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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
  12.00 3.45% 360.00 186,324 08:00:00
Bid Price Offer Price High Price Low Price Open Price
358.00 362.00 360.00 360.00 360.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 92.39 48.00 7.5 675
Last Trade Time Trade Type Trade Size Trade Price Currency
16:40:50 O 10,000 360.00 GBX

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Date Time Title Posts
16/6/202111:42Oakley Capital Investments516

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Oakley Capital Investments (OCI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-06-18 15:40:51360.0010,00036,000.00O
2021-06-18 15:35:29360.0030,000108,000.00UT
2021-06-18 15:29:51360.004,00014,400.00O
2021-06-18 15:29:37360.004,00014,400.00O
2021-06-18 15:19:12359.10621.55O
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DateSubject
18/6/2021
09:20
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 348p.
Oakley Capital Investments Limited has a 4 week average price of 323p and a 12 week average price of 296p.
The 1 year high share price is 362p while the 1 year low share price is currently 201.50p.
There are currently 187,546,936 shares in issue and the average daily traded volume is 546,623 shares. The market capitalisation of Oakley Capital Investments Limited is £675,168,969.60.
11/6/2021
07:57
cwa1: Hardman & Video | Q&A with Mark Thomas on Oakley Capital Investment (OCI) https://www.investegate.co.uk/hardman---38--co-research--oci-/eqs/hardman--amp--video---q-amp-a-with-mark-thomas-on-oakley-capital-investment--oci-/20210611073002EQTJB/
07/6/2021
09:33
davebowler: Liberum; Second investment by Origin Fund Mkt Cap £585m | Share price 324.0p | Prem/(disc) -19.5% | Div yield 1.4% Event Oakley Capital Origin Fund has acquired controlling stakes in Afterbuy and DreamRobot, e-commerce software providers in the German-speaking region. Oakley Capital Investments' indirect contribution via the Origin Fund will be c.£6m. Following the transaction, OCI will have liquid resources of £173m. Afterbuy and DreamRobot provide SaaS solutions for small to mid-sized online merchants selling their products through web shops and online marketplaces, such as Amazon or eBay. The platform enables users to manage and automate processes, such as multi-channel product listing, data collection and stock management. More than €50bn of gross merchandise volume has been processed across the businesses to date. The businesses will be combined to become ECOMMERCE ONE Group. The group is seeking to strengthen its position as the leading provider for small and medium-sized online merchants in the DACH region Liberum view The investments in Afterbuy and DreamRobot represents the second deal by Oakley's Origin Fund, following the acquisition of 7NXT, a German online fitness and nutrition platform in October. Oakley has a strong track record in implementing software buy-and-build strategies, demonstrated by its success with WebPros and Ekon. The WebPros exit completed last year at a 92% premium to carrying value and a gross return on investment of 6.7x (c.140% IRR). The deal appears to have all the hallmarks of a successful Oakley investment. The manager focuses on a well-proven strategy of operating in core sectors where it has significant experience and can leverage existing relationships. The deal was introduced by Valentin Schütt, who Oakley partnered with on its investment in Wishcard Technologies Group in 2019. This demonstrates the importance of Oakley's entrepreneur network for both repeated sourcing of proprietary deals. OCI currently trades on a c.20% discount to NAV. This is close to the widest discount of the private equity funds (excluding those that are in realisation). In our view, the strong outlook for the portfolio and NAV returns remains underappreciated. Digital business models account for 76% of the portfolio. OCI’s discount is also based off the December NAV and many of the peer group have reported strong uplifts for Q1 2021 as well, indicating further latent upside in OCI’s NAV.
07/6/2021
07:34
brexitplus: New investments in RNS “Oakley Capital Investments Limited1 ("OCI") is pleased to announce that Oakley Capital Origin Fund2 ("Origin Fund") has acquired controlling stakes in Afterbuy and DreamRobot, leading providers of e-commerce software in the German-speaking region. OCI's indirect contribution via Origin Fund will be £6 million. Note that the above figure only relates to OCI's share of Origin Fund's overall investment in Afterbuy and DreamRobot. OCI's liquid resources available for future deployment (including this transaction) are estimated to be £173 million.”
