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Johnson Matthey (GB:JMAT)
LSE:JMAT

Johnson Matthey (JMAT) AI Stock Analysis

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Johnson Matthey

(LSE:JMAT)

Rating:68Neutral
Price Target:
Johnson Matthey's overall stock score is driven by strong valuation and cash flow generation, tempered by challenges in revenue growth and mixed technical indicators. The company's strategic initiatives and corporate actions provide a foundation for future improvements, although current market conditions present headwinds.

Johnson Matthey (JMAT) vs. iShares MSCI United Kingdom ETF (EWC)

Johnson Matthey Business Overview & Revenue Model

Company DescriptionJohnson Matthey Plc engages in the clean air, catalyst and hydrogen technology, and platinum group metals (PGM) service businesses in the United Kingdom, Germany, rest of Europe, the United States, rest of North America, China and Hong Kong, rest of Asia, and internationally. It operates through three segments: Clean Air, Efficient Natural Resources, and Other Markets. The Clean Air segment provides catalysts for emission control after-treatment systems to remove harmful emissions from vehicles, as well as cars, other light duty vehicles, trucks, buses, and non-road equipment powered by diesel and gasoline. The Efficient Natural Resources segment provides products and processing services for the use and transformation of critical natural resources including oil, gas, biomass, and platinum group metals; and circular economy solutions. This segment also offers specialty catalysts and additives; process technology and engineering design licenses; platinum group metal refining and recycling services, and chemical and industrial products; and other precious metal services. The Other Markets segment business portfolio includes precious metal pastes and enamels, battery systems, fuel cell technologies, battery materials, and green hydrogen; science and technology to develop the products for devices used in medical procedures; and detection, diagnostic, and measurement solutions. The company was formerly known as Johnson & Cock and changed its name to Johnson Matthey Plc in 1851. Johnson Matthey Plc was founded in 1817 and is based in London, the United Kingdom.
How the Company Makes MoneyJohnson Matthey makes money primarily through the sale of its advanced materials and technology solutions designed for various industries. Its key revenue streams include the sale of emission control catalysts for the automotive industry, which reduce harmful emissions from vehicles. The company also earns from its precious metal services, where it provides refining, recycling, and management of precious metals, crucial for various industrial applications. Additionally, Johnson Matthey is expanding its revenue base through the development and supply of battery materials, particularly for electric vehicles, and sustainable technologies that address environmental challenges. Strategic partnerships with automotive manufacturers, energy companies, and industrial firms further bolster its revenue by integrating its advanced technologies into broader systems and solutions.

Johnson Matthey Earnings Call Summary

Earnings Call Date:May 22, 2025
(Q4-2025)
|
% Change Since: 27.15%|
Next Earnings Date:Nov 26, 2025
Earnings Call Sentiment Positive
The earnings call presented a picture of significant strategic achievements, particularly the sale of Catalyst Technologies and improvements in the Clean Air segment, alongside challenges in hydrogen and heavy-duty diesel markets. The outlook was optimistic with strong shareholder return commitments.
Q4-2025 Updates
Positive Updates
Sale of Catalyst Technologies
Johnson Matthey announced the sale of Catalyst Technologies to Honeywell for £1.8 billion. The sale will return £1.4 billion to shareholders and is expected to close in the first half of 2026, pending regulatory approval.
Clean Air Margin Improvement
Clean Air operating margins improved from 8.7% in 2022 to 11.8% in the current year, with expectations to reach mid-teens and eventually 16-18% by 2027-2028.
New PGM Refinery Commissioning
A new world-class PGM refinery is set to start commissioning by the end of 2025, which will enhance cash generation and improve efficiency.
Strong Shareholder Returns
Commitment to return £200 million in cash returns annually from 2026-2027 onwards, with a focus on dividends and share buybacks.
Negative Updates
Hydrogen Technologies Write-Downs
Due to delayed profitability forecasts, over half of the hydrogen business's value was written down, impacting overall financials.
Challenges in Clean Air Heavy-Duty Diesel
Performance in the heavy-duty diesel segment was disappointing due to market declines and customer platform losses.
PGM Market Volatility
Potential volatility in PGM prices and recycling volumes could impact future profitability and cash flow.
Company Guidance
In the recent call, Johnson Matthey reported significant improvements in their operations, as highlighted by CEO Liam Condon and CFO Richard Pike. Among the key metrics, the company discussed the sale of Catalyst Technologies to Honeywell for £1.8 billion, which is about 80% of Johnson Matthey's market cap for less than 20% of its business. This sale is expected to generate net proceeds of £1.6 billion, of which £1.4 billion will be returned to shareholders, equating to about £8 per share based on a previous share price of £14. The company also detailed a strategic focus on core competencies in Platinum Group Metals (PGM) and Clean Air, with Clean Air margins expected to increase from 11.8% to between 16% and 18% by 2027-2028, alongside projected sales exceeding £2 billion. For PGMS, the introduction of a new refinery is anticipated, with sales expected to reach £450 million and margins around 30% by 2027-2028. Furthermore, Johnson Matthey aims to generate sustainable free cash flow of at least £250 million annually, with a commitment to return £200 million to shareholders each year starting from 2026-2027. The company also highlighted a successful reduction in working capital and an expected decrease in capital expenditures following the completion of the new PGM refinery, which will enhance cash flow and shareholder returns moving forward.

