Fisher (james) & Sons Share Discussion Threads

[bouleversee] 21/7/2021 16:04

Well done, Illis. I have been too busy to keep an eye on FSJ so have missed the boat.

[elsa7878] 21/7/2021 15:39

Seller finally cleared?

[bouleversee] 19/7/2021 12:39

Doesn'tlook like it,Illis. Shallwe open a book on what thebottom will be. Nah, on 2nd thoughts buying shares is enough of a gamble.😄

[illiswilgig] 19/7/2021 12:16

Everything down. Fisher more than most. On continued negative sentiment and lack of news I suppose. Won't change in a hurry I think, as the company has already said that the year will be H2 weighted due to project milestons in JFD,

Disappointing. Maybe the purchase of a few more at 822p will cheer me up??

cheers

[bouleversee] 19/7/2021 11:01

Ah, i see it's general. Not sure whether that makes it better or worse. Makes me feel better aboutsitting on an unusually large amount of cash, through lack of time rather than design, however.

[bouleversee] 19/7/2021 10:54

Yikes, indeed! What on esrth is going on? I daden't add up how much my family is losing at this price.

[illiswilgig] 09/7/2021 21:26

Thank you Elsa. Good to know.

Seems to me that not so long ago this would have been an RNS worthy contract?

Perhaps they are keeping their powder dry? As profits are expected to be second half weighted with JFD milestones due in H2. Or maybe its just my over-active imagination?

All the same its good to see these size and length of contracts being won,

cheers

[elsa7878] 09/7/2021 19:36

JFD has been awarded a contract, in excess of £20million, by the UK Ministry of Defence (MOD) to be the provider of a novel capability support contract for the Astute class submarine.

[roddiemac2] 07/7/2021 12:49

Distribution of oil and gas well decommissioning expenditure worldwide by country, between 2019 and 2028-----£ 67 billion forecast to be spent on decommissioning in that time frame. This work will necessitate companies working together . You can see why FSJ would want to form partnerships with companies in the USA.

hxxps://www.statista.com/statistics/595724/global-oil-rig-decommissioning-spend-share-by-country/

[elsa7878] 06/7/2021 19:28

It was already written down, so I think not.

[bottomfisher] 06/7/2021 19:21

Will the sale of the Paladin diving support vessel result in any write-off?

[roddiemac2] 06/7/2021 14:20

illis,

I watched the video last night. I too was impressed by the new CFO.

No surprises to hear that they see decommissioning and floating wind-farms as having near term upside. Decommissioning has become an industry in its own right. I am not up to date on current progress in this area generally, but in 2017 it was being said that peak decommissioning in the North Sea would take place around 2024/2025. We discussed the prospects associated with this some time ago. From memory, I think there were about 600 redundant rigs in the North Sea at the time--?

[illiswilgig] 03/7/2021 21:53

Boule - So do I :-)

[bouleversee] 03/7/2021 20:38

Illis - many thanks for your summary. I just hope you are right. Best wishes.B.

[illiswilgig] 03/7/2021 20:05

I have to admit that I have been questioning my rationale for continuing to invest more funds in James Fisher as the price has continued to fall. That's entirely natural, it's never easy to go against the herd. I've even considered selling a few as there are other tempting growth opportunities I am watching.

Having watched the entire CMD video - all 2hours and 8 minutes and some parts more than once - I am very comfortable with my investment in James Fisher. I came away much more informed and much more impressed than I had expected.

Not easy to summarise 2hours with presentations by 7 of the senior management in a message on a bulletin board.

If you only have half an hour spare - then watch the Q&A at the end, it will give you a good flavour of the direction of travel of the business, the new management team and the thinking from the professional investors asking the questions.

One comment stood out for me.

In the CEO's section on the refresh of the management and organisational structure he said something along the lines of - 'to those of you who say, that's the day job. Yes it is. Self-help 101. But the effect is much greater at James Fisher. Because it hasn't been done for some time.'

