Johnson Matthey (JMAT)

Company name:	Johnson Matthey
Company Description:	A specialty chemicals group that is engaged in the manu of heavy duty diesel catalysts & pollution control systems; catalysts and components for fuel cells; catalysts & tech for chemical processes
EPIC:	JMAT	Trading Currency:	GBX
Market Sector:	FS10	ISIN:	GB00BZ4BQC70
Market Segment:	SET1	Share Type:	DE
WWW Address:	http://www.matthey.com/	Description:	ORD 110 49/53P
Industry Sector:	CHEMICALS

Price	Price Change [%]	Bid	Ask	Open	High	Low	Volume
2,667.00	47.0 [1.79]	2,666.00	2,668.00	2,641.00	2,672.00	2,574.00	364,135
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
5,465.16	204.92	0.63	155.20	80.00	17.18	3.00	3,873.00 - 2,574.00

Johnson Matthey Key Figures

(at previous day's close)
Market Cap.	5,465.16	m
Shares In Issue	204.92	m
Prev. Close	2,620.00
PE Ratio	17.18
Dividend Yield	3.00	%
EPS - basic	155.20	p
Dividend PS	80.00	p
Dividend Cover	1.94
Cash Flow PS	188.37	p
Return On Equity (ROE)	12.53	%
Operating Margin	2.27	%
PEG Factor	-0.75
EPS Growth Rate	-22.86	%
Dividends PS Growth Rate	6.67	%
Net Debt	2,111.00	m
Gross Gearing	50.64	%
Quick Assets	1,646.00	m
Net Working Capital	1,156.00	m
Intangibles / Fixed Assets	36.38	%
Turnover PS	6,891.55	p
Pre-Tax Profit PS	156.16	p
Retained Profit PS	74.18	p
Cash PS	160.55	p
Net Cash PS	-460.67	p
Net Tangible Asset Value PS *	736.39	p
Net Asset Value PS	1,160.47	p
Spread	2.00 (0.07%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Johnson Matthey Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	2,963.00	2,574.00
4 weeks	3,177.00	2,574.00
12 weeks	3,692.00	2,574.00
1 year	3,873.00	2,574.00

Share Price Chart (5 years)

Johnson Matthey Historic Returns

Giorni da oggi ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	2,951.00	-284.00	-9.62	2,574.00	0.83		2,743.48
4 weeks	2,911.00	-244.00	-8.38	2,574.00	0.83		2,925.17
12 weeks	3,514.00	-847.00	-24.10	2,574.00	0.89		3,099.07
26 weeks	3,824.00	-1,157.00	-30.26	2,574.00	0.71		3,325.31
1 year	3,074.00	-407.00	-13.24	2,574.00	0.70		3,299.35
3 years	2,547.00	120.00	4.71	2,215.00	0.68		3,113.45
5 years	3,188.00	-521.00	-16.34	2,215.00	0.61		3,090.12
† periods calculated are whole weeks rather than calendar months

Johnson Matthey Key Management Ratios

Johnson Matthey Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	12.59
PE Ratio	17.18
Tobin's Q Ratio	1.15
Tobin's Q Ratio (excl. intangibles)	1.42
Dividend Yield	3.00	%
Market-to-Book Ratio	2.30
Price-to-Pre-Tax Profit PS	17.08
Price-to-Retained Profit PS	35.95
Price-to-Cash Flow PS	14.16
Price-to-Sales PS	0.39
Price-to-Net Tangible Asset Value PS	3.62
Price-to-Cash PS	16.61
Net Working Capital PS	564.13
Price Pct to Working Capital PS	4.73	%
Earnings Yield	5.82	%
Average PE	17.39
Years in average	5
PE to PE average	98.81	%

