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.
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Leslie Rans
CFO
Forecast net debt (US$m)
293.6
Forecast gearing ratio (%)
36
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 1.5 | 10.8 | 55.5 |
Relative | 0.2 | 3.6 | 52.6 |
52 week high/low | 1415.0p/820.0p |
Ocean Wilsons Holdings’ (OCN’s) strategic review remains ongoing. Despite the review and the potential for value realisation, OCN still trades at a substantial discount to its value, which we believe is 2,564p.
Y/E Dec | Revenue (US$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 | 9.5 | 4.2 |
2022A | 440.1 | 178.6 | 38.5 | (51.88) | N/A | 7.9 |
2023E | 486.6 | 197.8 | 131.0 | 190.46 | 9.0 | 3.4 |
2024E | 521.7 | 214.8 | 135.4 | 214.42 | 8.0 | 3.3 |