Johnson Matthey Share Discussion Threads

[broadwood] 25/7/2013 07:15

Steady as she goes.

[arja] 14/7/2013 10:51

why is JMAT so high with platinum price depressed ?

[miata] 22/6/2013 11:38

You don't, just use the Platinum price graph.

[alphahunter] 21/6/2013 21:15

Hi,

How do you value this stock on a sum-of-the part basis?

[gbb483] 18/6/2013 21:08

... or it could drop back to 22 / 23

[share cadaver] 18/6/2013 14:41

I do like this one. am going to open another long, it's got to be worth 30 quid.

[miata] 06/6/2013 13:34

Merrill upgrade.

2H13 EPS were 5% above consensus (7-8% versus implied 4Q consensus) on what we consider an optimal mix: outperformance of the Environmental Technologies division aided by cost management and better than expected truck catalyst sales (growth of +9% against a decline of 5% for truck production).

On increased margin assumptions and leverage from truck emission legislation in calendar 2014/15 we increase EPS forecasts by 2% and 10%, the former impacted
by a revised 5% negative from non-cash pension charges post adoption of IAS19.
We now estimate 8%, 11% and 13% EPS growth for 2014/15/16 respectively, with calendar 2014 benefiting from a slew of new vehicle emissions legislation.

Over the last 12 months the stock has underperformed the sector by 9% & the
European market by 3% due mainly to the loss of a high ROCE business from
Anglo Platinum and cyclical earnings' cuts associated with a weaker European
autos market, especially in high-value diesel applications. We now see an EPS upgrade cycle, given successful cost management in 2H, 4-5 months of stronger truck orders in the US and some improved 1Q13 data in Europe for truck book-to bill's. We are 6% above pre-results consensus EPS for 2014/15

JMAT's mid-term strengths (truck and auto emission legislation, its likely dominant 50%+ market share in HDD, and robust Process Catalyst and Fine Chemicals franchises) makes this our preferred stock within the European autocats/PGM chemicals sub-sector. JMAT is a likely outperformer, in our opinion across the wider "growth" segment, given a likely expanding ROCE and, at our target multiple of 17x calendar 2014, a similar PE (Umicore 16.6x, Air Liquide 17.8x, Linde 16.0x).




06 Jun 2013 Johnson Matthey PLC JMAT Credit Suisse Outperform 2,751.00 2,586.00 2,700.00 2,700.00

[nosob sggih] 06/6/2013 12:15

BE
Ah, the "EU emissions legislation" theme.

BE
It's one to add to the "Japan Tobacco to buy Imps" theme and the "Diageo to buy LVMH" theme.

BE
It'll actually happen one day, though we've been waiting at least a decade.

BE
Let me find that Numid downgrade.....

BE
A "similar" H2 PBT result had been promised, but H2 is 3.6% ahead of H1. This has
led to a result slightly better than expected, and the outlook statement is also
superior to what might have been envisaged: "steady progress" is indicated for FY
13/14, although the revised Anglo agreement only impacts on Q4.

BE
(Sorry – Numis not Numid.)

[nosob sggih] 06/6/2013 11:11

especially when the profits numbers are going in the wrong direction and the loss of the anglo platinum revenues. I will believe it when I see it

[nosob sggih] 06/6/2013 11:09

Lurgy
sure. but you always have to be a bit sceptical of jam tomorrow companies. there have been plenty of those that have not made it

[zeppo] 06/6/2013 11:08

Is that currently (at 10.50 am today) £16 million invested?

Maybe some news on this will come out soon.

Or is my calculator wrong?

Wish I had more.

I did not welcome the consolidation last year. My final divi this year appears to be slightly less than last year because I had more shares prior to the consolidation.

Yes we had a Special Divi but I do not like to see the number of shares that I hold reduced as has happened with Whitbread more than once. At the price it is surely JHD could have split their shares?

James Halstead (JHD) have managed generous Special divis and split the shares more than once quadrupling the shareholding against rising earnings and divi payments.


z

[lurgy] 06/6/2013 11:03

On the other hand..
"In the medium term, growth is expected to accelerate in 2014/15 and beyond, driven particularly by tighter vehicle emissions legislation and demand for Process Technologies' products, especially in China"

[nosob sggih] 06/6/2013 10:53

I see revenues down 11%, profits down 13%, earnings per share down 9%. but the shares are at record high. hmmm

[miata] 06/6/2013 10:46

Final dividend of 41.5 pence recommended resulting in full year dividend up 4% at 57.0 pence. XD 12 June 2013 pay 6 August 2013.

[broadwood] 04/6/2013 16:14

Results Thursday.

[major clanger] 17/5/2013 20:57

GS downgrade:

[miata] 14/5/2013 19:52

The platinum market was in deficit by 375,000 oz in 2012 due to a steep decline in output from South Africa. Primary supply of platinum fell by 13% to 5.64 million ounces, the lowest for 12 years. Total demand for platinum in 2012 was down by 0.6% to 8.05 million ounces. Recycling of platinum came to 2.03 million ounces, marginally less than in 2011.

Platinum shipments by South African producers fell by 16% to 4.10 million ounces in 2012. At least 750,000 oz of production were lost to legal and illegal strikes, safety stoppages and closure of some marginal mining operations.

[nosob sggih] 03/5/2013 14:28

target reached!

[nosob sggih] 03/5/2013 14:05

blimey! almost there!

[broadwood] 01/5/2013 12:31

Credit Suisse reiterates outperform on Johnson Matthey, target raised from 2400p to 2700p

[miata] 23/4/2013 12:48

23 Apr Johnson Matthey PLC JMAT Goldman Sachs Conviction Buy 2,351.50 2,341.00 2,900.00 2,950.00