Screened 2026-09-10 · the tape above runs as of 22:12 UTC · 11 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
Johnson Matthey Plc holds its Markup at $63.49. Consolidating, no directional conviction, held for 44 days.
As held on the ledger · 2026-09-10
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 44 days
Price at the screen
$63.49
Valuation
N/A trailing · 13.42 forward price to earnings
Values screen
PASS
Beta
0.94
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
31.14%
Below 33%
Interest-bearing debt is just 31.1% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
11.30%
Below 33%
Cash held in interest-bearing accounts and securities is 11.3% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads AVOID: it trades above our $50.89 fair value estimate, weak competitive moat, 26.40% revenue growth.
Fair value range in USD, drawn from the 2026-09-10 screen. The gold marker is the market price at the same screen. The price runs 19.8% above the base estimate.
Third-party analyst targets: 2 covering, consensus Hold. The average target sits −3% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-10 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Auto Catalyst Firm Faces Cyclical Earnings Peak
Every time a new car rolls off a production line someone needs the metals and coatings to clean up the exhaust. Johnson Matthey supplies some of those parts. Revenue has jumped 26 percent yet margins sit at minus 1 percent and return on equity is negative 4 percent, so the growth has not turned into profits.
We pass because the shares trade above our fair value with a weak moat and no durable edge in a crowded field. A forward multiple of 14.7 times looks reasonable until you remember this is a cyclical business where earnings often peak just as the multiple compresses. The ethical screen is clear but that alone does not make the numbers work.
The real risk is the classic value trap in basic materials. Low multiples at the top of the cycle often signal the start of a downturn rather than a bargain, and negative returns already hint the downturn may have begun. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
JMPLY trades on PNK. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-03Markup · changed$63.49+18.2%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 18.2% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 24%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (2 analysts) rates it hold, with a mean price target of $56.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 6.7% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 24%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (2 analysts) rates it hold, with a mean price target of $56.
2026-07-18Markup$57.53+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 24%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (2 analysts) rates it hold, with a mean price target of $56.
2026-07-03Markup$57.53+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$57.53Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
