# Jardine Matheson Holdings (H4W.F)

Canonical: https://gigainvestors.com/s/H4W.F

Analysis as of: 2026-10-16T07:34:58.547Z. Financial observations: FY2018–FY2025.

Listing currency: EUR. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 51.05 per share; close as of 2026-10-15.

Estimated value: low EUR 25.34 per share, central EUR 27.67 per share, high EUR 30.77 per share. Buy at or below the central value EUR 27.67 per share. Valuation as of 2026-10-16T07:34:58.547Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 8 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.07×

- FY2019: 0.14×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.09×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.0%

- ROIC, second-lowest year: 5.7%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 26.3%

- Recent gross margin (lower of latest and 3-year median): 27.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 2.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 7.1%

- FY2019: 10.6%

- FY2020: 5.7%

- FY2021: 8.0%

- FY2022: 6.3%

- FY2023: 6.9%

- FY2024: 5.3%

- FY2025: 7.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.2B

- Net income, five-year total: $3.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.9 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.33×

- FY2022: 1.05×

- FY2023: 0.78×

- FY2024: 0.80×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.1% vs 6.9%

- Per-share earnings: 2.35 to 2.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -16.5%

- Market cap gain: -$30B

- Cumulative retained earnings: -$3.0B

- Diluted shares, 5-year annual growth: -16.5%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.1%

- Per-share value change: $0.02

- Per-share value, starting three-year median: $2.35

- Per-share value, ending three-year median: $2.37

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 1.3%

- Buyback history: 8 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 7.1%

- ROIC, last three-year median: 6.9%

Chart: Earnings per share; fiscal year observations.

- FY2018: $2.35

- FY2019: $3.87

- FY2020: -$0.54

- FY2021: $6.51

- FY2022: $1.22

- FY2023: $2.37

- FY2024: -$1.61

- FY2025: $3.77

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -2.8%

- FY2019: -2.1%

- FY2020: -6.1%

- FY2021: -3.5%

- FY2022: -5.0%

- FY2023: -4.3%

- FY2024: -6.3%

- FY2025: -4.9%

## Holders

## Price story

Down 26% since Feb 2026 · sales -4.4%

Story as of 2026-10-16T10:00:03.249Z; price observation 2026-10-15.

Price needs cash profits to grow 10.9% a year for ten years

### Sales · FY2024–2025

sales -4.4%; source https://filings.xbrl.org/2138009KENVUNWOLPK41/2025-12-31/ESEF/GB/0/2138009KENVUNWOLPK41-2025-12-31-1-en/reports/2138009KENVUNWOLPK41-2025-12-31-1-en.xhtml; observed 2026-04-09.

- FY2018: $43B 

- FY2019: $41B 

- FY2020: $33B 

- FY2021: $36B 

- FY2022: $37B 

- FY2023: $36B 

- FY2024: $36B 

- FY2025: $34B 

### Gross margin · FY2025

gross margin 27.5%; source https://filings.xbrl.org/2138009KENVUNWOLPK41/2025-12-31/ESEF/GB/0/2138009KENVUNWOLPK41-2025-12-31-1-en/reports/2138009KENVUNWOLPK41-2025-12-31-1-en.xhtml; observed 2026-04-09.

- FY2018: 24.4% 

- FY2019: 24.9% 

- FY2020: 25.4% 

- FY2021: 25.4% 

- FY2022: 27.2% 

- FY2023: 28.5% 

- FY2024: 27.6% 

- FY2025: 27.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are USD 34.2 billion.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2025-12-31 (filed 2026-04-09); FY2025: revenue 34217000000; grossProfit 9419000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); H4W.F: Jardine Matheson Holdings Limited operates in motor vehicles and related operations, property investment and development, health and beauty, home furnishings, engineering and construction, and transport businesses in Indonesia, Hong Kong, Macau, Other Southeast Asia, Vietnam, Mainland China, and Rest of the world. It is also involved in providing automotive, financial, transport, and information technology services; heavy equipment distribution, mining contracting and operations; developing, owning, and managing premium and ultra-premium mixed-use and commercial real estate. The company also operates Mannings, Guardian, 7-11, Wellcome, and IKEA retailing businesses; supermarket, health and beauty, convenience, food, home furnishings, and restaurants retails; and invests, manages, and develops property. In addition, it engages in agribusiness business; providing construction and foundation services for building, civil and maritime works; motorcycles and rendering of aftersales services; supplying, installing, and servicing engineering equipment. Jardine Matheson Holdings Limited was founded in 1832 and is based in Hamilton, Bermuda.

