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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
  -3.00 -1.03% 287.00 166,738 14:32:56
Bid Price Offer Price High Price Low Price Open Price
286.00 288.00 289.50 287.00 289.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 153.16 66.00 4.3 538
Last Trade Time Trade Type Trade Size Trade Price Currency
16:14:19 O 51,056 286.00 GBX

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Date Time Title Posts
03/3/202113:54Oakley Capital Investments413

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Oakley Capital Investments (OCI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-03 16:14:21286.251,3863,967.43O
2021-03-03 15:26:04286.606,90019,775.40O
2021-03-03 15:21:00286.605,20714,923.26O
2021-03-03 15:16:38286.009,52927,252.94O
2021-03-03 15:10:33286.2512,00034,349.99O
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Oakley Capital Investments (OCI) Top Chat Posts

DateSubject
03/3/2021
08:20
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 290p.
Oakley Capital Investments Limited has a 4 week average price of 284p and a 12 week average price of 269.50p.
The 1 year high share price is 295.50p while the 1 year low share price is currently 157.50p.
There are currently 187,546,936 shares in issue and the average daily traded volume is 118,139 shares. The market capitalisation of Oakley Capital Investments Limited is £538,259,706.32.
03/3/2021
13:54
essentialinvestor: Mak, it's been commented that the OCI placing a few years ago at what was a large NAV discount may have unsettled some holders. Now in retrospect you could could make a case that turned out to be NAV accretive and justified.
03/3/2021
12:59
makinbuks: I agree, I can' see a catalyst for the discount to narrow. I recently listened to a presentation of the year end results of another trust, Tetragon where the discount is persistent and large. The key man there patiently listed all the factors he had been advised by various people caused the discount and agreed they were all valid. However, the simple key factor is that there are more sellers than buyers and to narrow a discount you have to reverse that. On that point I really appreciate the detailed explanation from 1968jon above in p406. There is zero read across from Tetragon to OCI but that simple point, that we are in a market where the law of supply and demand applies, is relevant to all
03/3/2021
11:36
1968jon: I'm not sure how much of it is "Key Man Risk" - though I recognise how much he is personally associated with the stock in a way that I am far less familiar with individuals at other PE trusts I own that also trade at a discount - PIN and ICGT. I would look more at HGT than 3i as a comparison. A bigger stock than OCI now but they spent years trading at a discount to NAV - theory would suggest all of them should be trading at a discount. They really worked on narrowing it. IR, corporate governance, getting in front of people. OCI trade on a segment of the main market that many retail brokers can't access, I am underwhelmed by their IR, the Chair is in Bermuda and some of their RNSs aren't great (in my opinion). I like their portfolio, style of investing and think the discount and cash pile gives me a nice cushion - I continue to add to my position but think I will get returns out of realisations and NAV uplift more than discount narrowing for some time.
03/3/2021
10:10
ali47fish: 1968 thanks a lot- i am obviously not familiar with your methods- but if you get a better price,then by all means! i know simon thompson of investor chronicle is very keen on them- the share price seems to have gone down a bit in the ast few days - so i ll wait for a lower entry!
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.
04/2/2021
15:10
brexitplus: DT Questor “Update: Oakley Capital Investments Oakley Capital Investments last week reported a solid 14pc rise in the value of its assets in the second half of last year, continuing its strong run since we tipped the private equity trust in 2019. The 30pc discount we identified as wide in view of the trust’s track record has narrowed only marginally to 26.9pc. That still strikes Questor as too wide for a portfolio that features the sort of fast-growing technology companies that command a much higher rating elsewhere. Oakley’s trading update emphasises that focus: a dozen of the 17 companies held are delivering their products and services digitally; most are benefiting from the acceleration of this trend during the pandemic. Questor suspects a holding in struggling Time Out and an unwise decision four years ago to issue new shares at a discount explain the stubborn discount. But the company has committed not to repeat that mistake, while Time Out now represents a smaller portion of the portfolio, so continued strong performance should offset those problems. Questor says: hold Ticker: OCI Share price at close: 294.5p”
15/1/2021
17:13
yellowstoneadvisory: OCI webinar coming up: Feb 10th at 12:00 Steven Tredget, Partner at Oakley Capital, will provide an introduction to Oakley Capital Investments (OCI) and an update on company performance following the 2020 year-end trading update on 27 January. Register: hxxps://us02web.zoom.us/webinar/register/3016106378507/WN_n1ZtwZlBTFKxdpcETrXUTw
05/12/2020
15:36
crispfin: Decent summary by Hardman: https://www.hardmanandco.com/wp-content/uploads/2020/12/201203-Hardman-Oakley-Capital-Investments-OCI-NAV-conservative-robust-and-with-growth-upside.pdf As other posters have mentioned, at this level of discount, it is difficult to see significant downside risk, particularly when such a material proportion of the NAV is cash. The Hardman doc covers the potential for nice upside coming from disposals made above book value value. We will see. Given nearly 10% of the available shares have hit the market from Invesco selling, it's very possible this is what has driven the share price to these levels. Now the selling is done, lets see what happens to the price. As much as I want to see it rise, I'd rather see more buy backs done at these levels...
10/9/2020
09:16
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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