Ocean Wilsons Holdings — Disposal to generate surplus capital

In FY24, Ocean Wilsons increased its earnings per share and dividend by 7% and more than 40%, respectively. 2024 was a seismic year for the company as it agreed to sell its 56% holding in Wilson Sons. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 40% discount to our estimated total asset value of 2,389p/share. Given the pending disposal, we are withdrawing our forecasts.