Johnson Matthey Financial Ratios

(Leverage Ratios)
Debt Ratio	32.92	%
Debt-to-Equity Ratio	0.49
Debt-to-Equity Ratio (excl. Intgbl)	0.77
Debt-to-Equity Market Value	0.21
Net Gearing	43.81	%
Net Gearing (excl. Intangibles)	53.46	%
Gross Gearing	50.64	%
Gross Gearing (excl. Intangibles)	61.79	%
Gearing Under 1 Year	26.42	%
Gearing Under 1 Year (excl. Intgbl)	32.24	%
Assets/Equity	2.03
Cash/Equity	13.84
(Liquidity Ratios)
Net Working Capital to Total Assets	23.99	%
Current Ratio	1.91
Quick Ratio (Acid Test)	1.29
Liquidity Ratio	0.26
Cash & Equiv/Current Assets	13.54	%
(Solvency Ratios)
Enterprise Value	6,303.16	m
CFO/Sales	0.03
CFO/Attributable Profit	1.30
CFO/Assets	0.08
CFO/Debt	0.16
Total Debt/Equity Market Value	0.45
Total Debt/Sales	0.17
Total Debt/Pre-Tax Profit	7.63
Total Debt	2,440.00	m
Total Debt/Net Current Assets	2.11	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	6.51	%
Earn drops > 5% in 10yrs	8

Beta (60-Mnth)	Beta (36-Mnth)
0.6310	0.7405

Johnson Matthey Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	9.03	%
Return On Assets (ROA)	6.28	%
Net Profit Margin	2.11	%
Assets Turnover	2.98
Return On Equity (ROE)	12.53	%
Return On Investment (ROI)	8.49	%
Dividend Payout Ratio	51.55	%
Plowback Ratio	48.45	%
Growth from Plowback Ratio	6.26	%
Net Income Of Revenues	1.08	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	6.12
Fixed Assets Turnover	5.92
Current Assets Turnover	5.99
Net Working Capital Turnover
Inventory Turnover	18.16
(Other Operating Ratios)
Total Assets-to-Sales	0.34
Debtors-to-Sales	8.86	%
Debt Collection Period	32.34	Days

