Ocean Wilsons Holdings (LSE: OCN)

Last close As at 20/06/2024

GBP12.95

−10.00 (−0.77%)

Market capitalisation

GBP458m

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 — 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

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 (5.5) (1.5) 33.5
Relative (3.8) (7.7) 22.2
52 week high/low 1475.0p/914.0p

Overview

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 7.6
2023A 486.6 197.8 131.0 190.46 8.7 3.3
2024E 521.7 214.8 135.4 214.42 7.7 3.2
2025E 584.0 239.2 165.1 271.19 6.1 2.8

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