Financials Johnson Matthey Plc BOERSE MUENCHEN

Equities

JMT2

GB00BZ4BQC70

Specialty Chemicals

Real-time BOERSE MUENCHEN Other stock markets 02:00:06 2024-07-16 am EDT			5-day change	1st Jan Change
20.3 ^EUR	0.00%		+2.47%	+2.78%

Jul. 12	Make way for earnings season
Jul. 12	AlphaValue/Baader Europe Downgrades Johnson Matthey to Reduce from Add, Trims PT	MT

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	3,454	5,801	3,463	3,624	3,272	3,072	-	-
Enterprise Value (EV) ¹	4,548	6,576	4,319	4,647	4,223	3,726	3,880	3,740
P/E ratio	13.6 x	28.3 x	-35.7 x	13.2 x	30.7 x	11.8 x	9.48 x	8.43 x
Yield	3.09%	2.32%	4.1%	3.88%	4.3%	4.49%	4.71%	4.85%
Capitalization / Revenue	0.83 x	1.48 x	0.88 x	0.86 x	0.84 x	0.81 x	0.81 x	0.82 x
EV / Revenue	1.09 x	1.68 x	1.1 x	1.11 x	1.08 x	0.98 x	1.02 x	0.99 x
EV / EBITDA	6.45 x	9.61 x	5.97 x	7.18 x	7.06 x	6.02 x	5.75 x	5.22 x
EV / FCF	87.5 x	16.9 x	28.4 x	-186 x	18.9 x	10.3 x	20.9 x	16.6 x
FCF Yield	1.14%	5.9%	3.52%	-0.54%	5.3%	9.66%	4.78%	6.03%
Price to Book	1.23 x	2.16 x	1.47 x	1.44 x	1.38 x	1.24 x	1.14 x	1.08 x
Nbr of stocks (in thousands)	192,093	192,522	184,333	182,716	182,883	182,664	-	-
Reference price ²	17.98	30.13	18.78	19.84	17.89	16.82	16.82	16.82
Announcement Date	6/11/20	5/27/21	5/26/22	5/25/23	5/23/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,170	3,922	3,940	4,201	3,904	3,812	3,808	3,764
EBITDA ¹	705	684	724	647	598	618.5	674.9	715.9
EBIT ¹	539	504	556	465	410	432.5	481.5	504.7
Operating Margin	12.93%	12.85%	14.11%	11.07%	10.5%	11.35%	12.64%	13.41%
Earnings before Tax (EBT) ¹	305	238	195	344	164	337.5	412.5	457.9
Net income ¹	255	205	-101	276	108	279.9	317.1	351.9
Net margin	6.12%	5.23%	-2.56%	6.57%	2.77%	7.34%	8.33%	9.35%
EPS ²	1.321	1.064	-0.5260	1.502	0.5830	1.430	1.775	1.995
Free Cash Flow ¹	52	388	152	-25	224	360	185.3	225.7
FCF margin	1.25%	9.89%	3.86%	-0.6%	5.74%	9.44%	4.87%	6%
FCF Conversion (EBITDA)	7.38%	56.73%	20.99%	-	37.46%	58.2%	27.46%	31.52%
FCF Conversion (Net income)	20.39%	189.27%	-	-	207.41%	128.63%	58.44%	64.13%
Dividend per Share ²	0.5562	0.7000	0.7700	0.7700	0.7700	0.7549	0.7926	0.8152
Announcement Date	6/11/20	5/27/21	5/26/22	5/25/23	5/23/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1
Net sales ¹	2,046	1,679	2,243	1,938	2,002	2,045	2,156	1,967
EBITDA ¹	355	235	449	389	335	309	338	273
EBIT ¹	274	151	353	293	263	222	243	180
Operating Margin	13.39%	8.99%	15.74%	15.12%	13.14%	10.86%	11.27%	9.15%
Earnings before Tax (EBT) ¹	80	26	212	-9	204	188	156	82
Net income ¹	79	24	181	-28	-73	160	116	63
Net margin	3.86%	1.43%	8.07%	-1.44%	-3.65%	7.82%	5.38%	3.2%
EPS ²	1.230	0.1230	0.9410	-0.1480	-0.3780	0.8710	0.6310	0.3460
Dividend per Share	0.3112	0.2000	0.5000	0.2200	-	0.2200	-	-
Announcement Date	6/11/20	11/19/20	5/27/21	11/24/21	5/26/22	11/23/22	5/25/23	11/22/23

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,094	775	856	1,023	951	653	808	668
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.552 x	1.133 x	1.182 x	1.581 x	1.59 x	1.056 x	1.197 x	0.9329 x
Free Cash Flow ¹	52	388	152	-25	224	360	185	226
ROE (net income / shareholders' equity)	9.38%	12.7%	15.9%	11.1%	10.6%	11.4%	12.2%	12.5%
ROA (Net income/ Total Assets)	3.83%	2.71%	5.65%	4.03%	3.89%	8.55%	4.95%	6.09%
Assets ¹	6,654	7,553	-1,788	6,847	2,776	3,273	6,402	5,779
Book Value Per Share ²	14.70	13.90	12.70	13.80	12.90	13.50	14.70	15.50
Cash Flow per Share ²	3.110	3.990	3.150	1.580	3.210	2.370	2.980	3.150
Capex ¹	443	381	453	316	368	360	313	287
Capex / Sales	10.62%	9.71%	11.5%	7.52%	9.43%	9.44%	8.21%	7.62%
Announcement Date	6/11/20	5/27/21	5/26/22	5/25/23	5/23/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Johnson Matthey Plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

16.82 GBP

Average target price

19.88 GBP

Spread / Average Target

+18.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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