Johnson Matthey Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
31 May 2018	Final	GBX	58.25	03/31/2017	03/31/2018	06/07/2018	06/08/2018	08/07/2018	80.00
21 Nov 2017	Interim	GBX	21.75	03/30/2017	09/30/2017	11/30/2017	12/01/2017	02/06/2018	-
01 Jun 2017	Final	GBX	54.50	03/31/2016	03/31/2017	06/08/2017	06/09/2017	08/01/2017	75.00
17 Nov 2016	Interim	GBX	20.50	03/30/2016	09/30/2016	11/24/2016	11/25/2016	02/07/2017	-
02 Jun 2016	Final	GBX	52.00	03/31/2015	03/31/2016	06/09/2016	06/10/2016	08/02/2016	71.50
20 Nov 2015	Interim	GBX	19.50	03/30/2015	09/30/2015	01/07/2016	01/08/2016	02/02/2016	-
20 Nov 2015	Special	GBX	150.00	03/30/2015	09/30/2015	01/07/2016	01/08/2016	02/02/2016	-
04 Jun 2015	Final	GBX	49.50	03/31/2014	03/31/2015	06/11/2015	06/12/2015	08/04/2015	68.00
20 Nov 2014	Interim	GBX	18.50	03/30/2014	09/30/2014	11/27/2014	11/28/2014	02/03/2015	-
05 Jun 2014	Final	GBX	45.50	03/31/2013	03/31/2014	06/11/2014	06/13/2014	08/05/2014	62.50
21 Nov 2013	Interim	GBX	17.00	03/30/2013	09/30/2013	11/27/2013	11/29/2013	02/04/2014	-
06 Jun 2013	Final	GBX	41.50	03/31/2012	03/31/2013	06/12/2013	06/14/2013	08/06/2013	57.00
24 Nov 2012	Interim	GBX	15.50	03/30/2012	09/30/2012	11/28/2012	11/30/2012	02/05/2013	-
07 Jun 2012	Final	GBX	40.00	03/31/2011	03/31/2012	08/01/2012	08/03/2012	08/17/2012	55.00
07 Jun 2012	Special	GBX	100.00	03/31/2011	03/31/2012	08/01/2012	08/03/2012	08/17/2012	-
23 Nov 2011	Interim	GBX	15.00	03/30/2011	09/30/2011	11/30/2011	12/02/2011	02/07/2012	-
02 Jun 2011	Final	GBX	33.50	03/31/2010	03/31/2011	06/08/2011	06/10/2011	08/02/2011	46.00
24 Nov 2010	Interim	GBX	12.50	03/30/2010	09/30/2010	12/01/2010	12/03/2010	02/01/2011	-
03 Jun 2010	Final	GBX	27.90	03/31/2009	03/31/2010	06/09/2010	06/11/2010	08/03/2010	39.00
25 Nov 2009	Interim	GBX	11.10	03/30/2009	09/30/2009	12/02/2009	12/04/2009	02/02/2010	-
04 Jun 2009	Final	GBX	26.00	03/31/2008	03/31/2009	06/10/2009	06/12/2009	08/04/2009	37.10
26 Nov 2008	Interim	GBX	11.10	03/30/2008	09/30/2008	12/03/2008	12/05/2008	02/03/2008	-
05 Jun 2008	Final	GBX	26.00	03/31/2007	03/31/2008	06/11/2008	06/13/2008	08/05/2008	36.00
28 Nov 2007	Interim	GBX	10.60	03/30/2007	09/30/2007	12/05/2007	12/07/2007	02/05/2008	-
04 Jun 2007	Final	GBX	23.70	03/31/2006	03/31/2007	06/13/2007	06/15/2007	08/07/2007	33.60
21 Nov 2006	Interim	GBX	9.90	03/30/2006	09/30/2006	11/29/2006	12/01/2006	02/06/2007	-
01 Jun 2006	Final	GBX	21.00	03/31/2005	03/31/2006	06/07/2006	06/09/2006	08/01/2006	30.10
23 Nov 2005	Interim	GBX	9.10	03/30/2005	09/30/2005	11/30/2005	12/02/2005	02/01/2006	-
03 Jun 2005	Final	GBX	19.00	03/31/2004	03/31/2005	06/08/2005	06/10/2005	08/02/2005	27.70
24 Nov 2004	Interim	GBX	8.70	03/30/2004	09/30/2004	12/01/2004	12/03/2004	02/02/2005	-
03 Jun 2004	Final	GBX	18.20	03/31/2003	03/31/2004	06/09/2004	06/11/2004	08/03/2004	26.40
27 Nov 2003	Interim	GBX	8.20	03/30/2003	09/30/2003	12/03/2003	12/05/2003	02/04/2004	-
05 Jun 2003	Final	GBX	17.70	03/31/2002	03/31/2003	06/11/2003	06/13/2003	08/05/2003	25.50
28 Nov 2002	Interim	GBX	7.80	03/30/2002	09/30/2002	12/04/2002	12/06/2002	02/05/2003	-
06 Jun 2002	Final	GBX	17.70	03/31/2001	03/31/2002	06/12/2002	06/14/2002	08/06/2002	24.60
29 Nov 2001	Interim	GBX	7.50	03/30/2001	09/30/2001	12/05/2001	12/07/2001	02/06/2002	-
07 Jun 2001	Final	GBX	16.30	03/31/2000	03/31/2001	06/13/2001	06/15/2001	08/07/2001	23.30
29 Nov 2000	Interim	GBX	7.00	03/30/2000	09/30/2000	12/11/2000	12/15/2000	02/07/2001	-
08 Jun 2000	Final	GBX	14.20	03/31/1999	03/31/2000	06/19/2000	06/23/2000	08/07/2000	20.30
02 Dec 1999	Interim	GBX	6.10	03/30/1999	09/30/1999	12/13/1999	12/17/1999	02/07/2000	-
10 Jun 1999	Final	GBX	13.30	03/31/1998	03/31/1999	06/21/1999	06/25/1999	08/02/1999	19.00
29 Jun 1998	Final	GBX	12.60	03/31/1997	03/31/1998	06/22/1998	06/26/1998	08/03/1998	17.80

