Ocean Wilsons Holdings (LSE: OCN)

Last close As at 02/03/2024

GBP13.45

−10.00 (−0.74%)

Market capitalisation

GBP480m

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 | 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

Investment Companies | Outlook

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

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Leslie Rans

    CFO

Balance Sheet

Forecast net debt (US$m)

257

Forecast gearing ratio (%)

32

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.4) 23.4 44.6
Relative (0.1) 20.2 49.5
52 week high/low 1410.0p/820.0p

Overview

Ocean Wilsons Holdings’ (OCN’s) strategic review remains ongoing. Despite the review and the potential for value realisation, OCN still trades at a c 51% discount to its value, which we believe is 2,564p.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 396.4 158.8 110.8 181.19 9.4 4.1
2022A 440.1 176.8 38.5 (51.88) N/A 7.9
2023E 472.6 186.6 107.2 159.24 10.7 3.8
2024E 521.7 214.3 135.5 214.66 7.9 3.3

Research

Outlook

Investment Companies

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

Update

Investment Companies

Ocean Wilsons Holdings — Operations and markets drive good H121

Outlook

Investment Companies

Ocean Wilsons Holdings — Smoother sailing ahead

Outlook

Investment Companies

Ocean Wilsons Holdings — Sailing against the wind

Outlook

Investment Companies

Ocean Wilsons Holdings — Wilson Sons’ Q1 shows further resilience

Update

Investment Companies

Ocean Wilsons Holdings Limited — Update 16 December 2016

Update

Investment Companies

Ocean Wilsons Holdings — Update 9 September 2016

Outlook

Investment Companies

Ocean Wilsons Holdings — Update 9 June 2016

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