5 stock moves that Wilson Asset Management made recently

Wilson Asset Management is one of the most prominent institutional investors on the ASX. It was founded by, named after and is still led by Geoff Wilson, one of the most famous investors in Australia.

Wilson is also one of the easiest to follow stock movements because, as it has 8 Listed Investment Companies (LICs) on the ASX, it has to disclose its movements to the Australian bourse – at least in respect of holdings listed on the ASX that it holds 5% or more of. We outline 5 recent dealings that this fundie has undertaken in recent months.

5 stock moves that Wilson Asset Management made recently

Buying into Energy One (ASX:EOL)

Energy One provides energy software to wholesale electricity market players. EOL shares are up over 70% this year amidst speculation it could be a takeover target as well as positive financial results. In 1H25, it made $28.8m in revenue (up 14%), $7.4m in EBITDA (up 126%) and a $2.5m profit (up from a $508k loss).

Wilson owns 6.51%, ironically buying shares belonging to founder Vaughan Busby.

The purchase comes barely 18 months after it rejected a takeover bid of $5.85 per share, now it is over $11 per share. Amidst it rise, it was added to the ASX All Ords. Other shareholders include Ferrier Hodgson founder Ian Ferrier and American hedge fund manager Briarwood Chase Management.

Buying into Myer (ASX:MYR)

There’s a saying that people who support sports clubs for decades have been through ‘thick and thin’. For Myer investors who’ve been there since 2009, it has been mostly thin, but things arguably look as bright as they’ve been since then.

Myer got added to the ASX 300 in March, it is headed by former Qantas Loyalty boss Olivia Wirth and just diversified itself by buying a portfolio of 5 apparel brands from Solomon Lew’s Premier Investments including Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E. Amidst all this, Wilson has accumulated a 5.34% stake in Myer.

Buying more of Paragon Care (ASX:PGC)

Between mid-January and mid-March, Wilson accumulated nearly 19m more shares in this company. This company, capped at $670m, is a provider of medical equipment, devices and consumables to the healthcare sector.

It isn’t the highest margin business with $2.7bn in statutory revenue and an $8.4m statutory profit in FY24, and with $1.85bn revenue and a $13.2m profit in 1H25. But, the latter set of figures were 28% and 86% higher than 1H24. Moreover, Wilson saw a chance to top up when it fell as Trump unveiled his tariffs, of which one sector to be hit will be health.

Buying more of Austin Engineering (ASX:ANG)

Wilson has long been a fan of Austin Engineering. Indeed, the last time we published this column in late 2023, it upped its stake from 7% to 8% in the two prior months. As of April 2025, it owns 10.23%. 

Austin is a 40-year old mining equipment business, selling dump truck bodies, buckets, water tanks, truck trays and other ancillary products. It offers finished products as well as maintenance and repair services. Customers include many industry blue chips including BHP, Rio Tinto, Perenti, Glencore, Newcrest/Newmont and Barrick Gold.

The company’s shares are up over 240% in 5 years but down 13% this year. Its revenue in 1H25 was $170.2m (up 18.5%), EBITDA was $25.3m (up 22%) and its profit was $17.4m (up 16%). The company is expecting $350m revenue and $50m EBIT for the full year.

Selling down EML Payments (ASX:EML)

Wilson reduced its stake in EML from 9.73% to 5.34%. The timing is curious because it probably should have cashed out years ago. EML has never been the same since its platform in Europe was red-flagged by Ireland’s Central Bank (CBI) over several issues.

These included the composition of the board, the governance methodology and process, as well as compliance progresses. It had to overhaul its entire European leadership team. In the end, the company exited Ireland altogether.

At the end of FY24, the company promised better times were ahead.The continuing business made $217.3m in revenue, up 18%, and $49m in EBITDA, up 34%. For FY25, it guided to $54-60m EBITDA and for ‘double-digit transaction revenue growth by FY27’, and this was affirmed a couple of months ago.

At its AGM, the company has told investors it has a TAM of $716bn in single use gift cards and $1.06tn in General Purpose Reloadable cards (including digital wallets).

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