Johnson Matthey Share Discussion Threads

[broadwood] 22/11/2012 15:48

Upgrade from Cr Suisse.

Credit Suisse Johnson Matthey PLC 22/11/12 07:39 Upgrades Neutral Outperform 1 2,300.00 2,400.00 2,190.00 100 1

[miata] 21/11/2012 13:30

21 Nov Johnson Matthey PLC JMAT Deutsche Bank Buy 2,176.50 2,325.00 2,775.00 2,775.00

[miata] 21/11/2012 12:26

I don't see that, you were paid by special dividend for the shares they took back.


-Diluted earnings per share 69.8 pence versus 69.6 pence.

-Adjusted earnings per share 72.9 pence versus 72.8 pence.

-Interim dividend per share 15.5 pence up 3.3% from 15.0 pence, XD 28/11/12 pay 5/02/13.

-Chief Executive Neil Carson said: "Whilst precious metal prices have improved from their lows during the summer, largely due to the labour unrest in South Africa, the outlook in some of our other markets has weakened and visibility remains limited. We therefore expect that the group's performance in the second half will be similar to the first half of the year."

I think the market reaction today is a little harsh, though the outlook is uncertain, and if it dips further I will add.

[gbb483] 21/11/2012 08:48

They are claiming a 3% increase in dividend - but when you factor in the share revaluing it comes out as a 4% decrease.

[broadwood] 20/11/2012 19:38

Interims tomorrow.

[miata] 30/10/2012 11:17

30 Oct Johnson Matthey PLC JMAT Goldman Sachs Buy 2,260.00 2,254.00 2,850.00 2,850.00

[miata] 06/9/2012 08:45

Initial dip on a downgrade with plenty of upside!

06 Sep Johnson Matthey PLC JMAT JP Morgan Cazenove Neutral 2,335.50 2,366.00 2,580.00 2,580.00 Downgrades

[miata] 02/9/2012 08:48

If you held 200 shares at the start of August, you had £4276.
You held 190 shares at the end of August worth £4562
plus a special dividend of £200 and an ordinary dividend of £80.
So during August you gained (4562-4276)=286+200+80=566/4276=+13.2%

[roscodagama] 01/9/2012 22:28

Plus a 40p (2%) divi. Makes 14% gain for August. (and adjusted for the 100p special divi.)

[miata] 31/8/2012 16:43

Quite a move:
26/07/12 2022
01/08/12 2138 open
31/08/12 2401 close up 12.3% for the month of August. (Day high 2428).
The FTSE100 rose 1.3% during August.

[miata] 18/8/2012 09:02

Platinum futures rose more than 5% in the last two sessions after the killing of more than 30 striking workers in a South African platinum mine, but plentiful supplies and slack demand make such gains likely short-lived.

Platinum for October delivery PLV2 +2.61% , the most active contract, gained $37.90, or 2.6%, to settle at $1,473.10 an ounce on the Comex division of the New York Mercantile Exchange Friday. That was its highest settlement since early July.

The supply surplus and a tepid demand outlook have held back platinum's gains. Even with the Lonmin production halt, platinum futures have added 5.4% in the past two days. They are up more than 4% for the year.

The battle between the two unions has already cost Impala Platinum Holdings Ltd. the world's No. 2 platinum producer, about 120,000 ounces of platinum earlier this year during a six-week strike, said Tim Murray, general manager of precious-metals marketing at Johnson Matthey.

"What you are seeing over the past few days is an oversold market rushing to short cover on the tragic events at Lonmin," Murray said in e-mailed comments. "This is about as bad as I've seen it in my 20-plus years of doing this. The next couple of weeks will be critical."

[miata] 17/8/2012 10:27

Platinum prices up.

[miata] 06/8/2012 11:02

1st August Ex-dividend date (final dividend)

6th August Ex-dividend date (special dividend)
Share consolidation takes effect (subject to approval at AGM)

17th August Payment of final dividend and special dividend


The EPIC / TIDM code for the consolidated line of stock remains 'JMAT'.

The ISIN has changed to 'GB00B70FPS60'

[roscodagama] 06/8/2012 10:47

Why does the BBC show JMAT as the biggest loser, whilst here the chart shows it level ? Is it the 21 for 22 shares ? When did that happen ?

Edit: Now I see, XD (Special) 6 August. 100p per share.

[nil pd] 16/7/2012 22:58

So this is truly a consolidation. We hand over 22 shares and get back 21.

For a confusing moment when this was announced I thought it was a mis-named share split and I was to get 21 for every 22 held (net 43).

Good-o! Roll on 6 Aug and let's see what happens.

[losos] 22/6/2012 11:57

edgarssoni - thanks for that quote, my quess is that Resolution 16 will be passed, they must have discussed this with the institutions. A 4.4% drop in market cap but the share price is only down 3.0% ????

[edgarssoni] 22/6/2012 11:10

From

Resolution 16 – Special Dividend declaration and Share Consolidation
Resolution 16 is an ordinary resolution by which shareholders are asked to declare a Special Dividend. In light of the strong
performance of the Group in the 2011/2012 financial year, and following the board's review of the Group's balance sheet
structure, the board considers it appropriate to propose a Special Dividend to shareholders, in addition to the Final Dividend,
and accordingly recommends a cash return to shareholders of approximately £212 million.
This proposed return of cash will be structured as a Special Dividend of 100 pence per Existing Ordinary Share and an
associated consolidation of Existing Ordinary Shares on the basis of 21 New Ordinary Shares for every 22 Existing Ordinary
Shares. If shareholders approve the Special Dividend, it will be paid on 17th August 2012 to those shareholders on the register
at 5.00 pm on 3rd August 2012, with an ex-dividend date of 6th August 2012.
As is common when an amount representing a significant proportion of the market capitalisation of a company is returned to
shareholders, the board recommends that the Special Dividend is combined with the Share Consolidation. The Share
Consolidation is intended, so far as possible, to maintain the comparability of the Company's share price before and after the
Special Dividend. The total amount of the Special Dividend is equivalent to approximately 4.4% of the market capitalisation of
the Company. The effect of the Share Consolidation will be to reduce the number of Ordinary Shares in issue by approximately
the same percentage. It is anticipated, therefore, that the market price of each Ordinary Share should remain at a broadly similar
level following the Special Dividend and the Share Consolidation.
Shareholders will still hold the same proportion of the Company's ordinary share capital as before the Share Consolidation
(subject to any fractional entitlements). Although the New Ordinary Shares will have a different nominal value, they will carry
equivalent rights under the Articles of Association to the Existing Ordinary Shares currently in issue. The payment of any
fractional amounts arising from the Share Consolidation will be made to shareholders at the same time as that of the Special
Dividend (ie. 17th August 2012), but will be made separately.
If Resolution 16 is not passed, the Special Dividend will not be paid and the Share Consolidation will not take place.
Further details about the Special Dividend and the Share Consolidation are set out in Parts II and III of this circular.

[losos] 21/6/2012 16:57

MIATA the annual report says the basis of the 'share consolodation' will be announced today but I can't see any 'news report' anywhere. Do you know what the basis of the 'consolodation' will be???

[miata] 07/6/2012 14:46

I'm still praying for a new high. Wondering about the 'share consolidation' though.

[broadwood] 07/6/2012 12:39

Great figures plus a China rate cut.

Prayers answered on this one.

[broadwood] 07/6/2012 12:23

Noticed that myself. No wonder their losing big time on their short trades.

