Fisher (james) & Sons Share Discussion Threads

[quepassa] 05/5/2017 15:10

Phillis

HIJA DE CHINGADA. PUTA.

[phillis] 04/5/2017 14:04

no improvements in first half over prior year - despite the acquisitions

[roddiemac2] 12/4/2017 09:55

British scientists exploring an underwater mountain in the Atlantic Ocean have discovered a treasure trove of rare minerals.


The recent news that a mountain of rare mineral bearing rock has been discovered on the ocean floor bears witness to what is likely to be a race to mine at great depths . FSJ must have many of the technologies and capabilities that will facilitate the inevitable; there is likely to be enormous activity in our lifetime.

[illiswilgig] 22/3/2017 09:49

Just when you thought it couldn't get more exciting.........

...FSJ buys again.....

.....acquisition of the entire share capital of Rotos 360 Limited ("Rotos360") for an initial consideration of £1.5m in cash, with potential further consideration of up to £5.0m subject to profit targets for the three years ending 31 December 2019.

Rotos360 uses the latest technological innovation to provide solutions in the inspection, repair and reconditioning of wind farm rotor blades, primarily in the offshore environment and was established in 2013 as part of a UK Government funded research project to reduce the cost of operation and maintenance of offshore wind turbines.............

From the lack of detail I'd rather imagine that this is currently loss making or tiny profits. I don't think it's about more profit today. It's good positioning for the future with the UK currently world leader in offshore windfarms - and I expect that once the costs are brought down that offshore wind will appeal to a lot more regions around the world.

Right - back to sleep for now....

cheers

[illiswilgig] 02/3/2017 21:15

Phillis, thanks.

Err. Yes I'd probably agree with you that the costs of terminating the contract are not very exceptional.

Strange things accounting standards.

The Company would probably argue that they don't reflect 'normal' business. I guess that depends upon whether exceptional costs keep happening - then they aren't very exceptional.

But one contract more or less is not enough to make this company cheap. I don't remember this company appearing to be cheap - not in the last 10 years anyway.

cheers

[phillis] 02/3/2017 09:54

yes Illis, thanks
Have now read the entire RNS

Is a contract termination cost in Angola not a real operating cost?

Solid performance but as you say, i dont find the Company particularly attractive at current levels

[illiswilgig] 01/3/2017 20:23

what is the answer to my question? have I understood?

Phillis - the answer to your question is - No.

Have you understood? I'm not sure that you have? Probably not I'd say.

Note 4 should help you there. Also note 4 from the previous 2015 results will help with respect to 'Adjustment to provision for contingent consideration'.

There is also a helpful table in the Financial Review which shows how the effects of acquisitions, changing exchange rates and the lost contract affect both revenues and profits in 2016 compared with 2015.

Mind you. I suspect it won't help you find the company any more attractive at the current share price!

cheers

[roddiemac2] 01/3/2017 18:34

phillis ,
I suggest you speak with the FD ; I am sure he will clarify .

[emeraldzebra] 01/3/2017 13:00

feel they have been marking time for a bit too long compared to their market sector and are long overdue for improvement.

[phillis] 01/3/2017 11:46

what is the answer to my question? have I understood?

[roddiemac2] 01/3/2017 09:41

Phillis

I am interested in the big picture , as I have been for the fifteen years I have held these: beats trading.

[phillis] 01/3/2017 08:37

look at unadjusted eps

[phillis] 01/3/2017 08:36

help me understand please
a contract is lost in Angola so ongoing performance is measured as if it was never there?

[roddiemac2] 01/3/2017 07:51

Yes, that will do for me too, ( as it has done for a number of years )

[value king] 01/3/2017 07:39

Strong outlook and a respectable divi rise, that will do for me.

[emeraldzebra] 10/1/2017 10:19

perhaps notable that many of the oil/oil service related stocks are making a comeback -so maybe reasonable to expect this to push better soon.

[emeraldzebra] 30/11/2016 13:26

a credit to them that they seem to be prospering - and in an environment which is far from easy.....a class act...

[illiswilgig] 23/11/2016 11:32

Thank you for that link. Unfortunately it is premium (you pay to read it) content which I can't access.

From the summary I can't see that it adds or differs from my recent thinking? ie until the offshore oil stabilises and the new contracts (particularly delayed ones in demcommissioning ) come in the share will mark time.

Since my crystal ball won't predict when this will happen I remain a holder of the shares.

Any thoughts from your reading of it?

cheers

[illiswilgig] 22/11/2016 13:23

Trading statement today for Q3 with no great surprises.

Revenue in 3 divisions strongly ahead of last year with revenue in offshore oil down by 6% so still not stabilised - but on a reduced cost base.

Management reiterate guidance for the Full Year.

Digital Look has the shares on 21x forecast earnings of 69p which is earnings growth of 9% on last years results (according to Digital Look).

Certainly not cheap. But is the consensus forecast for earnings this year and next accurate? I still don't have a strong feeling one way or the other - except that in the long term I expect them to outperform.

On that front I see it as interesting that they chose to release an RNS on a new saturation diving contract today.I would assume from that they see the contract as significant in the context of the trading statement.

Skews my view slightly to the upside but not enough to consider further purchases at the current price. Happy to hold as ever.

cheers

[roddiemac2] 16/11/2016 22:30

Jack Ladd,

It is all too easy to write " This was tipped to me yesterday by a very large friend..." . It would be nice if you backed your statement up with logical argument.

Your friend would be right to see that FSJ is a well diversified company with good growth prospects ; the sea is effectively the last frontier. Continued growth into marine services and other areas looks likely . Management have not put a foot wrong in the 14 years that I have been invested.

I agree with illswilgig`s comments about the offshore oil division ;

[emeraldzebra] 11/11/2016 12:52

jack - i agree with your tall friend. JF is one of the classier acts in the market and a screaming buy ! £20 quid here we come....

[illiswilgig] 11/11/2016 09:29

Was there a reason for the tip?

The shares are currently trading at around 21x Forecast Earnings for the current year to 31dec16. That's fairly priced in view of Fisher's history of growing earnings (The recent oil downturn aside and that only depressed profits by 8%) and the forecast eps growth of around 10% per year.

Thats if you see the forecast earnings of 75p for this year as the likely out-turn. If the company exceeds this or signs new contracts - the price will start to look like value again.

The oil services division has been the drag on growth and any sign of return to normal for this should lead to a significant upgrade.

Not been any acquisitions for a while I wonder whats on the way........

cheers

[jack ladd] 11/11/2016 08:12

This was tipped to me yesterday by a very large friend...

[emeraldzebra] 11/10/2016 15:25

those are monster purchases Roddie. Great stuff.