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 the exceptional conditions in FY20, FY21 and FY22 reasonably well. 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.
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Leslie Rans
CFO
Forecast net debt (US$m)
244.5
Forecast gearing ratio (%)
28
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (4.9) | (10.1) | 25.0 |
Relative | (4.0) | (12.0) | 17.1 |
52 week high/low | 1475.0p/914.0p |
Ocean Wilsons Holdings’ (OCN’s) FY23 results highlighted a robust performance from the Brazilian subsidiary Wilson Sons, as well as growth from the investment portfolio. Our forecasts are under review following the announcement but, prior to this, we valued OCN at 2,564p/share, which implies it is currently trading at a 48% discount. Given the strong trading and optimistic outlook, risks appear to be to the upside. The strategic review remains ongoing.
Y/E Dec | Revenue (US$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 | 7.3 |
2023A | 486.6 | 197.8 | 131.0 | 190.46 | 8.3 | 3.2 |
2024E | 521.7 | 214.8 | 135.4 | 214.42 | 7.4 | 3.0 |
2025E | 584.0 | 239.2 | 165.1 | 271.19 | 5.8 | 2.7 |