London, UK, 13 May 2022

Ocean Wilson Holdings (OCN): FY21 was in line but headwinds remain

Ocean Wilsons (OCN) is an investment holding company with a controlling interest in Wilson Sons (WSON), a long-established Brazilian maritime services company, and a globally diversified investment portfolio (OWIL). OCN reported FY21 PBT of US$110.4m (+48% y-o-y), in line with our forecasts. OWIL had a good year, but WSON’s results were a mixed bag. The container terminal business is still suffering from worldwide supply bottlenecks, whereas the towage business did better than expected. Looking ahead, we expect WSON to continue to be negatively affected by the global logistics disruption but assume an improvement in the second half of FY22. OCN is currently trading at a hefty 47% discount to the look-though value of its OWIL portfolio and its stake in listed WSON.

We monitor OCN’s discount to its look-through value; it currently stands at 47%, which is above average (the discount tends to be mid-30s to low-40s). The look-through value comprises the market value of OCN’s 57% stake in WSON and the last reported value for the investment portfolio held by OCN. There is no significant financial debt at the holding company level.

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