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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ocean Wilsons (holdings) Ld | LSE:OCN | London | Ordinary Share | BMG6699D1074 | ORD 20P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 20.00 | 1.46% | 1,390.00 | 18,230 | 16:29:54 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 1,375.00 | 1,400.00 | 1,415.00 | 1,330.00 | 1,330.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Towing And Tugboat Services | USD 496.7M | USD 67.05M | USD 1.8960 | 7.33 | 491.55M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:01 | UT | 471 | 1,390.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 25/3/2024 | 07:00 | UK RNS | Ocean Wilsons Holdings Ltd Dividend Declaration |
| 22/3/2024 | 10:40 | ALNC |  Ocean Wilsons annual profit more than triples as portfolio returns up |
| 22/3/2024 | 07:00 | UK RNS | Ocean Wilsons Holdings Ltd Preliminary results for the year ended 31 Dec.. |
| 15/11/2023 | 09:52 | ALNC | Ocean Wilsons subsidiary profit up on improved sales; portfolio flat |
| 15/11/2023 | 07:00 | UKREG | Ocean Wilsons Holdings Ltd Quarterly Update -- Q3 2023 |
| 10/8/2023 | 14:26 | ALNC | EARNINGS UPDATES: Zoo Digital swings to annual profit as revenue jumps |
| 10/8/2023 | 07:00 | UKREG | Ocean Wilsons Holdings Ltd 2023 Interim Statement |
| 10/8/2023 | 06:33 | ALNC | GET READY: Antofagasta, Entain, Persimmon, Spirax-Sarco at 0700 BST |
| 28/7/2023 | 07:00 | UKREG | Ocean Wilsons Holdings Ltd Notice of Interim Results |
| 12/6/2023 | 09:58 | ALNC | IN BRIEF: Ocean Wilsons notes Wilson Sons sale rumours, holds review |
Ocean Wilsons (holdings)... (OCN) Share Charts1 Year Ocean Wilsons (holdings)... Chart |
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1 Month Ocean Wilsons (holdings)... Chart |
Intraday Ocean Wilsons (holdings)... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 28/3/2024 | 15:21 | Ocean Wilson - alltime high | 1,711 |
| 25/3/2004 | 08:02 | THE MOST UNDERVALUED STOCK ON THE MARKET ? | 5 |
| 02/10/2003 | 14:20 | THE MOST UNDERVALUED STOCK ON THE MARKET ? | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 15:35:01 | 1,390.00 | 471 | 6,546.90 | UT |
| 15:29:39 | 1,390.00 | 18 | 250.20 | AT |
| 15:29:39 | 1,390.00 | 102 | 1,417.80 | AT |
| 15:18:08 | 1,395.00 | 160 | 2,232.00 | AT |
| 15:10:27 | 1,400.00 | 26 | 364.00 | AT |
| Top Posts |
|---|
Posted at 23/4/2024 09:20 by Ocean Wilsons (holdings)... Daily Update Ocean Wilsons (holdings) Ld is listed in the Towing And Tugboat Services sector of the London Stock Exchange with ticker OCN. The last closing price for Ocean Wilsons (holdings)... was 1,370p.Ocean Wilsons (holdings)... currently has 35,363,040 shares in issue. The market capitalisation of Ocean Wilsons (holdings)... is £491,546,256. Ocean Wilsons (holdings)... has a price to earnings ratio (PE ratio) of 7.33. This morning OCN shares opened at 1,330p |
Posted at 24/3/2024 21:43 by last of the mohicans Livingston20,Point 4) I have no idea what you're talking about .... "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!!" What have you checked ? Investment rise x10 The share price was over £14 per OCN share in 2011. The Investment portfolio as I highlighted the other day was worth $275M+ back in 2007 In other words the last 13 years have been of nothing but the destruction of long-term shareholder value. If they had either stuck with fully owning Wilson & Sons & not sold off the stake in 2007 or Invested the cash raised in the index instead. OCN itself would be worth an additional $250M (by still owning all of Wilson & Sons) & the dividends paid to shareholders over the years much higher. Or an additional $500M+ by having the cash invested in the index & not paying out $50M to Hanseatic over the years & all the other significant managerial fees on private equity & listed funds that have lower fees. 3) Can't happen I explained why several month's ago (because of the structure of Hansa A & B shares) & what Hansa would be worth compared to the value of OCN held by the minority shareholders. LOTM |
Posted at 14/3/2024 01:36 by last of the mohicans So how will the investment portfolio have performed in the 2nd half of 2023 ?It only gained $12.7M in the 1st half of 2023 compared to the loss of $50M for the whole of 2022. As I have said on multiple occasions, Hanseatic are not worth employing they are useless to say the least, fund selection over the years has been abysmal other than them finding Findlay Park American Fund (FPAF) which has consistently performed well. Unfortunately at times Hanseatic has sold down part of this FPAF holding possibly because it has become such a heavyweight in the portfolio compared to all the other rubbish round about it. If they hadn't sold it down it would probably have made up around 