OCN Ocean Wilsons

Edison issues flash on Ocean Wilsons Holdings (OCN): Strong FY23 results with strategic review in FY24

Edison Investment Research Limited
Edison issues flash on Ocean Wilsons Holdings (OCN): Strong FY23 results with strategic review in FY24

26-March-2024 / 08:32 GMT/BST
The issuer is solely responsible for the content of this announcement.

 

London, UK, 26 March 2024

 

Edison issues flash on Ocean Wilsons Holdings (OCN): Strong FY23 results with strategic review in FY24

Ocean Wilsons Holdings’ (OCN’s) FY23 results highlight a robust performance from the Brazilian subsidiary Wilson Sons, as well as growth from the investment portfolio. Our forecasts are under review following the announcement but, prior to this, we valued OCN at 2,564p/share, which implies it is currently trading at a 48% discount. Given the strong trading and optimistic outlook, risks appear to be to the upside.

The investment portfolio generated a gross return of 10.1% and net return of 8.9%, against OCN’s performance benchmark of 6.4%. The portfolio benefitted from strong growth in some of the largest technology companies that are held within various funds. Overall, the portfolio was broadened by adding value-oriented funds and increasing the weight of defensive assets, neutrally positioning the portfolio. The strategic review remains ongoing, but Friday’s statement outlines an expectation that it will be complete in 2024. In the meantime, our forecasts and valuation are under review following these positive results.

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