Declared Dividend • May 31
Final dividend of UK£0.55 announced Shareholders will receive a dividend of UK£0.55. Ex-date: 4th June 2026 Payment date: 4th August 2026 Dividend yield will be 3.3%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (57% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Tillkännagivande • May 30
Johnson Matthey Plc Proposes Final Ordinary Dividend, Payable on 4 August 2026 Johnson Matthey Plc announced that the board will propose a final ordinary dividend of 55.0 pence per share at the Annual General Meeting (AGM) on 16 July 2026. Together with the interim dividend of 22.0 pence per share, this gives a total ordinary dividend of 77.0 pence per share, maintained at the same level as the prior year (2024/25: 77.0 pence per share). Subject to approval by shareholders, the final dividend will be paid on 4 August 2026 to shareholders on the register at the close of business on 5 June 2026, with an ex-dividend date of 4 June 2026. Tillkännagivande • May 28
Johnson Matthey plc Announces Board and Board Committee Changes Johnson Matthey Plc announced that Barbara Jeremiah, the Company's Senior Independent Director (SID), and John O'Higgins, chair of the Remuneration Committee, will each retire from the Board with effect from the conclusion of the forthcoming Annual General Meeting (AGM) to be held on 16 July 2026. As part of the Board's succession planning, and following a comprehensive search and selection process, the appointment of Julie Southern as Non-Executive Director and the Company's Senior Independent Director was approved by the Board on 27 May 2026. Julie's appointment will be effective from the conclusion of the AGM on 16 July 2026. Upon joining the Board, Julie will also become a member of the Audit Committee and Nomination Committee. Effective from the conclusion of the AGM on 16 July 2026, Sinead Lynch will become chair of the Remuneration Committee. Julie is a Chartered Accountant and has significant FTSE Board and C-Suite experience including in finance, strategy, business development and governance. Julie is currently Chair of NASDAQ listed NXP Semiconductors NV and is Chair of the Remuneration Committee, and also sits on each of the Audit Committee and People Committee, of FTSE 250 Ocado Group plc. She has previously served as Chair of RWS Holding Plc and was Senior Independent Director and Audit Committee Chair of FTSE 100 airline EasyJet Plc. Current directorships: NXP Semiconductors NV, a company listed on the NASDAQ Global Select Market (appointed to the Board in October 2013); Ocado Group plc, a company listed on the London Stock Exchange (appointed to the Board in September 2018). Previous directorships: RWS Holding Plc, a company listed on the London Stock Exchange (July 2022 - December 2023); EasyJet Plc, a company listed on the London Stock Exchange (August 2020 - February 2023); Rentokil Initial Plc, a company listed on the London Stock Exchange (July 2014 - May 2023). Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Executive Director Alastair Judge was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Nov 21
Johnson Matthey Plc to Report Fiscal Year 2026 Results on May 28, 2026 Johnson Matthey Plc announced that they will report fiscal year 2026 results on May 28, 2026 Tillkännagivande • Jul 18
Johnson Matthey Plc Approves Final Dividend Johnson Matthey Plc announced at annual general meeting held on July 17, 2025, the shareholders approved final dividend of 55.00 pence per share. Tillkännagivande • Jul 17
Johnson Matthey plc Announces Board Changes Johnson Matthey announced the appointment of Andrew Cosslett as Non-Executive Chair of the Board, with effect from the conclusion of Annual General Meeting. Andrew will succeed Patrick Thomas who will step down from the Board at the end of the AGM. Andrew is an experienced Chair with a strong track record in leading significant transformational and cultural change and delivering long-term shareholder value. He has held a number of senior executive and non-executive roles across a range of sectors, including consumer goods, hospitality and media. His extensive boardroom experience and commercial insight will support the Company's strategy as it becomes a highly focused and leaner business, driving sustainable cash generation. Andrew is currently Chair of ITV plc and previously served as Chair of Kingfisher plc and the Rugby Football Union (RFU). He is the former Chief Executive Officer of both InterContinental Hotels Group PLC and Fitness First. Andrew received a CBE for services to the RFU in the 2022 New Year's Honours List. Upon joining the Board, Andrew will also become a member and Chair of the Nomination Committee and member of the Societal Value Committee. Andrew has been a director of ITV plc since June 2022. From June 2017 until June 2024, Andrew was a director of Kingfisher plc. Tillkännagivande • Jan 27
