Last close As at 05/08/2026
GBP11.76
▲ −3.98 (−0.34%)
Market capitalisation
—
Research: Investment Companies
Ocean Wilsons Holdings’ (OCN’s) FY23 results highlight 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.
Ocean Wilsons Holdings |
FY23 preliminary results |
Investment companies |
25 March 2024 |
Share price performance
Business description
Analyst
Ocean Wilsons Holdings is a research client of Edison Investment Research Limited |
||||||||||||||||||||||||||||||||||
Ocean Wilsons Holdings’ (OCN’s) FY23 results highlight 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.
Year end |
Revenue (US$m) |
PBT* (US$m) |
EPS** |
DPS |
P/E |
Yield |
12/21 |
396.4 |
110.8 |
180.1 |
70.0 |
9.4 |
4.1 |
12/22 |
440.1 |
38.5 |
(52.8) |
70.0 |
N/A |
4.1 |
12/23 |
486.6 |
130.7 |
189.6 |
85.0 |
8.9 |
5.0 |
12/24e |
521.7 |
135.5 |
213.8 |
100.0 |
7.9 |
5.9 |
Note: *PBT is normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. **EPS is on a company-reported basis.
OCN enjoyed a robust trading period in FY23, reporting revenue of $486.6m, (FY22: $440.1m), up by 10.6%, and operating profit of $125.7m (FY22: $113.8m), an increase of 10.5%, both benefitting from positive trading in Wilson Sons, its 57% owned Brazilian subsidiary.
Profit before tax increased $92.6m to $130.7m, due largely to the increase in operating profit and to the $77.1m swing in the investment portfolio returns in the year. Earnings per share (company basis) was 189.6 cents (FY22: loss of 52.8 cents) from which OCN intends to pay a dividend per share of 85 cents (up from 70 cents) in June 2024. Net debt (including leases) rose by 8.8% to $478.1m and net assets increased by 8.2% to $815.8m.
Wilson Sons traded well in FY23, with towage volumes up by 4.1% to 57,107 harbour manoeuvres and strong growth in both vessel turnarounds and operating days, largely driven by the buoyant offshore energy sector. Boosts in trade flows resulted in growth of 16.2% in container handling volumes to 1,064.2k TEUs.
The investment portfolio generated a gross return of 10.1% and net return of 8.9%, against OCN’s performance benchmark of 6.4%. The portfolio benefitted from strong growth in some of the largest technology companies that are held within various funds. Overall, the portfolio was broadened by adding value-oriented funds and increasing the weight of defensive assets, neutrally positioning the portfolio.
The strategic review remains ongoing, but Friday’s statement outlines an expectation that it will be complete in 2024. In the meantime, our forecasts and valuation are under review following these positive results.
|
|
Investment Companies
Research: Consumer
Kinepolis is ‘ready to tango’, according to management, after impressive FY23 results defied last year’s Hollywood strikes (H2 adjusted EBITDA up 26% despite 2% fewer visitors in Q4). Its confidence is compounded by an improving film slate on the strikes’ resolution (eg blockbuster Dune: Part Two postponed from 2023) as well as clear post-pandemic expansion opportunities, heightened by the impact of the strikes and enabled by the company’s strong finances. However, premiumisation remains at the fore (eg 5.5% higher FY23 in-theatre sales per visitor, currency adjusted) with FY24 set to benefit from dining (a potentially transformative new offering), initial 270-degree ScreenX installations, further premium seating and recent IMAX openings. Consensus FY24 EBITDA forecasts of €198m give an EV/EBITDA of c 9.2x.