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FSJ Fisher (james) & Sons Plc

279.00
1.00 (0.36%)
25 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Fisher (james) & Sons Plc LSE:FSJ London Ordinary Share GB0003395000 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  1.00 0.36% 279.00 6,720 16:35:16
Bid Price Offer Price High Price Low Price Open Price
274.00 284.00 274.00 274.00 274.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Deep Sea Frn Trans-freight 520.9M -11.1M -0.2205 -12.43 137.95M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:15:59 AT 29 274.00 GBX

Fisher (james) & Sons (FSJ) Latest News

Fisher (james) & Sons (FSJ) Discussions and Chat

Fisher (james) & Sons Forums and Chat

Date Time Title Posts
25/4/202416:10James Fisher2,703
15/7/200916:08James Fisher 2006: International Rescue (+charts)304
30/6/200900:47 *** James Fisher and Sons plc ***-
13/11/200609:27Screaming BUY>>>>1,067
23/8/200507:42 a few problems at james fisher ?12

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Fisher (james) & Sons (FSJ) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:15:59274.002979.46AT
13:58:47279.00180502.20O
13:47:15274.001,0002,740.00AT
13:22:35276.00184507.84O
11:22:05274.00100274.00O

Fisher (james) & Sons (FSJ) Top Chat Posts

Top Posts
Posted at 25/4/2024 09:20 by Fisher (james) & Sons Daily Update
Fisher (james) & Sons Plc is listed in the Deep Sea Frn Trans-freight sector of the London Stock Exchange with ticker FSJ. The last closing price for Fisher (james) & Sons was 278p.
Fisher (james) & Sons currently has 50,347,663 shares in issue. The market capitalisation of Fisher (james) & Sons is £137,952,597.
Fisher (james) & Sons has a price to earnings ratio (PE ratio) of -12.43.
This morning FSJ shares opened at 274p
Posted at 25/4/2024 16:10 by simon gordon
FSJ mentioned at the 25-minute mark:

Odyssean Investment Trust – Q1 2024 Portfolio Manager Update – Wednesday, 24th April 2024
Posted at 28/3/2024 00:04 by kinwah
I would be very surprised if the situation was as bad as Kinovo. Kinovo allowed the acquiring company to spend willy nilly on contracts with Kinovo funding all the working capital requirements. FSJ provided parent company guarantees to back contracts between Magnox and JFN. I think there will be scope to argue the contracts were unfair and Magnox will end up shouldering a good proportion of any additional cost. It's not in Magnox's interest to be overly tough on its contractors as otherwise everyone will withdraw from the market. My guess is FSJ can delay any adverse impact from the JFN collapse until the other group businesses are recovering nicely.
Posted at 24/3/2024 13:11 by simon gordon
ChampionX - 22/3/24:

ChampionX Agrees to Acquire RMSpumptools, Expanding Reach in International,

THE WOODLANDS, Texas, March 22, 2024 (GLOBE NEWSWIRE) -- ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX), a global leader in oilfield technology, announced today it plans to acquire RMSpumptools Limited, a business unit of the energy division of UK-based James Fisher and Sons plc (“JFS”). The unit designs and manufactures highly engineered mechanical and electrical solutions for complex artificial lift applications.

Under the terms of the agreement, the net purchase price is approximately £86 million (approximately $110 million at the current exchange rate) inclusive of net working capital adjustments. The integration of RMSpumptools technology will enhance ChampionX's Production and Automation Technologies portfolio, providing added value to the Company’s customers worldwide. The acquisition will further strengthen the Company’s presence and participation in a broad range of international markets including the Middle East, Latin America, and global offshore developments. The Company anticipates that RMSpumptools will achieve approximately $65 million in 2024 revenues and approximately $18 million in 2024 adjusted EBITDA.



-----

With Subtech Europe closed (£40m t/o) and RMS sold (£43m t/o) that will probably take annual turnover down to c.£400m.

I've done this crude calculation of what 5%, 10% and 15% operating margin produces on a 10x rating. Based on £6m in interest payments per anum.

FSJ
-T/O: £400m
-Operating profit margin: 5%
-Operating profit: £20m
-Market cap: £200m = 10x operating profit
-After interest costs = £14m pbt x 10 = £140m divided by 50.4m shares = 277p

FSJ
-T/O: £400m
-Operating profit margin: 10%
-Operating profit: £40m
-Market cap: £400m = 10x operating profit
-After interest costs = £34m pbt x 10 = £340m divided by 50.4m shares = 675p

FSJ
-T/O: £400m
-Operating profit margin: 15%
-Operating profit: £60m
-Market cap: £600m = 10x operating profit
-After interest costs = £54m pbt x 10 = £540m divided by 50.4m shares = 1071p

Maybe they can get close to a 10% operating margin in 2025. With possibly some topline growth as well. A 15% operating margin may take several years.

The alpha in 2024 is a chunky defence order. The special forces sub was in trials with the US Defence Dept in Norway and Florida, according to Mr Staveley.

JFD Special Ops website:



The near-term and well-qualified opportunities at JFD are £270m, according to Jean Vernet, Sept 2023.

Still, it looks like it could be 2025+ before it seriously re-rates.
Posted at 14/2/2024 17:23 by bottomfisher
It is not a good sign when a company’s biggest shareholder starts selling shares for the first time in 45 years at the lowest price in 20 years. But that is what has just happened with the Sir John Fisher Foundation selling 891,000 shares, or a 1.8% stake in James Fisher (FSJ), for well below £3.

The Sir John Fisher Foundation, whose charity work has been almost entirely dependent on the income from its Fisher shares, says that the proceeds of the share sale provides it with enough liquidity to deliver its charitable objectives for at least the next two years, and it remains a “supportive and long-term shareholder” with a 21% stake.

The share sale has been more than matched by the disclosure that Fidelity has acquired a 6.26% stake, equal to around 3.16m shares. Since Fidelity is not listed as a major shareholder in the company’s last annual report, one must assume that it has acquired the shares recently. Good news perhaps, but who was the seller of the extra 4.5% stake which enabled Fidelity to acquire its 6.26% stake?
Posted at 11/2/2024 18:28 by bottomfisher
How important is James Fisher’s decision to cease operations at Subtech Europe, disclosed in last week’s full year trading update?

There is no sign of a company called Subtech Europe in the voluminous list of FSJ’s subsidiaries and associates at the back of its 2022 annual report. The name suggests that it is part of JF Subtech launched in 2021 which used to be home for the two diving support vessels which had to be sold to help repair FSJ’s heavily indebted balance sheet.

Subtech Europe generated £40m of revenue in 2023 according to last week’s statement, which is close to a fifth of the revenues of the old marine support business, now part of FSJ’s energy business – its largest division.

Could nervousness that the closure of Subtech Europe could further weaken FSJ's over-stretched balance sheet help explain the sharp fall in FSJ’s share price despite the fact that “overall underlying trading” for 2023 was in line with market expectations?
Posted at 05/12/2023 14:28 by darrin1471
James Fisher Renewables was launched in 2021 to group together a group of services FSJ already provided under a single brand to appeal to the offshore windfarm industry.
From the last annual report:
"for example within the Energy division there is an increased focus on
selling the Group’s full suite of products and services into the Renewables market with positive feedback from offshore windfarm asset operators that the Group’s offering, which spans across the development and operating life phases of wind farms, is uniquely differentiated from competitors"
also
"In particular, there is one CGU which operates in the maintenance and safety operations for offshore windfarms for which the five-year growth expectation is estimated to be 29% reflecting the high growth potential in the renewables market"

Renewables is a good growth area for FSJ but it is a small part of the overall business and unlikely to be a major factor in the share price recovery.
Posted at 04/12/2023 17:01 by darrin1471
r88ave. FSJ is a conglomerate of maritime businesses. I can not see any numbers specifically relating to wind farms but I would guess that it is less than 10% of FSJ revenue.
The contribution from wind farms is unlikely to be a driving force behind the FSJ share price over the short or medium term.
I hold no position, long or short in FSJ. Just watching for now.
Posted at 30/3/2023 08:38 by illiswilgig
Hello Bottomfisher,

Good points. I agree with you. The new hires look good and the new division structure makes more sense in todays markets. I think this change has been underway for some time and the previous CEO is still working in the company (until June iirc) to complete the restructuring and integration of subsidiary units with new company systems.

I'm hoping that under the covers the profitable businesses are making good progress. Contining revenue is ahead of expectation and I expect that the management is focusing upon not taking on low margin business and disposing of low margin operations. The recent fall in share price seems to be partly market wide and of course the banking convenant difficulty, likely disconnecting the share price from progress being made at the company?

Dividend. I notice that broker consensus following the recent snafu with the banks has reduced the forecast FY23 eps from 40p to 36p but retains a proposed dividend of 15p. That seemed ambitious to me, I'd prefer that they continue to pay down debt and invest, but its still there and I wonder if that reflects tough conversations between the BoD and the Sir John Fisher Foundation trustees?

It seems that in the setting up of the Trust Sir John Fisher stated his intention that the majority of the Trusts assets should be the Fisher shares. I don't know what the trustees think of that but it's not easy to ignore and they have been aware of the risks for many years. Accordingly they retained the advice of a Shipping consultant years ago, which is sensible given the stated intention of the donor in setting up the trust.

Reading between the lines I think the founder had two main reasons for setting up the foundation - the first being to continue his families charitable activities in the local area. The second being to put a substantial block of shares where it would not be easy for them to be disposed of or acquired by a hostile bidder.

