reports
- Rob Hales
- CFA
Raising JMAT’s FVE on Market Share Wins in European Autocatalysts; S...
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. ...
- Rob Hales
- CFA
Trimming Johnson Matthey's FVE on Lowered Outlook in the Clean Air and...
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 be...
- Rob Hales
- CFA
Johnson Matthey Reports In-Line Third Quarter Results; Shares Fairly V...
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 technologi...
- Rob Hales
- CFA
Currency Tailwind Boosts Johnson Matthey's Fiscal First-Half 2017 Resu...
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 ...
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