01/6/2021
08:53
davebowler: Liberum- Oakley Capital Investments Investment in ICP Education Mkt Cap £596m | Share price 330p | Prem/(disc) -19.2% | Div yield 1.4% Event Oakley Capital Fund IV has agreed to invest in ICP Education, an independent group of UK children's nurseries. Fund IV will invest alongside the management team of ICP Education. Oakley Capital Investments' indirect contribution via Fund IV will be c.£27m. Following the transaction, OCI will have liquid resources of £180m. ICP Education is one of the largest nursery operators in the UK. It serves 6,000 children at 44 nurseries across England, predominantly in London and the South East. A third of its nurseries are rated Ofsted Outstanding and 98% rated Outstanding or Good. Enrolments were negatively impacted due to lockdowns, but the business has recovered to pre-Covid levels in recent months. According to Companies House, revenue grew by 67% to £28.4m in the year to March 2020. Liberum view Oakley has extensive experience within the education sector. One of its most successful investments was Inspired Education, a leading global schools group. Oakley invested in Inspired in 2013 (Fund I) and 2014 (Fund II) to partner with the founder, Nadim Nsouli, to support the rapid growth of the business via a buy-and-build strategy. At the time of Oakley’s exit, Inspired educated over 45,000 students across 64 premium schools and early learning centres. Current education investments in the portfolio include IU Group (largest university group in Germany), ACE Education (vocational higher education group in France) and Schülerhilfe (after-school tutoring provider in Germany and Austria). The UK nursery market is estimated at £6.7bn and the sector is highly fragmented, offering the potential to scale the business, which should enable ICP Education to build on its strong market position. The business has many of the traits Oakley looks for when acquiring a business, with its industry-leading operational capabilities and attractive growth profile. OCI currently trades on a c.19% discount to NAV. This is close to the widest discount of the private equity funds (excluding those that are in realisation). In our view, the strong outlook for the portfolio and NAV returns remains underappreciated. Digital business models account for 76% of the portfolio. OCI’s discount is also based off the December NAV and many of the peer group have reported strong uplifts for Q1 2021 as well, indicating further latent upside in OCI’s NAV.
19/5/2021
10:00
davebowler: Liberum; CMD: Plenty of upside to come Mkt Cap £573m | Share price 317.5p | Prem/(disc) -21.1% | Div yield 1.4% Event Yesterday’s CMD highlighted the quality of the portfolio and the potential for future NAV growth. The manager continues to source attractive investments away from traditional auction processes across its three core sectors. Digital business models account for 76% of the portfolio, helping to drive 20% EBITDA growth in 2020. OCI has delivered the highest NAV return in the listed private equity sector over the last three years and yet remains on one of the widest discounts. We see considerable upside for the shares through consistent NAV growth and a narrowing of the discount.
