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
  0.50 0.13% 393.50 159,644 14:33:08
Bid Price Offer Price High Price Low Price Open Price
390.00 397.00 394.50 393.50 393.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 252.48 248.73 138.00 2.9 703
Last Trade Time Trade Type Trade Size Trade Price Currency
16:37:07 O 26,500 391.5094 GBX

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29/6/202212:54Oakley Capital Investments891

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Oakley Capital Investments Daily Update: Oakley Capital Investments Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker OCI. The last closing price for Oakley Capital Investments was 393p.
Oakley Capital Investments Limited has a 4 week average price of 362p and a 12 week average price of 362p.
The 1 year high share price is 453p while the 1 year low share price is currently 348p.
There are currently 178,600,000 shares in issue and the average daily traded volume is 626,983 shares. The market capitalisation of Oakley Capital Investments Limited is £702,791,000.
donald pond: My quick calculation is that if we assume NAV unchanged other than last 2 disposals, it is now 594p/1.06bn of which around 110p/£200m is cash.So take the cash out and the share price is 255 VS 484 assets equals a discount of around 47%. Now, if the concern is that NAV is overpriced that surely cuts both ways: being cash rich in this environment means OCI can pick up bargains.
davebowler: Liberum-Oakley Capital Fund III has agreed to sell its stake in Facile to Silver Lake. OCI will receive £53m from the transaction, representing a 23% premium to the March 2022 carrying value. The sale will add 6p per share or 1% to NAV.Facile is Italy's largest online price comparison platform. Oakley initially invested in Facile through Fund II in September 2014. Facile was sold to EQT in 2018, generating a 51% IRR and a 3.7x multiple for Fund II. As part of the transaction, Fund III invested €80m alongside EQT for a 21% stake. The business has grown EBITDA by more than 20% pa on average over the last four years. During the period of the investment, Facile has expanded its product offering and the business now has a base of over four million monthly unique urers. Following the sale, OCI's estimated cash available for deployment will be £200m (c.19% of NAV) following the transaction. Liberum viewRepeat plays in different geographies have been a key investment theme for Oakley. The investment in Facile followed the successful investment in Verivox (14.9x multiple for Fund I), a German price comparison business. The exit of the stake in Facile follows swiftly on from the disposal of Contabo at a 105% premium to book value. Together, the sales have added 4% to NAV, resulting in a pro-forma YTD NAV total return of 10%. The sales again underline OCI's prudent approach to valuations (14x EV/EBITDA multiple) and the potential NAV growth from realisations.In the recent Q1 trading update, the company was clearly confident on expected realisation activity this year given the sizeable commitment to Fund V. Oakley's portfolio is relatively mature and offers scope for further exit activity. Over 40% of the portfolio (excluding direct investments) at March 2022 had a hold period of over three years and the average hold period for exited investments is 3.6 years. During the holding period, the valuation multiple tends to remain relatively close to the acquisition multiple. Consequently, exits have generally been materially above book value  The exit premium to book value has risen notably in recent years. We estimate an average increase since the beginning of 2018 of almost 60%. 
1968jon: Steeplejack, with the yellow strip showing 398/403, Numis have more than 100,000 shares on offer at 398.1 Deffo punters buying through their broker at that level but clearly there is the equivalent seller. Classic OCI price action.
cwa1: Sounds good:- Oakley Capital Investments Limited Oakley Capital Investments Limited(1) ("OCI") is pleased to announce that Oakley Capital Fund IV(2) ("Fund IV") has reached an agreement to sell its stake in Contabo, a leading cloud hosting platform used by SMEs. OCI's share of proceeds will be c.GBP59 million and the sale represents a c.105% premium to the 31 March 2022 carrying value, an uplift of c.17 pence per share to the Company's NAV. As part of the transaction, Oakley Capital Fund V ("Fund V") will invest in Contabo alongside KKR. OCI's indirect contribution via Fund V will be c.GBP37 million. Note that the above figures only relate to OCI's share of proceeds and its share of Fund V's overall investment in Contabo. OCI's liquid resources available for future deployment (including this transaction) are estimated to be c.GBP178 million. Further details on the transaction can be found in the below announcement from Oakley Capital(3.)