Johnson Matthey Fundamentals

	31 Mar 2015 (GBP)		31 Mar 2016 (GBP)		31 Mar 2017 (GBP)		31 Mar 2018 (GBP)
turnover	10,059.70	100.00%	10,713.90	100.00%	12,031.00	100.00%	14,122.00	100.00%	m
pre tax profit	495.80	4.93%	386.30	3.61%	461.60	3.84%	320.00	2.27%	m
attributable profit	428.70	4.26%	333.10	3.11%	386.00	3.21%	298.00	2.11%	m
retained profit	298.80	2.97%	-111.50	-1.04%	247.00	2.05%	152.00	1.08%	m
eps - basic (p)	211.20		166.20		201.20		155.20
eps - diluted (p)	210.70		165.90		200.80		155.00
dividends per share	68.00		71.50		75.00		80.00

Johnson Matthey Balance Sheet

	31 Mar 2015 (GBP)		31 Mar 2016 (GBP)		31 Mar 2017 (GBP)		31 Mar 2018 (GBP)


	31 Mar 2015 (GBP)		31 Mar 2016 (GBP)		31 Mar 2017 (GBP)		31 Mar 2018 (GBP)
ASSETS
fixed assets	1,081.00	25.86%	1,086.30	26.77%	1,235.10	26.46%	1,155.00	23.97%	m
intangibles	735.50	17.60%	795.00	19.59%	895.40	19.18%	869.00	18.04%	m
fixed investments	122.30	2.93%	225.60	5.56%	248.80	5.33%	365.00	7.58%	m
current assets - other	149.00	3.56%	-	-%	-	-%	-	-%	m
stocks	859.40	20.56%	653.70	16.11%	772.30	16.55%	783.00	16.25%	m
debtors	1,173.10	28.07%	992.10	24.45%	1,185.40	25.40%	1,317.00	27.33%	m
cash & securities	59.40	1.42%	304.50	7.51%	330.40	7.08%	329.00	6.83%	m

TOTAL	4,179.70	100%	4,057.20	100%	4,667.40	100%	4,818.00	100%	m

LIABILITIES
creditors - short	1,297.30	31.04%	1,145.70	28.24%	1,189.70	25.49%	1,273.00	26.42%	m
creditors - long	1,082.30	25.89%	1,076.90	26.54%	1,260.60	27.01%	1,167.00	24.22%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	2,379.60	56.93%	2,222.60	54.78%	2,450.30	52.50%	2,440.00	50.64%	m

EQUITY
ord cap, reserves	1,810.60	43.32%	1,853.10	45.67%	2,236.60	47.92%	2,378.00	49.36%	m
prefs, minorities	-10.50	-0.25%	-18.50	-0.46%	-19.50	-0.42%	-	-%	m

TOTAL	1,800.10	43.07%	1,834.60	45.22%	2,217.10	47.50%	2,378.00	49.36%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Johnson Matthey Cash Flow Statement

	31 Mar 2015 (GBP)	31 Mar 2016 (GBP)	31 Mar 2017 (GBP)	31 Mar 2018 (GBP)
Operating CF	125.80	866.50	522.90	386.00	m
Pre-Financing CF	-45.20	834.30	252.40	186.00	m
Retained CF	-173.80	270.70	5.50	-18.00	m

Johnson Matthey Brokers

Name	Activity	Type	Mnemonic	Code
Evolution Securities Limited	Market Maker(MME)	Broker/Dealer	EVO	EVBGGB21MMT
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC