Oakhall is a specialist and unique firm of consultants that helps boards and executive teams answer the question “what does our strategy mean when translated into numbers?”
Our work unifies board and executive understanding of what drives your business, materially improves the efficiency of working with financial advisors especially as part of a fund raising or M&A process, and brings clarity and depth to stakeholder communication.
Our aim is to maximise long-term performance and valuation, avoid short-termism, and build a stable, informed investor base. Founded by top-ranked investment bank equity analysts, we bring that analysis and articulation expertise in-house.
Can we quantify your strategy? Contact us to arrange a meeting.
The UK’s tax incentives for early-stage investors rank amongst the best in the world, so it seems counterproductive to have it all eaten up in fees. In public markets there is a well-documented inverse correlation between fund performance and fund fees. The lower the fees, the higher the returns. We’ve not seen this quantified in […]
Listed companies that exclude stock base compensation (SBC) from their adjusted profit numbers may see pressure to reverse the policy following the move by one of the globe’s biggest listed companies, the $573bn market cap Google parent company Alphabet. CFO Ruth Porat stated on their most recent results call that they consider SBC to be […]
How we work
We very much work as part of your team on a project or retained basis. As needed we work together with your broker, M&A advisors, and PR agency.
We invariably start by modelling your business income statement, cash flow, and balance sheet, surfacing appropriate KPIs and working with you on forecasting, just as if we were investors or analysts looking at you from the outside. This can extend to modelling how your business benefits your customers to create a customer-facing model or research report.
Internally we improve internal efficiency and decision making and help unify understanding of the strategy. Externally we enable executives to take control of investor relationships and keep boards appraised of shareholder sentiment.
Some of our clients
"Thanks for your hard work and invaluable contribution. The response we are seeing from analysts and investors speaks volumes about the quality of the analysis and presentation that went into this."
"Oakhall brings intellectual rigour and more importantly, firm opinions to all our work together. I value and trust their opinions which are based on experience as well as the analysis of our business and marketplace. They also make a valuable contribution towards how we communicate to customers and other stakeholders and I like them immensely."
"Oakhall helped us frame our position so that we could quickly and efficiently explain why our platform was something new."
"Your feedback was really insightful and very well documented."
What we do
board and chairperson with key shareholder feedback • transactions including preparation for IPO, private funding round, or major acquisition • coaching for investor meetings • banker, broker, public relations agency selection • strategic planning projects • training and supporting sales / finance /product employees for IR role
Analyst Model including full cash flow and balance sheet • financial and operating KPIs • custom research paper • market sizing and peer group analysis • Pareto analysis • valuation triangulation • M&A analysis • capital allocation (buybacks, dividend) • unexpected consequence analysis
board presentation preparation • new CEO/CFO deep-dive business analysis • internal valuation workshop • financial disclosure clarity and transparency • vision, mission and strategy articulation • internal and external KPI selection • definition of adjusted (non-IFRS/non-GAAP) disclosure and use • alignment of internal and external targets
investor relations • share price and consensus analysis • managing the sell-side • sell side education • sell-side draft report and model feedback • investor targeting • IR website best practice • attracting US investors • dealing with short-sellers and activists • the IR calendar
investor presentation and pitch deck preparation • organisation and preparation of capital markets day or analyst conference • CEO and CFO script preparation • executive data pack for results day • Q&A preparation
We do not do capital introduction, meaning introducing companies to potential investors, unless we have worked with you for some time.
Andrew worked as a top-ranked equity analyst in the engineering, industrials and technology sector from 1993 to 2011, and then worked in corporate development and investor relations before founding Oakhall.
He spent 13 years at Merrill Lynch, where he was Managing Director of the European technology research team. The role took him across Europe, Asia, and North America, speaking at conferences and advising investors and companies.
He then moved into industry, working for mobile software company Monitise. Initially Director of Market Intelligence, he later became Senior Vice President of Industry And Investor Relations. Key projects in this role included two large institutional equity funding rounds totalling over £200m, and one strategic partner round of £50m.
Andrew holds a degree in Electronic Engineering from the University of Southampton and qualified as a Chartered Accountant with PWC. He is a member of the Institute of Engineering and Technology (IET) and Tech London Advocates.
Jonathan was a highly ranked equity analyst covering the technology sector from 2000 to 2011 and then moved into advisory and operational roles with several technology start-up businesses before joining Oakhall.
He spent 12 years at Cazenove and Merrill Lynch where he was the senior sector analyst on the European Semiconductor research team. While at Cazenove, he was the lead analyst on the IPOs for Wolfson Microelectronics and CSR.
He then worked in advisory and operational roles with several early stage technology companies in financial technology, social media, and network infrastructure. He assisted founders with end market analysis, financial modelling, fundraising and business development and built on his experience in research. Most recently he was Chief Operating Officer at Vox Markets.
Jonathan trained as a Chartered Accountant with Deloitte and graduated in Natural Sciences from the University of Cambridge. He is a member of the Investor Relations Society.