Near-Term Profit Outlook Is Relatively Flat for Johnson Matthey, but Growth Will Return
We reduce our fair value estimate for Johnson Matthey to GBX 3,050 from GBX 3,150 after expanding our explicit forecast to 10 years and taking a fresh look at changes occurring in the long term. We maintain our narrow moat rating, as we still see returns above the cost of capital for more than 10 years.ÂIn the clean air segment, we expect relatively flat operating profits in the near term as margins decline due to additional costs for newly won contracts. We see strong growth returning in fisca...
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.
We have operations in 27 countries.
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