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We believe a significant driver to the whole listed PE sector trading at a large discount to NAV is investors’ concerns about whether the NAVs are real and conservative, and whether they can grow. For OCI, the detail in its latest results disclosure should, once again, abate any of those worries. In particular, we highlight i) realisations, on average, 52% above carrying value, ii) 18% growth in investee company EBITDA (which accounts for around three quarters of NAV growth), iii) a PEG ratio of 0.8x, iv) 93% of multiple expansion driven by exit uplifts, and v) average EV/EBITDA ratings below listed market levels, despite subsectors that attract high ratings. Oakley adds value to companies in all economic environments, especially uncertain ones.
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