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Headquartered in central London, Johnson Matthey is a specialist chemicals manufacturer whose activities are divided between three divisions: catalysts (manufacture of automotive catalytic converters, pollution control systems and components for fuel cells), manufacturer of pharmaceutical compounds and refiner and distributor of precious metals such as platinum and gold. Its stock is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Platinum refiner Johnson Matthey hailed another year of strong growth as it delivered numbers ahead of market expectations and a special divi worth a quid a share. 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.
Could someone please clarify -- Is the ex divi date the 13th June? If I buy before then will I get the 40p final dividend plus the £1.00 special dividend
"The outlook statement will be significant to gauge management's assessment on whether it anticipates any change to trading patterns, most probably expressed on a geographic basis," Dawson added.
"Expectations for group performance are for 2H [second half] slightly ahead of 1H2012," reveals Charles Stanley analyst, James Dawson.
On the corporate front, platinum refiner Johnson Matthey issues full year results on Thursday. Market expectations are for profit before tax of £405.1m on revenue of £11,213m. Earnings per share are seen rising to 143.85p, paving the way for an increase in the full year dividend to 52.94p.
The big name in the mix is chemicals group Johnson Matthey (JMAT), which reported substantial improvements in its Q3 update in February as sales rose by 22% between October and December 2011, and net debt shrank by £175m to £442m. Credit Suisse rated the stock a short term buy on May 29th ahead of finals, which means that for the time being worries over falling Platinum prices can be put to one side.
Apologies this is the rest of the broker note. The broker says that it prefers Belgian materials technology group Umicore in the long run but sees around a 12% potential upside to Johnson Matthey. In an earlier research report on Tuesday, the broker raised its target price on the stock from 2,350p to 2,400p.
Credit Suisse has maintained its long-term neutral rating for FTSE 100 speciality chemicals group Johnson Matthey but has given the stock a short-term buy trading call, recommending investors to build positions ahead of the full-year results on June 7th.
Shares in auto-catalyst group Johnson Matthey are now at their highest level since before Lehman Brothers' collapse. They are now a hold on valuation grounds. Robust demand for catalytic converters in Asia and North America propelled third-quarter profits 34% higher than the previous year. Sales rose 22%. The group also said that it expected profits in the second half would be higher than those seen in the first six months. Falling platinum prices have also freed up working capital, so net debt fell by £175m to £442m. The shares are trading on a March 2012 earnings multiple of 15.7 times, falling to 14.9 next year. The yield is 2.3%. Tipped at £20.38 in January, the shares are up 11% and are now a hold, says the Sunday Telegraph´s Questor team.
1/2/12 Speciality chemicals company Johnson Matthey (JMAT) announced year-on-year sales growth of 22% to 649 million pounds (excluding precious metals) for the quarter ended 31st December 2011, with underlying pre-tax profits up 34% to 104.3 million pounds. The firm's environment technologies division enjoyed good growth in Asia and North America, while the precious metals division had a more subdued performance, due to falling platinum prices. The group noted concern over the trading environment in the UK and Europe, which constitutes 35% of its revenues, but believes that better conditions elsewhere will help drive performance
Johnson Matthey Sell 11-Jan-12 £354,280.87 Lawrence C Pentz 17,730 @ 1,998.20p
Shares in platinum refiner Johnson Matthey are a "hold", reckons Questor in the Daily Telegraph. The shares are down 12% so far this year since they were recommended at £20.38 at the start of January, despite an impressive financial performance as investors continue to worry about the global outlook. The shares are trading on March 2012 earnings multiple of 13.1 times, falling to 12.3 next year. Given the continuing market uncertainty, the shares are a hold for now until we get some clarity on the euro.
The Times' Tempus column says, "If we are heading for a double-dip recession, then it is worth asking industrials such as Johnson Matthey just how they expect to cope this time around." The column notes that first-half sales rose 22% while profits increased by 19%. Meanwhile, the shares trade at almost 12 times’ earnings. "The long-term drivers, tighter environmental legislation for vehicles and demand for its process technologies division from Chinese coal and US gas industries, are still there. But the shares, after a recovery from about £15 last month, look to be about where they should be."
