olivLaw · European equity research
Oakley Capital Investments Limited OCI.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Oakley Capital Investments is a London-listed private equity investment company that invests through funds managed by Oakley Capital in founder-led private businesses in Europe. Its net assets reached 1,233 million GBP at the end of 2025, at a time when private market valuations showed early signs of recovery.
At the close of 05 Nov 2026, Oakley Capital Investments Limited (OCI.L) stock was 5.26 GBP (−2.23% on the day), with market capitalisation 906.5 m GBP, P/E 15.5 on diluted EPS of 0.34 GBP over the last 12 months, dividend yield 0.44%, beta 0.20, 52-week range 4.42–5.70 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.0
- neutral
- Bollinger (20, 2)
- 4.91 – 5.56
- in the upper half of the band · %B 0.54 · band width 12.4%
- SMA 50 / 200
- 5.24 / 5.10
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.9% | −0.6% | +2.6 pp | — |
| 3 months | −0.8% | −4.2% | +3.4 pp | — |
| 6 months | +11.9% | +4.3% | +7.6 pp | — |
| Year to date | −7.7% | +7.5% | −15.2 pp | — |
| 1 year | −5.7% | +9.9% | −15.7 pp | +6.7% |
| 3 years | +19.4% | +49.8% | −30.4 pp | +24.8% |
| 5 years | +37.3% | +42.8% | −5.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 16.8, median 18.3, max 33.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 47.5 m | 26.9 m | 58.6 m |
| Net income YoY | unavailable | −43.4% | +118.2% |
| Diluted EPS | 0.27 | 0.15 | 0.34 |
| Diluted EPS YoY | unavailable | −44.4% | +126.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 95.2 m GBP
- Financial debt
- 226.4 m GBP
- Net debt
- 131.3 m GBP
- Equity
- 1.2 bn GBP
- Total assets
- 1.5 bn GBP
- Debt / equity
- 0.18x
- Current ratio
- 32.50x
- ROE
- 4.8%
- ROA
- 4.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 207.2 m | 103.4 m | 95.2 m | esef· 18 Mar 2026verified |
| Receivables | 1.4 m | 734.0 k | 3.5 m | esef· 18 Mar 2026verified |
| Current assets | 208.5 m | 104.1 m | 98.7 m | esef· 18 Mar 2026verified |
| Total assets | 1.2 bn | 1.3 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Accounts payable | 8.7 m | 1.2 m | 1.1 m | esef· 18 Mar 2026verified |
| Short-term debt | 0 | 105.6 m | 1.9 m | esef· 18 Mar 2026verified |
| Long-term debt | — | 0 | 224.5 m | esef· 18 Mar 2026verified |
| Current liabilities | — | 106.9 m | 3.0 m | esef· 18 Mar 2026verified |
| Total liabilities | 8.7 m | 106.9 m | 227.6 m | esef· 18 Mar 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.2 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 175.9 m | 179.0 m | 172.3 m | esef· 18 Mar 2026derived |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 906.5 m GBP
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.4% | 20 (vs peers) | 33% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 32.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 15.5x | 53 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.6% | 81 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial20/100 · 1/3 factors with a value
- Returns· partial81/100 · 1/2 factors with a value
- Valuation· partial53/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OAKLEY CAPITAL INVESTMENTS LIMITED (OCI.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.8%.
The estimated value range is 4.03–7.29 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.22 GBP, the price of 5.26 GBP leaves a potential of -0.8% (value / price − 1) and a margin of safety of -0.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 32.5x
- Shareholder yield (distributions): 5.6%
What contradicts it
- ROIC: 4.4%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for OCI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Oakley Capital Investments is a London-listed private equity investment company that invests through funds managed by Oakley Capital in founder-led private businesses in Europe. Its net assets reached 1,233 million GBP at the end of 2025 1, at a time when private market valuations showed early signs of recovery.
SWOT
Strengths
- The founder network and access to off-market deals give an advantage in deal origination 1. The capital structure includes long-dated debt and available liquidity 1.
- The portfolio is diversified by sector and by investment, and over 70% of companies have recurring revenues 1. This supports resilience of valuations during volatile periods 1.
- The share buyback policy, with an annual budget allocated, allows active management of capital relative to net asset value 1.
Weaknesses
- Most assets are unquoted and valued using inputs that involve significant judgement, which makes valuation more complex 1.
- Geographic exposure is concentrated in Europe and the United Kingdom, so regional macroeconomic developments directly affect results 1.
- Direct investments such as North Sails make up a significant share of net asset value, and their liquidity remains a point of attention 1.
Opportunities
- Digitalisation and the integration of artificial intelligence into portfolio company products could generate additional growth 1.
- If the exit market continues to reopen, portfolio liquidity could increase and support buybacks 1.
- Consolidating fragmented markets through buy-and-build strategies remains a direction with potential for value creation 1.
Threats
- Trade tensions and geopolitical conflicts could reduce investor confidence and affect valuations 1.
- A rise in financing costs or a tightening of credit could make refinancing portfolio company debt more difficult 1.
- If valuation multiples contract, net asset value could fall, particularly for investments not yet realised 1.
Risks
- Liquidity riskhigh
The company could struggle to meet its commitments to Oakley Funds if exits are delayed or capital calls accelerate 1. The board considered liquidity adequate at the end of 2025, but monitoring remains constant 1.
