Ocean Wilsons Holdings

LN: OCN

Market Cap£359m

Last Close 1015p

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 (OCN) reported PBT of $66.2m in H121 versus a loss of $1.8m in H120. Buoyant financial markets have allowed OCN’s global investment portfolio (OWIL) to swing from a loss in H120 to a strong performance. At the same time, OCN’s EBITDA grew 13% y-o-y to $79.6m and its operating profit by 23% as Wilson Sons’ (WSON) results improved as expected from recovering business levels and firmer prices. Business is now picking up in WSON’s key container terminals and tugboat business and a recovery seems underway. We forecast OCN’s PBT to rise by 44% in FY21 and by 20% in FY22 as business recovers to normal. OCN is currently trading on a 39% discount to look-through value. Its stake in listed WSON alone is worth 99% of its market cap.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 406.1 147.9 95.6 169.3 8.3 3.1
2020A 352.8 135.7 74.6 109.5 12.8 3.4
2021E 382.3 157.6 110.0 178.1 7.9 3.4
2022E 417.1 181.6 117.4 181.2 7.7 2.8
Industry outlook

While WSON’s business volumes were affected by the pandemic, prices and margins actually improved due to better competitive dynamics in its key towage and container ports businesses. Currently, volumes are picking up in these two divisions, while higher oil prices are supportive of a future recovery in WSON’s lagging oil and gas platform service operations.

Last updated on 21/09/2021
Content on Ocean Wilsons Holdings
Ocean Wilsons Holdings – Operations and markets drive good H121
Investment companies | Update | 23 August 2021
business desk
Ocean Wilsons Holdings – Smoother sailing ahead
Investment companies | Outlook | 21 June 2021
business desk
Ocean Wilsons Holdings – Sailing against the wind
Investment companies | Outlook | 11 September 2019
business desk
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Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.4) (7.3) 58.6
Relative* (1.1) (7.4) 27.5
52-week high/low 1135.0p/620.0p
*% relative to local index
Key management
Leslie Rans CFO

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