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Jardine Matheson Holdings Limited

JARLF
55
Conglomerates · Industrials
Price
$57.91
+0.73 (+1.28%)
Market Cap
$17.02B
Exchange
Other OTC
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Good
Cash Flow
Strong
Stability
Strong
Valuation
Strong
Dividends
Good

Share count falling — buybacks

6.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 313.0M (2021) → 294.0M (2025)

§Winston Score History

The full picture

Jardine Matheson Holdings Limited is a venerable diversified conglomerate that operates a vast array of businesses through its numerous subsidiaries. Its core activities span the automotive sector, including vehicle sales and related services; comprehensive property investment and development, encompassing residential, office, and retail spaces; and various retail ventures such as food, health and beauty products, and home furnishings. The company also holds significant interests in engineering, construction, and transportation, which includes airport ground handling, aviation services, and the operation of air cargo terminals. Expanding its extensive portfolio, Jardine Matheson engages in the hospitality industry (managing deluxe hotels and operating franchise restaurants like Pizza Hut and KFC), financial services, heavy equipment, mining, and agribusiness. Additional specialized operations include the design, installation, and maintenance of escalators and moving walkways, the supply of aseptic packaging materials, and involvement in dairy, cement, energy, infrastructure, logistics, insurance brokerage, and information technology. Founded in 1832 and headquartered in Hamilton, Bermuda, the company's broad international footprint covers China, Southeast Asia, the United Kingdom, and other global markets.

Score breakdown

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Quality

Profit per sale
Gross Margin
27.3%
Modest — 27.3% gross margin
Profit after running costs
Operating Margin
8.3%
Modest — 8.3% operating margin
Return on the money invested
ROCE
6.3%
Weak — 6.3% 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
-7.1%
Shrinking sales (-7.1% YoY)
Profit growth
EPS YoY
>+1,000%
Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
417%
Turns 417% of profit into real cash
Spare cash per sale
FCF Margin
11.0%
Modest free cash flow (11.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.54
Conservative — low debt load (0.54)
Covers its interest
Interest Cover
4.24x
Adequate interest coverage (4.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.2x
Fair value — P/E 15.2

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
+4.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.2 → 10.8)

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Dividends

Dividend
Dividend Yield
2.24%
Moderate income — 2.24% yield

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

Dividend record
Dividend Growth
+4.5%
Dividend growing modestly (4.5% YoY)

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