Ocean Wilsons Holdings - Smoother sailing ahead
The COVID-19 pandemic has been tough on Brazil but OCN has weathered it well with a respectable 5.1% ROE in 2020 and maintained its 70c (4.3%) dividend. Business volumes fell in Wilson Sons (WSON), its Brazilian maritime services company, but prices firmed up and allowed WSON to post a 4.3% ROE. OCN’s international investment portfolio (OWIL) had a good year in 2020 with favourable if choppy markets. Business is now picking up in WSON’s key container terminals and tugboat business and a recovery seems underway. We forecast OCN’s PBT to rise by 44% in FY21 and by 20% in FY22 as business recovers to normal. OCN is currently trading on a 35% discount to look-through value despite having risen 27% since 1 April. Its stake in listed WSON alone is worth 99% of its market cap.Ocean Wilsons Holdings is a holding company. Through its subsidiaries, Co. is engaged in the provision of transport services; the activities of tug and port operator; the construction and building of ships; the provision of shipping agency and logistics services; the operation of warehousing and stevedoring; and investment holding and dealing. Co. carries out its business in Brazil, Bermuda and the United Kingdom, and organized its business into three segments: towage, offshore anad shipyard, port operations and logistics, and ship agency.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.