Ocean Wilsons Holdings

LN: OCN

Market Cap£302m

Last Close 855p

Ocean Wilsons Holdings is an investment company based in Bermuda. It has a controlling shareholding in Wilson Sons, a quoted maritime services company in Brazil, and holds a portfolio of international investments.

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Investment summary

Ocean Wilsons Holdings (OCN) reported a H122 net income loss of US$34.7m (H121: $39.5m profit) driven by a $48.9m loss in the investment portfolio (OWIL) due to volatile financial markets. Wilson Sons’ (PORT3) results are still affected by the shortage of empty containers and the global logistics bottlenecks in the container terminals business. More positively, towage has been resilient while the offshore vessels business is doing much better, boosted by new contracts. The company is trading at a hefty 50% discount to the look-though value of its OWIL portfolio and its stake in listed PORT3.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2020A 352.8 138.8 74.6 109.5 8.9 2.3
2021A 396.4 162.0 110.4 180.1 5.4 2.2
2022E 432.4 168.2 33.6 (41.8) N/A 2.1
2023E 478.3 192.6 111.5 148.0 6.6 1.8
Industry outlook

WSON’s good spread of assets in Brazil has allowed it to weather reasonably well the exceptional conditions in FY20, FY21 and now FY22. WSON’s assets include large, competitive container terminals in two Brazilian ports and the country’s largest maritime tugboat business. Looking ahead, spare capacity in various PORT3 businesses means there is significant positive operating leverage as business picks up.

Last updated on 05/10/2022
Content on Ocean Wilsons Holdings
Ocean Wilsons Holdings – Hit by markets, valuation eye-catching
Investment companies | research Update | 6 September 2022
Growth 2
Ocean Wilsons Holdings Limited – FY21 was in line but headwinds remain
Investment companies | research Outlook | 11 May 2022
Growth 2
Ocean Wilsons Holdings – Operations and markets drive good H121
Investment companies | research Update | 23 August 2021
Growth 2
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Sector
Investment companies
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Share price graph
Balance sheet
Forecast net debt (US$m) 489.2
Forecast gearing ratio (%) 65
Price performance
%
1m
3m
12m
Actual (0.6) (9.3) (12.8)
Relative* 3.2 (8.9) (8.3)
52-week high/low 1050.0p/820.0p
*% relative to local index
Key management
Leslie Rans CFO

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