Autocatalyst Growth Offsets Mixed Results in Johnson Matthey’s Other Segments
After reviewing JMAT’s first-quarter results, we are maintaining our GBX 3,000 ($81.50 per ADR) fair value estimate and narrow moat rating. Compared with the prior-year period, sales increased 2% at constant exchange rates, while underlying profit before tax was essentially flat. Guidance for the year was confirmed but is dependent on a strong second half. Brexit discussion was fairly limited, but the board believes that it will not have a long-term material impact on Johnson Matthey. In the nea...Johnson Matthey is a provider of sustainable technologies. Co. operates in five divisions: Emission Control Technologies, a manufacturer of catalysts and catalyst systems that enable clean air; Process Technologies, a supplier of catalysts, licensing technologies and other services to the syngas, oleo/biochemical, petrochemical, oil refining and gas processing industries; Precious Metal Products, which include management, distribution, refining and recycling of precious metals, and fabricate products; Fine Chemicals, a supplier of active pharmaceutical ingredients and custom services for pharmaceutical customers; and New Business, which focuses on additional areas of potential growth.
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