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Ocean Wilsons Holdings (LSE: OCN)

Last close As at 22/11/2024

GBP12.30

▲ 20.00 (1.65%)

Market capitalisation

GBP435m

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 (20.1) (5.8) 6.1
Relative (17.3) (3.5) (1.8)
52 week high/low 1515.0p/1075.0p

Overview

Ocean Wilsons announced recently that it had 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 8.4 N/A
2024E 526.5 223.3 143.6 233.26 6.8 N/A
2025E 589.4 248.6 173.1 289.78 5.5 N/A

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