Raising JMAT’s FVE on Market Share Wins in European Autocatalysts; Shares Fairly Valued
Johnson Matthey’s first-half operating profit fell 1% in constant currency over the prior-year period, broadly in line with our expectations. However, we are increasing the company’s fair value estimate to GBX 3,150 ($74) from GBX 2,900 ($76) after incorporating market share wins in its European light-duty vehicle catalyst business. Our narrow moat rating is intact. At current levels, the shares look fairly valued.Automotive emissions are increasingly becoming a hot-button issue in Europe. Air ...
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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