Johnson Matthey Financial Statement Overview

Summary
Johnson Matthey shows a mixed financial performance. The company has strong cash flow generation and a stable balance sheet with moderate leverage. However, it faces challenges in revenue growth and profitability margins, indicating areas for improvement.
Income Statement
58
Neutral
The income statement shows a decline in revenue from £14.93 billion to £12.84 billion, resulting in a negative revenue growth rate. The gross profit margin is 7.19%, while the net profit margin stands at 0.84%. The EBIT margin is 1.94% and EBITDA margin is 3.82%, indicating modest profitability. Despite the decline, the company maintains a positive net income, showcasing resilience.
Balance Sheet
65
Positive
The balance sheet reveals a stable equity position with a debt-to-equity ratio of 0.63, indicating moderate leverage. The return on equity is 4.54%, reflecting limited profitability on shareholder investments. The equity ratio is 37.56%, suggesting a balanced approach to financing through equity. Overall, the company maintains a solid financial position with manageable debt levels.
Cash Flow
72
Positive
The cash flow statement highlights a significant improvement in free cash flow from -£91 million to £224 million, indicating strong operational efficiency. The operating cash flow to net income ratio is 5.48, showcasing effective conversion of earnings into cash flow. The free cash flow to net income ratio is 2.07, suggesting robust cash generation relative to net income.
Breakdown
TTMMar 2024Mar 2023Mar 2022Mar 2021Mar 2020
Income StatementTotal Revenue
11.94B12.84B14.93B16.02B15.44B14.58B
Gross Profit
861.00M898.00M989.00M1.05B944.00M981.00M
EBIT
774.00M249.00M505.00M503.00M488.00M526.00M
EBITDA
464.00M491.00M622.00M454.00M544.00M670.00M
Net Income Common Stockholders
529.00M108.00M276.00M-101.00M205.00M255.00M
Balance SheetCash, Cash Equivalents and Short-Term Investments
330.00M542.00M697.00M418.00M625.00M332.00M
Total Assets
4.67B6.34B7.03B6.67B7.74B7.36B
Total Debt
1.06B1.49B1.67B1.25B1.38B1.43B
Net Debt
726.00M951.00M1.02B860.00M795.00M1.13B
Total Liabilities
2.45B3.96B4.49B4.22B5.06B4.54B
Stockholders Equity
2.24B2.38B2.54B2.44B2.69B2.82B
Cash FlowFree Cash Flow
8.00M224.00M-91.00M73.00M295.00M57.00M
Operating Cash Flow
334.00M592.00M225.00M526.00M676.00M500.00M
Investing Cash Flow
295.00M-255.00M-129.00M-292.00M-357.00M-435.00M
Financing Cash Flow
-483.00M-439.00M191.00M-439.00M-43.00M-168.00M

Johnson Matthey Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1710.00
Price Trends
50DMA
1409.05
Positive
100DMA
1392.42
Positive
200DMA
1395.73
Positive
Market Momentum
MACD
88.96
Positive
RSI
67.35
Neutral
STOCH
55.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:JMAT, the sentiment is Positive. The current price of 1710 is above the 20-day moving average (MA) of 1678.69, above the 50-day MA of 1409.05, and above the 200-day MA of 1395.73, indicating a bullish trend. The MACD of 88.96 indicates Positive momentum. The RSI at 67.35 is Neutral, neither overbought nor oversold. The STOCH value of 55.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:JMAT.

