Oakley Regulatory News (OCI)

Hardman & Co Research: Proving the pudding: a sustainable growth model

OCI's full-year results were strong, with an annual total NAV return of 35% (three quarters of which was driven by underlying company EBITDA growth of 28%). This brings OCI's five-year CAGR NAV total return to 19%, and is driven by i) high-growth companies/sector champions with structural tailwinds and often digital disruption benefits, ii) repeatable and proprietary sourcing, and post-acquisition support from its unique entrepreneur network, iii) recurring/subscription revenue streams, and iv) M&A-led value creation. The outlook is for more of the same. A £20m buyback has been announced, and quarterly reporting starts in April. The 23% discount to NAV appears anomalous with absolute and relative performance.

Please click on the link below for the full report:

https://www.hardmanandco.com/research/corporate-research/proving-the-pudding-a-sustainable-growth-model/

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Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.

About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.