Ocean Wilson Holdings (OCN): FY21 was in line b...

Edison Investment Research Limited Ocean Wilson Holdings (OCN): FY21 was in line but headwinds remain 13-May-2022 / 07:00 GMT/BST London, UK, 13 May 2022 Ocean Wilson Holdings (OCN): FY21 was in line but headwinds remain Ocean Wilsons (OCN) is an investment holding company with a controlling interest in Wilson Sons (WSON), a long-established Brazilian maritime services company, and a globally diversified investment portfolio (OWIL). OCN reported FY21 PBT of US$110.4m (+48% y-o-y), in line with our forecasts. OWIL had a good year, but WSON’s results were a mixed bag. The container terminal business is still suffering from worldwide supply bottlenecks, whereas the towage business did better than expected. Looking ahead, we expect WSON to continue to be negatively affected by the global logistics disruption but assume an improvement in the second half of FY22. OCN is currently trading at a hefty 47% discount to the look-though value of its OWIL portfolio and its stake in listed WSON. We monitor OCN’s discount to its look-through value; it currently stands at 47%, which is above average (the discount tends to be mid-30s to low-40s). The look-through value comprises the market value of OCN’s 57% stake in WSON and the last reported value for the investment portfolio held by OCN. There is no significant financial debt at the holding company level. Click here to view the full report or here to sign up to receive research as it is published. All reports published by Edison are available to download free of charge from its website www.edisongroup.com About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney. 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: Pedro Fonseca [phone] [e-mail] Andrew Mitchell [phone] [e-mail] Learn more at www.edisongroup.com and connect with Edison on:  LinkedIn  www.linkedin.com/company/edison-group-/ Twitter   www.twitter.com/Edison_Inv_Res YouTube  www.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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1351081 13-May-2022