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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Fisher (james) & Sons Plc | FSJ | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 279.00 | 16:07:59 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 279.00 | 279.00 | 279.00 | 279.00 | 279.00 |
| Industry Sector |
|---|
| INDUSTRIAL TRANSPORTATION |
| Top Posts |
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Posted at 05/5/2024 21:55 by galoot Baird Maritime.... 29 April 2024In early 2020, when the UK’s James Fisher and Sons had a market capitalisation of over US$1.3 billion, we asked whether there was “something fishy at James Fisher.” None of the company’s numbers made any sense to us, and the metronome-like consistency with which the company reported earnings growth across all four of its divisions every year for years, whilst bingeing on random acquisitions and adding good will to the balance sheet, seemed inexplicable – suspicious, even. Since we wrote our piece, the wheels have completely fallen off the company. Write-down after write-down has followed, the business has had three CEOs in five years, and earnings have collapsed. But don’t worry, it now has a gender inclusivity target on page 26 of the presentation! The company sold its two subsea and diving vessels Subtech Paladin and Swordfish for cents on the dollar at the bottom of the market in 2021 and 2022. It has now announced that it will be closing the Subtech Europe office, incurring a loss of around US$4 million. 90 per cent value destruction for shareholders Today, James Fisher and Sons is worth approximately US$150 million. The charitable trust that is the company’s largest shareholder has seen the value of its investment seriously damaged – and yes, we did point out that the trustees were extremely ill-advised to have doubled down in 2021 and bought more shares in the business, as the torrent of bad news showed no sign of abating. Since then, the shares have fallen another 66 per cent and now stand at 276 pence, back where they were in 2004. The trustees should perhaps focus on the fact that their primary responsibility is to the charity, and to its ability to fund its charitable causes in Barrow-in-Furness, not to supporting the share price of the marine company that is their largest investment. The latest set of annual results (here) announced two weeks ago show the extent of the wipe-out. As usual, James Fisher’s embattled management focused on “underlying operating earnings” of £29.6 million (US$37 million). Unfortunately, these underlying operating earnings exclude the small matter of the company’s finance charges, the cost of refinancing the business, taxes, and the cost of restructuring its disastrously ill-managed businesses. Again, we counsel readers to ignore such obfuscation and focus on the bigger picture and the actual reported numbers. On a fully inclusive basis, taking into account all these pesky details (because, you know, tax is actually a cost, as are interest and refinancing charges), James Fisher and Sons lost £18.6 million (US$23.3 million). Ouch. Asset-light because barely any assets remain Now the company has announced that it will be selling off RMS Pumptools for £90 million (US112.5 million) in an effort to stabilise the balance sheet, which had over US$180 million of debt at the end of 2023. RMS makes drilling intervention tools and artificial lift equipment for oil and gas companies. James Fisher has also sold off its nuclear business. Looking ahead, James Fisher says that it wants to be “a services company operating in the Blue Economy, leveraging market and customer synergies” with a claim of becoming “asset-light with a focus on pooling assets, people and resources.” Given that there are barely any assets left, this seems appropriate. Our bet is that the remainder of the business will be bought by a private equity company and leveraged up again. Its bubble curtain business will be attractive to green investors like Cyan Renewables and other sustainable investors – bubbles curtains are deployed to shield the marine environment from the noise of windfarm piling. The sad tale of James Fisher is a reminder of the line from the HBO miniseries Chernobyl about the Soviet mismanagement that led to the destruction of the eponymous nuclear plant: “Every lie we tell incurs a debt to the truth. Sooner or later that debt is paid.” |
Posted at 28/3/2023 17:51 by illiswilgig Boule,I didn't mean to appear unduly negative or harsh. To provide some balance James Fisher has a number of good businesses, market leaders in their niches, with significant potential for growth. It had become clear that JFN was not one of them. But you're right it has certainly been a painful journey over the last few years and the turnaround is taking much longer than I'd anticipated. Interesting that you should ask what the institutional investors think? Today Odyssean Investment Trust has spent best part of a million quid to buy another 327k shares taking its holding to a round 5%. Odysseans managers are reputedly very shrewd, as is their top shareholder Harwood Capital. I have no doubt that they would sell and go if they thought this was going the wrong way. I find that reassuring. But they are long-term investors so yet more patience is required.......... cheers |
