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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ocean Wilsons (holdings) Ld | OCN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 5.00 | 0.36% | 1,380.00 | 16:35:05 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,420.00 | 1,370.00 | 1,420.00 | 1,380.00 | 1,375.00 |
| Industry Sector |
|---|
| INDUSTRIAL TRANSPORTATION |
| Top Posts |
|---|
Posted at 24/3/2024 20:18 by livingstone20 Certainly lots to digest this weeks. 1) Joined the Wilson, Sons results call Friday - again amazingly no mention at all of the strategic review in either the management presentation or during the Q&A. That said I submitted a question previously in this forum about their last strategic review and it wasn’t read out. There were two questions about the separation out of Svitzer from Maersk. Context was competition but a global tug company with public growth ambitions for Brazil may also perhaps be an interested party to acquire tug elements of Wilson if it was split under strategic review?? This was a new angle to me so other views welcomed. 2) Similarly consistently disappointed when the quarterly results don’t include the NAV, when that would seem the single most useful thing to include!! I mailed the previous OCN investor relations director on this topic with no response and would encourage all interested to do same with new one. Whilst they are not formally an investment trust they are not obligated to do so but it would surely benefit discount narrowing if this more obviously transparent vs having to make manual personal calculations. 3) Interesting point on the note 11 long term commitments - I personally wouldn’t read too much into that as in any wind-up scenario I would envisage assets and commitments being merged into HAN in time - but that would likely only follow later. 4) Having checked the performance graphs ‘20 year long suffering shareholders of OCN’ have seen their investment rise close to x10 without counting the dividends so haven’t done too bad overall!! 5) I can’t really complain about the PSH position as it was coincidentally already independently my largest SIPP holding! |
Posted at 12/3/2024 16:38 by last of the mohicans Sadly looks like most investors here haven't even bothered to view the Presentation.If they had then they might have a better idea as to what the yearly report is going to look like in $$$ terms CousinIT, I would say its their current plans, unless there owners say otherwise (current or potential). The process has certainly dragged on, although that might be a good thing given the improvements in profitability that have occurred & therefore the value of the business. Personally I think the chances of a sale are under 40% now. There are things missing from that document, that I'm surprised that they haven't been included. One of the shocks for me in the document is them wanting to sell a PSV, it doesn't tie in with the other things there wanting to do with tugs, new ports etc. LOTM |
Posted at 26/2/2024 19:03 by mirabeau Wading ‘In Play’ In Overseas WatersToday I am going international with a feature on an undervalued group with a London and a Bermudian quote – Ocean Wilsons Holdings (LON:OCN). On the face of it I believe that the shares of this £472m capitalised group are trading well below their value at the current 1335p – yes unusually for me a heavier market capitalisation with a very heavy share price – but it looks cheap to me, which readers will identify in due course. With results due within the next month, it is expected to report a 10% uplift in 2023 revenues to £372m, with a 178% better profit of £84m. For this year that could rise by another 10% in turnover to £411m, with a 27% increase in pre-tax profits £107m. The Business The company’s principal activities are the management of a diverse global investment portfolio and the provision of maritime and logistics services in Brazil. In outlining its Purpose and Strategy the company robustly states that its objective is, through its investments, to create long-term capital growth without pressure to produce short-term results at the expense of long-term value creation. It operates through two primary investments – Ocean Wilsons (Investments), an actively managed investment fund, and Wilson Sons, a Brazilian maritime services company. The maritime services segment provides towage and ship agency, port terminals, offshore, logistics and shipyard services in Brazil. The investment segment holds a diverse global portfolio of international investments with an investment strategy of a balanced thematic portfolio of funds and is a Bermuda based company. Ocean Wilsons (Investments) Limited The investment strategy for its managed portfolio is to generate real returns through long-term capital growth, whilst emphasising preservation of capital without respect to short-term moves in equity markets. Its investment portfolio is invested in both publicly quoted and unquoted assets in diversified components. Working alongside expert managers in specialised sectors or markets allows it to have access to the best opportunities to achieve its strategy. This longer-term view directs an OWIL investment strategy that its investments are made in a balanced thematic portfolio of funds which leverage long-standing relationships. Wilson Sons SA Wilson Sons is one of the largest providers of maritime services in Brazil with activities including towage, container terminals, offshore oil and gas support services, small vessel construction, logistics and ship agency. The Wilson Sons strategy is to grow the business on the basis of its skills and existing assets, strengthening the businesses and looking for new opportunities in the maritime and transport sector, focusing on Brazil and Latin America. It looks to develop its businesses by maximising economies of scale and efficiency and improving the quality and range of services that it provides to customers. Major Strategic Review Now Well Underway On 12th June last year, the group responded to some Brazilian media speculation by stating that: “The Board notes recent Brazilian media speculation to the effect that the Company is negotiating the sale of its 57% owned subsidiary, Wilson Sons SA. The Company confirms that it is undertaking a strategic review involving the Company’s investment in Wilson Sons. That review, which will consider all potential strategic options, is currently at an early stage and there can be no certainty as to its outcome. The Company has not received any formal proposals from any third party with regard to a potential transaction involving Wilson Sons.” The Board recognises that there are divergent views among the group’s shareholders regarding its non-correlated asset holdings. The review is intended to provide a platform for it to optimise the asset mix, to enhance returns, and to drive growth in the longer term. On 15th November last year, the group issued its Q3 Quarterly including an Update on its strategic review regarding its investment in Wilson Sons: “The company has retained Banco BTG Pactual S.A. as adviser to Ocean Wilsons Overseas Limited, the holding company for the Group’s indirect investment in OW Overseas (Investments) Limited and in Wilson Sons. The company confirmed that BTG Pactual has received a number of indicative non-binding offers for its indirect investment in OWOIL and in Wilson Sons. “As the strategic review process remains ongoing, there can be no certainty as to its outcome and the indicative non-binding offers received by the company are highly conditional. The Board continues to evaluate all potential strategic options and will update shareholders further in due course.” The Equity There are some 35.36m shares in issue. The larger investors include Hansa Investment Company (26.45%), ICM Investment Management (12.95%), Dynamo Internacional (4.99%), City of London Investment Management (4.94%), Unicorn Asset Management (3.04%), Menhaden Capital Management (1.02%) and Chelverton Asset Management (0.85%). Two Board members also represent large holdings – William Saloman (13.18%) and Christopher Townsend (11.42%), both of whom are Directors of Hansa Capital. Analyst’s Views A consensus of analysts suggests an average Price Objective for the group’s shares is 1,675p, with the highest view seeking 1,750p a share. Andy Murphy at Edison Investment Research has a value realisation of 2,564p per share on the group’s equity. For the year to end December 2023 he estimates that group revenues will have risen to $472.6m ($440.01m) with a massive pre-tax profit of $107.2m ($38.5m), lifting earnings to 159.2c (loss 51.9c), while maintaining its 70.0c per share dividend. The year now underway could see it boost revenues to $521.7m, taking profits up to $135.5m, earnings of 214.7c, enabling a 100c a share dividend. My View – Looking For 1,600p Very Soon Within the next four weeks or so we should be seeing the group declare its 2023 Final Results, which going on the Edison estimates should be well received. We should also get some confirmation on just how well the current year is perceived by the group’s Management. But of much more interest, just what is going on in terms of the ongoing Strategic Review and the number of offers that were previously mentioned for both parts of the company. That helps to give the low p/e and healthy yielding shares, currently 1,335p, quite a bit of a sparkle valuing the company at just £472m. Despite them having risen from 820p last June and having already seen quite a swift ascent, I now fix a Target Price of 1,600p on the shares, hoping for some early positive news. At that time is it possible that we might also get a more enlightening detail on the strategic review and its potential outcome, especially if any of the offers have progressed? |
Posted at 21/2/2024 20:32 by last of the mohicans Hi Extrader,Its too long to post here but go to the company website, look under the investors section. Within that look at the bottom heading "Compulsory Transfer of Shares" Good Luck LOTM |
Posted at 21/2/2024 13:59 by extrader Hat tip to Livingstone20Wilson Sons CFO Another Brazil release that could be business as usual but is also entirely consistent with an impending transaction as an acquirer is usually wants to put their own CFO in, even if retaining key operational management, thus would likely exclude from new retention scheme when implementing. Rio de Janeiro, 20 February 2024 – Wilson Sons S.A. (B3 Ticker: PORT3) (“Wilson Sons” or “Company” Mr. Fernando Salek, current Chief Executive Officer, who has previously served the Company as Chief Financial Officer, will ensure the continuity of the financial agenda, supported by the Investors Relations Officer, Michael Connell, and the controller, Marcello Torres. The Company expresses its wishes of esteem and gratitude to Ms. Fabrícia Souza for her dedication to the Company. Michael Robert Connell Investor Relations Officer GLA |
Posted at 02/2/2024 13:42 by extrader Hat tip to Livingston20 for this (paid, £60K pa) research from Edison just out :hxxps://www.edisongr Ref my (semi-jocular) comment re deep-pocketed SWF asset-stripper, interesting to see .."Another way to highlight OCN’s value (based on the same figures) is to look at the current value of OCN’s 57% stake in PORT3 (£668.8m) and compare it to the current value of OCN (£443.8m). In effect, investors would get a controlling stake in PORT3 at a one-third discount and would receive the rest of OCN’s assets for free..." 'Do the math' as the Americans say... GLA |