davebowler: Liberum- High-growth D2C investment Mkt Cap £804m | Share price 450.0p | Prem/(disc) -21.3% | Div yield 1.0% Event Oakley Capital Origin Fund has agreed the acquisition of Vice Sporting Goods GmbH (Vice Golf), a digital golf brand. Oakley Capital Investments' indirect contribution via the Origin Fund will be £11m (1% of NAV). Following the transaction, OCI will have liquid resources of £139m (14% of NAV). The business was established in 2012 in Munich and has generated over 40% revenue CAGR between FY2018 and FY 2021 at a c.20% EBITDA margin. Through its direct-to-consumer business model, Vice Golf has disrupted the golf ball market by offering premium products at significantly lower price points. The business also sells accessories and recently entered the apparel segment through collaborations with brands such as Adidas and Beastin. Liberum view Vice Golf is the fifth investment in the Origin Fund. Oakley's differentiated origination strategy is one of its key strengths. The majority of transactions have been in uncontested deals. The manager has a strong track record in working with direct-to-consumer businesses such as Wishcard. OCI's recent trading update highlighted the strength of portfolio performance and a confident outlook for realisation activity this year. The combination of the conservative valuation approach, potential realisation activity and resilience of the underlying business models underpins our belief that OCI will continue to generate attractive NAV growth.
1968jon: I was referring to what I interpreted as an expectation/hope from Makinbuks that the move from 6 monthly to quarterly NAV updates from OCI would narrow the discount between NAV and the share price. I do not think it will make much difference and by illustration gave two trusts - one who reports 6 monthly as OCI did (and trade practically at NAV) and one who reports NAV even more frequently yet still trades at a discount. I know both those trusts have clear differences in structure and investments (though HGT was similar to OCI now 8ish years ago) but they demonstrate that there might not be a direct relationship between discount and frequency of NAV reporting. I would hazard that HGT are seen as blue chip and OCI are not? I may surmise that HGT's Investor Relations over the last 10 years have been brilliant. I am familiar with OCIs portfolio, I listen to what they say (when they say it and not necessarily the paid for research puff pieces) and follow acutely their EV/EBITDA multiples and percentage uplift of any disposals. Unless any of those change dramatically for the worse, I will own the stock (and continually add to) for the next 10 years and I'm looking for 10ish percent a year - if that is the case it's a brilliant equity story. If they ever "get their act together" and can deliver me a further 20%+ on discount narrowing over those ten years I'll be delighted.
davebowler: Trading update for the year ended 31 December 2021 Strong earnings and realisations drive significant NAV uplift Oakley Capital Investments Limited ("OCI" or the "Company") today announces a trading update for the 12 months ended 31 December 2021. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in the funds managed by Oakley Capital ("Oakley"), thereby capturing the outperformance of a leading private equity manager. The Oakley Funds invest primarily in unquoted, pan-European businesses across three sectors: Technology, Consumer and Education. Oakley leverages its unique business founder network to source attractive investment opportunities and then applies proven value creation strategies to accelerate sustainable growth. Highlights for the year ended 31 December 2021 -- Net Asset Value ("NAV") per share of 538 pence -- Total NAV return per share of 35% -- Total shareholder return of 48% -- Investments of GBP137 million and share of proceeds of GBP121 million -- Year-end cash of GBP163 million -- Outstanding commitments of GBP404 million. Post year-end, OCI announces an initial EUR400 million (GBP336 million)(1) commitment to Fund V -- Buy-back and cancellation of 2 million shares NAV growth The Company's unaudited NAV as at 31 December 2021 was GBP961 million, which represents a NAV per share of 538 pence, based on portfolio company valuations at year-end. The total NAV per share return including dividends was 35% (+140 pence) since 31 December 2020 and 21% (+95 pence) since 30 June 2021. During the year, 76% of the increase in the portfolio's value was driven by EBITDA growth and 24% by multiple expansion including realisations. The largest contributions were from IU Group which continued to see strong growth in student enrolments during the period, and TechInsights whose sale has been agreed at a c.125%(1) premium to the June book value. Portfolio company performance In 2021 the Oakley Funds continued to benefit from their investment focus on technology-enabled businesses. While some companies were impacted by COVID-related restrictions, the wider portfolio enjoyed strong earnings growth, benefiting from accelerating long-term trends such as the increasing adoption of digital solutions by businesses and consumers, and growing demand for quality, accessible education. Proceeds OCI's look-through share of proceeds from exits, refinancings and debt repayments during the period amounted to GBP121 million, consisting of: -- Realisations - GBP38 million - this includes the exit of ACE Education (2.1x Gross MM), the partial sale of Daisy Group's stake in the Digital Wholesale Solutions division and the repayment of debt by Daisy Group. Post period-end the exit of TechInsights is expected to generate a gross money multiple of c.18.7x, with OCI's share of proceeds c.GBP58 million(1) -- Refinancings - GBP83 million - IU Group, Contabo and 7NXT all completed refinancings, demonstrating the quality of their recent earnings growth Investments During the period, OCI's Investment Adviser, Oakley Capital, continued to originate proprietary opportunities for its Funds across its focus sectors. OCI made a total look-through investment of GBP137 million attributable to: -- New investments - GBP106 million - comprising idealista, Dexters and ICP Education in Fund IV; and ECOMMERCE ONE, Seedtag , and a reinvestment in ACE Education in the Origin Fund. Fund IV's reinvestment in TechInsights is expected to complete post period-end -- Follow on investments - GBP31 million - comprising Windstar Medical in Fund IV; Grupo Primavera and Globe-Trotter in Fund III; and North Sails (Fund II and direct investment) OCI also completed the buy-back and cancellation of two million shares at an average price of 354 pence per share during the period, resulting in a NAV uplift of c.1 pence. Cash & Commitments -- Balance sheet - O CI had cash on the balance sheet of GBP163 million at 31 December 2021, representing 17% of NAV, and no debt -- New fund commitment - OCI announces an initial EUR400 million commitment (GBP336 million)(1) to Fund V, the successor to Oakley Capital Fund IV, which is effectively c.75% invested -- Total outstanding commitments - at the year-end outstanding Oakley Fund commitments were GBP404 million, which increases to GBP740 million when including the initial commitment to Fund V announced post year-end. This will be deployed in new Fund investments over the next five years, funded with existing balance sheet cash as well as expected proceeds from future realisations The Company expects to report its audited annual results for 2021 on 10 March 2022.
