Ocean Wilsons Holdings (LON:OCN)

Recently I started looking for conservative shares with a good yield and came across Ocean Wilsons.

There was little to dislike, in fact there was a great deal to like - StockRank of 98 with high quality and value scores, yield of close to 5%, growing EPS ......

The company is described as a port operator in Brazil - and indeed the financial reports in the Investors Chronicle, for example, go with this line. Also commentators (sometimes, only sometimes) refer to the $270m of listed investments the company holds.

But if you go into the financial statements there's a bit of information which most seem to miss or don't think is relevant - they only own 58% of the port operation (Wilson Sons) the other 42% is quoted on the Brazilian stock market - that investment therefore has a transparent realisable asset value.

If you think slightly out of the box (only slightly) - what you've got here is an investment trust.

I've run the numbers today and the assets per share are close to £16 compared to a share price of £10.77 - quite a large discount and not one I would suggest would last long if this was classified as an Investment Trust.

If you want to look at it as a port operator - its doing pretty good at that as well - check into Wilson Brothers website - really friendly - has an English translation.

As normal, this is my opinion, no advice intended and DYOR. I'd also be interested to hear any contrary views.

Given the time of year I'd like to wish everyone a great Xmas and a prosperous New Year - I've learned a lot from the Stockopedia community - Thanks!


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