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Ocean Wilsons Holdings (LSE: OCN)

Currency in GBP

Last close As at 06/02/2023

GBP9.20

▲ −10.00 (−1.08%)

Market capitalisation

GBP329m

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.

WSON’s good spread of assets in Brazil has allowed it to weather reasonably well the exceptional conditions in FY20, FY21 and now FY22. WSON’s 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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Ocean Wilsons Holdings — Adverse financial markets but PORT3 is doing well

Investment Companies

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

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

Investment Companies

Ocean Wilsons Holdings — Operations and markets drive good H121
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Equity Analyst

Pedro Fonseca

Pedro Fonseca

Analyst, Financials

Key Management

  • Leslie Rans

    CFO

Balance Sheet

Forecast net debt (US$m)

489.2

Forecast gearing ratio (%)

65

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.1) 3.4 1.7
Relative (6.3) (6.1) 0.6
52 week high/low 1050.0p/820.0p

Overview

Ocean Wilson (OCN) reported in its Q322 update that the investment portfolio’s (OWIL’s) NAV declined by 19.5% ytd due to difficult financial markets (eg the MSCI World Index fell by 25%). However, Wilson Sons (PORT3) saw its quarterly PBT grow 20% yo-y in US dollar terms. The towage and offshore vessels divisions (two of PORT3’s three key divisions) continue to have positive operating trends. The third division, container terminal ports, is still experiencing the headwinds of a global logistics bottleneck but the situation is expected to improve in the coming quarters. Despite the decline in OWIL’s NAV, OCN is trading at a 52% discount to the look-through value of its stake in PORT3 and the OWIL portfolio. This rises to 58% if we use our fair value for PORT3.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2020A 352.8 138.8 74.6 109.5 10.2 2.6
2021A 396.4 162.0 110.4 180.1 6.2 2.5
2022E 432.4 168.2 33.6 (41.8) N/A 2.4
2023E 478.3 192.6 111.5 148.0 7.6 2.1

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