Ooops. Not hard to read between the lines there.

I was impressed by all of those presented. I was particularly impressed by the new CFO (ex-CFO of BTG plc) and the new head of marine contracting (who has moved from head of JFD). I should also mention the head of digital and data analysis who seems to have a group-wide role in technology and product development and with his private equity background together with the CFO will have a key role in ensuring capital allocation, both organic and M&A is very efficient in future. And not least Elizabeth Skinner, the head of Fendercare and former Head of S-T-S operations.

I noted two more quotes from the CEO which I think described the company and the opportunity very succinctly

The Oil and Gas businesses (Old Economy) are consistent profitable businesses which generate cash that will be used to fund the development of new technologies and businesses which assist with the energy transition (New Economy).

And in answer to the question - Where do you see the upside-risk in the next year?

'De-commissioning and floating windfarms.'

My conclusion. The company has the technology, market leading niche businesses and the reputation and is developing new technologies to support the energy transition from oil and gas to renewables. I think that the new management team has made the right changes and is driving the business towards increased and more consistent margins and roce as well as significant growth.

H1 results are unlikely to be stellar. It takes time for the changes to have effect and the are project milestones within JFD that are due in H2. So some patience. Yes more patience, will be needed. But to borrow a phrase I think there is 'upside risk' in this year and definitely next. I think this management team is likely to go back to Fisher's longtime policy of under-promising and over-delivering. It may come sooner, but when it does happens the shares will recover. The long term growth potential for the company remains huge.

cheers

Illis

[leedslad001] 02/7/2021 14:42

Bought in today look good med - long term hold.

[roddiemac2] 02/7/2021 08:55

Thanks illis,

I phoned the company yesterday morning to ask when the video would be available . The receptionist said she would pass the message on , and come back to me : not necessary now.

[bouleversee] 01/7/2021 22:15

If anyone has the time and appetite for that, please post a summary on here. After another day of hanging on the phone for ages to speak to various organisatiins, followed by more gardening and housework and eating far too late, this exhausted holder is off to bed.

I can't say I am impressed by current management.

[illiswilgig] 01/7/2021 21:55

CMD video now up on James Fisher Website. Also on Youtube,



warning - it's 2hrs long! So make sure you're sitting comfortably,

cheers

[spypat] 30/6/2021 11:19

I cannot find that video from yesterday's Capital Markets Event:
Here's the PDF from it:
hxxps://www.james-fisher.com/files/7916/2497/7693/210628_CMD_Consolidated_Materials_Final1.pdf

This is an article, dated 28/6/21, on Paladin's sale:
Seamec to acquire diving vessel 'Subtech Paladin' from UK-based James Fisher Marine

hxxps://www.indiainfoline.com/article/news-sector-shipping-shipyard/seamec-to-acquire-diving-vessel-subtech-paladin-from-uk-based-james-fisher-marine-121062800130_1.html

Excerpts:
Seamec stated that the remittance is likely to be made on June 28, 2021, following regulatory approvals and the whole transaction is likely to be completed on or before July 15, 2021.
Seamec has announced that the company is in the process of acquisition of a diving vessel – “Subtech Paladin” from James Fisher Marine Services Limited, London, United Kingdom, for USD 17,300,000.

[bouleversee] 29/6/2021 22:35

That was an excellent review of the company. Didn't FSJ have a capital markets day today with a summary on their website afterwards? Too tired to have a look there now but will do so in the morning. Maybe the management will have taken note and some action but the share price continues to go down. So sad in view of previous long term history.

[elsa7878] 29/6/2021 20:04

Paladin is sold apparently and completing in mid -July. $17.3 million....big loss including capex but better sold.

[spypat] 29/6/2021 19:32

You are welcome illiswilgig!
I just wish they could sell these 2 expensive and underused ships on ebay... :p

[illiswilgig] 29/6/2021 17:53

spypat - good find, thank you for that link.

Very interesting to see how someone views the company with fresh eyes. Not bad for a quick review.

cheers