Strong FY23 results with strategic review in FY24
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Edison Investment Research Limited
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. Click here to view the full report. All reports published by Edison are available to download free of charge from its website About Edison: As a content-led investor-relations business, Edison helps companies stand out and meet the right shareholders. Edison’s integrated investor relations solution combines expert analyst content, digital targeting and active investor engagement. This drives liquidity and valuations by building bigger, better informed and more engaged investor audiences globally. Edison has a proven history of increasing liquidity and valuations for its clients. Edison’s content can be viewed by all investors, anywhere in the world. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Andy Murphy +44 (0)20 3077 5700 industrials@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-group-/ Twitter www.twitter.com/Edison_Inv_Res YouTube http://www.youtube.com/edisonitv
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1867453 26-March-2024