Johnson Matthey Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
68
Neutral
£2.89B8.1615.96%6.36%-15.51%200.70%
67
Neutral
£4.29B27.096.84%4.10%-3.92%-7.30%
GBZTF
67
Neutral
£149.78M14.46-2.45%1.67%16.39%-129.71%
GBELM
66
Neutral
£911.34M-5.93%2.22%0.71%-274.39%
GBVCT
66
Neutral
£677.55M22.816.65%7.65%4.75%-3.29%
51
Neutral
$2.01B-1.26-21.11%4.38%2.92%-30.46%
50
Neutral
£197.91M-6.25%0.81%15.63%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:JMAT
Johnson Matthey
1,710.00
236.56
16.05%
GB:CRDA
Croda International
3,040.00
-928.01
-23.39%
GB:ELM
Elementis
152.80
10.64
7.48%
GB:SYNT
Synthomer
113.60
-146.90
-56.39%
GB:VCT
Victrex
771.00
-325.27
-29.67%
GB:ZTF
Zotefoams
306.00
-161.56
-34.55%

Johnson Matthey Corporate Events

Business Operations and StrategyRegulatory Filings and Compliance
Bank of America Increases Stake in Johnson Matthey
Neutral
Apr 25, 2025

Johnson Matthey Plc has been notified of a significant change in holdings by Bank of America Corporation, which now holds a total of 13.436488% of voting rights in the company. This adjustment in financial instruments and voting rights may influence Johnson Matthey’s strategic decisions and stakeholder interests, reflecting a notable shift in its shareholder structure.

Spark’s Take on GB:JMAT Stock

According to Spark, TipRanks’ AI Analyst, GB:JMAT is a Neutral.

Johnson Matthey’s overall stock score is driven by strong valuation and cash flow generation, tempered by challenges in revenue growth and mixed technical indicators. The company’s strategic initiatives and corporate actions provide a foundation for future improvements, although current market conditions present headwinds.

To see Spark’s full report on GB:JMAT stock, click here.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey’s Shareholder Structure Sees Major Shift
Neutral
Apr 24, 2025

Johnson Matthey Plc has announced a significant change in its shareholder structure, with Bank of America Corporation crossing a new threshold in its holdings. This change, involving a combination of direct voting rights and financial instruments, reflects a strategic shift that may influence the company’s governance and market dynamics.

Spark’s Take on GB:JMAT Stock

According to Spark, TipRanks’ AI Analyst, GB:JMAT is a Neutral.

Johnson Matthey’s overall stock score is driven by strong valuation and cash flow generation, tempered by challenges in revenue growth and mixed technical indicators. The company’s strategic initiatives and corporate actions provide a foundation for future improvements, although current market conditions present headwinds.

To see Spark’s full report on GB:JMAT stock, click here.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey’s Major Holdings Change: Bank of America Increases Stake
Neutral
Apr 24, 2025

Johnson Matthey Plc has been notified of a change in major holdings by Bank of America Corporation, which now holds 12.576930% of the voting rights. This adjustment in holdings could influence Johnson Matthey’s strategic decisions and market dynamics, potentially impacting stakeholders and the company’s industry positioning.

Spark’s Take on GB:JMAT Stock

According to Spark, TipRanks’ AI Analyst, GB:JMAT is a Neutral.

Johnson Matthey’s overall stock score is driven by strong valuation and cash flow generation, tempered by challenges in revenue growth and mixed technical indicators. The company’s strategic initiatives and corporate actions provide a foundation for future improvements, although current market conditions present headwinds.

To see Spark’s full report on GB:JMAT stock, click here.

Business Operations and Strategy
Johnson Matthey Executives Acquire Shares via Incentive Plan
Positive
Apr 17, 2025

Johnson Matthey Plc announced the monthly acquisition of shares by its key executives through the company’s Share Incentive Plan. This transaction, conducted on the London Stock Exchange, reflects the company’s commitment to aligning management interests with shareholder value, potentially strengthening stakeholder confidence in its strategic direction.

Spark’s Take on GB:JMAT Stock

According to Spark, TipRanks’ AI Analyst, GB:JMAT is a Neutral.

Johnson Matthey’s overall stock score reflects solid cash flow generation and valuation benefits, tempered by revenue challenges and mixed technical indicators. The company’s focus on transformation and strategic initiatives provides a basis for future growth, but current market conditions and segment-specific issues present notable challenges.

To see Spark’s full report on GB:JMAT stock, click here.

Business Operations and Strategy
Bank of America Increases Stake in Johnson Matthey
Neutral
Mar 26, 2025

Johnson Matthey Plc has announced a significant change in its shareholder structure, with Bank of America Corporation acquiring a larger stake in the company. This acquisition increases Bank of America’s total voting rights in Johnson Matthey to 13.39%, potentially impacting the company’s strategic decisions and market influence.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey Announces Major Change in Shareholdings
Neutral
Mar 25, 2025

Johnson Matthey Plc has announced a change in major holdings, with Bank of America Corporation crossing a significant threshold in its voting rights. This adjustment in holdings may impact the company’s governance and influence within the industry, reflecting a strategic move by a major financial institution.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey Sees Shift in Major Holdings by Bank of America
Neutral
Mar 21, 2025

Johnson Matthey has announced a change in major holdings, with Bank of America Corporation crossing a significant threshold in its voting rights. This adjustment in holdings could impact the company’s governance and strategic decisions, reflecting Bank of America’s increased influence in the company’s operations.