Johnson Matthey plc Announces Establishment of Investment Committee Johnson Matthey Plc announced the establishment of an Investment Committee of the Board. The Committee, established on 24th January 2025, will reinforce the Company's investment strategies and capital allocation. The Board recognises the need for the Company to remain agile in uncertain markets and adapt its investment strategy and capital allocation as needed, alongside identifying initiatives to accelerate and deliver cash generation and enhanced returns on capital. The Committee will provide additional oversight to these areas in line with the Company's commitment to delivering sustainable shareholder value. Specific responsibilities of the Committee will include review and endorsement of i) investment and capital allocation strategy, ii) major capital projects and, iii) M&A activity. In discharging these duties, the Committee will give consideration to leading market indicators, execution risk, and levels of return and cash generation for shareholders. The Committee will be chaired by Barbara Jeremiah, Senior Independent Director and will initially consist of the following additional members: Liam Condon- Chief Executive, Sinead Lynch-Independent Non-Executive Director, Stephen Oxley-Chief Financial Officer, and Doug Webb-Independent Non-Executive Director. Tillkännagivande • Sep 23
Johnson Matthey Plc(LSE:JMAT) dropped from FTSE All-World Index (USD) Johnson Matthey Plc(LSE:JMAT) dropped from FTSE All-World Index (USD) Tillkännagivande • Sep 09
Johnson Matthey plc Announces Board and Committee Changes Johnson Matthey Plc announced the appointment of Sinead Lynch as an independent Non-Executive Director with effect from 1st January 2025. Sinead will also become a member of the Remuneration, Nomination and Societal Value Committees. Sinead brings a deep understanding of low carbon energy and sustainability, having spent 30 years in the energy sector at Royal Dutch Shell ("Shell") and BG Group ("BG"), including the last 10 years in an executive capacity. Most recently, she led Shell's Low Carbon Fuels business, developing technologies and investing in projects to produce sustainable renewable fuels at scale. Prior to this, Sinead was the UK Country Chair at Shell and led the Safety and Sustainability division of BG before its acquisition by Shell. She was also co-chair of the UK Hydrogen Advisory Council from 1st July 2020 until 1st August 2021. Following a seven-year tenure, Jane Griffiths has taken the decision to step down as Chair of the Societal Value Committee and from the Board on 31st December 2024. Rita Forst will succeed Jane as Chair of the Societal Value Committee from 1st January 2025. Tillkännagivande • Jul 19
Johnson Matthey Plc Declares a Final Dividend Johnson Matthey Plc at its Annual General Meeting held on 18 July 2024 declared a final dividend of 55.00 pence per ordinary share. Tillkännagivande • Jul 04
Johnson Matthey Plc (LSE:JMAT) announces an Equity Buyback for £250 million worth of its shares. Johnson Matthey Plc (LSE:JMAT) announces a share repurchase program. Under the program, the company will repurchase up to £250 million worth of its shares. The sole purpose of the program is to reduce the share capital of the company. All shares repurchased will be cancelled. The program will commence immediately and end no later than November 4, 2024. Tillkännagivande • Jul 02
Montagu Private Equity LLP acquired Medical Device Components business from Johnson Matthey Plc (LSE:JMAT). Montagu Private Equity LLP agreed to acquire Medical Device Components business from Johnson Matthey Plc (LSE:JMAT) for £550 million on March 20, 2024. The consideration will be paid on a cash free debt free basis. The sale proceeds will be payable in cash at completion. The gross assets that are the subject of this transaction amounted to £60 million as at September 30, 2023. Transaction is subject to regulatory approval. The transaction is expected to complete around Q3 2024. Goldman Sachs International acted as exclusive financial adviser to Johnson Matthey. Raymond James & Associates, Inc. acted as financial advisor, Kirkland & Ellis LLP as legal advisor, and PwC acted as accounting due diligence transaction advisor to Montagu.
