far the largest underlying
exposure for Oakley, representing [17%] of the portfolio
value. OCI’s other legacy investment Time Out Group
continues to face more challenging trading conditions.
We believe both legacy investments are moving closer to
being resolved and anticipate some partial liquidity from
these investments over the short term. Meanwhile, the
remainder of Oakley’s portfolio is performing well, and
there is sight to material realisations and NAV growth in
the year ahead."
Posted at 30/4/2025 07:27 by ayl30
NAV 707p, lots of room therefore for share price growth. Tuck it away for the future
Posted at 24/3/2025 16:42 by 1968jon
No need to pay a premium when there are ongoing sellers at the market. OCI are not alone among PE trusts that have discounts people describe as unreasonable.

My opinion is that, unlike otherwise comparable trusts, OCI is particularly/unusually tied into its asset manager by virtue of Dubens shareholding.

My (cynical?) view - and one which means I'm currently happy to go along for the ride - is that it is being run very much to his designs. If my view is correct, he will try and realise his money in the trust at some point when he wants to get out above NAV. I contend that he views his investments in OCI as buying additional access to his funds at a 50% discount. Problem for everyone else and me is that his timeline may be veeeeery loooooong..
Posted at 22/12/2024 23:33 by stagvalley
Buying OCI shares is something I want to do but is not currently possible on the HL platform as HL is not satisfied with the OCI cost disclosure, though Oakley say that they comply with FCA requirements. Does anyone know whether the other main platforms take the same view - say AJ Bell and Interactive Investor? It can't be helpful to the OCI share price that HL will only currently permit sale and not purchase!!
Posted at 24/10/2024 10:08 by davebowler
Panmure Liberum-

Schulerhilfe sale, £40m to OCI and c.7p uplift to Q3 NAV per share
Analyst: Shonil Chande

Mkt Cap £888m | Share price 500.0p | Prem/(disc) -27.8% | Div yield 0.9%

Event

Oakley Capital Fund III (Fund III) has agreed to sell its majority stake in Schulerhilfe, a professional tutoring services company focused on Germany, Austria and Switzerland, to Levine Leichtman Capital Partners, at a valuation that implies net proceeds of c.£40m to OCI. This reflects a c.1% uplift to OCI’s Q3 NAV of 693p, reflecting c.+£12m in aggregate or c.+7p.

Fund III acquired Schülerhilfe in H1 2017 from Deutsche Beteiligungs. The business generated revenues of €63.3m and reported EBITDA of €16.6m in the year to 31 December 2016.

Panmure Liberum view

Education-themed investments have been a principal return driver in recent years. While this deal is not as eye-catching on a premium to carrying value basis that OCI has regularly delivered, we think the more salient point is that OCI’s Schulerhilfe will take distributions YTD to OCI to c.£180m, which is impressive within the realisation environment context.

Yesterday’s trading update noted that OCI expected to generate c.£135m in look-through proceeds from the sales of idealista and Ocean Technology Group, and the refinancing of Schülerhilfe. Based on announcements at the time, the idealista and Ocean Technology Group deals were due to generate £120m for OCI, leaving c.£15m from the Schülerhilfe refi. This implies up to c.£50m of total proceeds attributable to Schülerhilfe.

We printed the following table in yesterday’s comment on OCI’s Q3 NAV. The table does not account for the Schülerhilfe sale announcement.
Posted at 23/10/2024 10:13 by davebowler
PAnmure Liberum -
Q3 update, a year of significant investment
Analyst: Shonil Chande

Mkt Cap £888m | Share price 500.0p | Prem/(disc) -27.8% | Div yield 0.9%

Event

OCI’s NAV per share declined by 2%, to 693p, in Q3. This was driven by FX. The announcement notes that the underlying businesses continued to perform in Q3.

OCI made £28m of new investments in the period (vitroconnect, Touring Capital, PROfounders, and Steer Automotive Group) and the total proceeds from the sale of Ocean Technology Group, the refinancing of Schülerhilfe, and from the sale of the stake in Idealista are expected to amount to c.£135m (we estimate c.£139m YTD including H1). OCI also announced a post-period investment of c.£26m in Assured Data Protection.

At the period-end, OCI had net cash of £108m and £57m in the undrawn RCF, which was sized-up by £50m to £225m post-period. Total commitments were £777m, which are expected to be drawn over five years.

