Ocean Wilsons Holdings (OCN)

Business description

Ocean Wilsons Holdings is a holding company with a controlling 58.25% stake in Wilson Sons, a listed Brazilian maritime and logistics business. It also has an investment division (OWIL), with a diversified portfolio of equities, bonds and other assets.

Stock data

Market cap.£365.1m
Last close1,032.50p
High / Low (52 weeks)1115.0p / 740.0p
Stock market listingLN
Forecast net debt (US$m)282
Forecast gearing ratio (%)37
TeamInvestment Companies
SectorInvestment Companies

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2014A 633.5 154.2 78.5 65.6 20.3 3.1
2015A 508.9 164.3 68.9 43.7 30.5 2.6
2016E 463.6 147.0 120.2 118.4 11.3 3.1
2017E 477.7 162.4 118.0 114.4 11.7 2.9

Last updated on 16/12/2016

Investment summary

Ocean Wilsons's (OCN) Q3 update highlighted a strong operating performance at Wilson Sons driven by growth of container terminal volumes, increased towage manoeuvres and strong offshore vessel business performance, partially offset by a decrease in port terminals and logistics. Revenue increased c 5% to US$177.2m (Q313: US$169.1m), operating profit was US$35.9m (Q313: US$35.1m), while EBITDA was US$52.4m (Q313: US$49.7m). Wilson Sons profit was adversely affected by the BRL/US$ depreciation resulting in a net loss of US$8.2m (Q313: US$19.7m profit). At 31 October 2014 OCN's investment portfolio amounted to US$249.4m (Q313: US$249.0m). The investment portfolio represented US$7.05 (£4.41) per OCN share, while Wilson Sons accounted for US$15.26 (£9.72) per OCN share at 13 November.

Last updated on 02/05/2017

Industry outlook

OCN’s control of Wilson Sons gives it exposure to three growth drivers: international trade flows, the oil and gas industry and the domestic Brazilian economy. OCN also manages a portfolio of international investments, with a long-term outlook and a bias towards global and emerging market equities.

Last updated on 02/05/2017

Key management

Keith Middleton, FD

Company address

Richmond House 5th Floor
12 Par-la-Ville Road
2250 PO Box HM
Hamilton
HM JX
Bermuda
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