17% of the overall fund at the end of 2021 compared to the actual holding at that time of 11.2% ($39.264M) FPAF didn't have a good 2022 that's for sure losing 22.4% of it's value during that time (1900.9 to 1474.3 from the FPAF website). The OCN holding dropped in value to just $24,154M that's a massive drop of 38.48% so for at least the 3rd time in our history Hanseatic has sold a significant chunk of the FPAF holding around $8.75M in value this time round. During the 1st half of 2023 FPAF regained in value (from 1474.3 to 1708.5) that's 15.88%. In the portfolio it only gained in value to $27.754 or 14.9% so another very small sale might have taken place in between. In the 2nd half of 2023 FPAF increased in value (from 1708.5 to 1898.6) to virtually the same price it was at the end of 2021 a gain of 28.78% on the year (1900.9). So instead of OCN recovering virtually all of what would have been the FPAF losses of $8.8M in 2022 (out of that $50M total loss) we're going to find out that the recovery was far less than that amount next week at around $7M. So far in the 1st 2 months of 2024 FPAF has risen further to 2016.7 an increase of 6.22% on the December number (1898.6). That would have translated into a gain of over $2M on the 2021 valuation, but sadly we'll be seeing a lot less than that amount of gain. Hanseatic's card is marked - The OCN directors have cost OCN shareholders $300M+ over the years with this pathetic portfolio of mutton dressed up as lamb. Get it sold & invest the money in the index instead or happy for 15% of it to stay in FPAF & the rest in the index. Yes the directors of OCN should get a slightly increased fee for doing this but the annual savings will amount to $5M in the fees saved that go to Hanseatic & those running all these under performing funds. I'm also looking out for any slight of hand regarding the Wilson & Sons dividends that have already been payed to OCN but not passed on to us yet & how they might have been used to prop-up the investment performance at the tail end of 2023. GLA LOTM |
Posted at 26/2/2024 20:46 by last of the mohicans Hi Mirabeau,Well a couple of points for you to pick-up on ...... Wilson & Sons have already paid out 2 dividends for the current year (to end Dec 2023) Which OCN haven't passed on to their shareholders yet. Each OCN share effectively owns just over 7 Wilson & Sons shares (currently priced at over 17 Real per share with just under 5 Real to the $, so 120 Real in total or a value of $24 per OCN share simply for its Wilson & Sons holding onto which you need to add the value of the Investment portfolio) . Wilson & Sons had a very good 4th Quarter in business terms which will show up in the financial results on 21st March. They will also no doubt announce another dividend at the same time. On 22nd March when OCN makes its annual results known, it will announce a dividend in excess of the $0.70 your expecting, I'd say the number is more likely to be around $0.90 per share. You also haven't highlighted how poorly the Investment (fund management) side of the business has performed for many years now. Nor the fact that 2 family's control over 51% of Ocean Wilsons, making everyone else minority shareholders. Important points for your followers whoever they maybe to know, yet missed in your narrative. 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 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 29/12/2023 15:13 by livingstone20 In my view we have gone quite a way beyond ‘smoke’ to ‘blazing fire’ with a second sale process in a few years, July and November confirmations of process, a reference to offers being conditional, then a specific acquisition focused retention scheme with £30m in which sound highly feasible condition, a 75% plus increase in Brazil share price, repeated stories in Brazil press that can only rationally be placed by seller, press articles with one buyer confirming their interest, acquisitive track records and cash piles etc etc. You don’t burn all this money and advisers fees for 6 months if you are not very serious about a deal. I’m convinced this is the planned end game. There has been no particular need for them to worry about OCN discount previously - it’s mainly been a device to protect them from capital gains and inheritance tax. But once Wilson sold OCN may have served its purpose. Why run both OCN as a quasi investment trust and Hansa, an actual larger investment trust? In that scenario as soon as the tax conditions have been met, which may be years, or may not need to be, not an expert, it could feasibly be wound up, in which case total payouts could get much closer to the NAV, which would in turn drive large step up in Hansa NAV and performance, and discount narrowing. The whole convoluted structure seems set up for this kind of end game. That’s my best case scenario anyway! |
