Johnson Matthey Reports In-Line Third Quarter Results; Shares Fairly Valued
After reviewing Johnson Matthey’s third-quarter trading update, we are maintaining our narrow moat rating and our fair value estimate of GBX 3,150. Our ADR fair value estimate moves to $81 from $72 due to currency effects. Sales at constant rates were up 2% compared with the prior-year period, and guidance for performance to be slightly ahead of last year at constant exchange rates was confirmed. Weakness in heavy-duty diesel catalysts and fine chemicals has continued, while process technologies...
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