Jardine Matheson Holdings Ltd (J36) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Jardine Matheson Holdings Ltd stock $66.59, price $56.78, upside +17.3%, quality 49 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 21, 2026.
How to read this chart
60‑month range $31.41 – $80.63 · fair‑value band $48.71 – $84.47 · the $56.78 price screens below the $66.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 21, 2026.
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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.
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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.
Stock analysis
Jardine Matheson Holdings Ltd (J36) currently trades at $56.78, while our model-based Fair Value estimate is $66.59, implying the stock looks roughly 14.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $79.50 per share, and 8 of the 10 models we run sit above the $56.78 price.
Bear case: the Asset-Based group reads lowest at $27.21, and 2 of the 10 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $48.71 (bear) to $84.47 (bull), the price of $56.78 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Jardine Matheson Holdings Ltd reported revenue of $34.2B in FY2025 versus $35.9B in FY2021, a compound −1.2%/yr. Reported net income was $1.1B in FY2025, compounding −12.4%/yr from FY2021.
Key figures
Market cap $16.8B Large · P/E ratio 15.0 · P/S ratio 0.51 · EPS (TTM) $3.79 · Dividend yield 4.2% · Net margin 3.4% · Return on equity 6.6% · Return on assets (EBIT) 4.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 6% fair-value upside, at 17%, J36 screens cheaper than that median.
Fair Value models
Bear$48.71Fair Value $66.59Bull$84.47
Price $56.78 · Upside +17.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.12 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Growth DCF$57.30$83.40$132.8976
Residual Income$77.09$78.34$81.8576
Owner Earnings$49.58$73.78$123.2674
All 10 models by family
DCF Models
Owner Earnings$49.58$73.78$123.2674
5Y P/E Exit$50.80$76.37$106.9470
10Y P/E Exit$51.47$69.86$87.3864
Earnings-Based
Graham-Dodd$25.74$31.46$35.4067
Multiples
P/E Multiple$59.63$79.50$99.3863
P/B Multiple$316.11$421.47$526.8455
Asset-Based
NCAV (Graham)$17.96$27.21$34.0154
Growth DCF
Growth DCF$57.30$83.40$132.8976
Rev-Margin DCF$39.80$58.51$81.6572
Economic Profit
Residual Income$77.09$78.34$81.8576
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−4.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
Start year 2020 (pandemic). Over 10 years: −0.8% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +18.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.6%
Dividend (yield on the price)4.2%
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 10%
⚠ Rate on operating basis: 2025 sits 90% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−16.8%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −18.8% a year for the price and −0.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (66 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Low returns on equity and assets signal limited pricing power as the main weakness, while the conglomerate structure provides strength through diversified investments such as the new healthcare platform.
Main risk: Integration challenges and unfamiliar sector dynamics in healthcare could dilute returns from core holdings and the new platform.
Jardine Matheson has completed its acquisition of Australia's I-MED Radiology Network, adding a 215-clinic healthcare platform as its first major investment since becoming a focused investment company. The move targets a new earnings pillar aligned with its Asia Pacific strategy and 2030 goals. Will this expansion deliver the promised growth and resilience, or will integration challenges and unfamiliar sector dynamics dilute returns from core holdings?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 355 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+14.8% · Above median
Profitability
Return on equity (12 months)6.6% · Above median
Return on assets3.8% · Above median
Net margin (12 months)10.1% · Above median
Operating margin (12 months)5.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)−6.8% · Bottom 25%
Dividend yield (12 months)4.2% · Top 25%
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Conglomerates median · lower = cheaper
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Is Jardine Matheson Holdings Ltd (J36) overvalued or undervalued?
As of Oct 21, 2026, our model estimates a fair value of $66.59 versus a price of $56.78, about +17% upside (undervalued).
What is the fair value of J36?
Our model-based fair value for Jardine Matheson Holdings Ltd is $66.59 (as of Oct 21, 2026), built from audited fundamentals. The current price: $56.78.
What is the quality score of J36?
Jardine Matheson Holdings Ltd has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Jardine Matheson Holdings Ltd (J36)?
Our model-based price target is the fair value of $66.59 (as of Oct 21, 2026) from 10 valuation models. Cautious scenario $48.71, optimistic scenario $84.47. It is a calculation from audited fundamentals, not an analyst target.
What is the Jardine Matheson Holdings Ltd stock forecast for 2026?
Our models put fair value at $66.59, about +17% upside versus a price of $56.78 (undervalued). Cautious scenario $48.71, optimistic scenario $84.47. The calculation is refreshed regularly with new filings.
What is the revenue of Jardine Matheson Holdings Ltd (J36)?
Jardine Matheson Holdings Ltd reported trailing-twelve-month revenue of about $33.1B (latest available figure, as of Oct 21, 2026).
Does Jardine Matheson Holdings Ltd pay a dividend?
Jardine Matheson Holdings Ltd currently shows a dividend yield of 4.23% relative to its recent price (as of Oct 21, 2026).
What growth is priced into Jardine Matheson Holdings Ltd (J36)?
