RCS - Ocean Wilsons Hldgs - OCN: Adverse financial markets but PORT3 is...

Ocean Wilsons HoldingsAnnouncement

22/11/2022 07:15

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RNS Number : 0703H  Ocean Wilsons Holdings Ltd  22 November 2022

London, UK, 22 October 2022

 

Ocean Wilson Holdings (OCN): Adverse financial markets but PORT3 is doing well

Ocean Wilsons (OCN) reported in its Q322 trading update that its investment
portfolio's (OWIL's) NAV had declined by 19.5% year to date due to the current
difficult financial markets (eg the MSCI World Index fell by 25%). However,
Wilson Sons (PORT3), the listed Brazilian maritime company in which OCN has a
controlling 57% stake, saw its quarterly PBT grow 20% y-o-y in US dollar
terms. The towage and offshore vessels divisions (two of PORT3's three key
divisions) continue to have positive operating trends. The third division,
container terminal ports, is still experiencing the headwinds of a global
logistics bottleneck but the situation is expected to improve in the coming
quarters. Despite the decline in OWIL's NAV, OCN is trading at a 52% discount
to the look-through value of its stake in PORT3 and the OWIL portfolio. This
rises to 58% if we use our fair value for PORT3.

Container terminals ports had a 10.4% y-o-y decline in full containers
handling. We forecast a 10.6% y-o-y decline for FY22 so there was little
surprise in these numbers. One of the key global logistics problems is the
lack of available empty containers and this has led to shipping lines being
cancelled. Most of the impact has been felt in the port of Rio Grande in
southern Brazil, where container volumes fell by 16%.

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