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In our note , 2022: NAV returns driven by EBITDA growth, we highlighted NAV of 662p per share, a 24% total NAV return, that 65% of the NAV growth was driven by EBITDA growth and 35% by multiple expansion, investments of £271m, realisations of £244m, available finance (including cash) of £210m and commitments of £929m. Some key business messages were i) 2022 exits, on average, 70% above carrying value, ii) 22% investee company average earnings growth, iii) weighted average EV/EBITDA of 15.9x, below listed market levels, iii) a PEG ratio of 0.7x, and iv) >75% of deals were uncontested. Oakley adds value to its companies in all environments. Its five-year share price total return (195%) is the best out of all the £10m+ AIC members.
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