The H1 results were a bit of a double check. First, how high hopes (battery materials) persist in a rapidly changing environment, something already communicated to the markets. The second, and a rather annoying one, was how to deal with the issues as management was not really transparent. This explains the strong miss in EBIT compared to the consensus. We were also wrong-footed as our impairment figure was far too low.
25 Nov 2021
The reality check
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The reality check
Johnson Matthey Plc (JMAT:LON) | 1,767 -335.7 (-1.1%) | Mkt Cap: 3,242m
- Published:
25 Nov 2021 -
Author:
Martin Schnee - Pages:
The H1 results were a bit of a double check. First, how high hopes (battery materials) persist in a rapidly changing environment, something already communicated to the markets. The second, and a rather annoying one, was how to deal with the issues as management was not really transparent. This explains the strong miss in EBIT compared to the consensus. We were also wrong-footed as our impairment figure was far too low.