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Results analysis: Oakley Capital Investments

The results for the year ending 31/12/2020 reaffirm that OCI offers exposure to resilient growth businesses...
William Heathcoat Amory
Last update 17 March 2021

Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Oakley Capital Investments. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

Oakley Capital Investments (OCI) has announced its final results for the year to 31/12/2020. It had preannounced the NAV in January (covered here). OCI invests in private equity funds managed by Oakley Capital that invest primarily in digitally-focussed businesses across Western Europe in three core sectors: Technology, Consumer and Education.

The NAV total return over the year was 18%, driven by average EBITDA growth of the portfolio of 20%. The key drivers of NAV movement in the period were Career Partner Group (+34 pence), Inspired (+10 pence), Casa (+10 pence) and Time Out (-30 pence). NAV growth was boosted by buybacks, which contributed 12.3 pence.

70% of portfolio companies deliver their products or services digitally, which undoubtedly contributed to ten of 17 portfolio companies having met or exceeded their pre-COVID budgets.

Over the year OCI's share of proceeds from exits and refinancings was £341m, during the period cash balances increased significantly despite investing £152m. Exits and refinancings added up to £341m, leaving year-end cash balances at £223m.

Widespread uncertainty as to the economic impact of the pandemic, resulted in OCI's discount to NAV widening considerably during 2020. Some of this ground has been recovered but, according to Numis estimates, the discount is now c. 25%.

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