12/3/2021
12:48
davebowler: Liberum; Digital business models delivering strong growth Mkt Cap £525m | Prem/(disc) -26.0% | Div yield 1.5% Event OCI delivered another year of strong NAV performance in 2020, despite the headwinds caused by Covid-19. NAV per share at 31 December 2020 was 403p (previously reported), resulting in an 18% NAV total return in 2020. The main drivers of NAV growth in the period were realisation uplifts on Casa (+2.9% NAV impact) and Inspired (+2.9%) and the excellent operating performance of Career Partner Group (+9.8%). Considerable share buyback activity also added 3.6% to NAV in 2020. We calculate a five-year NAV CAGR of 16.7% (including dividends) for OCI. The operating performance of the portfolio has benefited from the bias towards software, tech-enabled services, online platforms and subscription based revenue models. Approximately 70% of the portfolio companies deliver their products or services digitally. Of the 17 portfolio companies, 10 have met or exceeded their pre-Covid budgets. The average EBITDA growth across the companies in 2020 was 20%. Despite the high revenue and EBITDA growth, the average portfolio valuation multiple remains conservative at 11.8x. Realisations have again been a material source of NAV growth in 2020, adding c.7% to NAV in 2020 (including the Daisy transaction). Total realisations in the period were £264m with an additional £77m received from refinancings and debt repayments. The realisations included the sale of its remaining stake in Inspired (25% uplift to book value), the exit of Casa (50% uplift), the partial realisation of atHome (estimated 82% uplift) and the partial sale of Daisy (33% uplift post-year end). Since 2018, we estimate the average uplift on realisations from the Oakley funds is c.48%, demonstrating the conservative approach to valuations. Four investments completed in 2020, deploying £152m. OCI has no leverage and a cash balance of £223m at 31 December 2020 (31% of NAV). Cash has reduced to £197m on a pro-forma basis after adjusting for recent transactions. Total outstanding commitments are £534m and these are expected to be deployed over the next five years. Commitments include €129m to the Oakley Capital Origin Fund, which will focus on investments in the lower mid-market segment (typical investment size will be between €10 million and €50 million). Oakley's track record in partnering with entrepreneurs has created a valuable network for sourcing new opportunities and the manager reports a strong pipeline of potential investments. Liberum view OCI has consistently delivered NAV growth (16.7% 5-year NAV CAGR) and we believe it offers a compelling way of accessing a high-quality portfolio. The portfolio performance demonstrates the benefits of the focus on digital business models with recurring revenues. The 40%+ average uplift on exit also highlights the conservative approach to valuations. Alignment of interests has been clearly demonstrated by £37m of share acquisitions by principals of the investment manager and board members in recent years. The board has also been proactive in seeking to address the discount by conducting accretive share buybacks. The current discount to NAV is c.26% (FX-adjusted), compared to an average of 8% for direct private equity peers (ex-3i). We believe the 18% differential is unwarranted and expect a re-rating of the shares. The upside in the portfolio is demonstrated by Career Partner Group, the largest investment in the private equity portfolio at 14% of NAV. Career Partner Group is the largest and fastest growing private university group in Germany. Student intake rose by 98% year-on-year. Oakley's initial investment in the business was in January 2018, and the number of students has risen from 13,600 to over 60,000 currently. The business offers significant scope for growth as the online education model market in Germany is not as mature as other countries in Europe or the US and we expect it will remain one of the main contributors to OCI's NAV growth over the medium term.
06/3/2021
12:23
essentialinvestor: For some wider perspective, OCI trades over the pre Covid-19 high. share price looks in a consolidation phase currently. Slowly, slowly...etc. OCI should get some very favourable attention post the FY.
03/3/2021
09:44
1968jon: Me clarify? I certainly can't explain the discount or share price performance - though I have theories - but I can explain my point above. At 9.28 today the best bid and offer of the 9 market-makers on the screen was 288/290. I have Direct Market Access and am able to electronically request a quote from Retail Service Providers. I requested a quote to buy 12,000 shares, and 4 mms responded with various offers in various sizes including Numis showing 100,000 shares available to buy at 288.167 (bid side). This has been the case for at least a couple of weeks including when the stock was 294-296. In the last couple of weeks, I have bought some of the shares from Numis. Request a quote again and the same offer comes back in the same size ie they have more than 100k to sell? But I know where their offer is and I see lots of prints going through at the price - throughout the day. Those trades can only take place (in my mind) if someone is requesting a price to buy stock, not sell it. When Invesco were getting out of their chunk, the price action was just the same, though the offers were in 250k at that time. Clearly I am talking my own book here....but I reckon it has been a good effort absorbing that selling pressure, it must finish at some point....
