Trimming Johnson Matthey's FVE on Lowered Outlook in the Clean Air and Health Segments
We are reducing Johnson Matthey’s fair value estimate to GBX 2,900 from GBX 3,150 after reviewing its first-quarter trading statement. Our narrow moat rating remains intact. At current levels, the shares look fairly valued.Our lowered estimates are primarily in the clean air segment, formerly emissions control technologies, and the health segment, formerly fine chemicals. In clean air, we have tempered our vehicle production growth estimates, mainly in light-duty vehicles. Furthermore, we beli...
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