biggest bill: I like buying on days like this. It makes it easier to buy shares in the quantity I want. In any case, a low is only obvious in retrospect after a share has risen significantly. I regard the current share price as clearly undervalued and in a couple of years time I expect this price to look ridiculous. I can always buy some more if the share price falls any further.
cwa1: 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.
cwa1: Kepler research... Summary... Oakley Capital Investments (OCI) has a unique feel when compared to the listed private equity peer group. Aside from a focus on education, consumer and technology sectors, the recent capital markets day emphasised the entrepreneurial roots of Oakley Capital as manager, but also demonstrated a growing institutional feel as the team has expanded (see Management). Digital disruption and the opportunities it presents has long been a recurring theme in OCI. This placed OCI well at the beginning of 2020, and portfolio companies have clearly been nimble in adapting to the digital opportunities presented to them during lockdown. 53% of the portfolio by value had digital delivery models at the start of the year, which had risen to 76% by the end of 2020. This has helped ensure resilience and growth, with a NAV total return of 18% achieved for 2020 (see Performance). Following the recent capital markets day, we discuss many of the exciting businesses investors in OCI are exposed to in Portfolio. Across the three specialist sectors that Oakley focusses on, the recurring themes from the capital markets day presentations were the strong operational performance during 2020 and into 2021, the exciting future growth potential, and also how entrepreneurial founders of businesses represent a key part of Oakley Capital’s DNA. Oakley aim to continue to build on their track record of being the first institutional investors in growing companies and create “product” for other private equity firms to buy, as was the case with WebPros sold to CVC. Over the past five years, OCI has delivered good NAV and share-price total returns relative to peers and equity indices. The next NAV as at 30 June 2021 (announcement due end of July) will give more colour. Analyst's View OCI’s strong balance sheet is a differentiator. It went into the market sell-off with net cash on the balance sheet of c. £250m, or 36% of estimated net assets. This put the trust in a strong position, and Oakley Capital has made a number of interesting investments since then, in what is a competitive market. We estimate that OCI now has net cash on the balance sheet of c. £162m, representing 22% of the estimated NAV. Oakley’s track record is strong – both in absolute terms, but also relative to peers, which we discuss in Performance. For investors who want a focused private-equity portfolio, we think OCI looks exposed to plenty of exciting growth drivers from its Portfolio of niche businesses that are leaders in their field. It is perhaps in recognition of this fact that the Discount has narrowed considerably, which currently stands at 12% to Numis’s adjusted NAV. However, we believe this is more than justified by the good long-term performance and the resilience exhibited by the portfolio during 2020. We believe that should OCI’s strong performance continue along with the higher standards of governance and investor communication, OCI may be rewarded over time by a rating more in line with HgCapital (premium of 1%), rather than the wider peer group average. With OCI clearly offering a differentiated proposition, as well as the best liquidity position of the peer group, the shares should continue to attract interest. BULL BEAR[Apologies for lack of formatting here!] Strong long-term NAV growth, driven by portfolio-company performance Concentrated portfolio means that returns can be materially impacted by specific company performance Capital markets day highlighted the focus and expertise that gives Oakley Capital an edge in a competitive market Private companies offer limited liquidity, and returns can be lumpy Shares trade on a 12% discount to Numis's NAV estimate, with 30 June NAV announcement as a potential catalyst for further appreciation Private-equity funds charge relatively high fees
Oakley Capital Investments share price data is direct from the London Stock Exchange
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