02/3/2021
12:56
davebowler: Liberum; Oakley Capital Investments Additional liquidity from CPG refinancing Mkt Cap £528m | Prem/(disc) -27.9% | Div yield 1.5% Event Career Partner Group, OCI's largest portfolio company at 14% of NAV, has completed a refinancing as a result of continued strong performance and cash generation. Career Partner Group achieved record student intake during the last 12 months and has been one of the key drivers of OCI's 18% NAV growth in 2020. OCI's share of the proceeds via Fund III will be £28m and will result in liquid resources available for deployment of £197m. Liberum view Career Partner Group is the largest and fastest growing private university group in Germany. Oakley's initial investment in the business was in January 2018, and the number of students has risen from 13,600 to over 60,000 currently. The business offers significant scope for growth as the online education model market in Germany is not as mature as other countries in Europe or the US and we expect it will remain one of the main contributors to OCI's NAV growth over the medium term. Following the transaction, OCI will have a cash balance of c.£197m (c.27% of NAV). This leaves the company well placed to capitalise on opportunities arising as a result of Covid-19 and we expect cash deployment to pick up over the next 12-18 months. Despite being the one of the best performing fund its its peer group over the last five years, generating a 17% CAGR, OCI continues to trade on the widest discount in the sector (ex-funds in realisation) at c.28%. We regard this as highly attractive given the manager's track record and the NAV growth potential of the fund.
10/9/2020
10:16
davebowler: Liberum; Event Oakley Capital Investments' NAV per share at 30 June 2020 was 356p (previously reported), representing a 3.8% NAV total return in H1 2020 and 13.3% over the past 12 months. OCI has generated an annualised NAV total return of 16.5% over the three years to June 2020, the highest of the listed private equity funds. NAV performance in H1 2020 benefited from realisations and resilient performance from the portfolio companies. This is due to the bias towards software, tech-enabled services, online platforms and subscription-based revenue models. The key drivers of NAV performance in the period included: Inspired (+2.9%) - 25% uplift to December 2019 book value following full realisation in April Career Partner Group (+3.4%) - Trading for the German university group has been very strong with a significant rise in the intake of online students. Paying students have increased by 59% y-o-y Time Out (-7.5%) - market closures and advertising declines due to Covid1-9 led to a 68% decline in the share price over the six months to 30 June FX (+4.5%) 12 of the 15 portfolio companies are expected to be at or near budget for the full year. Average annual EDITDA growth for the portfolio was 17.5% for the 12 months to June 2020. This compares to 30% over the 12 months to June 2019, with the decline largely a result of impacts from Covid-19. The portfolio is valued on an average 11.8x EV/EBITDA multiple (2019: 12.0x) and leverage is relatively low compared to peers at 3.7x net debt/EBITDA (2019: 4.1x). £291m of cash was generated for OCI in the period, predominantly as a result of large realisations in Inspired (£114m, 25% premium to book value) and WebPros (£116m, 152% IRR). Cash on the balance sheet of £261m at the period end represents 38% of NAV. Liberum view Most of the key numbers had been reported previously in the trading update and the comprehensive capital markets day. The results have illustrated the resilient trading performance of the portfolio with the majority expected to be at or close to budget for the full year. OCI has been the best-performing private equity fund over the last three years and we believe the fund is well positioned to maintain its outperformance. We note most of the better performing portfolio companies are still held at cost, offering the potential for further NAV upside. Oakley has a track record of completing accretive exits to large buyout funds. The majority of Oakley's investments have been sourced primarily from bilateral discussions with vendors, working directly with the founders, and Oakley usually does not acquire via secondary buyouts from other private equity houses. This has enabled Oakley to acquire businesses at very attractive valuations. The high cash balance leaves OCI in an excellent position to capitalise on a favourable environment for new investments. Fund IV is 30% deployed and OCI also recently committed to the Origin Fund (focusing on lower mid-market private companies). We believe the shares offer exceptional value given the quality of the portfolio and the manager's track record in creating value. We note the board and manager's strong alignment of interests and desire to improve the share rating, as demonstrated by consistent share buybacks (£16m acquired since March).
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