dog-with-fleas
02 Feb 2017
Re: Trading Update Not much has changed from the last report, still relying on ECT, forex is working in its favour and the Me-2 products in other areas bobbling along with the market conditions. Still not holding my breath for the new technologies to start delivering in earnest. Still maintain it needs a completely fresh focus top-down from the board level, starting with a robust growth strategy aligned to its R&D development capabilities.
Rhigos
02 Feb 2017
Re: Trading Update From CSS:"Johnson Matthey said revenue in the third quarter soared by 25%, reporting sales growth from the majority of its product units. Revenue in the third quarter to the end of December amounted to £3.12bn, rising 25% from £2.50bn a year earlier. At constant currency, revenue was 14% higher year-on-year. Revenue excluding direct sales of precious metals increased by 19% year-on-year in the third quarter, rising to £876m from £739m. At constant currency, the year-on-year lift was 2%."Not bad results but market disappointed judging by fall in SP
gamesinvestor
02 Feb 2017
Trading Update [link] pretty good on balance, although new business declined again.It doesn't look like banking on JMAT transitioning to the battery world is happening anytime soon.They better keep pumping out those CATs and the car industry better stay healthy.Games
dog-with-fleas
18 Jan 2017
Re: Underperforming I mentioned in November that something was amiss with this company. What is supporting this at the moment is its ECT cash cow which could expand in 3rd economies but from my experience of doing business in these regions, actions speak louder than words with governments - and where it's all about costs firstly, secondly, thirdly and then comes people/environment. The ECT business performance doesn't worry me short term.What does worry me and one of the biggest risks is the weak pound to dollar which could go anywhere short term in the post Trump-Brexit era. Given that most of its business is dollar based it's forex benefits masked what was a pretty underwhelming end of year. In addition, short term, I cannot see any signs of new business areas delivering significant pay back on its R&D investments where its track record is poor at best. Batteries is a potential game changer medium-to-longer term but given its track record in Fuel Cells I might choose to hang my coat elsewhere.I believe it either needs to be acquired by a more forward-thinking rival to shake up the boardroom and senior management leading its core businesses or a complete restructure which is unlikely due to the high costs involved, loss of face to shareholders and of course it requires introspection, something it lacks. It could sell off short term some of its underperforming businesses of which there are many and with the cash make some shrewd acquisitions - here its track record is fair to decent. As it stands it's just a stagnant Plc. devoid of any sound strategy with a plethora of accountants in senior roles haranguing the R&D boffins and keeping their fingers crossed that the dollar remains strong to the £.
Rhigos
18 Jan 2017
Underperforming JMAT SP 15% down on what it was 24 months ago while FTSE 100 up 10%. With a yield of only 2.27% it is below average. I am a long term investor in JMAT having first bought in Oct 2001. Held a substantial chunk of of my portfolio in them since Jul 2002. Thinking of selling 1/2 my holding and buying RIO with proceeds. There does not seem to be much growth in JMAT, however the EPS is forecast to grow 19.4% this year. If this materialises may be better to hold. RIO however is forecast to grow EPS 146% compared with 3 year average of -44%.It is a worry that market for catalytic converters could shrink in US and Europe as now higher proportion of diesel to petrol cars sold and start of move to electric. Disappointing that battery division does not seem to have grown as fast as I had hoped. Fuel cell manufacturing a possible root to expansion. On the other-hand tighter emission controls in developing markets could increase demand for catalytic converters.
dog-with-fleas
03 Dec 2016
Re: Germany to ban IC engines by 2030 [link] pressure is on JMAT to get their fingers out from an EV perspective. As ECT is JMAT's crown jewel business the pressure must be on to penetrate this market. I think we can write off fuel cells as a viable concern. Interestingly, I popped into the Tesla shop in Edinburgh earlier this week. I hadn't realised how big and developed these batteries are and the chassis to contain them is fixed for each model. 0-60 in less than 3 secs, wow! Equally wow was the purchase price but with all new technology that price will come down. The forthcoming decade will be an interesting era. Question is, can JMAT change with the times?
LK Hyman
30 Nov 2016
Re: Germany to ban IC engines by 2030 Hydrogen,"Who said the Germans haven't got a sense of humour."Yeah, gotta love it. Especially when they're switching a lot of the leccy for them EVs to coal-fired generators LOL now that the Blockheads have gone off nookoolar.LKH on the flybridge
Hydrogen Economy
30 Nov 2016
Re: Germany to ban IC engines by 2030 Clearly crackers but I think the article may be overstating the case a little "The resolution implores the EU Commission to ban the sale of new vehicles powered by gasoline or diesel internal-combustion engines starting in 2030" Still it's a brave move towards emissions free (presumably EV) transport, timed 8 years after the shutdown of the main generators of carbon free electricity with all nuclear plants in Germany scheduled to close in 2022. Who said the Germans haven't got a sense of humour.H2
LK Hyman
30 Nov 2016
Re: Car makers getting serious Games,"this is getting a little more serious"I shall laugh like a drain when all them electric cars are stationary in Blighty 'cos we've run out of generating capacity.Chust keep reducing emissions from gasoline and diesel engines .... I wanna see bigger and bigger versions of JMAT's exhaust pipe thingies!LKH on the flybridge
LK Hyman
30 Nov 2016
Re: Germany to ban IC engines by 2030 Games,"remind me never to invest in India will ya?"For someone who claims to want people to come and invest in India, Beardy is going about it in a pretty goddamn strange way. I wonder how Hindustan Unilever is coping with the situation ... not to mention United Spirits (re my Diageo) ... and Voda ... Eek!LKH on the flybridge tracking steadily south east jaysus, I hope they've got an ATM in Lakshadweep
gamesinvestor
29 Nov 2016
Car makers getting serious What's this - cooperation?[link] this is getting a little more serious - we could be driving CAT free vehicles at some stage. 2020 ain't that far off.Games
gamesinvestor
29 Nov 2016
Re: Germany to ban IC engines by 2030 "That looks like a completely cockamamy decision by the Blockheads!"It reminds me of Modi who has just cancelled the ability of 97% of the population to buy anything.Games - remind me never to invest in India will ya?
LK Hyman
29 Nov 2016
Re: Germany to ban IC engines by 2030 Dog,That looks like a completely cockamamy decision by the Blockheads! It's totally daft to ban a specific technology ... especially one currently used by 97% of your own motor industry.Fair enough if they'd said "You must reduce emissions by X% by 2030" But for a government to outlaw HOW the industry achieves the desired objective .... barking mad!Legislating for technology rather than setting goals is the logic of the madhouse.LKH on the flybridge this rule wouldn't be great for JMAT ... fingers crossed it don't come about
dog-with-fleas
29 Nov 2016
Germany to ban IC engines by 2030 Interesting article and potential market changer ..[link]
gamesinvestor
22 Nov 2016
One model [link] CEO predicts no diesel in it's US market sales by 2025.The Audi chappy says he thinks there is room for one model the Q7 SUV.Great -- that should sell - how many? a few thousand perhaps?I don't see a positive enough technology push by JMAT to get hooked into electric vehicles and I'm concerned this is going to go pear shaped at some point.I'm going to start scaling back here.Games
