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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
  -8.50 -2.12% 392.00 10,236 16:35:14
Bid Price Offer Price High Price Low Price Open Price
392.50 405.00 398.50 392.50 398.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 494.10 -29.00 -55.20 198
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:14 UT 3,070 392.00 GBX

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Date Time Title Posts
20/1/202313:32James Fisher2,607
15/7/200915:08James Fisher 2006: International Rescue (+charts)304
29/6/200923:47 *** James Fisher and Sons plc ***-
13/11/200609:27Screaming BUY>>>>1,067
23/8/200506:42 a few problems at james fisher ?12

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Posted at 29/1/2023 08:20 by Fisher (james) & Sons Daily Update
Fisher (james) & Sons Plc is listed in the Industrial Transportation sector of the London Stock Exchange with ticker FSJ. The last closing price for Fisher (james) & Sons was 400.50p.
Fisher (james) & Sons Plc has a 4 week average price of 383p and a 12 week average price of 273p.
The 1 year high share price is 530p while the 1 year low share price is currently 242p.
There are currently 50,468,780 shares in issue and the average daily traded volume is 39,046 shares. The market capitalisation of Fisher (james) & Sons Plc is £197,837,617.60.
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 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 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 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

Posted at 12/11/2022 12:54 by bottomfisher
The recently floated Ashstead Tecnology (AT), the sub-sea technology service provider, goes from strength whilst James Fisher (FSJ) struggles. Both companies operate in different areas of similar markets. Any thoughts on why there is such a difference in the relative share price performance of the two companies?
Posted at 15/8/2022 10:42 by hamhamham1
Well the share price steadily grew to get to over 2000p in the years running up to Jan 2020.
Any bids welcome, but prefer natural share price growth back to those levels over next 2 or 3 years please ;)?

Posted at 26/4/2022 09:58 by illiswilgig
FSJ RNS yeeterday on 300k new share options for execs to vest in 2025 based upon 2024 performance - 2 years from now.

I don't normally pay much attention to the detail of share award criteria regarding them as a salary topup system with the thresholds generally set far too low - but in this case it is very clear on the criteria and makes useful reading for an insight into the boards current assessment of future eps.

The criteria cover eps 50% of award, total shareholder return 30% and ROCE 20%.

Below 66p eps zero shares vest. From 66p to 76p a sliding scale from 25% to 100% vest.

Similarly for TSR cf FTSE250. Below FTSE250 median zero vest. From median to upper quartile 25% to 100%

and for ROCE below 11% zero vest. 25% - 100% from 11% to 13%

If the current challenging environment extends - then 66p eps is an ok result and 76p is a modest improvement. I'm ok with that.

At a multiple of 12x (well below fishers historic multiple of 20x) that corresponds to a shareprice of 792p to 912p in two years time. Over 2x return on current share price

As it happens I expect more - because I expect the environment for renewables, nuclear, defence, decommissioning and even O&G to improve. My share price target for 2024 is 1200p

These criteria seem well set, the award is modest abd most of all its very clear. Best of all it gives some insight to board thinking right now - that 66p eps and 11% roce is their base case. Below that management get null points!

Its hard to find funds right now - as I live off my investments - but when funds allow I will continue to add below 380p as I rarely see profitable companies with good products in growing markets at such low valuations. Seems mispriced to me,

cheers all,

Posted at 10/3/2022 13:21 by wunderbar
I decided to exit FSJ today. Reason was very simple. Results were awful, full of write-downs, bad debts, bad acquisitions, litigation costs, underperformance, underestimation of headwinds, not to mention lack of forward guidance. In short, these results were tantamount to a profit warning. Underlying operating profit was £28m. However, Loss before tax was £29m. Notably, Fisher incurred an impairment charge of £29.2m against the company’s marine support and offshore oil divisions. I wasn’t expecting an overall loss and clearly neither was the market hence share price down 23%, -113p @ 386p. What a shocker.

I had high hopes for this stock and it was my intention to hold for at least a year but after reading full year report I just couldn’t find any positives or reason to hold (as hard as I tried). In fact I thought overall tone of the report was very gloomy/negative. As such I decided to bail out.

In my short time as a shareholder it’s been one hell of a volatile ride having initially bought in November @ 370p, Dec @ 308p and Jan @ 405p. I actually sold 30% of my holding on Monday @ 480p as the inexplicable steep rise seemed too good to pass up (with hindsight wish I’d sold the lot). Unbelievably the share price topped out at 527p only yesterday morning! Today I sold the rest of my holding @ 386p. Very galling having a large chunk of my profit wiped out so quickly but given the dire results and magnitude of today’s fall I consider myself very lucky to have come out of this with any profit whatsoever.

I’d now class FSJ as a boom or bust stock. In months/years to come I'll either look back on this share with deep regret for selling out near historic lows or I’ll be breathing a huge sigh of relief should things deteriorate further. As always, time will tell.

My hunch is FSJ at some point will tap shareholders for cash via a rights issue. I certainly don’t see any dividends being paid out in the foreseeable future. Best outcome for shareholders in short/medium term might well be a takeover noting the company is currently valued at only £194m with net debt of £186m. I think the next 12-24 months are going to be critical in determining FSJ’s future.

Peel Hunt have subsequently reduced their financial year 2022 adjusted EPS forecast by 12 per cent to 32.8p, and cut its financial year 2023 projection down by a quarter to £34m. And that seems to be the problem for Fisher, a worrying trend of downward revisions, reduced profits, and a market valuation eroding at an alarming rate.

Posted at 06/12/2021 20:11 by bottomfisher
James Fisher would probably find it almost impossible to raise fresh equity even if it wanted to. Leaving aside the slump in its share price, FSJ’s biggest shareholder, the Sir James Fisher Foundation, owns close to 23% of the company, and is not in a position to stump up fresh cash since virtually all of its capital is tied up in FSJ shares. The foundation, set up in 1980 to help the vulnerable and disadvantaged in FSJ’s home town of Barrow in Furness, was donating over £3m a year to around 150 charities in the local area before FSJ axed its dividend.

Clearly, the foundation cannot be happy with FSJ’s recent share price performance. One option would be for it to diversify its income by seeking a buyer for all or part of its stake in the 175-year-old shipping company. The foundation does not appear to have a representative on the James Fisher board but one should not underestimate its influence behind the scenes.

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