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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Johnson Matthey PLC    JMAT   GB00BZ4BQC70

JOHNSON MATTHEY PLC (JMAT)
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Johnson Matthey : expects higher catalysts demand after profit rises

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06/01/2017 | 12:09pm CET

Johnson Matthey expects increased efforts to curb vehicle pollution to boost demand for its catalysts in the medium to long term, it said on Thursday, after reporting an 18 percent rise in annual operating profit and boosting its dividend.

The British company, which this year divided into four sectors -- clean air, efficient natural resources, health and new markets -- said sales of catalysts rose 16 percent in the year to March 31.

It said the quest for cleaner air, with many cities clamping down on transport pollution, would spur demand for catalysts, while it is also increasing its focus on batteries using nickel and lithium and on pharmaceutical ingredients.

"Over a five-year period that market (catalysts) is going to grow almost irrespective of electric vehicles given the size of the base," Johnson Matthey Chief Financial Officer Anna Manz told Reuters, referring to the still small percentage of the market that has gone electric.

"After that, it’s harder to predict."

The company is also re-focusing to ensure it is strong in technologies for gasoline and diesel vehicles and in the Asian market, which is catching up with European pollution standards, Manz said.

Doubts about diesel cars have grown as Volkswagen's dieselgate scandal has spread to other automakers and research has shown the health damage caused by diesel emissions.

Some analysts are also predicting a quicker-than-expected uptake in electric vehicles, which do not use catalytic converters.

The company reported an 18 percent rise in annual operating profit to 493 million pounds on revenue up 12 percent at 12.03 billion.

It recommended a final dividend of 54.5 pence per share, up 5 percent.

It said sales this year would be probably in line with the 6 percent growth delivered in the six months to March 31.

Shares in Johnson Matthey were down 0.6 percent at 3,091 pence, lagging an FTSE-100 Index <.FTSE> up 0.29 percent at 0945 GMT.

"Today’s results do not flag any immediate problems. Nonetheless, guidance still implies at least no upgrade potential," analysts at Morgan Stanley said in a note.

It rates Johnson Matthey "equal weight" or hold citing "a lack of near-term earnings impetus".

(Additional reporting by Justin George Varghese; editing by Alexander Smith and Jason Neely)

By Barbara Lewis

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Financials ( GBP)
Sales 2018 3 779 M
EBIT 2018 523 M
Net income 2018 364 M
Debt 2018 711 M
Yield 2018 2,55%
P/E ratio 2018 16,45
P/E ratio 2019 14,22
EV / Sales 2018 1,81x
EV / Sales 2019 1,69x
Capitalization 6 112 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 36,0  GBP
Spread / Average Target 14%
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Managers
NameTitle
Robert James MacLeod Chief Executive Officer & Executive Director
Timothy E. P. Stevenson Chairman
Anna Manz Group Finance Director & Director
Alan Murray Ferguson Senior Independent Non-Executive Director
John F. Walker Executive Director
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