November 21, 2017 / 11:24 AM / a year ago

BUZZ-Johnson Matthey falls after H1 results

** Johnson Matthey, a leader in catalysts for car emission control devices, slips 2.5 pct after first-half operating profit falls

** Full-year sales are still expected to grow around 6 pct

** Chief Financial Officer Anna Manz said the impact on profits of a one-off charge following a company restructuring had been exaggerated by a credit related to U.S. pension costs in the previous year, adding the co was on track

** JP Morgan (“neutral”) says there are “some structural concerns” on the long-term prospects in the auto emissions control business related to an ongoing decline in the share in diesel cars in Europe

** But, if Johnson Matthey succeeds in its plans to develop battery materials for electric vehicles, this could offset any negative long-term earnings impact

** Citi said the results were in line. It rates the stock a “buy,” saying the shares are “materially undervalued”

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