Trading Update 31st Dec 202126 Jan 2022 16:58
Up 10% today to 419 based on the RNS.
I will be buying more on any weakness with NAV at 538 is 22% discount.
NAV growth - The Company's unaudited NAV as at 31 December 2021 was £961 million, which represents a NAV per share of 538 pence, based on portfolio company valuations at year-end. The total NAV per share return including dividends was 35% (+140 pence) since 31 December 2020 and 21% (+95 pence) since 30 June 2021. During the year, 76% of the increase in the portfolio's value was driven by EBITDA growth and 24% by multiple expansion including realisations. The largest contributions were from IU Group which continued to see strong growth in student enrolments during the period, and TechInsights whose sale has been agreed at a c.125%1 premium to the June book value.
Portfolio company performance
In 2021 the Oakley Funds continued to benefit from their investment focus on technology-enabled businesses. While some companies were impacted by COVID-related restrictions, the wider portfolio enjoyed strong earnings growth, benefiting from accelerating long-term trends such as the increasing adoption of digital solutions by businesses and consumers, and growing demand for quality, accessible education.