JMPLY - Johnson Matthey Plc

Other OTC - Other OTC Delayed Price. Currency in USD
72.93
-0.65 (-0.88%)
At close: 3:46PM EST
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Previous Close73.58
Open73.14
Bid0.00 x 0
Ask0.00 x 0
Day's Range72.93 - 73.16
52 Week Range66.88 - 92.40
Volume2,001
Avg. Volume1,912
Market Cap7.034B
Beta (5Y Monthly)1.33
PE Ratio (TTM)15.93
EPS (TTM)4.58
Earnings DateN/A
Forward Dividend & Yield1.26 (1.71%)
Ex-Dividend DateNov 27, 2019
1y Target Est81.32
  • For Clues About Palladium, Look to… North Macedonia?
    Bloomberg

    For Clues About Palladium, Look to… North Macedonia?

    (Bloomberg Opinion) -- “The Balkans” — according to remark often attributed to Winston Churchill — “produce more history than they can consume.” Precious-metal traders betting on the record surge in palladium prices might want to draw a similar lesson. That’s because production and consumption of palladium and its sister-metal platinum in one tiny Balkan state are giving crucial clues to the way producers of automobile catalytic converters use the two elements. This in turn is likely to affect the path of prices for both metals.As we’ve written, there are strong fundamental underpinnings to the extraordinary rally that’s seen palladium prices increase nearly fivefold in the past four years, at a time when platinum is up a mere 25%. Both metals have extensive industrial uses in the converters that strip carbon monoxide and nitrogen oxides from car exhausts. Supply and demand dynamics have conspired recently to push up palladium prices at the expense of platinum. Sales of new diesel cars, which tend to use more platinum, have been hit by the aftermath of the diesel emissions-testing scandal, putting the preponderance of demand on palladium-heavy gasoline vehicles. At the same time, South Africa’s platinum-mining industry has been struggling with low profitability, which has helped to keep supply of its palladium byproduct back from the market. Meanwhile, vehicle-emissions standards have been tightening in Europe, China and other countries, increasing demand for catalysts to clear up exhaust fumes.The normal solution to this sort of situation is substitution. Palladium had few uses until the rise of the catalytic converter in the 1970s pushed chemists to try it out as an alternative to platinum. At some point, the current price mismatch between the two metals should cause the pendulum to swing the other way, so that manufacturers reformulate their autocatalysts to use less palladium and more cheap platinum.That’s the theory, at any rate. The question is whether substitution is actually happening.Matthew Turner, a former precious metals analyst at Macquarie Group, has spotted one way for traders to keep an eye on that question. Johnson Matthey Plc, one of the world’s biggest producers of platinum-group metals, operates a major catalytic converter plant in Skopje, the capital of the Balkan republic of North Macedonia.This offers a unique window into the generally secretive business of autocatalyst recipes. North Macedonia has no domestic supply of platinum-group metals, and local new-car sales amount to only a few thousand units a year. That’s handy, because the country breaks out the metals it’s importing in standard trade disclosures, giving investors a pretty good proxy for the proportions being used in Matthey’s emissions-control devices.The figures won’t reassure palladium bears. If anything, matters are heading in the opposite direction. From a period a few years ago when the ratio between platinum and palladium imports was around 3:1, for much of the past year it’s tightened to around 1.8:1, implying a yet more palladium-dense catalyst mix. Trailing 12-month platinum imports in October, the last month for which data is available, were up just 3.9% from two years earlier; those of palladium were up 61%.It would be wise to treat this information with a smidgen of caution. While catalysts are North Macedonia’s biggest export, the country still accounts for less than 10% of the global cross-border trade in such products — and that’s only a small part of the catalyst market as a whole, when you factor in domestic consumption. The data also only tell you about the activity of one plant, which might not be representative of the industry as a whole. Importantly, the Skopje factory was set up to produce diesel catalysts, so gives us few clues as to what’s happening in the gasoline end of the autocatalyst market.On top of that, Matthey is itself a major player in the platinum-group metals trade, and is no doubt wise to any efforts to use this data as a window on its commercial secrets. If it moves some excess palladium inventory to the Balkans, it’s not impossible that it could end up getting cheaper prices on its platinum from traders watching the North Macedonian trade figures — which could be useful, if you were planning to switch to a more platinum-dense catalyst mix.Still, the resilience of North Macedonian palladium imports should give anyone expecting this bubble to deflate overnight reason to pause.Most automobiles have just five grams or so of autocatalysts in them, meaning that even current prices have only driven your car’s platinum-group metal content up from around $150 to $300 — well below the $1,000 you’d spend to replace the converter itself. And for all the potential for a boost in platinum prices — the net long position held by hedge funds is now at a record high — there’s just no sign yet of a supply surge or a change in the chemistry mix that would be needed to end palladium’s boom.Without that sort of catalyst, prices could be elevated for a while.To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Is Johnson Matthey Plc (LON:JMAT) Excessively Paying Its CEO?
    Simply Wall St.

    Is Johnson Matthey Plc (LON:JMAT) Excessively Paying Its CEO?

    In 2014 Robert MacLeod was appointed CEO of Johnson Matthey Plc (LON:JMAT). First, this article will compare CEO...

  • Have Insiders Been Buying Johnson Matthey Plc (LON:JMAT) Shares?
    Simply Wall St.

    Have Insiders Been Buying Johnson Matthey Plc (LON:JMAT) Shares?

    We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly...

  • Estimating The Intrinsic Value Of Johnson Matthey Plc (LON:JMAT)
    Simply Wall St.