Montagu Private Equity LLP completed the acquisition of Medical Device Components business from Johnson Matthey Plc (LSE:JMAT) on July 1, 2024. Tillkännagivande • Jul 01
Johnson Matthey plc Announces Stephen Oxley, Chief Financial Officer to Step Down Johnson Matthey Plc announced that Stephen Oxley, Chief Financial Officer, has advised the board that he has decided to leave the Company in 2025 to pursue another opportunity. Stephen will continue with his existing responsibilities and will step down from the board by no later than 31st March 2025. The board has commenced a process to identify a successor to Stephen and an appointment will be announced in due course. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €18.56, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Chemicals industry in Germany. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.96 per share. Declared Dividend • May 25
Final dividend of UK£0.55 announced Shareholders will receive a dividend of UK£0.55. Ex-date: 6th June 2024 Payment date: 6th August 2024 Dividend yield will be 3.8%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is not covered by earnings (131% earnings payout ratio). However, it is covered by cash flows (63% cash payout ratio). The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 45% to bring the payout ratio under control. EPS is expected to grow by 156% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 24
Full year 2024 earnings released: EPS: UK£0.59 (vs UK£1.44 in FY 2023) Full year 2024 results: EPS: UK£0.59 (down from UK£1.44 in FY 2023). Revenue: UK£12.8b (down 14% from FY 2023). Net income: UK£108.0m (down 59% from FY 2023). Profit margin: 0.8% (down from 1.8% in FY 2023). Revenue is expected to decline by 60% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Tillkännagivande • May 24
Johnson Matthey Plc to Report First Half, 2025 Results on Nov 27, 2024 Johnson Matthey Plc announced that they will report first half, 2025 results on Nov 27, 2024 Reported Earnings • Nov 24
First half 2024 earnings released: EPS: UK£0.34 (vs UK£0.82 in 1H 2023) First half 2024 results: EPS: UK£0.34 (down from UK£0.82 in 1H 2023). Revenue: UK£6.53b (down 11% from 1H 2023). Net income: UK£63.0m (down 58% from 1H 2023). Profit margin: 1.0% (down from 2.0% in 1H 2023). Revenue is expected to decline by 35% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Tillkännagivande • Sep 18
Johnson Matthey Plc(LSE:JMAT) dropped from FTSE 100 Index Johnson Matthey Plc(LSE:JMAT) dropped from FTSE 100 Index Tillkännagivande • Jul 23
Johnson Matthey plc Approves Final Dividend Johnson Matthey Plc approved to declare a final dividend of 55.00 pence per ordinary share. Tillkännagivande • Jun 13
Johnson Matthey Plc to Report First Half, 2024 Results on Nov 23, 2023 Johnson Matthey Plc announced that they will report first half, 2024 results on Nov 23, 2023 Upcoming Dividend • Jun 01
Upcoming dividend of UK£0.55 per share at 4.4% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 01 August 2023. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.0%). Reported Earnings • May 26
Full year 2023 earnings released: EPS: UK£1.44 (vs UK£0.61 in FY 2022) Full year 2023 results: EPS: UK£1.44 (up from UK£0.61 in FY 2022). Revenue: UK£14.9b (down 6.8% from FY 2022). Net income: UK£264.0m (up 128% from FY 2022). Profit margin: 1.8% (up from 0.7% in FY 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 48% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Tillkännagivande • May 05
Souter Investments Limited and Sullivan Street Partners Ltd agreed to acquire Diagnostic Services Business of Johnson Matthey Plc for £55 million. Souter Investments Limited and Sullivan Street Partners Ltd agreed to acquire Diagnostic Services Business of Johnson Matthey Plc for £55 million on May 3, 2023. The transaction is subject to customary completion conditions. The transaction is expected to complete in the third quarter of calendar 2023. Paul Mudie of Slaughter and May acted as legal advisor to Johnson Matthey Plc. Buying Opportunity • Dec 02
Now 22% undervalued Over the last 90 days, the stock is up 6.3%. The fair value is estimated to be €30.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to decline by 3.9% per annum. Earnings is forecast to grow by 9.5% per annum over the same time period. Upcoming Dividend • Dec 01
Upcoming dividend of UK£0.22 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 01 February 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (5.4%). Reported Earnings • Nov 24
First half 2023 earnings released: EPS: UK£0.82 (vs UK£0.14 loss in 1H 2022) First half 2023 results: EPS: UK£0.82 (up from UK£0.14 loss in 1H 2022). Revenue: UK£7.33b (down 15% from 1H 2022). Net income: UK£150.0m (up UK£178.0m from 1H 2022). Profit margin: 2.0% (up from net loss in 1H 2022). The move to profitability was driven by lower expenses. Revenue is forecast to decline by 14% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 14% per year. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 16% share price gain to €25.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Chemicals industry in Germany. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €25.66 per share. Upcoming Dividend • Jun 02
