Johnson Matthey 2H Results Broadly In Line; Shares Fairly Valued
Narrow-moat Johnson Matthey reported second-half underlying operating profit of GBP 295 million, broadly in line with consensus and slightly better than our expectations. For the full year, underlying operating profit was up 8%, which met company guidance for mid- to high-single-digit growth. For fiscal 2020, Johnson Matthey is guiding for mid- to high-single-digit growth, which is slightly higher than our forecast. We don’t expect to make a material change to our GBX 3,200 fair value estimate. ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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