Under the “One James Fisher” strategy, management is executing a multi-year transformation centred on operational improvement, portfolio rationalisation and tighter financial discipline. Early evidence shows the group is becoming more focused and more commercially robust, providing a platform to sustainably deliver at least mid-single digit organic sales growth. We believe this can drive a meaningful earnings recovery (SCMe EPS CAGR of 42% FY25-FY27), alongside margin and ROCE expansion. We initiate with a BUY rec and 585p TP but with scope for significant upside (1140p) over and above our conservative forecasts if the company’s mid-term targets are achieved.
