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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Johnson Service Group Plc | JSG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 3.40 | 2.38% | 146.20 | 08:20:19 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 146.20 | 146.20 | 146.20 | 142.80 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 24/12/2019 22:45 by liberatingsteptoe Johnson Service Group – a Christmas crackerBy Mark Watson-Mitchell 24 December 2019 2 mins. to read Johnson Service Group – a Christmas cracker Master Investor Magazine Master Investor Magazine 57 Never miss an issue of Master Investor Magazine – sign-up now for free! Read the latest Master Investor Magazine This group is a leader in its service sector and its shares deserve a premium rating. Its shares at 196p are undervalued, writes Mark Watson-Mitchell. Whether you were staying at a hotel over the Christmas period, or you were out dining in your favourite restaurant, there was a very high possibility that the Johnson Service Group (LON:JSG) had something to do with making it more enjoyable. We all like to see crisp, white table linen and napkins at the dining table. We all love fluffy luxurious towelling and crisp, white cotton sheets on the beds in our rooms. And that is just where this group excels. Or perhaps you have noticed that certain service personnel are wearing bespoke protective coveralls as they go about their work. Again, Johnson Service Group comes to the fore. It provides textile rental and related services across a range of sectors throughout the UK. Through the Johnsons Apparelmaster brand, it is the leading supplier of work wear and protective wear in the UK. It processes over 1m garments each week. The group also provides premium linen services for the hotel, catering and hospitality sectors, as well as high volume hotel linen services, through various of its brand names including Afonwen, Stalbridge Linen, Bourne Textile Services, PLS, South West Laundry, and London Linen. The entire group employs over 5,000 people with operations covering the whole country – a national coverage with local service. The group includes amongst its thousands of customers Accor Hotels, Caprice Restaurants, Copthorne Hotels, Cote Brasserie, Crowne Plaza, DoubleTree, Holiday Inn, the House of Commons, Hovis Bakery, Malmaison, Morrisons, Premier Inn, Princes Foods, Sodexo, Warburtons and Weetabix – so now you get a flavour of what it does and for whom. In early September the company announced its interims to end June – they showed continued organic growth with revenue up 9.8% at £167.1m and adjusted pre-tax profits of £20.1m, up 10.4%. At that time the company stated that the full-year results are expected to be slightly ahead of market expectations. “There is good momentum in the group and we have started the second half strongly” was the clear statement at the time. Well, we will find out just how well the group has been doing in the final half-year in the next two to three weeks when they declare the end of year trading update. Market estimates suggest the current year will see revenue up from £321m in 2018 to £347m for 2019, with pre-tax profits leaping from £33m to £37m, and earnings of 8.1p per share, more than twice covering a 3.4p dividend. For 2020 another revenue hike to £362m could see profits of £39m, worth 8.7p per share in earnings and a 3.6p dividend. Into 2021 £380m of sales could see £41.5m profits, earnings of 9.25p and a 3.9p dividend per share. With 370m shares in issue the group is valued at around £725m. Large holders include PrimeStone Capital (13.00%), Henderson Global (5.10%), Octopus (5.02%), Merian Global (4.98%), Invesco (4.90%), BlackRock (4.89%), Investec (4.58%), Schroder (3.68%), Legal & General (3.52%0, and Polar Capital (3.33%). This group is a leader in its service sector and its shares deserve a premium rating. Its shares at 196p are undervalued. I now set an end-2020 target price of 250p. |
Posted at 02/8/2019 07:40 by paleje Nice Investors Chronicle article today.Boring these guys but it's the sort of boredom you can sleep on and know your money's growing. Just about doubled for me over 3 yrs with divis added in, wish I could say the same for some 'exciting' stocks. |
Posted at 19/3/2017 10:25 by paleje Nice article in the Mail today, blowing their own trumpet a bit but nonetheless true, boring but reliable:- |
Posted at 29/3/2014 12:45 by envirovision My mum worked for them for many years until her retirement in 2007. Being a prudent saver and investor for her future and families well being, she had built up a sizeable holding via the staff share save scheme.You can imagine how it must feel for her having seen virtually the entirety of her hard earned investment practically be entirely wiped out :( |
