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We reviewed OCI detailed results in our note 1H’22: results prove NAV real, resilient and growing published on 20 September 2022. We highlighted why its latest disclosures should, abate any worries about whether the NAV was real or whether it could grow, negating what we believe is driving a sector wide NAV discount. In particular, we noted: 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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