Johnson Matthey (JMAT)

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Share Price:
2,336.50p
Market Cap:
£2,946.95m
Change Today:
27.50p
Sector:
Industrial Chemicals

Berenberg hikes target price on Johnson Matthey

By Iain Gilbert

Date: Thursday 29 May 2025

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg raised their target price on Johnson Matthey from 1,380.0p to 1,800.0p on Thursday as it said the firm had "successfully navigated a fork in the road".
Berenberg said Johnson Matthey's share price has "quite justifiably rallied" by over 20% since the announcement on 22 May that it would divest its Catalyst Technologies segment to Honeywell for £1.8bn, or a 13.3x enterprise value/underlying earnings ratio.

"The decision to divest for a multiple higher than the group may not only benefit JMAT's valuation directly, but it also removes the narrative dissonance caused by growth-oriented and cash-cow

businesses being housed in the same company," said Berenberg. "Now, there is no such contradiction. JMAT has embraced a role as a brutally effective cash generator, even if earnings appear likely to begin declining in the late 2020s."

The German bank stated the new group has an "endearing simplicity" that may highlight its quiet success in restoring margins in its Clean Air segment. However, Berenberg said it may also leave the remaining company a potential private equity bid target.

Berenberg reiterated its 'hold' rating on the stock.





Reporting by Iain Gilbert at Sharecast.com

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Johnson Matthey Market Data

Currency UK Pounds
Price 2,336.50p
Change Today 27.50p
52 Week High 2,928.00p
52 Week Low 1,775.00p
Volume 505,037
Shares Issued 126.13m
Market Cap £2,946.95m

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