olivLaw · European equity research
Jardine Matheson Holdings Limited JAR.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Jardine Matheson is an Asia-based investment company holding controlling stakes in businesses including Astra, Hongkong Land, DFI Retail, Mandarin Oriental and Jardine Pacific. In 2025 it shifted toward a leaner investment structure with active capital recycling, a process that could shape its earnings in the coming years.
At the close of 02 Nov 2026, Jardine Matheson Holdings Limited (JAR.L) stock was 62.50 USD (+0.00% on the day), with market capitalisation 18.3 bn USD, P/E 16.6 on diluted EPS of 3.77 USD over the last 12 months, 52-week range 62.50–71.84 USD.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.4
- neutral
- Bollinger (20, 2)
- unavailable – unavailable
- SMA 50 / 200
- unavailable / unavailable
- MACD (12, 26, 9)
- unavailable / unavailable
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | unavailable | −1.0% | unavailable | — |
| 3 months | unavailable | −3.9% | unavailable | — |
| 6 months | unavailable | +7.2% | unavailable | — |
| Year to date | unavailable | +6.6% | unavailable | — |
| 1 year | unavailable | +9.1% | unavailable | +5.2% |
| 3 years | unavailable | +47.9% | unavailable | +28.6% |
| 5 years | unavailable | +43.3% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 16.6, median 21.5, max 26.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 36.0 bn | 35.8 bn | 34.2 bn |
| Revenue YoY | unavailable | −0.7% | −4.4% |
| Net income | 686.0 m | -468.0 m | 1.1 bn |
| Net income YoY | unavailable | −168.2% | unavailable |
| Diluted EPS | 2.37 | -1.61 | 3.77 |
| Diluted EPS YoY | unavailable | −167.9% | unavailable |
| net % | 1.9% | -1.3% | 3.2% |
| Free cash flow | 2.9 bn | 3.8 bn | 4.1 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.6 bn USD
- Financial debt
- 15.2 bn USD
- Net debt
- 6.6 bn USD
- Equity
- 54.6 bn USD
- Total assets
- 86.1 bn USD
- Debt / equity
- 0.28x
- Current ratio
- 1.53x
- ROE
- 2.1%
- ROA
- 1.3%
- FCF margin
- 12.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 36.0 bn | 35.8 bn | 34.2 bn | esef· 09 Apr 2026verified |
| Operating income | 2.4 bn | 1.2 bn | 3.7 bn | esef· 09 Apr 2026verified |
| Interest expense | 769.0 m | 796.0 m | 702.0 m | esef· 09 Apr 2026verified |
| Pre-tax income | 3.3 bn | 1.4 bn | 4.2 bn | esef· 09 Apr 2026verified |
| Income tax | 943.0 m | 876.0 m | 910.0 m | esef· 09 Apr 2026verified |
| Net income | 686.0 m | -468.0 m | 1.1 bn | esef· 09 Apr 2026verified |
| Diluted EPS | 2.37 | -1.61 | 3.77 | esef· 09 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.8 bn | 4.8 bn | 8.6 bn | esef· 09 Apr 2026verified |
| Receivables | 6.7 bn | 6.8 bn | 7.0 bn | esef· 09 Apr 2026verified |
| Inventories | 3.7 bn | 3.3 bn | 3.1 bn | esef· 09 Apr 2026verified |
| Current assets | 19.3 bn | 19.8 bn | 23.6 bn | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 6.6 bn | 6.6 bn | 6.6 bn | esef· 09 Apr 2026verified |
| Total assets | 90.5 bn | 86.8 bn | 86.1 bn | esef· 09 Apr 2026verified |
| Accounts payable | 10.8 bn | 10.8 bn | 9.4 bn | esef· 09 Apr 2026verified |
| Short-term debt | 5.5 bn | 4.6 bn | 4.9 bn | esef· 09 Apr 2026verified |
| Long-term debt | 11.1 bn | 11.3 bn | 10.2 bn | esef· 09 Apr 2026verified |
| Current liabilities | 17.7 bn | 16.7 bn | 15.5 bn | esef· 09 Apr 2026verified |
| Total liabilities | 34.6 bn | 33.5 bn | 31.5 bn | esef· 09 Apr 2026verified |
| Equity | 55.9 bn | 53.3 bn | 54.6 bn | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 289.5 m | 290.7 m | 293.4 m | esef· 09 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.6 bn | 5.0 bn | 5.3 bn | esef· 09 Apr 2026verified |
| Capex | 1.7 bn | 1.2 bn | 1.2 bn | esef· 09 Apr 2026verified |
| Free cash flow | 2.9 bn ≈ | 3.8 bn ≈ | 4.1 bn ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -2.5 bn | -971.0 m | 2.1 bn | esef· 09 Apr 2026verified |
| Financing cash flow | -3.3 bn | -3.8 bn | -3.6 bn | esef· 09 Apr 2026verified |
| Share repurchases | 209.0 m | 101.0 m | 32.0 m | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 18.3 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 41.49 – 400.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)205.40 – 400.77 (Mid 272.16)WACC 7.2% · starting FCFF 4.7 bn USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E41.49 – 63.29 (Mid 57.10)17 companies used · median multiple 15.1x · quartiles 11.0x – 16.8x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 25 (vs peers) | 18% |
| Net margin · Quality | 3.2% | 31 (vs peers) | 11% |
| FCF conversion · Quality | 373.2% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.3x | 58 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 16.6x | 39 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 22.6% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.2% | 2 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet59/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 3/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation66/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
JARDINE MATHESON HOLDINGS LIMITED (JAR.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 34.2 bn USD in 2025; YoY growth -4.4%; net margin 3.2%; ROE 3.9%.
