Currency Tailwind Boosts Johnson Matthey's Fiscal First-Half 2017 Results; Shares Fairly Valued
After reviewing Johnson Matthey’s first-half results, we are maintaining our narrow moat rating but increasing our fair value estimate to GBX 3,150 ($72 per ADR) from GBX 3,000 ($81.50 per ADR), which is largely due to currency effects from the depreciating British pound. The company reported generally flat results compared with the prior-year period with sales (excluding precious metals) down 1% and underlying operating profit down 3% at constant exchange rates. Johnson Matthey confirmed its fu...
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