Panmure Liberum view

Most of the valuation growth in the portfolio has historically been driven by earnings growth, with multiple movements typically taking place at realisation. As we show in the table below, 2024 has been a high investment year for OCI, with c.£238m drawn the Oakley funds (including Assured Data Protection. NAV growth potential in Q4 will be dictated by exits.
Posted at 27/7/2024 12:09 by davebowler
Quoteddata research..Oakley Capital Investments (OCI) has released a trading update with its interim results for the six months to 30 June 2024. The company delivered a NAV total return of 3.8% over the period which was 5.6% before foreign exchange impact. The share price total return was 4.16%. The company noted that the underlying businesses in its portfolio continued to benefit from the long-term secular trends that Oakley invests behind, such as growing demand for quality education, businesses' shift to the cloud and the consumer shift to online. Valuation gains were split across Oakley's four core sectors, Technology, Consumer, Education and Business Services. The biggest contributors include IU Group, which continued to generate strong revenue growth, Dexters, which benefitted from sustained growth in its core London lettings business, and Cegid (previously Grupo Primavera), which continues to grow its SME customer base in France and Spain.During the period, Oakley continued to invest for future growth across its core sectors. OCI made look-through investments totalling £184m including transport and logistics software business Alerce (announced in Q4 2023), automotive services platform Steer Automotive Group, medical software provider Horizons Optical, and ProductLife Group, which provides regulatory and compliance services to the life sciences industry. During the period, OCI also announced an investment in broadband open access platform vitroconnect. The transaction is expected to complete in July 2024 and OCI's look-through investment is expected to be up to £20m. OCI is also expected to make a look-through investment of up to £39m in cybersecurity firm I-TRACING after Oakley Capital was granted exclusivity with a view to acquiring a co-controlling stake in the business.OCI's look-through share of proceeds during the period were £4m. Oakley's sale of its stake in idealista, southern Europe's leading real estate classifieds platform, was agreed during the period and is expected to complete in H2 2024. OCI's look-through share of proceeds from this transaction is anticipated to be c.£70m.OCI : Oakley Capital Investments continues to build momentum
Posted at 09/1/2024 14:42 by davebowler
Tom Biltcliffe update-
OCI

OCI invests in funds managed by Private Equity manager Oakley Capital which specialises in high-growth European businesses across Technology, Consumer, Education and Business Services. Oakley has a strong network of founders and partners that it leverages to find opportunities, often before these are seen by the wider PE market. The manager looks for tech-enabled or potential platform businesses with recurring revenues, especially those that are addressing a large market that has yet to be penetrated by technology. The most high-profile realisation last year was IU Group, an online university platform, which was realised at an 85% IRR. IU Group was a prime case of a tech-enabled solution taking market share in a large, growing market. Other sectors have included online residential property platforms in Spain, insurance comparison in Italy, and golf equipment, which have all lagged the online transition seen in other countries or sectors.



Performance

With a 5-year NAV total return of 178% and 5-year share price total return of 202%, OCI is established as a top name in the listed Private Equity sector.





It is anticipated that the next few years will be a more challenging period for the broader Private Equity market, but we believe OCI is well-positioned to continue to outperform. Key concerns for the sector have centred around the resilience of portfolio constituents in tougher market conditions, excessive leverage with increasing debt costs, and the validity of the valuations. We explain why we think these issues have less relevance to OCI.

Portfolio Resilience

In the 12 months to June 2023, OCI’s portfolio had average organic EBITDA growth of 21%. Considering this period was marred by high inflation, rising rates and low consumer confidence, this growth is reassuring in showing that OCI’s portfolio companies are coping well in a more challenging environment. This is because it largely consists of established, profitable companies that tend to have sticky, recurring revenues, whilst their innovative solutions are continuing to see strong demand.

Leverage

OCI has no gearing at the company level and the average net debt/EBITDA ratio of the portfolio is 4x, which is low for the PE sector. When you consider that EBITDA in the portfolio has been growing at 20%+ per annum, this appears even more conservative.





Valuations

Private Equity valuations have come under the microscope over the last 12-18 months, with suggestions that multiples have not been adjusted to reflect the weakening seen in public markets. OCI takes a much more conservative approach to valuations, demonstrated by the fact that the average uplift to book value on exit has averaged 35%. Furthermore, the current average EV/EBITDA multiple of 16.9x is not demanding for a portfolio growing EBITDA at 20%+ p.a.

Although realisations in the sector have dropped off, 2023 European deal activity remained relatively strong last year, fuelled by the amount of dry powder in the sector. Exit opportunities is another key point of difference with OCI. Whilst the larger buyout peers are heavily reliant on a healthy IPO market, Oakley operate more at the mid-market valuation range. As a result, OCI has very rarely used an IPO as an exit route, instead selling businesses to larger PE firms such as Backstone, Apollo and EQT. As already mentioned, and as seen below, there remains significant dry powder and pressure to deploy capital, which we believe will result in continued healthy exit activity for OCI.



