OCI is not subject to the UK City Code on Takeover and Mergers.
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This webpage and its contents are made available on an “as is” and “as available” basis. OCI uses reasonable efforts to ensure that the information on this webpage is accurate, but OCI and its personnel and agents disclaim and exclude (to the fullest extent permitted by law) all warranties, representations or guarantees (whether express, implied or statutory) that the information is complete, accurate, up-to-date or suitable for a particular purpose. All documents have their own shelf life and may be included on this webpage for historical reference purposes only. Any opinions, recommendations and forecasts provided are not necessarily the current opinions, recommendations and forecasts of OCI or any contributors and may be changed at any time. Actual outcomes or results may differ materially from those expressed or implied by any forecast. You agree that access to, and reliance on, this webpage and any information contained on it is entirely at your own risk.
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In our report, 1H’21: 35% EBITDA growth drives 26% NAV return, published on 13 September, we noted that OCI’s results were strong, with i) an annual total NAV return of 26% (11% in six months), ii) average annual portfolio company EBITDA growth of 35% (20% FY’20), 12.3x EV/EBITDA (11.8x FY’20) and 3.5x net debt/EBITDA (3.9x FY’20), iii) £95m investment and £51m realisations in six months, and iv) cash of £172m. OCI’s five-year CAGR NAV total return is 17%, driven by high-quality business originated by its entrepreneur network. Against this sustained growth, with proven downside protection, the 14% discount to NAV appears anomalous, in our view.
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