Hardman & Co Research
Hardman & Co Research on Oakley Capital Investments Ltd (OCI): 2022: NAV returns driven by EBITDA growth
The January trading statement announced NAV (662p per share), total NAV return (24%), NAV growth driven by EBITDA growth (65%), modest multiple expansion (35%), investments (£271m), realisations (£244m), available finance, including cash (£210m), and commitments (£929m). The detailed results announcement highlighted i) 2022 exits, on average, 70% above carrying value, ii) 22% investee company average earnings growth, iii) weighted average EV/EBITDA of 15.9x, below listed market levels, iii) a PEG ratio of 0.7x, and iv) >75% of deals were uncontested. Oakley adds value to its companies in all economic environments. Its five-year share price total return (196%) is the best out of all the AIC investment companies.
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1582487 15-March-2023