Ocean Wilsons Holdings (LSE: OCN)

Currency in GBP

Last close As at 30/11/2023

GBP10.80

5.00 (0.47%)

Market capitalisation

GBP382m

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 allowed it to weather reasonably well the exceptional conditions in FY20, FY21 and FY22. 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 — Adverse financial markets but PORT3 is doing well

Investment Companies | Update

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

Investment Companies | Outlook

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

Investment Companies | Update

Ocean Wilsons Holdings — Operations and markets drive good H121

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Leslie Rans

    CFO

Balance Sheet

Forecast net debt (US$m)

501.5

Forecast gearing ratio (%)

63

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 14.9 11.1 20.7
Relative 11.6 11.6 22.6
52 week high/low 1150.0p/820.0p

Overview

Ocean Wilsons Holdings reported H123 revenue of $229.7m, up c 9%, and a flat operating profit of $54.7m, implying that costs rose in line with the increase in revenue. The investment portfolio reported a net return of $11.2m, which contributed to a $5.8m increase in the portfolio asset value. Overall, group net assets increased by $19.8m to $773.9m. At 30 June, the implied NAV per share of Ocean Wilsons stood at £22.10, a c 57% discount. Ocean Wilsons is increasingly confident that investment stories outside the US look interesting and that the fundamentals for towage, container handling and energy-related activity are positive. We are currently updating our model following the H123 results and note that the group is undertaking a strategic review involving its investment in Wilson Sons (Ocean Wilsons owns 57% of the shares).

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2021A 396.4 162.0 110.4 180.1 7.6 3.0
2022A 440.1 N/A 38.1 (52.8) N/A N/A
2023E 478.3 192.6 111.5 148.0 9.3 2.5
2024E N/A N/A N/A N/A N/A N/A

Research

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

Outlook

Investment Companies

Ocean Wilsons Holdings — Update 9 June 2016

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