Business Operations and Strategy
Johnson Matthey Executives Acquire Shares Through Incentive Plan
Positive
Mar 20, 2025

Johnson Matthey Plc announced the monthly acquisition of shares by several key executives through its Share Incentive Plan. This transaction, conducted on the London Stock Exchange, reflects the company’s ongoing commitment to aligning management interests with shareholder value, potentially strengthening stakeholder confidence in its strategic direction.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey Announces Change in Voting Rights Structure
Neutral
Mar 14, 2025

Johnson Matthey Plc has announced a change in its voting rights structure following an acquisition or disposal by Bank of America Corporation. The transaction, which crossed a threshold on March 13, 2025, resulted in Bank of America holding a total of 13.997639% of voting rights in Johnson Matthey, indicating a slight decrease from the previous notification. This adjustment in holdings may impact Johnson Matthey’s shareholder dynamics and influence future strategic decisions.

M&A TransactionsBusiness Operations and Strategy
Johnson Matthey Sees Major Shareholding Change with Bank of America Acquisition
Neutral
Mar 13, 2025

Johnson Matthey Plc has announced a significant change in its shareholder structure, with Bank of America Corporation acquiring a substantial holding in the company. This acquisition, which crosses a notable threshold, could impact the company’s strategic direction and influence its market positioning, reflecting a potential shift in stakeholder dynamics.

Business Operations and Strategy
Johnson Matthey Announces Change in Major Shareholder Voting Rights
Neutral
Mar 12, 2025

Johnson Matthey Plc has announced a change in the voting rights held by RWC Asset Management LLP, which now holds 5.0268% of the voting rights in the company. This change in holdings could impact the company’s governance and influence future strategic decisions, reflecting RWC Asset Management’s increased stake in Johnson Matthey.

Business Operations and Strategy
Bank of America Increases Stake in Johnson Matthey
Neutral
Mar 11, 2025

Johnson Matthey PLC has been notified of a significant change in its shareholder structure due to Bank of America Corporation’s acquisition of financial instruments. This acquisition has resulted in Bank of America holding a total of 14.230745% of voting rights in Johnson Matthey, reflecting a strategic move that could influence the company’s governance and market positioning.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey Sees Shift in Major Holdings by Bank of America
Neutral
Mar 11, 2025

Johnson Matthey Plc announced a change in major holdings as Bank of America Corporation adjusted its financial instruments, resulting in a total voting rights position of 14.212616%. This adjustment reflects a strategic shift in Bank of America’s investment approach, potentially impacting Johnson Matthey’s shareholder dynamics and market perception.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey Announces Change in Major Holdings
Neutral
Mar 5, 2025

Johnson Matthey Plc announced a change in its major holdings, with Bank of America Corporation adjusting its financial instruments and voting rights in the company. This adjustment reflects a shift in the percentage of voting rights, which could influence the company’s governance and decision-making processes.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey Announces Change in Voting Rights Structure
Neutral
Mar 4, 2025

Johnson Matthey PLC has announced a change in its voting rights structure following an acquisition or disposal by BlackRock, Inc., a major shareholder. The notification indicates that BlackRock’s total voting rights in Johnson Matthey have decreased to 5.05% from a previous 5.56%. This change could impact the company’s shareholder dynamics and influence its strategic decisions.

Regulatory Filings and Compliance
Bank of America Increases Stake in Johnson Matthey
Neutral
Mar 3, 2025

Johnson Matthey Plc has been notified of a change in major holdings by Bank of America Corporation, which now holds a total of 14.13% voting rights in the company. This acquisition of voting rights and financial instruments by a major financial institution could impact Johnson Matthey’s market positioning and influence shareholder decisions.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey Faces Major Shareholder Restructuring
Neutral
Feb 24, 2025

Johnson Matthey Plc has been notified of a significant change in its shareholder structure, as Bank of America Corporation has crossed a major threshold in its holdings. This change in financial instruments and voting rights could impact Johnson Matthey’s market dynamics and influence its strategic decisions, reflecting the evolving landscape of stakeholder interests.