The estimated value range is 123.44–232.03 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 164.63 USD, the price of 62.50 USD leaves a potential of 163.4% (value / price − 1) and a margin of safety of 62.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 373.2%
- FCF yield: 22.6%
- The price is below the estimated value range
What contradicts it
- ROIC: 4.6%
- Shareholder yield (distributions): 0.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 100.2 bn | 13.0 | 16.5% | 30.3% | −1.0% | +2% / +80% |
| JAR.LJardine Matheson Holdings Limited | 18.3 bn | 16.6 | 3.9% | 3.2% | −4.4% | unavailable / unavailable |
| ABF.LAssociated British Foods PLC | 13.8 bn | 13.4 | 9.2% | 5.3% | −3.1% | −11% / −20% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.3 bn | 25.4 | 34.7% | 4.1% | +7.2% | −8% / +165% |
| AUTO.LAutotrader Group PLC | 4.7 bn | 16.0 | 60.2% | 47.1% | +3.9% | −15% / −25% |
| BBY.LBalfour Beatty PLC | 4.4 bn | 16.8 | 23.2% | 2.8% | +15.2% | +24% / +168% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.0 | 8.8% | 13.4% | −4.2% | −3% / −24% |
| BME.LB&M European Value Retail PLC | 2.7 bn | 16.8 | 21.2% | 2.8% | +3.7% | +62% / −52% |
| AJB.LAj Bell PLC | 2.4 bn | 23.0 | 49.9% | 33.1% | +18.0% | +9% / +130% |
| ASHM.LAshmore Group PLC | 1.5 bn | 15.1 | 13.1% | 71.6% | −0.1% | +40% / +29% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 22.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 751.1 m | 35.6 | 41.2% | 19.7% | +24.2% | +69% / unavailable |
| BAG.LA.G. Barr P.L.C. | 659.6 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.3 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 355.1 m | — | -93.4% | -39.2% | −20.6% | −43% / −84% |
| APTD.LAptitude Software Group PLC | 111.9 m | 28.6 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.5 m | — | — | — | −81.9% | +350% / +900% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −15% / +141% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +77% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +52% / +55% |
1- and 3-year price returns: for JAR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 33.74 Total return -46% · Per year -46% | 59.93 Total return -4% · Per year -4% | 90.65 Total return 45% · Per year 45% |
| 3 years | 27.17 Total return -57% · Per year -24% | 54.81 Total return -12% · Per year -4% | 91.81 Total return 47% · Per year 14% |
| 5 years | 21.88 Total return -65% · Per year -19% | 50.13 Total return -20% · Per year -4% | 92.98 Total return 49% · Per year 8% |
- Exit P/E± 13.70
- Net margin± 9.59
- Annual revenue growth± 8.60
- Annual dilution± 0.81
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Jardine Matheson is an Asia-based investment company holding controlling stakes in businesses including Astra, Hongkong Land, DFI Retail, Mandarin Oriental and Jardine Pacific. In 2025 it shifted toward a leaner investment structure with active capital recycling, a process that could shape its earnings in the coming years. 1
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Macroeconomic uncertaintymedium
The 2026 outlook is cautious because of an uncertain environment in several key markets. 1
- Hong Kong property exposuremedium
Weak office demand and retail renovation works could reduce Hongkong Land revenue. 1
- Physical climate riskshigh
Typhoons and floods could affect assets in Indonesia, Hong Kong and Southeast Asia. 1
- Transition climate riskmedium
Carbon pricing and stricter regulation could raise costs for high-emission assets. 1
- Currency and Indonesia dependencelow
A weaker rupiah could reduce the US dollar value of Astra's contributions. 1
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Progress of Hongkong Land capital recycling against its target2027
- Astra contribution trends after share buyback programmesQ1 2026
- Delivery of the announced minimum 2026 dividend2026
- DFI Retail underlying net profit target for 20282028
