Johnson Matthey’s Clean-Air Segment Grows in 1Q Despite Declining Auto Production
After reviewing narrow-moat Johnson Matthey’s first-quarter trading update, we are maintaining our GBX 3,200 fair value estimate. First-quarter sales were flat in constant currency compared with the prior-year period because robust growth in the clean-air segment was offset by lower sales in efficient natural resources and health. The company maintained fiscal 2020 guidance for operating performance to be within medium-term targets for mid- to high-single-digit growth, although the parts have mo...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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