海洋威尔逊：威尔逊家族销售即将结束

Alejandro Anibal Demichelis * | Equity Analyst+34 919498377 | ademichelis@jefferies.comPedro Baptista * | Equity Analyst+44 (0) 207 029 8351 | pbaptista@jefferies.comFrancisco Barbosa ^ | Equity Associate+1 (212) 284-2197 | fbarbosa@jefferies.com Company DescriptionOcean WilsonsOcean Wilsons Holdings Limited is listed on the LSE and the Bermuda Stock Exchange. The company is not an operating company but a holdingcompany and has two subsidiaries: 58.25% of Wilson, Sons Limited; and 100% of Ocean Wilsons Investments Limited (OWIL). Ocean Wilsons HoldingsLtd sold down from 100% to 58.25% of Wilson, Sons Ltd in May 2007, raising $206m in the process. OWIL is an investment fund and is managed byHanseatic Asset Management; a Guernsey based investment management firm whose investment team (Hansa Capital Partners LLP) also managesthe portfolio for Hansa Investment.Wilson SonsWilson Sons is Brazil's largest integrated port and maritime logistics operator, with over 180 years of experience. The company has national coverageand operates under two main divisions: Container Ports and Towage. In addition, Wilson Sons operates a small fleet of platform support boats (servingBrazil's offshore) as well as two shipyards in the port of Santos. Wilson Sons is controlled by UK-listed company Ocean Wilsons.Company Valuation/RisksOcean WilsonsOcean Wilsons' price target implies 30% discount to flow-though NAV. Key risks include Wilson Sons operating performance and group structurecomplexity.Wilson SonsWe value Wilson Sons (WS) based on the agreed price at which parent company OCN has agreed to sell its stake (BRL17.5/sh) plus expected dividendsuntil deal close. The main downside risks we see for WS relate to- potential risk of OCN sale failing to complete due to regulatory issues;- potential delays/cost overruns at WS's expansion plans,- potential significant deterioration in trade flows in Brazil; and- potential environmental/social issues affecting its operations.We also believe that there could be some upside risk to the stock related to a potential counteroffer from another bidder for the OCN stake in WilsonSons.Analyst Certification:I, Alejandro Anibal Demichelis, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Pedro Baptista, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Francisco Barbosa, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Alejandro Anibal Demichelis is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Pedro Baptista is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as a researchanalyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject to the FINRARule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butPlease see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 2 various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes