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FSJ Fisher (james) & Sons Plc

275.00
-1.00 (-0.36%)
18 Apr 2024 - 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
-1.00 -0.36% 275.00 16:35:17
Open Price Low Price High Price Close Price Previous Close
283.00 271.00 283.00 275.00 276.00
more quote information »
Industry Sector
INDUSTRIAL TRANSPORTATION

Fisher (james) & Sons FSJ Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
25/08/2020InterimGBP0.0801/10/202002/10/202006/11/2020
28/08/2019InterimGBP0.11303/10/201904/10/201901/11/2019

Top Dividend Posts

Top Posts
Posted at 16/4/2024 13:04 by simon gordon
FSJ on YouTube - 16/4/24:

Full-year results for the year ended 31 December 2023
Posted at 30/3/2024 11:53 by simon gordon
Kinwah,

That's an interesting take. Cheers!

-----

FSJ discussed at the 25-minute mark.

FrostRow Capital on YouTube - 19/1/24:

Odyssean Investment Trust – Q4 2023 Portfolio Manager Update – Thursday, 18th January 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.



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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 16/2/2024 17:13 by bottomfisher
The fact that Odyssean has increased its stake in FSJ is a reassuring sign. I had feared that they might have sold out to Fidelity. Odyssean has a good record of backing turnarounds and their increased stake indicates they have not lost faith in FSJ's recovery story.
Posted at 15/2/2024 14:28 by tail_risk
Well if FSJ hasn't paid a dividend since 2019 and unlikely for 2024 then it's a reasonable way for the Foundation to continue to fund its commitments? Post sale of the 1.7% they still own 20.99%? To me Fidelity going quickly to 6.26% is more significant. I continue to believe the turnaround story from here under the new management but it is early days. No doubt there will be plenty of volatility along the way but Risk vs potential Upside looks compelling (more so this week!) Defence biz is a small part of earning and good they continue to shed loss making subsidiaries s happy to hold or increase position.
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 19/12/2023 11:26 by bottomfisher
There are plenty of reasons why FSJ should be on a recovery path. New CEO and FD, and the backing of some new shareholders, such as OIT, who have a good record in sniffing out undervalued recovery plays.

My one concern is the undisclosed scale of the nuclear liabilities which FSJ retained when it sold it the nuclear business last March.
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.

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