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 ...
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