Hardman & Co Research on Oakley Capital Investments Ltd (OCI):

Evolution of the high-growth drivers in 2023

In this note, we explore the factors that have driven the market-beating 22% YTD 2022 NAV growth, the 15% growth we expect in 2023 and the 35% NAV discount. In addition to fuelling returns, further exits with uplifts to carrying value (long-run average 50%) should reinforce confidence that portfolio valuations are conservative. Cash realisations from the portfolio give additional comfort – as do the £302m of liquidity and £474m of investments held for more than three years – that investment commitments will be delivered. We highlight the resilience of the portfolio in the past, and note the incremental value added in downturns, with Oakley backing resilient, profitable businesses with sticky revenues.

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https://hardmanandco.com/research/corporate-research/evolution-of-the-high-growth-drivers-in-2023/

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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.