[miata] 07/6/2012 12:05

Citigroup

Buy recommendation: We see JMAT as well-placed in a structurally growing market. We see upside to the share price as we think the current valuation does not fully discount the group's structural earnings growth potential in the coming years. Its market-leading positions in the fast-growing HDD and process catalyst markets should allow the company to grow EPS by about 14% p.a. for the next 5 years. Valuation at PE 13E of 12.0x seems undemanding for a company with ROCE of 18% and 14% EPS CAGR11-16E. Buy.

Morgan Stanley

JM has delivered a strong performance in H2 12 (especially in ET and FC), however we expect the outlook statement (essentially suggesting flat earnings for March, 2013 if PGM prices remain at current levels) to be a source of disappointment. A 100p special dividend will be welcome (worth 4.6% on the current price), but a 15x PE multiple for '13e is full, in our view. UW.

Outlook statement likely to disappoint, consensus upgrades unlikely: JM expects further growth in ET and FC in the year to March, 2013, but suggests that this will be offset by lower profits in PMP if PGM prices remain at current depressed levels. Despite a clear 5% underlying EPS beat in FY 2012 (i.e. 153.7p versus consensus of 146.4p), consensus currently expects March, 2013 EPS of 156.5p (with a range as high as 164.4p), 2% growth on the reported 2012 result. We believe, given the cautious tone in JM's guidance on PMP profits, that consensus EPS upgrades are unlikely following today's results.

07 Jun Johnson Matthey PLC JMAT Numis Buy 2,281.50 2,660.00 2,660.00 Upgrades

07 Jun Johnson Matthey PLC JMAT Morgan Stanley Underweight 2,281.50 1,730.00 1,730.00 Retains

MS seem isolated.

[miata] 07/6/2012 10:56

Revenue in the year to March 31st rose 20% to £12,023m from £9,985m the year before, comfortably ahead of market expectations of £11,213m.

Underlying profit before tax rose 23% to £426.0m from £345.5m a year earlier, topping market forecasts of £11,213m. Statutory profit before tax, which does not take into account exceptional items, rose 58% to £409.3m from £259.3m.

Underlying earnings per share (EPS) jumped 29% to 153.7p from 119.0p, while reported EPS rose 75% to 148.7p from 85.2p the year before.

Net debt over the course of the year fell by £185.2m to £454.2m, while at the same time the group's underlying EBITDA (earnings before interest, tax, depreciation and amortisation) rose by 18% to £576.2m from £489.4m the year before.

Net debt/EBITDA for the year was therefore 0.8 times but if post tax pension deficits of £97.0m are included within net debt, the ratio would increase to 1.0 times. Interest cover (underlying operating profit/net finance costs) was 18.7 times (2010/11 17.7 times).

The full year dividend has been hiked by 20% to 55.0p from 46p a year earlier, on top of which the company is proposing to pay a one-off special dividend of 100p. The company said it has the balance sheet strength to pay out the special dividend even while maintaining capital expenditure and spending on research and development.

"Johnson Matthey has delivered another year of strong growth with a good contribution from all of its divisions. This performance was particularly enhanced by our leading position in heavy duty diesel catalysts, a very strong year from Davy Process Technology and excellent progress in our North American API Manufacturing business," said Neil Carson, Chief Executive of Johnson Matthey.

The group said it remains confident that its strong position in markets with structural growth will allow it to make further progress in Environmental Technologies and Fine Chemicals in 2012/13. This, however, will be offset by a weaker performance from Precious Metal Products, if precious metal prices remain at current levels.




The special dividend will be accompanied by a share consolidation. The consolidation factor will be announced to shareholders in the annual general meeting circular on 20/06/12.

The final dividend will be paid on 17/08/12, with an ex dividend date of 01/08/12.

21/11/12 Results for the six months ending 30/09/12
28/11/12 Ex-dividend date

[broadwood] 07/6/2012 07:13

These look to be blow out results. And a review of the balance sheet concludes they have too much cash for all their needs - so a special dividend to boot.

Superb.

[jon827] 07/6/2012 07:11

Special divided for you lucky lot :)