2024

Whilst narrowing slightly in the last couple months, the 28% discount to NAV remains an attractive entry point to a fund with a quality portfolio that has continued to perform through a difficult period, has conservative leverage, and a track record of realisations at substantial premiums to carrying values (35% average premium on exit vs 28% discount at share price is quite stark). Rate cuts in 2024, an easing environment for OCI’s assets, and a general improvement in sentiment towards the sector, could see a return to double-digit NAV growth in 2024, combined with a further unwinding of the discount to boost shareholder returns.
Posted at 11/5/2023 09:53 by davebowler
Bit more from Liberum- Mkt Cap £847m | Share price 477.0p | Prem/(disc) -28.6% | Div yield 0.9%EventOakley Capital Investments held a CMD yesterday which included presentations by Marvin Lange (CFO of IU Group) and Paul Barry (CEO of Phenna Group). One of the central themes across Oakley's core education, technology, and consumer sectors was the extent to which several of the investments are well-positioned to benefit from the opportunities provided by generative AI.  We focus on education and some of the commentary from the investment manager in this commentary. We will review some of the comments in technology and consumer in our weekly note.Education Net of the agreed IU Group realisation announced yesterday, education represents 27% of OCI's total look-through investments. It remains an important driver of new investments and future returns. PE representation remains fairly low compared to sectors like healthcare, where PE M&A deal value was 8.5x higher at $144bn in 2022. ?On the IU Group realisation, OCI noted that Fund III's exit from IU Group will be the largest capital gain of any Oakley fund in its history. The c.£240m proceeds due to OCI represent a 76% IRR, based on an initial investment of £31m and total proceeds of £326m (including previous IU Group distributions). A realisation event had to take place within the next year or two as Fund III neared the end of its life. Moreover, IU Group's next phase of growth requires further investment into AI and international growth and some of these investments may take some time to deliver returns. This was therefore seen as the optimal time for the investment to leave Fund III. In addition to overviewing how IU Group has grown to become Germany's leading university by student numbers, IU Group's CFO, Marvin Lange, discussed how the company has been working with OpenAI platforms well in advance of ChatGPT's launch. AI provides a critical tool to further develop one of the central elements to the company's aim to further evolve and personalise how higher education is carried out beyond classrooms and exams, which was the most economically viable way historically. ?Beyond IU Group, Oakley has been expanding its K12 (Kindergarten through to 12th grade) exposure with recent investments in Thomas's while progress continues elsewhere at companies such as Affinitas. Education was described as a $3.5trn market with only about 4% of the 11k bilingual international schools having been consolidated to date. Investment manager commentsSummarising some of the fund-specific comments from the investment manager, it was noted that OCI is very important to Oakley, with its c.30% representation in each Oakley fund making it the largest investor by a distance. With respect to OCI and the wider direct PE sector's systematic discount, some of the key factors behind this were identified as 1) the sell-off in illiquid assets; 2) confidence in valuations and future growth; and 3) some of the idiosyncracies in PE that are perhaps not well-understood at times. On point one, the sell-off in alternative assets has affected all investment companies. We have noted that addressing discounts more broadly might require some combination of good performance, share buybacks, and realising assets to validate NAVs. On both a NAV and share price TR basis over five years for funds with a current market cap above £100m, OCI has been the best-performing AIC fund. On a share price TR basis, OCI's annualised 23% return is more than 6ppt higher than the second-best performer.While further details will follow owing to commercial sensitivity, the IU Group realisation provides a strong underpin to valuation, particularly when viewed in the context of the uplift applied in 2022.On share buybacks, OCI has been far more active than its direct PE peers. In value terms, we estimate it repurchased an average £8m per annum between 2021 and 2022. Along with dividends paid, that is c.£16m paid out to shareholders per annum, or c.1.9% of the current market cap.
Posted at 27/1/2023 14:23 by 1968jon
Classic OCI share price action prior to and then after numbers. Run up in the stock as supply seems thin - 7ish percent in a couple of weeks this time - and then settles, goes nowhere and supply reappears. Numis currently have plenty to go at 352 against a hopeless yellow strip of 348/358. Probably be here for a while. No criticism, just an observation.
Oakley Capital Investments share price data is direct from the London Stock Exchange

Oakley Capital Investments Frequently Asked Questions (FAQ)

What is the current Oakley Capital Investments share price?
The current share price of Oakley Capital Investments is 500.00p
How many Oakley Capital Investments shares are in issue?
Oakley Capital Investments has 172,036,749 shares in issue
What is the market cap of Oakley Capital Investments?
The market capitalisation of Oakley Capital Investments is GBP 855.02M
What is the 1 year trading range for Oakley Capital Investments share price?
Oakley Capital Investments has traded in the range of 439.00p to 527.00p during the past year
What is the PE ratio of Oakley Capital Investments?
The price to earnings ratio of Oakley Capital Investments is 31.97
What is the cash to sales ratio of Oakley Capital Investments?
The cash to sales ratio of Oakley Capital Investments is 19.94
What is the reporting currency for Oakley Capital Investments?
Oakley Capital Investments reports financial results in GBP
What is the latest annual turnover for Oakley Capital Investments?
The latest annual turnover of Oakley Capital Investments is GBP 43.05M
What is the latest annual profit for Oakley Capital Investments?
The latest annual profit of Oakley Capital Investments is GBP 26.86M
What is the registered address of Oakley Capital Investments?
The registered address for Oakley Capital Investments is 5TH FLOOR, 11 BERMUDIANA ROAD, PEMBROKE, HM08
What is the Oakley Capital Investments website address?
The website address for Oakley Capital Investments is www.oakleycapitalinvestments.com
Which industry sector does Oakley Capital Investments operate in?
Oakley Capital Investments operates in the UNIT INV TR, CLOSED-END MGMT sector

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