    Estimating The Intrinsic Value Of Johnson Matthey Plc (LON:JMAT)

    How far off is Johnson Matthey Plc (LON:JMAT) from its intrinsic value? Using the most recent financial data, we'll...

  • British stocks close lower on China trade concerns; Centrica rallies
    MarketWatch

    British stocks close lower on China trade concerns; Centrica rallies

    British stocks closed lower Thursday amid worldwide concern over the state of U.S.-China trade talks.

  • Is Now The Time To Put Johnson Matthey (LON:JMAT) On Your Watchlist?
    Simply Wall St.

    Is Now The Time To Put Johnson Matthey (LON:JMAT) On Your Watchlist?

    For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

  • Did You Manage To Avoid Johnson Matthey's (LON:JMAT) 14% Share Price Drop?
    Simply Wall St.

    Did You Manage To Avoid Johnson Matthey's (LON:JMAT) 14% Share Price Drop?

    As an investor its worth striving to ensure your overall portfolio beats the market average. But in any portfolio...

  • Does Johnson Matthey Plc's (LON:JMAT) 39% Earnings Growth Reflect The Long-Term Trend?
    Simply Wall St.

    Does Johnson Matthey Plc's (LON:JMAT) 39% Earnings Growth Reflect The Long-Term Trend?

    When Johnson Matthey Plc (LSE:JMAT) released its most recent earnings update (31 March 2019), I compared it against...

  • Why Johnson Matthey Plc (LON:JMAT) Is An Attractive Investment To Consider
    Simply Wall St.

    Why Johnson Matthey Plc (LON:JMAT) Is An Attractive Investment To Consider

    I've been keeping an eye on Johnson Matthey Plc (LON:JMAT) because I'm attracted to its fundamentals. Looking at the...

  • Is Johnson Matthey Plc's (LON:JMAT) 16% ROE Better Than Average?
    Simply Wall St.

    Is Johnson Matthey Plc's (LON:JMAT) 16% ROE Better Than Average?

    While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...

  • Johnson Matthey (LON:JMAT) Has A Pretty Healthy Balance Sheet
    Simply Wall St.

    Johnson Matthey (LON:JMAT) Has A Pretty Healthy Balance Sheet

    Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

  • Here's How P/E Ratios Can Help Us Understand Johnson Matthey Plc (LON:JMAT)
    Simply Wall St.

    Here's How P/E Ratios Can Help Us Understand Johnson Matthey Plc (LON:JMAT)

    This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios...

  • Reuters

    UPDATE 2-Johnson Matthey battles lower profit at its biggest unit

    Johnson Matthey on Wednesday lowered the profit outlook for its largest unit that makes pollution filters for cars and trucks and announced the departure of the unit's head, sending its shares down more than 3%. Shares of the FTSE 100 company was the biggest loser on London's blue-chip index. The moves follow scrutiny of Johnson Matthey's catalytic filters for trucks, which have been linked to emission issues at truckmakers Volvo and Cummins.

  • How Does Johnson Matthey Plc (LON:JMAT) Fare As A Dividend Stock?
    Simply Wall St.

    How Does Johnson Matthey Plc (LON:JMAT) Fare As A Dividend Stock?

    Today we'll take a closer look at Johnson Matthey Plc (LON:JMAT) from a dividend investor's perspective. Owning a...

  • What does Johnson Matthey Plc's (LON:JMAT) Balance Sheet Tell Us About Its Future?
    Simply Wall St.

    What does Johnson Matthey Plc's (LON:JMAT) Balance Sheet Tell Us About Its Future?

    Mid-caps stocks, like Johnson Matthey Plc (LON:JMAT) with a market capitalization of UK£6.1b, aren’t the focus of most...

  • What Should We Expect From Johnson Matthey Plc's (LON:JMAT) Earnings In The Next Couple Of Years?
    Simply Wall St.

    What Should We Expect From Johnson Matthey Plc's (LON:JMAT) Earnings In The Next Couple Of Years?

    Johnson Matthey Plc's (LON:JMAT) most recent earnings update in June 2019 showed that the business gained from a...

  • What Did Johnson Matthey Plc's (LON:JMAT) CEO Take Home Last Year?
    Simply Wall St.

    What Did Johnson Matthey Plc's (LON:JMAT) CEO Take Home Last Year?

    In 1970 Robert MacLeod was appointed CEO of Johnson Matthey Plc (LON:JMAT). This analysis aims first to contrast CEO...

  • Reuters

    Clean Air boost drives Johnson Matthey profits higher

    "In the year, Clean Air performed strongly and we are investing in new plants to satisfy future demand, particularly from Asia which will be our next key growth driver," the company said in a statement. Clean Air, which makes up the lion’s share of company earnings, saw an 11% jump in sales while underlying profit was 13% higher. Johnson Matthey, which has a 200-year old history, said it anticipated 2019/20 growth in operating performance at constant rates to be within its medium term guidance of mid-to-high single digit growth.

  • PR Newswire

    Johnson Matthey introduces the Mining CRT diesel emission control systems for underground mining equipment.

     -- System improves mine health and safety by providing clean air for workers, with no impact on productivity.  -- More than 99% of particulates are destroyed, giving the best possible work environment. AUDUBON, Pa., April 30, 2019 /PRNewswire/ --Johnson Matthey (JMAT.L), a global leader in science that enables a cleaner and healthier world, introduces an advanced system to control emissions from diesel underground mining equipment for healthier work environments.