Upcoming dividend of UK£0.55 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 02 August 2022. The company is paying out more than 100% of its profits and is paying out 91% of its cash flow. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (4.9%). Reported Earnings • May 27
Full year 2022 earnings released: EPS: UK£0.60 (vs UK£1.06 in FY 2021) Full year 2022 results: EPS: UK£0.60 (down from UK£1.06 in FY 2021). Revenue: UK£16.0b (up 2.2% from FY 2021). Net income: UK£116.0m (down 43% from FY 2021). Profit margin: 0.7% (down from 1.3% in FY 2021). Over the next year, revenue is expected to shrink by 75% compared to a 6.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improved over the past week After last week's 27% share price gain to €26.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Chemicals industry in Germany. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €36.77 per share. Buying Opportunity • Mar 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.4%. The fair value is estimated to be UK£28.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% per annum over the last 3 years. Earnings per share has declined by 36% per annum over the last 3 years. Buying Opportunity • Mar 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be UK£28.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% per annum over the last 3 years. Earnings per share has declined by 36% per annum over the last 3 years. Buying Opportunity • Feb 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be UK£26.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% per annum over the last 3 years. Earnings per share has declined by 36% per annum over the last 3 years. Tillkännagivande • Feb 02
Fenzi Holdings SPV S.p.A acquired Advanced Glass Technologies Business from Johnson Matthey Plc (LSE:JMAT). Fenzi Holdings SPV S.p.A agreed to acquire Advanced Glass Technologies Business of Johnson Matthey Plc from Johnson Matthey Plc (LSE:JMAT) for approximately £180 million on November 24, 2021. The transaction is subject to works council consultation in the Netherlands and the satisfaction of customary completion conditions. The transaction is expected to complete in Spring 2022. Slaughter and May acted as legal advisor to Johnson Matthey Plc
Fenzi Holdings SPV S.p.A acquired Advanced Glass Technologies Business from Johnson Matthey Plc (LSE:JMAT) on February 1, 2022. The transaction completes following the fulfilment of the works council consultation in the Netherlands and satisfaction of customary completion conditions. Buying Opportunity • Jan 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be UK£28.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% per annum over the last 3 years. Earnings per share has declined by 36% per annum over the last 3 years. Tillkännagivande • Jan 13
Johnson Matthey Provides Update on Its Intention to Exit Battery Materials Johnson Matthey Plc (LSE:JMAT) provided an update on January 12, 2022 its intention to exit Battery Materials. On 11th November 2021, Johnson Matthey announced its intention to pursue the sale of all or parts of our Battery Materials business with the ultimate intention of exiting. Further to that announcement, Johnson Matthey has held discussions with a number of parties about a sale of the entire business. These discussions have not resulted in an agreement to sell the entire business as a going concern. Consequently, Johnson Matthey is commencing consultation with the employees about the proposed closure of the Battery Materials business, and Johnson Matthey is pursuing the sale of its individual assets. Recent Insider Transactions • Jan 07
Independent Non-Executive Director recently bought €62k worth of stock On the 4th of January, Doug Webb bought around 3k shares on-market at roughly €24.84 per share. In the last 3 months, there was an even bigger purchase from another insider worth €115k. Insiders have collectively bought €284k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 25
CEO & Executive Director recently bought €115k worth of stock On the 22nd of December, Robert MacLeod bought around 5k shares on-market at roughly €22.93 per share. This was the largest purchase by an insider in the last 3 months. This was Robert's only on-market trade for the last 12 months. Tillkännagivande • Dec 22
Johnson Matthey Plc (LSE:JMAT) commences an Equity Buyback Plan for 19,353,343 shares, representing 10% of its issued share capital, under the authorization approved on July 29, 2021. Johnson Matthey Plc (LSE:JMAT) commences share repurchases on December 21, 2021, under the program mandated by the shareholders in the Annual General Meeting held on July 29, 2021. As per the mandate, the company is authorized to repurchase up to 19,353,343 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £1.19 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash or used to meet the company’s obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or if earlier on October 29, 2022. As of July 29, 2021, the company had 193,533,430 ordinary shares in issue and as of June 1, 2021, the company had 5,407,176 ordinary shares in treasury.