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Jardine Matheson aims to be an outstanding investment vehicle in Asia-Pacific delivering sustainable, top quartile five-year total shareholder returns, run by a lean organisation. According to the 2025 annual report, the company has moved from an owner-operator model to an investment model focused on assets it controls and can scale. 1
The portfolio includes stakes in listed and unlisted companies, and each business's contribution to underlying group profit is tracked separately. The company says it applies a group hurdle rate and target TSR to all capital allocation decisions. 1
In 2025 the group recycled US$4.8 billion of capital, simplified holding structures, and indicated a 2026 dividend of at least US$2.45 per share. Management describes these moves as steps toward a more focused investment company. 1
Segments
Astra
Astra reported rupiah net profit of IDR32.8 trillion in 2025, slightly lower than 2024, with strong performance in motorcycles, consumer finance and non-coal mining. Four-wheeler automotive and coal mining were headwinds. 1
Hongkong Land
Hongkong Land is refocusing on prime property in Asia's gateway cities, with substantial capital recycling and the launch of the SCPREF Singapore fund that could diversify income through fee revenue. Its contribution to group profit fell on lower Hong Kong office rents. 1
DFI Retail and Mandarin Oriental
DFI Retail's profit rose strongly after divestments of Yonghui, Robinsons Retail and Singapore Food, while Mandarin Oriental grew its contribution through new hotels and a special dividend after selling floors of One Causeway Bay. Both ended the year in a net cash position. 1
Market context
The company operates mainly in Asia, with exposure to Hong Kong, Indonesia, mainland China, Singapore, Japan and other regional markets. An uncertain economic environment in some key markets underpins management's cautious 2026 outlook. 1
Commercial property in Hong Kong and Singapore, food retail and luxury hospitality define the context for the main holdings. Management noted some markets remain challenging but that consumer sentiment could improve. 1
Trends
- Capital recyclingtailwind
Asset sales and private funds could release capital for higher-return investments if property and retail markets stay supportive. 1
- Physical climate risksheadwind
Typhoons, floods and extreme heat could affect assets across the portfolio, and adaptation costs could rise in the coming years. 1
- Auto demand and carbonmixed
A weak new car market and carbon price pressure weigh on Astra, but the energy transition could open new segments such as electric vehicles. 1
- Luxury consumption and tourismmixed
If consumer recovery in Asia continues, luxury hotels and shopping centres could benefit from stronger demand. 1
Competitive position
Jardine Matheson competes with other Asian holding companies and investors in property, retail and hospitality. As a holding company with controlling stakes, it is most often compared with diversified groups in the region. 1
The company's stated edge is its lean holding structure and its ability to recycle capital quickly, which distinguishes it from passive investors. 1
- Asian diversified holding companies
Groups with stakes in retail, property and services across Asia, comparable in portfolio profile. 1
- Asian food retail operators
Competitors to DFI Retail in supermarket and convenience segments. 1
- Office property developers in Hong Kong and Singapore
Competitors to Hongkong Land in premium office leasing. 1
- Luxury hotel chains
Competitors to Mandarin Oriental in luxury hotels and branded residences. 1
News & filings
In the press
- Jardines' DFI Retail swaps Maxim's stake for Starbucks license and $340mNikkei Asia · 01 Oct 2026 · EN
- Jardine Matheson Taps Ex-Indonesian Fund CIO as Country HeadBloomberg Markets · 01 Jul 2026 · EN
- Jardine Matheson to buy back $500M in sharesBloomberg Markets · 16 Jun 2026 · EN
- Jardines agrees to buy Australian radiology leader in $2.4bn dealNikkei Asia · 25 May 2026 · RO
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Jardine Matheson Holdings Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.