Posted at 01/2/2024 23:36 by last of the mohicans Personally if Wilson & Sons is sold, I don't see a merger between OCN & Hansa Trust happening.Its fraught with complexity. Hansa has 2 different types of shares in issue the voting ones & non-voting ones. The 2 family's control enough of the voting ones to keep control of it. However they don't have a majority ownership of the non-voting ones (There are a total of 40M voting & 80M non voting) At OCN they own just over 51% of it with half of that ownership coming in the form of Hansa. Who would make the offer for the other? It would needs to be priced at a price that the independent directors could justify it as being in the best interests of shareholders to accept (both companies). Hansa NAV currently sits at £427M but the shares trade at a discount of over 40% currently to that valuation & they still don't carryout buy-backs of the A shares which they have the authority to do. Over 27% of that value comes from the OCN holding meaning the rest of the Hansa portfolio is worth £300M max & the OCN % will have increased since the end of Dec to possibly 30% or more now. OCN has a market value of £495M currently for the 35.36M shares in issue, but the current implied NAV is over £23 per share, ie a value of over £800M at the current Wilson & Sons price. So working backwards, the non family shareholders own roughly £400M in OCN. The family own roughly £200M of OCN & Hansa slightly over £200M. That means the cash value of Hansa would be around £500M in total, or over £4 per share. The 2 family own under 30M shares, so I'll assign them £120M to be on the safe side. So the £1.1 Billion we're talking about in total is split into 3 groups the 2 family's have £320M of it, £380M of it belongs to the other Hansa investors & £400M of it belongs to the other OCN shareholders. Leverage wise you'd say its still possible for the family's to still keep control of the empire in a convoluted structure but its going to be extremely difficult to do & the vast majority of shareholders in OCN & Hansa know what's coming. They've seen the years of pathetic Investment performance that Hanseatic have given everyone, they are not going to put up with it, they will want cash so they can get away from them & get decent returns on there money elsewhere. The breakdown of the assets show's that Hansa doesn't have the cash to buy OCN all it could do is offer OCN shareholders shares or a cash/shares combo, but no-one in there right mind is going to take A shares in this day & age & are highly unlikely to take even the voting shares unless there being offered full value for there OCN shares. But in doing that the 2 family's would lose control of Hansa because they only own 25% of OCN compared to our 48% & when that's converted into Hansa A shares there total holding would drop below 50% of the A shares. OCN would have the cash to buy Hansa, but that would definitely fall under the category of invested interest when it comes to the 2 family's & so they wouldn't be in a position to vote on whether to approve such an offer & I'm sure the rest of us would vote to reject such a move & would be asking the directors to step down for wasting our time & money. LOTM |
Posted at 20/1/2024 10:19 by cousinit It could also be a sign of confidence - business is robust enough to sustainably deliver quarterly dividends. Income investors often value that.You can take this two ways - buyer needs to value this at a premium to where the market would. Or damage limitation if no deal concludes. |
Posted at 19/11/2023 11:40 by last of the mohicans riskvsreward,You mean Hansa trust. First of all - it isn't OCN that's possibly being taken over its it's subsidiary Wilson & Sons. Second there is no guarantee whatsoever that were this sale to occur that OCN will pay that money out to its shareholders in the short to medium term. That's up to the 2 families to decide & they may want to continue OCN as a sort of investment trust (which virtually all minority shareholders wouldn't want to happen but have no say over) 3rd, lots of investors over the years have looked at OCN and then at Hansa Trust's holding & thought Hansa was the better route to go because of the significant discount that it trades at to NAV. The problem with that, is you expose yourself to a couple of problems! A) 60% or so of the fund invests in the same things that the OCN portfolio does! (I've already highlighted at great length's how poorly it has done in comparison with how it could have done if it simply mirrored the Index they talk about in the annual reports) B) What yield do you get on Hansa shares each year compared to owning OCN ? yes you've guessed it a lot lower one, so with each passing year the amount you've missed out compounds. C) Tied in with B, you are paying yet more fees & bonuses to the families & there friends simply for them constantly holding the OCN shares! & that's got nothing to do with how OCN is performing or has performed in the past, its simply part of the unique controlling structure the 2 families build up decades ago, so that they control OCN & they have the cheek to charge Hansa Shareholders for doing so. Performance-wise OCN has never been near its 2011 (I think it was) high of over £17 a share. So you can just start to imagine the drag that's had on Hansa's performance since then. Normally a fund manager would have bailed out years ago on such an under performer, but Hansa can't it is caught meeting the needs of the family not the other investors (especially the "A" shareholders) in the fund. ----------- If Wilson & Sons were sold & OCN did pass on the proceeds to its shareholders, there's no guarantee that Hansa won't carry on as it is & just invest the proceeds in other things. So they'll still get there fees/bonuses only on a large amount of assets under management & the shares would still then trade at a significant discount to NAV ! But at the end of the day you pays your money & takes a chance....... Good Luck LOTM |
Posted at 14/11/2023 21:59 by last of the mohicans From Wilson & Sons tonightMATERIAL FACT Rio de Janeiro, 14 November 2023 – Wilson Sons S.A. (B3 Ticker: PORT3) (“Wilson Sons” or “Company” The Investor Relations Officer of Wilson Sons inquired with OWHL which informed that Ocean Wilsons Overseas Limited (“OWOL”) OWHL emphasised that there can be no certainty as to the outcome of the strategic review process, which remains ongoing, and the indicative non-binding offers received are highly conditional. OWHL continues to evaluate all potential strategic options. The Company reiterates its commitment to the best levels of transparency and corporate governance and will keep its shareholders and the market in general duly informed of any material act or fact, under the terms of the applicable legislation. Michael Robert Connell Investor Relations Officer |
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