- Portfolio and valuation riskhigh
A decline in private asset values, from lower multiples or underperformance, could reduce net asset value 1. Concentration in a few large holdings, where the top five represent about half of net asset value, amplifies this risk 1.
- Banking counterparty riskmedium
The company relies on a limited number of lending institutions, and a bank failing to meet its obligations could affect financing 1. Diversifying banking relationships reduces but does not eliminate this risk 1.
- Performance risk against marketsmedium
Returns could remain below market benchmarks or other listed private equity peers, which could affect the share price and access to capital 1.
- Currency risklow
Unfavourable exchange rate movements contributed to foreign exchange losses in 2025, and exposure to the euro can influence results reported in sterling 1.
Investment thesis
What would need to be true (bull case)
- If the recovery in private equity markets is sustained, exits and refinancings could generate additional liquidity and support net asset value growth 1. Net assets rose in 2025, and portfolio companies have a growth profile based on recurring revenues 1.
- Undrawn commitments and the buyback budget could make disciplined capital allocation an important driver of shareholder returns 1.
- The founder network and experience in complex transactions could provide a sourcing and value-creation advantage in uncertain periods 1.
What would break the thesis
- If private valuations are adjusted downward, net asset value could fall and affect investor confidence 1. Value depends on complex judgements, and valuation differences can be significant 1.
- Concentration in a few large investments and in mid-market Europe could amplify the effect of a regional economic shock 1.
- The company depends on exits and refinancings to support its commitments, and a slower market could put pressure on liquidity 1.
What to watch
- Pace of exits and look-through proceeds compared with the 2025 level of 92 million GBP2026
- Completion of the buyback programme and the evolution of the discount to net asset value2026
- Liquidity levels and use of the 325 million GBP credit facilitynext annual report
- Valuation trends of the five largest holdings and of the North Sails investmentnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Oakley Capital Investments Limited is a closed-ended investment company incorporated in Bermuda and listed on the main market of the London Stock Exchange. The company gives public investors access to private companies through investments in private equity funds managed by Oakley Capital, its investment adviser 1. Its stated strategic objective is to generate long-term returns above the FTSE All-Share Index 1.
The core activity covers investments across the life cycle, from venture to mid buyout, in four sectors: Technology, Education, Consumer and Business Services 1. About 77% of Oakley's deals since inception were founder-led 1, and 70% were uncontested 1.
The financial position at the end of 2025 shows total assets of 1,460 million GBP 1, of which unquoted investments represent 92% 1. The company is partly financed through borrowings, including a new five-year credit facility of 325 million GBP signed in April 2025 1.
Segments
Private equity funds (Oakley Funds)
Most of the company's exposure is through Oakley Funds, private equity funds investing from venture to mid buyout. Total undrawn commitments to these funds reached 992 million GBP at the end of 2025 1, and in 2025 a commitment of 500 million EUR to Fund VI was made 1.
Market context
The company operates in European mid-market private equity, where Oakley says there is a deep pool of founder-led businesses with long-term growth characteristics 1. About 80% of look-through exposure lies in Europe and the United Kingdom 1, so regional economic developments directly influence portfolio values. The 2025 backdrop included US tariffs and geopolitical tensions, alongside a US-EU agreement that helped stabilise macroeconomic conditions 1.
Private equity showed early signs of recovery in 2025, with exits and refinancings beginning to improve liquidity 1. Differences between private valuations and listed market prices remain a point of attention for investors following net asset value 1.
Trends
- Geopolitical and trade tensionsmixed
New US tariffs and conflicts in the Middle East created volatility, but a US-EU agreement helped stabilise macroeconomic conditions 1. Risk remains, and effects on the European portfolio could be felt if tensions re-emerge 1.
- Recovery in private equity marketstailwind
Exits and refinancings began to show improvement, and the portfolio generated significant proceeds in 2025 1. If this trend continues, it could support the company's liquidity and returns 1.
- Cost of financing and debt refinancingheadwind
Interest costs rose, with interest expense reaching 9,599 thousand GBP in 2025 1. Refinancing portfolio company debt on better terms can ease pressure, but the credit environment remains a variable 1.
- Digitalisation and artificial intelligencetailwind
Portfolio companies are positioned to benefit from AI enhancements to their customer propositions, and digitalisation opens opportunities in technology and education 1. The impact depends on execution and adaptation costs 1.
Competitive position
The company competes with other listed private equity vehicles and private funds seeking mid-market transactions in Europe. Oakley's stated advantage is its founder network and access to off-market deals, supported by many repeat partnerships 1. Competitors with similar access to capital can influence transaction prices and the availability of target companies 1.
Differentiation depends on Oakley's ability to create value through buy-and-build deals, business transformation and talent management, with more than 350 bolt-on acquisitions supported 1. If this approach is maintained, it could sustain the competitive position over the long term 1.
- Other listed European private equity companies
Companies with similar strategies investing through private equity funds with European exposure; the source gives no further detail.
- Private mid-market buyout funds
Compete for the same transactions involving founder-led companies in Technology, Education, Consumer and Business Services.
- Venture and growth tech funds
Compete for early-stage and growth companies, a segment in which Oakley has extended its strategy.
- Strategic investors in business services
Compete for mission-critical tech-enabled service assets, a category targeted by the portfolio.
News & filings
In the press
- Oakley Capital Investments H1 Earnings Call HighlightsYahoo Finance — News · 10 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Oakley Capital Investments Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.