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Ocean Wilsons Holdings (LSE: OCN)

Last close As at 04/11/2024

GBP13.95

▲ 10.00 (0.72%)

Market capitalisation

GBP490m

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 delivered good growth in H124, a trend that appears to be continuing. 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 | Flash note

Ocean Wilsons Holdings — Sale of Wilson Sons investment

Investment Companies | Update

Ocean Wilsons Holdings Limited — Confirmation of interest in Wilson Sons holding

Investment Companies | Flash note

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

Investment Companies | Update

Ocean Wilsons Holdings — Strategic options being considered
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Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Leslie Rans

    CFO

Balance Sheet

Forecast net debt (US$m)

209.6

Forecast gearing ratio (%)

24

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.5) 12.6 47.3
Relative (3.8) 16.6 31.5
52 week high/low 1515.0p/918.0p

Overview

Ocean Wilsons announced today that it has agreed to sell its 56.47% stake in Wilson Sons to SAS Shipping Agencies Services, a wholly owned subsidiary of MSC Mediterranean Shipping Company, for R$4.4bn (equivalent to R$17.50 per share). The consideration will be converted into US dollars, which, at the current exchange rate, implies a purchase price of US$768m. The transaction is expected to trigger a Brazilian withholding tax liability of up to US$142m and to ultimately realise net cash proceeds of ‘at least US$593m’. The transaction is expected to complete in H225. A ‘meaningful’ proportion of the proceeds will be returned to shareholders and some may be reinvested in Ocean Wilsons.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 440.1 178.6 38.5 (51.88) N/A N/A
2023A 486.6 197.8 131.0 190.46 9.4 N/A
2024E 526.5 223.3 143.6 233.26 7.7 N/A
2025E 589.4 248.6 173.1 289.78 6.2 N/A

Research

Update

Investment Companies

Ocean Wilsons Holdings Limited — Confirmation of interest in Wilson Sons holding

Flash note

Investment Companies

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

Investment Companies

Flash note

Ocean Wilsons Holdings — Sale of Wilson Sons investment

Update

Investment Companies

Ocean Wilsons Holdings — Strategic options being considered

Flash note

Investment Companies

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

Update

Investment Companies

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

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
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