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
  0.00 0.0% 253.00 97,351 08:00:00
Bid Price Offer Price High Price Low Price Open Price
252.00 254.00 253.00 253.00 253.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 153.16 66.00 3.8 495
Last Trade Time Trade Type Trade Size Trade Price Currency
15:39:42 O 2,000 252.75 GBX

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17/9/202015:24Oakley Capital Investments347

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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 253p.
Oakley Capital Investments Limited has a 4 week average price of 230.50p and a 12 week average price of 215p.
The 1 year high share price is 285p while the 1 year low share price is currently 157.50p.
There are currently 195,599,936 shares in issue and the average daily traded volume is 169,641 shares. The market capitalisation of Oakley Capital Investments Limited is £494,867,838.08.
1968jon: Of the £430m of NAV that isn't cash, £125m is debt. Ordinarily debt should be discounted less than equity.......? Just for fun apply a 5% haircut to the cash and debt and you get £367m or £1.89 per share. With a share price of £2.50 that implies a value of 61p per share for the equity or a discount to NAV of 63% I think...61p versus 167p rather than the 48% discount implied above by Simon Thompson 115p versus 221p. I did those numbers quickly so don't hold me to them.
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).
davebowler: Liberum; Note: Digital focus providing resilience Mkt Cap £454m | Prem/(disc) -33.1% | Div yield 1.9% Event OCI’s portfolio is focused on digital business models with recurring or subscription-based revenues. Recent accretive disposals have left the company’s balance sheet in excellent shape, with no leverage and a cash balance of £261.5m (38% of NAV). The share price implies a 53% discount on the portfolio value (ex-cash). We believe this is unjustified, especially given the positive NAV performance during the pandemic and Oakley’s track record of delivering NAV growth and achieving material uplifts on exits (average 34% uplift on realisations since inception).
spectoacc: IVI 243p NAV at yesterday's close, wowsers. So HL wrong - discount had come in to below 5%. Obviously NAV up way more than the +3.5% share price rise today, but have seen it all over the place with ITs - the market crashed, their discounts came right in. I'm a buyer of them when their discounts widen right out to reflect the world post-Covid.
1968jon: An interesting thing about OCI is the amount of cash on the balance sheet. Not only is the portfolio being discounted (in common with most PE investment trusts) but so is the cash (certainly more then a more common 5% haircut). With this deal the amount of cash has gone up. Even if the share price had rallied 26p in-line with the published NAV increase I would say the discount had still widened.
nimbo1: I hold oci, Apax and icg Specto - if oci price opens up less than 8percent I’ll buy more here too. bought more at 255 - cheaper than it was yesterday on a relative basis but price may have moved up in expectation over last 2 weeks
davebowler: Liberum; Event Peter Dubens, co-founder and Managing Partner of the Oakley Capital Group, has acquired a further 5.3m shares in Oakley Capital Investments at a total cost of £11.7m. He now holds 14.9m shares (7.3% shareholding) in the company. In addition, David Till, co-founder and senior partner of Oakley Capital Group, acquired £0.5m of shares and now holds 0.27% of the company. Liberum view Partners of the investment manager have consistently acquired shares over the past two years. The scale of the investment demonstrates confidence in the prospects for future NAV performance. Increased alignment of interest is one of the main initiative's identified by the company to address the discount to NAV. The company is poised to deliver a strong return in 2019 following a 16.5% NAV TR in 2018. We estimate the increase in Time Out's share price and the Inspired transaction have added 11% to NAV to date in 2019.
spectoacc: Still the pick of the p/e trusts for me. NAV up in spite of TMO headwind: "Oakley Capital Investments Limited(1) (AIM: OCI, the "Company") which provides its shareholders with access to a portfolio of high quality companies through its investments in the Oakley Funds(2) , today announces a trading update for the six months ended 30 June 2018. NAV Range The Company's net asset value is estimated to be in the range of GBP524m - GBP530m, which represents a NAV per share of GBP2.56 - GBP2.59, compared with GBP2.45 per share reported at 31 December 2017. Performance There have been positive revaluations in the underlying portfolio across Oakley's three core sectors: digital consumer, TMT and education. Uplifts have been driven by the portfolio companies' continued ability to exhibit strong performance and growth in profitability. The uplift in NAV was offset by 12 pence due to a fall in the share price of Time Out Group Plc during the period. Time Out continues to make progress and its Board remain confident of meeting their strategic and financial goals. Realisations During the period OCI has benefitted from the realisations of Parship Elite, Verivox and Facile, which generated a combined gross money multiple of 3.9x and returned GBP102.3 million to OCI. These exits reflect Oakley's continued success in the digital consumer space as well as its ability to create value and identify long term attractive assets. The realisations were at a combined 39% premium to the OCI's year-end look through value and increased the Company's NAV by 14 pence. Investments In the six months to 30 June 2018, OCI invested GBP62.1 million via the Oakley Funds, primarily relating to the acquisition of Career Partner Group and the reinvestment in Facile, as well as a follow-on investment in North Sails. "
cwa1: Sale of Facile:-
888icb: Impressive results NAV£2.50 but current share price only £1.66. Massive 35% Discount to NAV and hence a massive bargain with more upside on the way.
Oakley Capital Investments share price data is direct from the London Stock Exchange
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