Business Operations and StrategyRegulatory Filings and Compliance
Johnson Matthey Announces Changes in Major Holdings
Neutral
Feb 21, 2025

Johnson Matthey has announced a change in its financial instruments holdings, as Bank of America Corporation has acquired or disposed of significant voting rights. The transaction indicates a total of 14.013799% voting rights through financial instruments, impacting the company’s stakeholder engagement and financial strategy.

Regulatory Filings and Compliance
Johnson Matthey Announces Change in Voting Rights
Neutral
Feb 20, 2025

Johnson Matthey Plc announced an acquisition or disposal of voting rights involving Bank of America Corporation, which resulted in a change in the percentage of voting rights held. This notification suggests a shift in the company’s shareholder dynamics, potentially impacting its governance and strategic direction.

Executive/Board ChangesBusiness Operations and Strategy
Johnson Matthey Executives Acquire Shares Under Incentive Plan
Positive
Feb 20, 2025

Johnson Matthey Plc announced the monthly acquisition of shares by key executives as part of their Share Incentive Plan. Transactions were conducted on 19th February 2025 at the London Stock Exchange, involving various executives including the CEO, CFO, and other senior officers. This initiative underlines the commitment of the leadership team to align their interests with shareholders, potentially enhancing stakeholder confidence in the company’s strategic direction.

Private Placements and FinancingBusiness Operations and Strategy
Johnson Matthey Sees Major Stake Acquisition by Bank of America
Neutral
Feb 19, 2025

Johnson Matthey Plc announced a significant change in its shareholder structure, with Bank of America Corporation acquiring a notable stake through financial instruments, bringing its total voting rights to 14.03%. This change in holdings could influence the company’s market dynamics and stakeholder interests, highlighting the strategic importance of financial instruments in corporate governance.

Executive/Board ChangesBusiness Operations and Strategy
Johnson Matthey CFO Designate Acquires 75,000 Shares
Positive
Feb 13, 2025

Johnson Matthey Plc announced a transaction involving Richard Pike, the Chief Financial Officer Designate, who acquired 75,000 shares in the company through a Self-Invested Personal Pension. This transaction, conducted on the London Stock Exchange, reflects confidence in the company’s financial positioning and may impact its market perception and stakeholder confidence.

DividendsBusiness Operations and Strategy
Johnson Matthey Executives Reinvest Dividends in Company Shares
Positive
Feb 13, 2025

Johnson Matthey Plc announced a series of transactions involving managerial figures reinvesting dividends to purchase ordinary shares through the company’s Share Incentive Plan and Computershare’s Vested Share Account. The transactions, conducted on the London Stock Exchange, highlight confidence in the company’s future performance, potentially boosting stakeholder trust and solidifying its industry position.

Executive/Board Changes
Johnson Matthey Announces CFO Designate Share Award
Neutral
Feb 12, 2025

Johnson Matthey has announced a transaction involving Richard Pike, the Chief Financial Officer Designate, who received a share award under the Johnson Matthey Performance Share Plan. The shares, priced at £16.6620 each, are subject to performance conditions and will vest in 2027, reflecting the company’s commitment to aligning management incentives with long-term performance goals.

Executive/Board ChangesBusiness Operations and Strategy
Johnson Matthey Announces Board Changes Amid Strategic Transformation
Neutral
Feb 10, 2025

Johnson Matthey has announced significant changes to its Board as part of its ongoing transformation strategy. Richard Pike has been appointed as the new Chief Financial Officer, bringing valuable experience in financial leadership and efficiency improvement from his previous roles. Additionally, the company has commenced the search for a new Chair following Patrick Thomas’s decision not to seek re-election, marking another step in its strategic evolution.

DividendsBusiness Operations and Strategy
Johnson Matthey CFO Engages in Share Acquisition through Dividend Plan
Positive
Feb 7, 2025

Johnson Matthey Plc announced a transaction involving its Chief Financial Officer, Stephen Oxley, who acquired shares through the company’s Dividend Reinvestment Plan. This transaction, conducted on the London Stock Exchange, reflects ongoing engagement by senior management in the company’s equity, which may indicate confidence in Johnson Matthey’s future performance and strategic direction.

Business Operations and Strategy
Johnson Matthey Experiences Shift in Major Shareholder Voting Rights
Neutral
Feb 6, 2025

Johnson Matthey Plc has announced a significant change in its shareholder structure as Bank of America Corporation has crossed a major voting rights threshold, now holding 14.087504% of voting rights, up from the previous 13.979825%. This adjustment in holdings could potentially influence the strategic direction and decision-making processes within Johnson Matthey, reflecting a notable shift in stakeholder influence.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.