u/Chris-Waller

Author explicitly states he is long WOSG; company is Rolex's largest US retailer with 10%+ share and ~50% UK share, with pre-sold inventory and no price competition. Market pricing at 14x EV/NOPAT ignores the franchise-like economics, 4-5 ppt growth from ancillary businesses, Rolex price increases, and possible PE take-private interest above £7.50/share. Long WOSG offers asymmetric upside from a combination of high-single-digit organic growth, margin expansion, rerating, and potential takeover premium. Luxury demand slowdown, Rolex allocation changes, secondary watch price weakness, failed takeover talks, or failed execution in US expansion.

Jet2 trades at 5.5x P/E, has £610mm net cash (30% of market cap), and bought back >20% of diluted shares in 18 months; FY26 results in line, summer bookings +6.2%, April–June load factor steady. The market overreacts to short-term macro/geopolitical fears (UK recession, Hormuz oil spike), ignoring Jet2’s low fuel cost exposure (10% of costs, 87% hedged), resilient package holiday model, and proven ability to gain share when airlines cancel flights. At 5.5x P/E for a net-cash, high-single-digit/low-double-digit grower with a large buyback, the risk/reward is strongly asymmetric to the upside. Prolonged Strait of Hormuz disruption dampening summer travel demand; a deeper UK recession hurting discretionary spending; management misallocating capital or slowing buyback pace.