This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
BREXIT P8
On the right side of either vote?
Johnson Matthey (JMAT) / Chemicals
Johnson Matthey is a fairly diverse chemicals company that refines precious metals as well as manufacturing catalytic converters for cars. Given that precious metals, cars and chemicals sat within the top 15 UK exports during 2015 (source:worldstopexports.com), JMAT stands out not only as an exporter that could benefit from a weaker Pound in the run up to June but also as one that may suffer if UK car production falls dramatically in the event of Brexit. Note though that last time JMAT shares were at these levels, Platinum and Palladium in particular were much more expensive, UK car production was lower and the world was in less uncertain times to the detriment of Gold. Time to buy?
Broker Consensus
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Prepared by Michael van Dulken, Head of Research