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 18/11/2023 22:26 by jane deer LOTMMy understanding is that the requirement for any purchaser of OCN's holding in Wilson Sons to also bid (at the same price) for the minorities follows on from the restructuring of Wilson Sons done in October 2021. This was the transaction that moved the shares onto the Novo Mercado and in so doing minority holders switched from holding depositary receipts into holding ordinary shares. This coincided with the switch in ticker for Wilson Sons from WSON33 to PORT3. The 2021 move did lead to an increase in the Wilson Sons' share price, as you would expect as minority shareholders got more rights. But if I am right about the rules, this would indicate that in 2021, OCN had little interest in selling Wilson Sons at the time - as OCN would have been able to obtain a bigger share of any bid premium for Wilson Sons for itself (at the expense of minority shareholders) before the Novo Mercado listing. |
Posted at 18/11/2023 13:04 by last of the mohicans CousinITNo problem & good to see others prepared to have difficult yet frank calls with the company. Well they did invest over a $1 Billion in Brazil over about a 5 year period around 2011, so yes you'd hope to see a decent return on all that money. The mistake was probably creating the investment portfolio in the 1st place & from the transcript the desire then by Wilson& Sons to not over pay for an asset / opportunity. Possibly reflected from selling off there part of BRASCO & then buying it & the rest of it back a couple of years later at a much higher price. Money they've never really been able to get a decent return on. They would have been much better off paying up back then for another container terminal. Yes them not wanting to hoard cash is good, yet there are a lot of opportunities available to them to develop RG & the waterways around it much more. The concern is whether OCN are going to pass on these increased dividends to the minority shareholders. If they are then they should be doing at least 2 if not 4 payments a year instead of 1. The payment is starting to distort the share price even more because of the size of it, splitting it up will stop that from happening. -------------------- Extrader, There was a bit in the Q&A about the possible approaches, maybe not in the format you were looking for. It was interesting to note that Wilson & Sons shareholders are entitled to the same offer price per share as OCN would get. Rather than it being treated as a totally separate thing. I wasn't expecting that to be the case. So any potential buyer has to effectively make provision for buying 100% of Wilson & Sons not just the 57.5% owned by OCN & by doing so could end up not getting all of it if some reject the offer. LOTM |
Posted at 16/11/2023 20:52 by last of the mohicans CousinITThank you for making me look at Hansa Trust again. What was printed today was a total load of codswallop. If you take 2 seconds to scratch below the surface you'll see that the vast majority of the non OCN holdings in the Hansa Trust are the exact same ones that are in the OCN investment portfolio. There's virtually no diversification, because the same people run both funds 7 the cash is invested in the same funds of funds believe it or not. The out-performance of the Hansa fund is solely down to the performance of OCN take it out of the equation & the performance is truly dreadful. The excuse for not buying back stock is beyond belief. They don't want to sell any of the OCN shares because if they did so they'd lose control of the OCN. Unless of course one of them thought outside the box & came up with an easy solution! If we buy-back some OCN shares that would increase our interest in OCN, we could then sell a corresponding % of the Hansa OCN holding to help fund the buy-back ! Hansa is at a 40% discount to its value. OCN is at a near 50% discount to its value. -------------------- All the newbies here simply don't get. The 2 family's own & run Hanseactic Asset Management along with there children / grandchildren & friends. The Hansa trust & the OCN investment fund are flagships for them trying to raise the amount of funds they have under management to rake in there 1.5% fees & bonuses year after year & allow them to mix in high circles. Particularly at the expense of the minority OCN shareholders & those holding A shares in Hansa. That's the reality. If they were any good at investing or simply invested the cash from 2007 in the index they love to quote annually OCN's investment portfolio would be 140% higher than it is now & that's without taking the extra fees paid into consideration. LOTM |
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