Djerriwarrh Investments Limited

DJW.AX

Asset Management · Financial Services

Price

A$3.00

+0.01 (+0.33%)

Market Cap

A$784.6M

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Mixed

Dividends

Mixed

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Share count rising — dilution

+11.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 236.7M (2022) → 262.9M (2026)

Winston Score History

The full picture

Djerriwarrh Investments Limited is an Australian listed investment company (LIC) that owns a portfolio of shares in large Australian companies. Its main holdings are typically blue-chip stocks listed on the Australian Securities Exchange, such as banks and miners. The company is managed by Australian Foundation Investment Company (AFIC) and is one of the longer-running LICs available to Australian retail investors.

Djerriwarrh makes money in two ways: it collects dividends from the shares it owns, and it earns extra income by selling options over those shares — a strategy called an options overlay. This approach is designed to boost income payments to shareholders beyond what dividends alone would provide. The company operates entirely within Australia and is relatively small at around $0.7 billion in market value. Its main risk is that the options strategy can limit how much it benefits when share prices rise sharply, which may cause it to underperform a simple index fund during strong bull markets.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+14.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

2.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$865M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Djerriwarrh Investments Limited is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

93.2%

Premium pricing power — 93.2% gross margin

Profit after running costs

Operating Margin

85.2%

Excellent — 85.2% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+2.9%

Nearly flat sales (+2.9% YoY)

Profit growth

EPS YoY

+4.8%

Modest earnings growth (+4.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

84%

Modest — 84% of profit becomes cash

Spare cash per sale

FCF Margin

28.2%

Converts sales into free cash efficiently (28.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.06

Conservative — low debt load (0.06)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.2x

Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.83%

Moderate income — 2.83% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-20.7%

Dividend cut (-20.7% YoY) — warning sign

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