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We reviewed OCI’s strong full-year 2021 results in our note, Proving the pudding: a sustainable growth model, published on 16 March. Three quarters of the 2021 total NAV return of 35% was driven by underlying company EBITDA growth. This has continued in 1Q’22, with the trading update released on 27 April reporting a 6% NAV total return in the quarter. Once again, 75% of this was driven by underlying company EBITDA growth. NAV per share is now 571p, and total NAV exceeds £1bn, of which on-balance sheet cash is £180m (no debt at OCI level). The latest factsheet is here. OCI will be hosting its annual Capital Markets day on 11 May at 2pm (contact [email protected]).
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