Ocean Wilsons (holdings)... Share Discussion Threads

[varies] 12/11/2018 09:35

Pugugly
Whilst the quarterly figures are disappointing, the lack of any reference to a sale of the ports seems more significant.
Let us hope that the interested parties mentioned by Glassboy prove serious.

[pugugly] 12/11/2018 08:05

Quarterly update - Not happy reading and significant markdown on marekt opening.

[last of the mohicans] 09/11/2018 10:41

October's trading volumes were good on several fronts



The container terminals are now ahead of this time last year. The number of empty containers moved is dragging the numbers down.

LOTM

[sspurt] 08/11/2018 09:28

Wilsons 3Q figs tomorrow. Perhaps we might get some news of the mooted asset sale, perhaps not. Shares firming on optimistic expectation maybe.

[varies] 05/11/2018 21:31

now that Brazil has a new president we might reasonably hope for some progress on the transactions mooted a couple of months ago

[galeforce1] 18/10/2018 08:15

NTV - any obvious reason for that jump in the Wilsons Sons SP?

[ntv] 18/10/2018 07:32

A decent jump in Brazil last night

[piedro] 16/10/2018 09:42

4 joint ventures short listed to build the frigates
Wilson Sons is in one of them

[varies] 15/10/2018 11:46

If Wilson Sons has any offers to consider for any part of its business, then I am sure that the bidders will wait until the outcome of the current presidential election before committing themselves.
The commanding lead of the non-socialist candidate in the first round is encouraging for OCN shareholders even if the Guardian and the BBC regard him as a cross between Mussolini and Donald Trump !
Let us hope for some good news in early November.

[ntv] 11/10/2018 08:48

Business appears to be improving, not that it will make a lot of difference in a market like this

[ntv] 04/10/2018 07:20

Large move in Brazil yesterday
I wonder if we have some news pending

[varies] 15/8/2018 14:25

On re-reading the trading statement just issued I see that Wilson Sons had US$323 million of date excluding the Joint Venture and not c$260m as shown in me post no.1300.
I apologise for this substantial mistake.
$53m is repayable within 12 months leaving $270m for the longer term.

[varies] 15/8/2018 08:37

NTV
Currency movements have always been a big factor here.
I recall many years during which Brazilian bank credits and debits had to be adjusted for inflation and, of course, it has long been virtually impossible to borrow Rials without currency protection for the lender.
I do not have my copy of the 2017 accounts to hand but find this note in the 2016 accounts on page 10 which is probably repeated in the 2017 accounts :
"...........................................
The Group's borrowings are principally US$ related .....(92%)...
As a significant portion of the Group's pricing is denominated in US$ this acts as a natural hedge to our long-term exchange rate exposure. "

Current net debt seems to be about $260 million excluding $267m of debt from the company's 50% share of borrowings in the Offshore Vessel joint venture. These borrowings are of a long-term nature and, I believe, are on favourable terms encouraged by the Brazilian government.
This debt is, of course, all within Wilson Sons. OCN's investment portfolio is $ related and, therefore, provides protection against weakness of the £ against the $.
Any purchaser of the Container Terminals etc will presumably assume most of this debt and relieve OCN of this currency exposure. Let us hope that a good offer is received soon.

[ntv] 14/8/2018 07:49

hardly moved in Brazil yesterday so i guess they are still hoping for an assett sale.
you would have thought they could do something to protect the currency movements
alot of companies don't and i really don't understand why because in some cases it a huge swing in the balance sheet numbers and can vary from year to year

[topvest] 13/8/2018 12:36

Seems an over-reaction today. You can't control forex mvts. May be worth another top-up, given the potential sales that are afoot?

[dozey3] 13/8/2018 12:13

In general I am not in favour of companies buying their own shares, because usually they time it badly. Here however it seems a no-brainier with the share price at a huge discount to assets.

[varies] 13/8/2018 10:53

NTV I agree with you.
If this was not already my second largest holding, I would be buying more.
What should surely govern the share price for the time being is the prospect of Wilson Sons selling its container ports and I do not see this as much diminished.
The fall in profits seems to owe much to currency movements; these are often soon reversed.
If the sale of the container ports comes to nothing, OCN are still worth about £10 per share as before. Just for once the investment side seems to be holding up reasonably well, given market conditions.

[ntv] 13/8/2018 06:58

double post

[ntv] 13/8/2018 06:58

Brazilian price is now 47.35 after falling on Friday
on Thursday there were a few trades over 50
so just got to wait for next Q's results or the sale of terminals that the market ignored when first annouced
might get a chance to top at £10 today perhaps

[ntv] 13/8/2018 06:54

note wrong date in statement above

[ntv] 13/8/2018 06:54

Net asset value

At the close of business on 31 July 2018, the Wilson Sons share price was R$45.20, resulting in a market value for the Ocean Wilsons holding of 41,444,000 shares (58.19% of Wilson Sons) totalling approximately US$499.0 million which is the equivalent of US$14.11 (GBP10.76) per Ocean Wilsons Holdings Limited share.

Adding together the market value per share of Wilsons Sons, US$14.11 and the investment portfolio per share of US$7.71 results in a net asset value per Ocean Wilsons Holdings Limited share of approximately US$21.82 (GBP16.63). The Ocean Wilsons Holdings Limited share price of GBP12.90 at 31 July 2017 represented an implied discount of 22%.

[pugugly] 13/8/2018 06:51

Market does not like the results - Very poor - Investment division well under performed expectations - Already marked down 10%

[ntv] 13/8/2018 06:46

looks like the truckers strike cost them dear in final Q
debt costs rose significantly as dollar strengthened so defeats the argument about paying down though i suppose it could reverse
going to get marked down on these results but nett assets are supposed to be around £16.60 so it makes it an interesting play on any asset sales that could be forthcoming
volumes in July appear to have increased by 5% compared to last year so that sounds promising
a chance to top up ahead of any asset sales with a bit of luck

[last of the mohicans] 09/8/2018 06:29

hmm the July RG container terminal numbers were no where near as good as I thought they might be compared to last year :(

Tecon Salvador on the other hand had a good month in comparison to last year.

LOTM