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Ocean Wilsons Holdings (LSE: OCN)

Last close As at 17/09/2024

GBP13.35

▲ 5.00 (0.38%)

Market capitalisation

GBP473m

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.

Wilson Sons’ good spread of assets in Brazil delivered good growth in H124, a trend that appears to be continuing. Its 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.

Latest Insights

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Investment Companies | Flash note

Ocean Wilsons Holdings — Strong FY23 results with strategic review in FY24

Investment Companies | Update

Ocean Wilsons Holdings — Strategic options being considered

Investment Companies | Flash note

Ocean Wilsons Holdings — Adverse financial markets but PORT3 is doing well

Investment Companies | Update

Ocean Wilsons Holdings — Hit by markets, valuation eye-catching
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Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Leslie Rans

    CFO

Balance Sheet

Forecast net debt (US$m)

244.5

Forecast gearing ratio (%)

28

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 3.9 3.1 40.5
Relative 4 0.7 29.7
52 week high/low 1475.0p/918.0p

Overview

Ocean Wilsons Holdings’ (OCN’s) H123 results highlighted a robust performance from the Brazilian subsidiary Wilson Sons, as well as growth from the investment portfolio. Our forecasts are under review, but prior to this we valued OCN at 2,564p/share, which implies it is trading at a c 40% discount. Given the strong trading and optimistic outlook, risks appear to be to the upside. The strategic review remains ongoing but on 23 August the company confirmed media speculation that it is in discussions with I Squared Capital Advisors relating to the potential disposal of its stake in Wilson Sons.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 440.1 178.6 38.5 (51.88) N/A 8.1
2023A 486.6 197.8 131.0 190.46 9.3 3.5
2024E 521.7 214.8 135.4 214.42 8.2 3.4
2025E 584.0 239.2 165.1 271.19 6.5 3.0

Research

Update

Investment Companies

Ocean Wilsons Holdings — Strategic options being considered

Flash note

Investment Companies

Ocean Wilsons Holdings — Adverse financial markets but PORT3 is doing well

Investment Companies

Flash note

Ocean Wilsons Holdings — Strong FY23 results with strategic review in FY24

Update

Investment Companies

Ocean Wilsons Holdings — Hit by markets, valuation eye-catching

Outlook

Investment Companies

Ocean Wilsons Holdings Limited — FY21 was in line but headwinds remain

Update

Investment Companies

Ocean Wilsons Holdings — Operations and markets drive good H121

Outlook

Investment Companies

Ocean Wilsons Holdings — Smoother sailing ahead

Outlook

Investment Companies

Ocean Wilsons Holdings — Sailing against the wind

Outlook

Investment Companies

Ocean Wilsons Holdings — Wilson Sons’ Q1 shows further resilience

Update

Investment Companies

Ocean Wilsons Holdings Limited — Update 16 December 2016

Update

Investment Companies

Ocean Wilsons Holdings — Update 9 September 2016
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