Posted at 12/1/2023 14:08 by bottomfisher My faith in the long-term recovery of James Fisher (FSJ) has been bolstered by the decision of Odyssean Investment Trust (OIT), a small cap investor with a good track record, to take a 4.3% stake last July, and make FSJ one of the trust’s top ten holdings. Its investment came a month after Aberforth, another trust with a strong value bias, took a 5% stake.OIT was attracted to FSJ because it holds “leading positions across multiple niche marine services”, is focussing on improving its capital allocation, integrating past M&A, and improving operational efficiency. In its latest quarterly report to shareholders, OIT notes that FSJ has “announced three non-core business disposals and sale of a dive support vessel. Expected proceeds will de-gear the balance sheet easing near term covenant and re-finance pressure”. Whilst all of this is well known, I take some comfort from OIT’s comment that “we remain positive on early interactions with the new CEO and the scope for material operational improvement across the group.” The key to the long overdue recovery in FSJ’s fortunes is the new CEO who only took over in September. Early days yet, but it is reassuring to learn that one professional investor believes that the new CEO may be able to turn this ship around. |
Posted at 01/12/2022 09:46 by bottomfisher Motley Fool's FSJ share tip.By Gabriel McKeown. It used to be tricky to find high-quality companies with low market capitalisation; however, the recent market turmoil has meant that there are now far more small-cap opportunities for UK investors. A prime example of this is Fisher James & Sons (LSE: FSJ), as the share price has fallen almost 85% from pre-pandemic levels. Despite this share-price decline, the company’s earnings are forecast to grow considerably, signalling a rebound may be on the horizon. Earnings per share is expected to grow by over 40%, compared to 3% turnover growth, indicating that profit margins should improve. Additionally, free cash generation remains strong and is now above its three-year average level. The company’s significant debt level has likely caused investors to avoid this opportunity. However, the interest cover ratio of 2.1 indicates that this can be covered comfortably by earnings. This financial stability is certainly encouraging, especially if market conditions continue to weaken. |
Posted at 15/11/2022 18:33 by bottomfisher Many thanks Illiswilgig for your thoughts on the difference between FSJ and Ashstead Technology. I am a shareholder in both companies, although my heart lies with Fisher (not the best investment test I know). Agree with your point about the problem of FSJ’s large net debt relative to its market cap although a bit less clear about the profit comparisons. According to the Stockopedia figures (not always reliable) FSJ is trading on a p/e of 11.6 times current year’s earnings falling to 6.85 times in 2023, compared with 18 times for Ashstead's 2022 earnings which falls to 15.7 times for 2023. (Both companies have December year ends).Ashstead’s performance to date look good and it has attracted an impressive list of institutional shareholders. But its appetite for acquisitions makes me a tad nervous, as was the recent placing by its biggest shareholder only days after a bullish write-up by Simon Thompson, the Investor Chronicle’s top share tipster. |
Posted at 07/9/2022 08:21 by r2oo OuchAt least it seems they are recognising and addressing their problems. A reduction in debt is welcome but still over £170m of it on FY profits of maybe £10m, they will really need to offload some major parts of the business to get that down.Can't see many investors wanting to put their money into this until the debt is less than 3x profit and sales, profit and margins notably increase. |
Posted at 18/8/2022 22:39 by brucie5 Not suggesting you buy more - but may be worth holding for recovery..? You're in good company here with OIT having taken just under 5%. They are very focused in their folio holdings and seem to do consistently well. Here are the major share holders.This looks also like having been rather good news, I'm sure you're aware: I'm rather positive about prospects here, despite lack of a dividend. For me it's a turnaround story. Good luck, whatever you decide. |
Posted at 30/7/2022 17:11 by bottomfisher The combination of the new share stakes by Aberforth, and now Odyssean, is an encouraging sign that a couple of serious investors see hidden value in FSJ's bombed out share price. |
Posted at 12/7/2022 20:27 by lshaugh I can understand some of the reasons behind some casting a cynical eye over FSJ - Primarily the debt burden. However, trading at 275p with a market cap of just £138m has to be in real bargain territory now. A review of company assets, future contracts won, an experienced new CEO, and stock holdings by some very astute long-term investors such as Aberforth, all give me confidence that stock is braced for a change in fortune. If FSJ recovers to even 50% of it's 2019/early 2020 numbers it will make investors like myself at current levels some very tidy returns. I think this is very possible within the next 2-3 years, so the question is...is the stock now at its floor price or will it drop yet further? As a long term value investor I'm not overly concerned and will buy not at what I already see as a bargain price, and surely FSJ can't drop much lower than a m as tidy cap of £138m?? |
Posted at 23/6/2022 18:37 by bottomfisher The sight of Aberforth Partners appearing on Fisher's share register with a stake of just over 5% is a reassuring sign. Aberforth is a long-term value investor and obviously sees value in the current depressed share price, even if Fisher's own board of well paid non-execs do not. |
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