I see in the accounts of the Foundation that it's expenditure is primarily in charitable donations - it has only modest operating costs of its own - and almost entirely gives to support other charities and a large number at that which suggests that they are careful to ensure that no one charity is overly dependent upon them. That is probably not by accident. A reflection of the risk to their funding and has enabled it to reduce funding by over 50% whilst its income has almost completely disappeared.

Spending over 1m in the year to March2022 surprised me. Luckily for the foundation another family trust - the John Mervyn Fisher Trust (Jersey) was wound up in 2021 and the assets transferred to the John Fisher Foundation - including over 2m in cash. It seems this has given the foundation an ability to continue substanntial donations to worthy causes - but I can also see that they will be asking (possibly even demanding) the return of dividend payments as soon as possible.

Given the founders intentions for the trust assets - I doubt that the trustees are in a rush to sell the shares? Personally I hope that they don't. I can imagine that they might sell some of the Mervyn Fisher shares, but probably once the share price has recovered enough for the sale to provide them with more appropriate short term liquid funds/investments to cope with future variations in dividends. Though of course, that would depend upon the nature of the Mervyn Fisher settlement which I don't know.

I shall be watching with interest to see how the potential return of dividend in 2023 proceeds, with a good offshore season in the energy business its certainly possible and that could transform the situation of the company later in the year - as well as its share-price? I can hope, but it seems Stuart Widdowson at Oddysean agrees - and he's way smarter than I am, which has me thinking.........


cheers
Posted at 29/3/2023 20:04 by bottomfisher
The new ceo seems to be really shaking up Fisher’s management team. Over the last month or so Fisher has appointed a new group general counsel Jean Francois Bauer (a near 30-year Schlumberger veteran), and new heads for two of the group’s three divisions. Rob Hales, the new head of defence is ex-Serco, and Neil Sims, the new head of energy comes from Expro.

Meanwhile, the collapse in Fisher’s share price and the abandonment of the dividend must be causing considerable soul searching amongst the trustees of the Sir John Fisher Foundation, the biggest shareholder, which owns 11.49m FSJ shares, or 22.79% of the company.

Virtually all of the charity’s assets are tied up FSJ shares and until recently the company was relying on its Fisher dividends to finance its annual donations of around £3m a year to over 70 local worthy causes mainly in the deprived surroundings of Barrow in Furness, its home town.

The charity does not appear to be represented on the Fisher board but according to the charity’s annual report has hired John Lawson, a former City shipping analyst, to advise it on how to contain the risks involved with the charity being almost totally dependent on the movement of the share price in just one company.

It would make sense at some stage for the charity to diversify its portfolio and substantially reduce its reliance on its income from Fisher’s shares. This is one reason why Fisher’s current depressed share price could attract a predator.

However, the recent disclosure that the company will retain some parent company guarantees to support the obligations of JF Nuclear following its sale could temper any potential predator’s enthusiasm.
Posted at 15/11/2022 07:46 by illiswilgig
'Any thoughts on why there is such a difference in the relative share price performance of the two companies?'

I'll have a go. One word.

Debt.

Two words.

Debt and Profits.

Ashtead debt is small relative to market cap 10% Fisher debt is large relative to marketcap > 100%
Ashtead profit forecasts have been rising whereas Fisher profit forecasts have been falling.

Slightly longer comparison.

AT.
Mcap 240m
net debt 22m
revenue (historic) 56m

FSJ
Mcap 154m
net debt 205m
revenue (historic) 499m

Ashtead Technologies is a global subsea equipment rental business. More than likely that James Fisher is a customer of Ashtead.

AT has been growing faster than FSJ in recent years 14% annually over the last 5 years. Whereas FSJ turnover has gone backwards. Slightly.

AT is highly rated (for a bear market) at 54x historic profits and 18x forecast profits for FY22.

FSJ is rated at 57x (historic) profits and 26x (adj) forecast for FY22.

Arguably FSJ is current;y more highly rated than Ashtead?

Rental businesses have been doing well through the last couple of years. James fisher rental business in its offshore business has been its most profitable in this period.

Ashstead has to keep growing fast to justify its current high share price - even faster for the share price to grow.

FSJ has to succeed in its turnaround to justify its current share price and it can rise substantially IF it can fix its problems, return to growth and pay down debt.

At the moment with interest rates on the rise - FSJ share price has been held back by lack of news on recovery and the perception of cashflow being diverted into rising interest payments instead of paying down debt and investing in growth.

Fisher looks the higher reward but is clearly higher risk until there is news on current cashflow and debt.

I couldn't resist it - bought a few more FSJ at recent lows

cheers
Fisher (james) & Sons share price data is direct from the London Stock Exchange

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