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Fisher (James)

August 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • FSJ
  • Price:
  • 336p
Since my last update, Fisher has completed the sale of RMSpumptools for £83m net - or 7.4x EBITDA. This is CEO Jean Vernet’s eighth disposal since joining in September 2022 generating c.£140m to significantly reduce leverage to 1.5x. Although FY24/25 eps forecasts have been revised down to 6.9p/18p to reflect this disposal, Fisher is being transformed into an asset-light services group, with 15 businesses focusing on three growth markets: Energy, Defence and Maritime Transport. The Energy division (sales of £266m and profit of £15.7m in FY23, both c.+10%) is left with significant operations including Scan Tech, Fisher Offshore and JF, which are driven by energy security. The residual businesses rent tools and provide servic ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

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