Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Given the conservative JM approach to fully impair the value of the batteries business at £314M, a corresponding fall in the value of the company due to the announcement of >£1B seems well overdone to me. At this time it is only an emerging market and in no way underpins the company or was the opportunity going forward ever priced in (if it were the share price should have been £40+). There will also be some value in the disposal of that business area and the focus can now be applied elsewhere. There is also at least 10+ years left in autocats. An entry at this price seems a no brainer to me. Any thoughts appreciated.
Was it really possible to ger in at 2000 this morning????
https://uk.finance.yahoo.com/news/johnson-matthey-buy-back-shares-073419654.html
million)
Half year ended
30th September
% change
% change,
constant rates
2021
20201
Clean Air
1,196
1,003
+19
+24
Efficient Natural Resources
523
411
+27
+33
Health
83
119
-30
-26
Other Markets
191
191
-
+5
Eliminations
(55)
(45)
Sales
1,938
1,679
+15
+21
Underlying operating profit
(£ million)
Half year ended
30th September
% change
% change,
constant rates
2021
20201
Clean Air
150
77
+95
+103
Efficient Natural Resources
197
88
+124
+129
Health
(4)
15
n/a
n/a
Other Markets
(11)
(2)
n/a
n/a
Corporate
(39)
(27)
Underlying operating profit
293
151
+94
+102
Shame about the impairment better to exit now than get to deep
I'll double up if it goes below £20 tomorrow.
damn, back to the April 2008 shareprice.
Global leader in sustainable technologies, Johnson Matthey (JM), has signed a lease at Culham Science Centre near Abingdon, Oxfordshire, occupying just over 3,000 sq. ft. to support its new Hydrogen Technologies business unit.
Demand for green hydrogen is projected to grow from a very small market today to meeting – along with blue hydrogen – the almost ten-fold increase in hydrogen demand between now and 2050, and the hydrogen fuel cell market is forecast to grow more than three-fold through to 2027.
https://www.businessinnovationmag.co.uk/johnson-matthey-commits-to-culham-science-centre-abingdon/
As part of a new agreement revealed today (Nov 15), Johnson Matthey and Hystar have partnered to develop next-generation electrolyser technology to boost green hydrogen production capabilities.
Under the agreement, Johnson Matthey will collaborate with Hystar to provide catalyst coated membranes (CCMs) for use in the company’s innovative proton exchange membrane (PEM) stack and electrolyser system package, which offers a significant improvement in efficiency.
https://www.h2-view.com/story/johnson-matthey-hystar-partner-to-develop-next-generation-electrolysers-for-hydrogen-production/
Nick Lindfield Business Development Manager Fuel Cells Johnson Matthey.
https://www.climate-change-solutions.co.uk/event/hydrogen-and-fuel-cells-the-time-is-now/
The UK Government has bailed out several companies in the past for a variety of reasons, including you guessed it, Johnson Matthey itself!
Skier a market cap of over 4 billion means Jmat is not tiny.
Jmat don't have to produce hydrogen, just have the ip for hydrogen system parts and catalysts.
JMAT is a tiny company with a failed battery venture and some cat-converters in a shrinking industry that will be gone in a decade or so! The UK govt will never bail out an old "dirty" metals business from the previous century that supplies gas-guzzling vehicles. The UK hydrogen industry will never takeoff in the UK because the underlying cost of electricity production is way too expensive, and Britain's collapsing manufacturing industry simply does not have enough skills for these emerging "new techs" at scale. The outlook here looks bleak.
Why would the govt bail them out ? Utter nonsense. However JMAT is still one of the world leaders in catalytic converters, rare earth minerals and joining the hydrogen industry should be very promising. A good level to accumulate IMO.
this company are still in a strong market position, and the UK gov will bail them out if anything goes too side ways.
buy and hold
GLA DYOR
The battery exit is a disaster for JMAT.
It raises serious concerns about whether JMAT has the management skills, tech expertise, and scale to compete in future new markets.
It is also a huge blow for the British automotive, tech, and stockmarket industries, which are in steep, steep decline.
The exit is a major blow to the JMAT brand.
It feels like the beginning of the end.
Wouldn't be a surprise to see this drift down to the £10-15 range, get snapped up by (say) an American, Chinese or Indian firm, and any remaining valuable bits carved up and shipped overseas.
its a dangerous positon for the big holders to let this price stay so low, as it allows rival firms to buy cheap and slow sell in which undermines the share price. as such the big holders will be having their brokers buying up everything at rate to avoid too big a rise and trying to force weak hands to sell to buy up, you can see this in the trading patterns.
as such, once the averaging down range has been met this will suddenly jump up to a reasonable level.
this is now a rush to do before the market moves and locks the big holders stuck with stock at high rates and waiting a longer period to sell.
ClaireSmith, You are very vocal and I absolutely welcome all views. I hope you are right but for what it's worth I was giving a contrary view and a reason for the saying "once bitten twice shy".
Good luck with your position. I am still 18% in profit plus divis but will be waiting on the side lines before topping up.
looks like any material selling has finished, and the buyers are gathering everything up, this has strong upwards pressure building
people are getting way to caught up in the battery stuff, its only a small part of their business, they will sell off the assets and recoup most of the expenses, they are still making tons of money and have solid IP and market position.
way oversold and then the marketing pulling down the price to buy up cheap shares.
can see his bounce back to 25 easily, the company is already making fast moves to correct issues.
I worked in JM for 9 years till late 2017. I saw the writing on the wall in mid 2017 with management changes. Millions of funds were diverted from Clean air to battery materials. The implementation of SAP was a train wreck. Many good directors left the business and still leaving now. I do not think Robert Macleod is retiring. He is being pushed out.
As far as eLNO is concerned, my view is that they went for delayed perfection rather than continuous improvement. By that time companies like LGChem, BASF and Umicore penetrated the market, while JM top leadership team was still bickering about how to make eLNO work.
I'll TRY and refrain from this becoming a rant.....but to qualify the Boards breakdown here - only in April they announced a deal to build a second factory in Finland for nickel cathode production AND announced a strategic review of their Health division.
The latter, highly profitable, but unspectacular growth. The former, huge investment with the promise of jam tomorrow.
The Board in their entirety signed off on this so for just the CEO to go is an indication that they've not gone to the root of the problem.
As a share holder in Bayer also, from whence the new CEO cometh - their statement last week indicated he left in something of a cloud as head of their underperforming crop division. This summary indicates he is a pharm man through and through https://gb.wallmine.com/otc/bayry/officer/2094236/liam-condon so potentially they've decided to stick with health but they will have to invest heavily to turn this into a future driver when they are up against the giants of Croda, DSM & DKSH!
I agree that the poor leadership is the biggest issue here. Putting rich heritage and science to one side, which no doubt JMAT has in volume, perhaps years ago when I was a bit more of a tempestuous investor with an appetite for risk, I would have dived in yesterday.
It's complete about turn and that lack of strategic vision is deeply troubling - for years they have been holding up the battery division as it's main future revenue driver. It doesn't take a highly paid CEO to know that new technology will become commoditised over time which begs the question if JMATs technology was unable to achieve economies of scale and compete, why it ever got past the drawing board.
This Board is in a complete state of flux and there is further fall out for sure.....
completed base position with double up top up amazing value