On November 18, 2021, the company announced a share repurchase program. Under the program, the company will repurchase £200 million worth of shares. The purpose of the program is to return excess capital (including proceeds from the sale of AGT) to shareholders. The repurchases may commence in the New Year, which is from 2022.
On December 21, 2021, the company launched the first tranche of the program of up to £100 million. The Company has entered into an irrevocable, non-discretionary agreement with Citigroup Global Markets Ltd. Ordinary shares purchased under the program will be held in treasury. The purpose of the program is to enable the company to meet obligations arising from employee share option programs, or other allocations of shares to employees of the company. The program will end no later than March 8, 2022 Tillkännagivande • Dec 20
Johnson Matthey Plc(LSE:JMAT) dropped from FTSE 100 Index Johnson Matthey Plc(LSE:JMAT) dropped from FTSE 100 Index Tillkännagivande • Dec 18
Altaris Capital Partners, LLC entered into an agreement to acquire 70% stake in Health Business of Johnson Matthey Plc (LSE:JMAT) for £250 million. Altaris Capital Partners, LLC entered into an agreement to acquire 70% stake in Health Business of Johnson Matthey Plc (LSE:JMAT) for £250 million on December 17, 2021. Health will be sold for a total consideration of £325 million representing an implied transaction multiple of 9.8x underlying EBITDA of £33 million for the 12 months to September 30, 2021. JM will receive £150 million cash on completion and will retain approximately 30% equity stake in the business, from which we expect to realise significant additional future value under Altaris’ management. An additional £50 million payment will be contingent on the achievement of certain performance targets in FY23 and FY24 and a further £50 million will be structured as a vendor loan note, which will be deferred until a future exit and will accrue interest at a rate of 8% per annum until this point, compounding quarterly. In the year ended March 31, 2021, Health delivered sales of £237 million and underlying operating profit of £31 million. As at September 30, 2021, Health had gross assets of £553 million. Johnson Matthey sale of its Health business to Altaris Capital Partners for £325 million enterprise value. Johnson Matthey will retain approximately 30% equity stake. The transaction is subject to regulatory approvals. The transaction is expected to close in mid-2022. Tillkännagivande • Nov 30
Tata Chemicals Reportedly in Talks with Johnson Matthey Tata Chemicals Limited (BSE:500770) is in talks to buy the battery materials business of Johnson Matthey Plc (LSE:JMAT) in a deal that can provide an edge to the Tata group in the fast-growing electric vehicle market, two people with direct knowledge of the plan said. The Tata group company is one of the frontrunners in the race to buy this key business from Johnson Matthey, the people said, requesting anonymity. A deal could be struck at a valuation of $500-700 million, they added. The deal will help group company Tata Motors expand its range of electric vehicles and secure a cost advantage over rival carmakers in the EV space, as none of them have in-house battery materials manufacturing ability. The deal is in line with Tata group's aspirations to lead the Indian EV market, where it has created an early lead with its Nexon EV offering. A Tata Chemicals spokesperson said, "the company, as a policy, does not comment on media speculation or rumours". Responding to a query on the ongoing discussions for the proposed deal, Nick Laitner, a Johnson Matthey spokesperson from London, said, "Johnson Matthey announced on 11 November that it would be looking for a buyer for its battery materials business. We are having a number of discussions with various companies, and it is too early to comment any further on these". Reported Earnings • Nov 27
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: UK£0.14 loss per share (down from UK£0.13 profit in 1H 2021). Revenue: UK£8.59b (up 23% from 1H 2021). Net loss: UK£28.0m (down 217% from profit in 1H 2021). Revenue missed analyst estimates by 4.3%. Over the next year, revenue is expected to shrink by 75% compared to a 4.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €25.71, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Chemicals industry in Germany. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €31.94 per share. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Rita Forst was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 17
