Oakley Capital Investments Reinstating OW on high-quality compounder

研报英文原文证据摘录

Oakley Capital Investments Reinstating OW on high-quality compounder

Equity Research

European Investment Companies

7 July 2026

Oakley Capital Investments

Reinstating OW on high-quality

compounder

We reinstate our rating of Oakley Capital Investments at OCIO.L/OCI LN OVERWEIGHT

Overweight. Double-digit EBITDA growth, lower leverage and from Rating Suspended

European Investment

strong vintage positioning support outperformance, while a Companies NEUTRAL

Unchanged

~35% discount to NAV offers an attractive entry point. Price Target GBp 725

from N/A

With this report, we reinstate our rating on Oakley Capital Investments at Overweight with an Price (03-Jul-26) GBp 492

unchanged PT of 725p. Potential Upside/Downside +47.4%

Source: Bloomberg, Barclays Research

Better growth, lower leverage: FY2025 demonstrated ongoing robust portfolio performance

with 11% organic EBITDA growth driving returns in the period (6% NAV return, 11% excluding Market Cap (GBP mn) 810

movement in Time Out's share price). With organic EBITDA growth remaining in double digits, Shares Outstanding (mn) 164.77

lower portfolio company leverage than peers and enhanced diversification, we believe the Free Float (%) N/A

company remains well placed to outperform the wider sector. The majority of investments 52 Wk Avg Daily Volume (mn) 0.3

acquired in the last 12 months are still held close to cost and have demonstrated early Dividend Yield (%) N/A

momentum, indicating potential for improved NAV growth. We also note that the company's Return on Equity TTM (%) N/A

vintage exposure to higher entry multiple investments in 2020-2021 is ~15pp lower than peers Current BVPS (GBp) N/A

(Figure 5). Source: Bloomberg

Portfolio maturity: Investment in business services over the last four years has enhanced