Oceana Group (OCE) – FY21 HEPS update

Oceana’s returns on capital employed improved significantly with the latest result. While the group appears to be on a good footing to sustain growth across its key divisions, we highlight the challenges it may experience replicating the broad-based performance gains realised in FY20. Unlike several other food counters, OCE has avoided negative ROCE trends, pointing to the strength of its businesses and suitability to the current economic and trading conditions locally and abroad.