Full year 2021 earnings released: EPS UK£1.06 (vs UK£1.33 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: UK£15.7b (up 7.5% from FY 2020). Net income: UK£205.0m (down 20% from FY 2020). Profit margin: 1.3% (down from 1.7% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 03
Upcoming dividend of UK£0.50 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 03 August 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.5%). Reported Earnings • May 28
Full year 2021 earnings released: EPS UK£1.06 (vs UK£1.33 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: UK£15.7b (up 7.5% from FY 2020). Net income: UK£205.0m (down 20% from FY 2020). Profit margin: 1.3% (down from 1.7% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 27
Johnson Matthey Plc Proposes Final Ordinary Dividend, Payable on August 3, 2021 The board of Johnson Matthey Plc will propose a final ordinary dividend for the year of 50.0 pence at the Annual General Meeting on 29th July 2021. Together with the interim dividend of 20.0 pence per share, this gives a total ordinary dividend of 70.0 pence representing a 26% increase on the prior year. The board anticipates restoring future dividend payments to levels seen prior to the COVID-19 pandemic when circumstances permit. Subject to approval by shareholders, the final dividend will be paid on 3rd August 2021, with an ex-dividend date of 10th June 2021. Tillkännagivande • Apr 09
Johnson Matthey Plc Provides Operating Guidance for the Year Ended March 31, 2021 Johnson Matthey Plc provided operating guidance for the year ended March 31, 2021. In 2020/21, group operating performance is expected to be around the top end of market expectations. Following the disruption from COVID-19 earlier in the year, second half was materially stronger. Is New 90 Day High Low • Feb 20
New 90-day high: €37.00 The company is up 38% from its price of €26.87 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €38.81 per share. Executive Departure • Feb 06
Independent Non-Executive Director has left the company On the 26th of January, Christopher Mottershead's tenure as Independent Non-Executive Director ended after 6.0 years in the role. As of September 2020, Christopher personally held 2.81k shares (€74k worth at the time). A total of 6 executives have left over the last 12 months. Is New 90 Day High Low • Feb 03
New 90-day high: €34.60 The company is up 37% from its price of €25.25 on 05 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.38 per share. Tillkännagivande • Feb 01
Johnson Matthey and Envision Virgin Racing Announce Multi Year Strategic Partnership Johnson Matthey (JM) has taken another major step in its plans to commercialise eLNO, its family of nickel rich advanced cathode materials, by entering into a strategic partnership with Formula E team Envision Virgin Racing. The collaboration will see JM and Envision Virgin Racing combine next generation cathode materials with leading battery technology to create the first ever electric two-seater Formula E style race car, powered by eLNO. The concept vehicle will showcase eLNO in action and will act as a test bed, providing valuable experience of a challenging automotive application that will inform the continuous development of eLNO as a high performance, customisable material for passenger cars. The multi year partnership will also see JM sponsor the racing team's participation in the ABB FIA Formula E World Championship. Formula E is the ultimate showcase for e-mobility, using only high performance battery electric vehicles in its races. Envision Virgin Racing's mission is to energise the 'Race Against Climate Change', focusing on accelerating the transition to renewable energy and mass adoption of e-mobility. Is New 90 Day High Low • Jan 07
New 90-day high: €29.90 The company is up 13% from its price of €26.54 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Chemicals industry, which is also up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.39 per share. Reported Earnings • Nov 20
First half 2021 earnings released: EPS UK£0.13 The company reported a soft first half result with weaker earnings and profit margins, although revenues were improved. First half 2021 results: Revenue: UK£6.98b (up 2.4% from 1H 2020). Net income: UK£24.0m (down 86% from 1H 2020). Profit margin: 0.3% (down from 2.6% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 19
New 90-day high: €29.21 The company is up 13% from its price of €25.80 on 21 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.63 per share. 
