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FSJ Fisher (james) & Sons Plc

-4.50 (-1.51%)
29 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Fisher (james) & Sons Plc FSJ London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-4.50 -1.51% 293.50 16:35:02
Open Price Low Price High Price Close Price Previous Close
296.00 294.00 296.00 293.50 298.00
more quote information »
Industry Sector

Fisher (james) & Sons FSJ Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 22/11/2023 09:01 by simon gordon
FSJ was discussed by a fundie on Vox Markets yesterday - starts at 26.50:
Posted at 22/11/2023 08:55 by hamhamham1
Been out of here for a while.
Back in at 284p today.
So much decommissioning work coming up in North Sea, and elsewhere, as well as other sectors FSJ operate in.
Posted at 14/10/2023 10:08 by masurenguy
"A more recent addition to our portfolio is James Fisher (LSE: FSJ), a leading provider of marine services and technical products to the offshore- renewables, energy and defence sectors. The group covers a range of specialist niches where its engineering expertise is crucial, from building offshore wind farms to submarine rescue services. The group serves global markets with secular growth drivers and often provides unique products or services. Having had a troubled period after the pandemic, the group now has a new CEO with clear plans to drive improved performance across margins and return on capital, a key gauge of profitability. The shares trade at around book value, which we see as undervaluing the expertise and quality in the group’s varied business units."
Odyssean Investment Trust 12/10/23

No position - added to my watchlist.
Posted at 30/3/2023 09:18 by bouleversee
Thanks, Illis. S.P. down a bit more today while the market seems to be on an upward trend. Hope FSJ changes course.
Posted at 30/3/2023 07:38 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.........

Posted at 29/3/2023 19:04 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 07/3/2023 15:58 by illiswilgig
Agreed. They are paying (in retained risk at least) for the VC to take the business off them. I was more than a little sceptical of handing over to a VC but after a quick google and read of the Rcapital website it seems that they are genuine and successful turnaround experts.

Good luck to them. And I mean it, cos if they don't succeed it might well cost FSJ some more. Shame that FSJ could not bring it back to profit before selling - but I hear that the customer (UK government) is busy delaying decommissioning contracts to reduce annual funding at the moment. On that basis probably not a big market for loss-making businesses in the industry.

Given that FSJ are highly limited in capex for their growth businesses - and UK nuclear decommissioning can't be a growth industry right now - it's a hard decision, but most likely a rational one.

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 16/11/2022 07:46 by hamhamham1
What NAV (Net Asset Value) do you have for both?

James Fisher:
NAV of £210m for FSJ
(market cap £156m)
P/B (price to book) ratio is 0.74

Ashtead Technology:
NAV of £61m for AT.
(market cap £244m).
P/B (price to book) ratio is 4

Therefore FSJ has a P/B which is better than AT. by a factor of 5.4x

For FSJ to have the same P/B ratio as AT. (ie 4), FSJ market cap would need to be £831m, with a share price of 1682p.
That's where it was in March 2020, having come down from 2100p at the start of that year.

Whilst those are only one or two indicators, it shows value is where you find it. GLA.
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.


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.

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

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


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