For today's price to be fair in a discounted-cash-flow model, Jardine Matheson Holdings Ltd would have to grow free cash flow by -16.8 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.9 % per year. As of Oct 21, 2026.
What discount rate (WACC) does the fair value of J36 use?
Our models discount Jardine Matheson Holdings Ltd at 7.9 %: a base by market capitalisation (large), damped by beta 0.43, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Jardine Matheson Holdings Ltd that is -16.8 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has Jardine Matheson Holdings Ltd (J36) delivered so far?
Over the past 5 years revenue at Jardine Matheson Holdings Ltd grew +0.9 % a year. The price currently implies -16.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Jardine Matheson Holdings Ltd (J36) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Jardine Matheson Holdings Ltd (-16.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Jardine Matheson Holdings Ltd (J36)?
The free-cash-flow yield on the price is 23.61 %: that much free cash flow Jardine Matheson Holdings Ltd produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Jardine Matheson Holdings Ltd (J36)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jardine Matheson Holdings Ltd it is $66.59 per share (as of Oct 21, 2026), against a price of $56.78. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Jardine Matheson Holdings Ltd stock overvalued or undervalued in 2026?
As of Oct 21, 2026, J36 trades below its calculated fair value: price $56.78, fair value $66.59, a gap of about +17% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of J36?
No. The price is what the market pays today ($56.78); the fair value is what the company's own numbers justify ($66.59). For Jardine Matheson Holdings Ltd the two are $9.81 per share apart. That gap is exactly why we show both numbers side by side.
How much is Jardine Matheson Holdings Ltd worth?
The market values Jardine Matheson Holdings Ltd at about $16.8B (market capitalisation, as of Oct 21, 2026). Per share that is $56.78; our models calculate a fair value of $66.59 per share.
What do the bullish and bearish scenarios say about J36?
Our models span a range for Jardine Matheson Holdings Ltd: cautious scenario $48.71, base $66.59, optimistic $84.47 per share (as of Oct 21, 2026, price $56.78). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of J36?
Jardine Matheson Holdings Ltd trades at a price-to-earnings ratio of 15.0 (as of Oct 21, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $66.59 is built from several models across several years. Other multiples: PEG 0.5, P/B 0.6, P/S 1.5, EV/EBITDA 13.9.
What is the PEG ratio of J36?
The PEG ratio of Jardine Matheson Holdings Ltd is 0.49 (P/E divided by earnings growth, as of Oct 21, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Jardine Matheson Holdings Ltd (J36)?
Balance-sheet figures for Jardine Matheson Holdings Ltd (as of Oct 21, 2026): return on equity 6.6%, debt of 0.35 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is J36 from its 52-week high?
Jardine Matheson Holdings Ltd trades at $56.78, about 30% below its 52-week high of $80.63 and 6% above the low of $53.32 (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of $66.59 is for.
Which stocks are comparable to Jardine Matheson Holdings Ltd?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Jardine Matheson Holdings Ltd stock attractive at the current price?
The data as of Oct 21, 2026: price $56.78, calculated fair value $66.59 (+17%), Quality Score 49/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of J36 calculated?
We run Jardine Matheson Holdings Ltd through 10 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $66.59, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.6 % above its aggregate fair value. Jardine Matheson Holdings Ltd currently trades 15 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Jardine Matheson Holdings Ltd (J36)?
The closing price on Oct 22, 2026 was $56.78. Our model-based fair value is $66.59, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jardine Matheson Holdings Ltd right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Jardine Matheson Holdings Ltd
How large is the market capitalisation of Jardine Matheson Holdings Ltd (J36)?
The market capitalisation of Jardine Matheson Holdings Ltd is $16.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Jardine Matheson Holdings Ltd (J36)?
The price-to-sales ratio of Jardine Matheson Holdings Ltd is 0.51 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Jardine Matheson Holdings Ltd (J36)?
Earnings per share at Jardine Matheson Holdings Ltd are $3.79 (price ÷ EPS = P/E 15.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jardine Matheson Holdings Ltd (J36)?
The dividend yield of Jardine Matheson Holdings Ltd is 4.2% (payout 63.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Jardine Matheson Holdings Ltd (J36)?
The net margin of Jardine Matheson Holdings Ltd is 3.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Jardine Matheson Holdings Ltd (J36)?
The return on equity (ROE) of Jardine Matheson Holdings Ltd is 6.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Jardine Matheson Holdings Ltd (J36)?
On an EBIT basis the return on assets of Jardine Matheson Holdings Ltd is 4.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Jardine Matheson Holdings Ltd (J36)?
The operating margin of Jardine Matheson Holdings Ltd is 5.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jardine Matheson Holdings Ltd (J36)?
Revenue at Jardine Matheson Holdings Ltd is growing −6.8% versus a year earlier (3y avg −3.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Jardine Matheson Holdings Ltd (J36)?
Earnings per share at Jardine Matheson Holdings Ltd are growing +1.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Jardine Matheson Holdings Ltd (J36) carry?
The net debt of Jardine Matheson Holdings Ltd is $6.6B (fiscal year 2025, ≈ 1.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 21, 2026