Johnson Matthey Share Discussion Threads

[miss womble] 03/7/2018 08:34

Where is everybody?

[officerdigby] 06/6/2018 08:09

No details. tis hidden.

[minerve] 05/6/2018 21:53

xxx

Just the results presentation. I would assume you will not find much about their chemistry because of course it is their intellectual property and they want to protect it.

[xxx] 05/6/2018 20:06

Thanks, but I am interested in the chemistry. Thus apart from saying it will use less cobalt, I can't see further details, or are you thinking of a different presentation ?

[minerve] 04/6/2018 22:22

xxx

If you watch the results presentation it would be a good start as they have a few slides there.

[xxx] 04/6/2018 14:45

Does anyone know where I could get further info on their battery business ? TIA

[cockneytrader] 02/6/2018 11:50

Minerva

With regards to btg, yes still watching and waiting.

I am expecting the next 12 to 18 months to be absolute carnage.

Hope to re-enter at £4, the IM business (excluding Varithena) is a gem.

[cockneytrader] 01/6/2018 15:56

They have missed a trick! Their cathode material, eLNO, not commercially available until 2021/22, and only 10,000 tonnes per annum. Compared to their peer, Umicore, who will be producing 100,000 tonnes by 2019 and 175,000 tonnes by 2021 (mainly NMC811).

The catalyst business of both companies will begin to reduce significantly post 2021.

[loftus16] 01/6/2018 08:59

Satisfactory"... In the coming year we expect mid to high single digit growth in operating performance. The changes we are making as we continue to develop our business give me confidence in our strategy to deliver, over the medium term, mid to high single digit EPS CAGR, expanding ROIC to 20% and, as a result, a progressive dividend."

[gateside] 01/6/2018 06:45

Good results yesterday

[minerve] 31/5/2018 12:05

Good in-line update today.

Morgan Stanley:

Johnson Matthey's H2'18 results were in line with consensus throughout; reporting sales (ex. metals) of £1,993m, and EBIT £275m, versus cons. of £1,993m and £273m respectively. Johnson Matthey's FY'18 dividend of 80p was 2.5% ahead of consensus (78p). Divisionally Clean Air was ~5% ahead at EBIT given strength in HDD markets, as well as LDV, offsetting the weakness in Health, which was impacted by inventory destocking, and optimising production footprint. YE net debt of £679m was down £212m from 1H ’18 level of £891m, and comfortably below cons. of £797m. This was driven by lower capex of £217m (vs FY ‘18 guidance of £285m) due to capex discipline and project phasing. Net debt incl. pensions was £725m, or 1.1x EBITDA, below JM’s target range of 1.5-2x. Working capital outflows were £158m, impacted by a precious metal outflow of £82m from higher prices and volumes. Guidance calls for mid to high single digit EBIT growth at constant currency, implying at the midpoint FY'18/19 EBIT of £564m; which when adjusted for £6m FX headwind is a touch ahead of consensus (£556m). Bottom line: fears over weak cash flow and escalating capex have not materialised, margins are improving in Clean Air, and new guidance underpins consensus and may yet prove conservative. In cathode materials, the company remains confident around its emerging eLNO technology, and sees its proposed 10k mtpa project as "just the beginning".

➡️ For the returns and growth on offer, JM remains one of the most attractive stocks in EU chemicals, we think. Overweight. ⬅️

[loftus16] 31/1/2018 23:16

Nice to see it evolving. I originally invested because of the promise catalytic converters held quite some years ago.

[minerve] 31/1/2018 18:15

It will be interesting to read further into the divestment announced today and what implications it has for the company going forward. Share acted positively to the announcement. I like the diversification this share offers to my portfolio.

[luderitz] 31/1/2018 18:03

Certainly been on the up over the last month and on today's new.

[9degrees] 30/12/2017 20:45

Tipped in Times today as New year tip

[minerve] 22/9/2017 10:12

Who knows? LOL

I am only relaying what I read in the FT.

[edmondj] 22/9/2017 10:08

No price-sensitive information was disclosed then!

[minerve] 22/9/2017 09:45

Apparently, at the capital markets day, JM are pledging to invest £200M in EV battery technology. They have developed a cobalt-free battery which has produced good results with car manufacturers/suppliers. Apparently cobalt is a very small market susceptible to large price swings so its omission is attractive to OEMs.

This may start to put us on a share price track like their competitor Umicore whose shares have apparently risen by more than 25% this year.

[loftus16] 22/9/2017 09:35

Nice further bagger over past 24 hours!

[city chappy] 22/9/2017 09:29

Good rise recently. The strategy is working.

[minerve] 22/9/2017 09:22

Must have been a good capital markets day yesterday.

[luderitz] 21/9/2017 14:05

I haven't read the statement but the share price is up 12%!

[loftus16] 21/9/2017 10:14

Likewise. Average cost 549p.