Johnson Service (JSG)

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Johnson Service JSG Logo

Provider of textile rental related services and supplier of workwear and protective wear

27-Feb-2018 – 136.2p – £499.2m – PER 15.7

Preliminary Results For The 12 Months To End December 2017 – Seems like a general set of all round 15% or so increases in Revenue, Profit, EPS and Dividend (12%).

Seems to be a decent well run and well oiled machine. Going to add this to my Watchlist, 125p – Would treat this as a very long term slow and steady growth tuck-away. The 5 year chart looks great, perhaps it can look similar in 2023!

Subsequent note: Further research suggests the 2 year outlook is not so great here so I am going Neutral whilst keeping an eye out for upgrades.

4-Jan-2019 – 116p – £426m – PER 11.7

Trading Update For The 6 Months To End December 2018 – Expect FY to be in-line with market expectations.

I have fair value here of <100p so it’s not of interest to me at this price.

4-Mar-2019 – 130p – £478m – PER 13.2

Preliminary Results For The 12 Months To End December 2018 – Organic Revenue growth of 7.8%, Adjusted PBT up 7.1% with Adjusted Diluted EPS up 6.9%. The Dividend is increased 10.7%.

With a fair value here, for me, sub 100p I am have no interest at this price.

8-May-2019 – 149p – £550m – PER 14.8

AGM Statement – Expects FY to be in-line.

I still reckon fair value here is sub 100p so I have no interest at this level.

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