Ocean Wilsons Holdings

LN: OCN

£403.1m market cap

1140p last close

Ocean Wilsons Holdings is a holding company with a controlling 58.25% stake in Wilson Sons, a listed Brazilian maritime and logistics business. It also has an investment division (OWIL), with a diversified portfolio of equities, bonds and other assets.

Investment summary

Ocean Wilsons’ (OCN) first-half figures reported in August showed that its quoted Brazilian operating subsidiary, Wilson Sons (WSON), made progress despite a still difficult trading background, particularly for its offshore JV. The main container terminal and towage businesses are well invested and positioned to exploit a longer-term revival in the local economy. Confidence in this appears to be growing if strength in the currency and Bovespa equity index are taken as indicators.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2015A 508.9 164.3 69.0 43.7 33.9 2.9
2016A 457.2 148.7 117.5 127.4 11.6 3.7
2017E 489.1 150.7 117.7 135.4 11.0 3.5
2018E 507.8 162.8 115.9 125.5 11.8 3.2
Last updated on 15/03/2019
Industry outlook

OCN’s control of Wilson Sons gives it exposure to three growth drivers: international trade flows, the oil and gas industry and the domestic Brazilian economy. OCN also manages a portfolio of international investments, with a long-term outlook and a bias towards global and emerging market equities.

Last updated on 15/03/2019
Share price graph
Balance sheet
Forecast net debt (US$m) 282.9
Forecast gearing ratio (%) 35
Price performance
%
1m
3m
12m
Actual 0.0 (1.3) 7.0
Relative* (0.4) (7.2) 6.5
52-week high/low 1290.0p/1010.0p
*% relative to local index
Key management
Keith Middleton FD

You may also be interested in…