Commenting on the results, Neil Carson, Chief Executive of Johnson Matthey said: "Johnson Matthey continued to perform well in the first half of 2011/12 with growth across all of the group's divisions and a 29% increase in underlying earnings per share. The short term prospects for the global economy are difficult to predict. Nonetheless we believe that Johnson Matthey is well placed and we currently anticipate that the group's results in the second half will be slightly ahead of those for the first six months of the year. Notwithstanding current macroeconomic uncertainties, the drivers for our business remain robust. In addition, we continue to increase our investment in research and development to position the group for longer term growth."
Business Overview · Environmental Technologies Division made further good progress with sales up 22% and underlying operating profit 19% ahead · Emission Control Technologies' sales grew by 22%, benefiting from good growth in its heavy duty diesel business · Sales in Process Technologies were up 26%. Davy Process Technology had an excellent start to the year and Intercat is performing ahead of our expectations · Precious Metal Products Division's sales increased by 9% as its Services businesses benefited from higher average precious metal prices and its Manufacturing businesses saw continued growth in demand · Fine Chemicals Division performed well with sales up 16% driven by increasing demand for its active pharmaceutical ingredients
Johnson Matthey continues to perform well: · Revenue up 29% to £5.9 billion · Sales excluding precious metals (sales) 17% ahead at £1.3 billion with good growth across all of the group's divisions · Underlying profit before tax and underlying earnings per share up 24% and 29% respectively · Return on invested capital (ROIC) increased to 21.3%, exceeding the group's long term target · Balance sheet remains strong with net debt (including the post tax pension deficit) / EBITDA of 1.4 times · Interim dividend up 20% to 15.0 pence
http://www.investegate.co.uk/Article.aspx?id=201111230700175903S
JP Morgan Cazenove upgrades Johnson Matthey from neutral to overweight, target price cut from 2,330p to 2,100p.
Morgan Stanley dowgrades Johnson Matthey from equal weight to underweight, target price cut from 1950p to 1650p
Johnson Matthey's investors have become accustomed to the company making all the right noises when it updates the market. And yesterday it did not disappoint, writes the Independent. The speciality chemicals operation said sales (excluding precious metals) motored ahead by 12 per cent to £617m while underlying profit before tax jumped by 19 per cent to £98.2m. What we particularly liked about yesterday's statement was the group's confidence that the first-quarter performance will continue through the rest of the year – and this has been a company that usually delivers on such predictions. The shares are no bargain – they trade at 14 times forecast full-year earnings, against a sector average of about 11 times. However, Johnson Matthey is well positioned in good markets and yesterday's statement was notably more upbeat than some rivals'. It's a tough call, but on balance, we'd keep buying, suggests the Independent.
http://www.investegate.co.uk/Article.aspx?id=201107190700096114K
Johnson Matthey well ahead of last year Date: Tuesday 19 Jul 2011 LONDON (ShareCast) - Sales and profits at Johnson Matthey both registered double-digit percentage gains in the first quarter of the platinum refiner's fiscal year. "Johnson Matthey has made further good progress in the first quarter of 2011/12 with sales excluding precious metals (sales) up 12% to £617 million. Underlying profit before tax increased by 19% to £98.2 million, benefiting principally from higher demand for our products and operational leverage," said chairman Sir John Banham. The group's net debt at the end of June stood £125.6m lower at £513.8m than it was at the end of March. Banham said the Environmental Technologies Division continued to perform well with sales in the quarter up 14% on a year earlier at £414m, with a similar improvement in operating profit. The Precious Metals Division grew sales by 6% from a year earlier to £150m but the increase in operating profit was "substantially higher" thanks to operating leverage and a change in the product mix. The Fine Chemicals division saw sales rise 15% to £70m, promoting "good growth" in operating profit. "The outlook for the second quarter of 2011/12 is good and as a result the group's performance in the first half of the year is expected to be significantly ahead of the same period in 2010/11. We currently anticipate that our good start to 2011/12 will be maintained throughout the year," Banham said.
Prime Markets has suggested buying chemicals group Johnson Matthey, saying that Tuesday’s trading statement represents an attractive entry point in the short and long term for investors. The company, focused in catalysis, precious metals, fine chemicals and process technology, said that it continued to make good progress in the first quarter, with adjusted pre-tax profits up by 19% to £98.2m, “principally due to higher demand for products and operational leverage,” noted head of dealing Richard Curr. “Now at an attractive entry point as the shares bounce off the all important 200-day moving average line, there is a short term momentum trade opportunity off the back of today's statement to upper resistance levels up to 2,100p over the next few days.” Prime Markets gives the group a 2,123p target price.