### Why customers stay

Margins ranged from 27.5% to 28.5% during 2023–25; it earns 7% on its capital.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2023-12-31 (filed 2026-04-09); FY2023: grossProfit / revenue = 28.5%.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2024-12-31 (filed 2026-04-09); FY2024: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2025-12-31 (filed 2026-04-09); FY2025: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); 8-year return on capital observations [[2018,0.07130745242050654],[2019,0.1064023903418576],[2020,0.057230055466279614],[2021,0.08036326637808931],[2022,0.06319738006547135],[2023,0.06892727288906475],[2024,0.05267026378896882],[2025,0.07380482535052407]]; median 0.07011736265478564. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 32 million of shares.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2018-12-31 (filed 2026-04-09); FY2018: growth capex 0; upkeep 1591000000; owner earnings 1252000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2019-12-31 (filed 2026-04-09); FY2019: growth capex 0; upkeep 1562000000; owner earnings 2849600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2020-12-31 (filed 2026-04-09); FY2020: growth capex 0; upkeep 862000000; owner earnings 393000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2021-12-31 (filed 2026-04-09); FY2021: growth capex 0; upkeep 835000000; owner earnings 2500200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2022-12-31 (filed 2026-04-09); FY2022: growth capex 0; upkeep 1260000000; cash acquisitions 231000000; owner earnings 370174812.1961997. Growth capex plus acquisitions / owner earnings = 0.6240294919838187.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2023-12-31 (filed 2026-04-09); FY2023: growth capex 0; upkeep 1847000000; cash acquisitions 1045000000; owner earnings 537008467.400508. Growth capex plus acquisitions / owner earnings = 1.945965591675904.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2025-12-31 (filed 2026-04-09); FY2025: growth capex 0; upkeep 1345000000; cash acquisitions 0; owner earnings 1192368763.2938316. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Dividend observations: [[2018,366000000],[2019,400000000],[2020,392000000],[2021,353000000],[2022,423000000],[2023,455000000],[2024,447000000],[2025,461000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/H4W.STU.json#2025-12-31 (filed 2026-04-09); FY2025: cash repurchases 32000000 USD.

### Are managers owners

Insiders own 36.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); H4W.F SharesStats.PercentInsiders = 36.891 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-09); Ten-year compound average after fade. Initial solved rate 0.14418769083500205. Price 51.05; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 54.93 per share

- 2016-11: EUR 49.79 per share

- 2016-12: EUR 53.01 per share

- 2017-01: EUR 57.02 per share

- 2017-02: EUR 58.01 per share

- 2017-03: EUR 59.26 per share

- 2017-04: EUR 58.25 per share

- 2017-05: EUR 55.92 per share

- 2017-06: EUR 56.08 per share

- 2017-07: EUR 53.67 per share

- 2017-08: EUR 55.25 per share

- 2017-09: EUR 53.60 per share

- 2017-10: EUR 54.89 per share

- 2017-11: EUR 53.17 per share

- 2017-12: EUR 50.59 per share

- 2018-01: EUR 50.30 per share

- 2018-02: EUR 53.04 per share

- 2018-03: EUR 49.47 per share

- 2018-04: EUR 49.75 per share

- 2018-05: EUR 54.32 per share

- 2018-06: EUR 53.51 per share

- 2018-07: EUR 55.88 per share

- 2018-08: EUR 54.79 per share

- 2018-09: EUR 53.28 per share

- 2018-10: EUR 48.89 per share

- 2018-11: EUR 55.88 per share

- 2018-12: EUR 59.08 per share

- 2019-01: EUR 55.71 per share

- 2019-02: EUR 57.79 per share

- 2019-03: EUR 54.37 per share

- 2019-04: EUR 56.19 per share

- 2019-05: EUR 59.69 per share

- 2019-06: EUR 54.37 per share

- 2019-07: EUR 53.01 per share

- 2019-08: EUR 48.78 per share

- 2019-09: EUR 49.03 per share

- 2019-10: EUR 51.56 per share

- 2019-11: EUR 50.32 per share

- 2019-12: EUR 49.32 per share

- 2020-01: EUR 49.68 per share

- 2020-02: EUR 49.06 per share

- 2020-03: EUR 44.96 per share

- 2020-04: EUR 39.96 per share

- 2020-05: EUR 36.04 per share

- 2020-06: EUR 37.10 per share

- 2020-07: EUR 34.53 per share

- 2020-08: EUR 34.60 per share

- 2020-09: EUR 33.75 per share

- 2020-10: EUR 37.84 per share

- 2020-11: EUR 44.02 per share

- 2020-12: EUR 44.96 per share

- 2021-01: EUR 47.61 per share

- 2021-02: EUR 43.10 per share

- 2021-03: EUR 55.13 per share

- 2021-04: EUR 54.96 per share

- 2021-05: EUR 52.77 per share

- 2021-06: EUR 53.82 per share

- 2021-07: EUR 50.16 per share

- 2021-08: EUR 45.77 per share

- 2021-09: EUR 45.63 per share

- 2021-10: EUR 49.76 per share

- 2021-11: EUR 50.76 per share

- 2021-12: EUR 48.86 per share

- 2022-01: EUR 52.39 per share

- 2022-02: EUR 53.04 per share

- 2022-03: EUR 50.00 per share

- 2022-04: EUR 50.69 per share

- 2022-05: EUR 54.45 per share

- 2022-06: EUR 50.10 per share

- 2022-07: EUR 52.04 per share

- 2022-08: EUR 52.17 per share

- 2022-09: EUR 51.94 per share

- 2022-10: EUR 46.16 per share

- 2022-11: EUR 46.15 per share

- 2022-12: EUR 47.52 per share

- 2023-01: EUR 48.61 per share

- 2023-02: EUR 46.83 per share

- 2023-03: EUR 44.93 per share

- 2023-04: EUR 43.61 per share

- 2023-05: EUR 44.56 per share

- 2023-06: EUR 46.53 per share

- 2023-07: EUR 45.45 per share

- 2023-08: EUR 43.93 per share

- 2023-09: EUR 43.98 per share

- 2023-10: EUR 37.98 per share

- 2023-11: EUR 35.32 per share

- 2023-12: EUR 36.64 per share

- 2024-01: EUR 37.20 per share

- 2024-02: EUR 38.23 per share

- 2024-03: EUR 34.27 per share

- 2024-04: EUR 35.53 per share

- 2024-05: EUR 33.59 per share

- 2024-06: EUR 33.18 per share

- 2024-07: EUR 32.66 per share

- 2024-08: EUR 32.96 per share

- 2024-09: EUR 35.29 per share

- 2024-10: EUR 35.27 per share

- 2024-11: EUR 40.56 per share

- 2024-12: EUR 39.91 per share

- 2025-01: EUR 39.11 per share

- 2025-02: EUR 38.05 per share

- 2025-03: EUR 39.69 per share

- 2025-04: EUR 38.48 per share

- 2025-05: EUR 39.06 per share

- 2025-06: EUR 40.22 per share

- 2025-07: EUR 47.52 per share

- 2025-08: EUR 51.15 per share

- 2025-09: EUR 53.88 per share

- 2025-10: EUR 50.07 per share

- 2025-11: EUR 56.04 per share

- 2025-12: EUR 57.82 per share

- 2026-01: EUR 60.63 per share

- 2026-02: EUR 69.30 per share

- 2026-03: EUR 61.49 per share

- 2026-04: EUR 57.49 per share

- 2026-05: EUR 57.51 per share

- 2026-06: EUR 54.70 per share

- 2026-07: EUR 57.34 per share

- 2026-08: EUR 51.15 per share

- 2026-09: EUR 47.04 per share

- 2026-10: EUR 51.11 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 39.73 per share, central EUR 44.86 per share, high EUR 51.70 per share

- FY2023: low EUR 21.74 per share, central EUR 24.23 per share, high EUR 27.54 per share

- FY2024: low EUR 21.19 per share, central EUR 23.18 per share, high EUR 25.84 per share

- FY2025: low EUR 25.34 per share, central EUR 27.67 per share, high EUR 30.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138009KENVUNWOLPK41/2025-12-31/ESEF/GB/0/2138009KENVUNWOLPK41-2025-12-31-1-en/reports/2138009KENVUNWOLPK41-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-04-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.