Ocean Wilsons Holdings

Overview
Price performance
Financials
Research
Thematics

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

Investment Companies |
Flash note

25.03.24

Ocean Wilsons Holdings — Strong FY23 results with strategic review in FY24

Investment Companies |
Update

02.02.24

Ocean Wilsons Holdings — Strategic options being considered

Investment Companies |
Flash note

21.11.22

Ocean Wilsons Holdings — Adverse financial markets but PORT3 is doing well

Investment Companies |
Update

06.09.22

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

Visit Website

Sector

Investment Companies

Equity Analyst

Andy Murphy

Director, Financials & Industrials

Neil Shah

Key Management

Leslie Rans

CFO

Balance Sheet

Forecast net debt (US$m)

244.5

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(3.5)	(3.2)	52.7
Relative	(6.2)	(9.4)	45.5
52 week high/low	1430.0p/820.0p

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.