Posted at 16/9/2011 19:41 by wad collector Our view: BuyJohnson Service Our view: Buy Share price: 31.25p (unchanged) It's fair to say that Johnson Service has a low profile compared with other businesses that consumers come into regular contact with. But the firm, which provides facilities management services to shops and schools, and lends bed linen and towels to hotels, has delivered a strong turnaround out of the limelight since its previously hefty pension deficit, as well as debts of £170m, left it looking decidedly wobbly in 2008. Johnson Service provided further evidence of its rebound yesterday. Its three divisions all grew their bottom line, which resulted in a 5 per cent rise in pre-tax profits to £6.5m for the half-year to 30 June. While its facilities management division enjoyed an uplift from new contract wins, the dry-cleaning arm best-known for its Johnson Cleaners presence on the high street benefited from "considerable" investment and grew revenues despite the challenging conditions for consumers. More importantly, the group slashed its pension deficit to £3.2m from £11.2m last year, while a more modest reduction in its net debt leaves it only £51m in the black. Investors also toasted a 22 per cent rise in its interim dividend to 0.33p. Bolstering the investment case is the thin valuation, with Johnson trading on a modest forward earnings multiple of 6.8 times. |
Posted at 30/3/2011 07:38 by master rsi Intitutions are buying early on the morning 407K at 34.11p had payed at 8:06 am and share price moving higher accordingly are small investors want part of the pie |
Posted at 05/10/2010 15:41 by topdoc sorted it.idiots appologised for the letter.it should have gone to institutional investors!!.next resistance 26.42 |
Posted at 01/9/2010 06:56 by envirovision Theres an investors presentation at 9.30PM for the big wigs, after which I wonder if the smart money will be impressed enough to pile in? |
Posted at 25/6/2010 14:42 by nick rubens Any JSG investors. Forward PE's are around 4 to 5. Is there any debt or pension liability problem in the company? |
Posted at 14/8/2009 10:12 by chrysippus Hi KatyLied - Re your comment about the 20p shares and the under-subscription. You got me thinking about the situation with respect to past and potential dilution and whether there is a massive overhang somewhere. I don't think it's 'out there' for any particular corporate reason. Here's what the horse's mouth says from the 2008 Annual Report (p. 76) "Placing On 11th June 2008, the Group announced a conditional non pre-emptive placing to institutional and other professional investors of 150,000,000 new Ordinary Shares at 20 pence per Ordinary Share. The placing duly completed on 7th July 2008, raising £30 million (£27.8 million net of expenses). The placing represented approximately 252.2 per cent. of the existing issued share capital of the Group as at 11th June 2008 and approximately 71.6 per cent of the issued share capital of the Group post placing. Open Offer On 6th August 2008, the Group announced that it proposed to raise up to approximately £10 million (£9 million net of expenses) by way of an open offer made to qualifying shareholders and warrant holders of up to 49,945,035 open offer shares at the issue price of 20 pence per open offer share. The principal reason for making the open offer was to provide qualifying shareholders an opportunity to invest in the Group at the same price at which the placing share were issued and to mitigate the dilutive effects of the placing. The minimum pro rate entitlement of qualifying shareholders and warrant holders under the open offer was calculated on the basis of 8 open offer shares for every 10 Ordinary Shares or entitlement to 10 warrant shares (as the case may be) held. The open offer duly completed on 8th September 2008, raising £8.0 million (approximately £7.2 million net of expenses). The 39,828,824 shares issued as a result of the open offer represent approximately 19.0 per cent of the existing issued share capital of the Group as at 6th August 2008 and approximately 16.0 per cent of the issued ordinary share capital of the Group post open offer." I'm not an expert, so it's just an opinion I think this means that the placing ('to institutional and other professional investors') at 20p got away fully subscribed (raising £30m gross = 150m/20p) and there was a subsequent open offer so that non-professional investors could 'mitigate the dilutive effects of the placing'. It was this that was 20% undersubscribed. I don't think this means they exist anywhere to come on the market, simply that they weren't issued. From the same Annual Report (pp. 76 - 77) the whole story of the shares is told. To summarise: Issued shares 249,302,482 Potentially exercisable in incentive or share schemes 15,221,923 (this is the theoretical maximum and many not exercisable until 2011 onwards or on achievement of stable share price increase) Warrants to banks (issued during debt renegotiation April 08) 2,957,636 This makes the theoretical maximum issued shares now 267, 482, 041. Basically, for the purpose of considering JSG as an investment, it's reasonable to use the 250m number as a rule of thumb that will rise as warrants, incentive schemes or saving schemes are exercised but probably only very gradually (e.g. in 2007, 350k were exercised, none in 2008). You might think both the banks and the option holders will probably wait to exercise until the share price is higher than now. As usual, if anyone else can take a look and see something different, please post. 2008 Annual report - Best wishes Chrysippus |
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