Jardine Matheson Holdings Limited

DB:H4W Stock Report

Market Cap: €11.4b

Jardine Matheson Holdings Valuation

Is H4W undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of H4W when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€60.74
Fair Value
35.7% undervalued intrinsic discount
7
Number of Analysts

Below Fair Value: H4W (€39.04) is trading below our estimate of fair value (€60.74)

Significantly Below Fair Value: H4W is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for H4W?

Key metric: As H4W is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for H4W. This is calculated by dividing H4W's market cap by their current revenue.
What is H4W's PS Ratio?
PS Ratio0.3x
SalesUS$35.78b
Market CapUS$12.32b

Price to Sales Ratio vs Peers

How does H4W's PS Ratio compare to its peers?

The above table shows the PS ratio for H4W vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1x
SIE Siemens
2.3x6.2%€179.3b
INH INDUS Holding
0.4x5.1%€684.4m
MBB MBB
0.7x6.1%€740.4m
BNR Brenntag
0.6x2.9%€9.2b
H4W Jardine Matheson Holdings
0.3x3.5%€12.3b

Price-To-Sales vs Peers: H4W is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does H4W's PS Ratio compare vs other companies in the European Industrials Industry?

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
H4W 0.3xIndustry Avg. 0.9xNo. of Companies9PS00.61.21.82.43+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: H4W is good value based on its Price-To-Sales Ratio (0.3x) compared to the European Industrials industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is H4W's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

H4W PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.3x
Fair PS Ratio0.8x

Price-To-Sales vs Fair Ratio: H4W is good value based on its Price-To-Sales Ratio (0.3x) compared to the estimated Fair Price-To-Sales Ratio (0.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst H4W forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€39.04
€41.93
+7.4%
8.1%€46.70€34.80n/a7
Mar ’26€38.28
€43.17
+12.8%
8.8%€48.21€36.64n/a7
Feb ’26€39.14
€42.75
+9.2%
9.1%€48.66€36.98n/a6
Jan ’26€40.00
€42.09
+5.2%
9.6%€48.53€36.16n/a6
Dec ’25€40.70
€42.48
+4.4%
9.6%€48.98€36.49n/a6
Nov ’25€35.84
€38.73
+8.1%
8.3%€43.55€34.99n/a6
Oct ’25€35.76
€36.71
+2.7%
5.3%€39.54€34.30n/a6
Sep ’25€33.08
€36.69
+10.9%
5.3%€39.51€34.28n/a6
Aug ’25€33.10
€41.01
+23.9%
10.3%€45.79€35.15n/a5
Jul ’25€33.00
€41.51
+25.8%
8.5%€45.70€37.39n/a5
Jun ’25€34.02
€41.51
+22.0%
8.5%€45.70€37.39n/a5
May ’25€35.70
€41.51
+16.3%
8.5%€45.70€37.39n/a5
Apr ’25€34.50
€41.51
+20.3%
8.5%€45.70€37.39n/a5
Mar ’25€37.80
€47.65
+26.1%
16.7%€59.21€37.47€38.285
Feb ’25€37.45
€50.30
+34.3%
11.2%€58.65€41.01€39.145
Jan ’25€36.65
€50.30
+37.2%
11.2%€58.65€41.01€40.005
Dec ’24€35.90
€50.30
+40.1%
11.2%€58.65€41.01€40.705
Nov ’24€38.60
€54.06
+40.1%
8.3%€60.87€48.03€35.845
Oct ’24€44.00
€53.82
+22.3%
8.3%€60.60€47.81€35.765
Sep ’24€43.55
€53.09
+21.9%
7.7%€58.78€46.38€33.085
Aug ’24€44.30
€52.63
+18.8%
7.7%€58.27€45.98€33.105
Jul ’24€46.65
€57.99
+24.3%
7.4%€63.13€50.13€33.005
Jun ’24€44.85
€57.99
+29.3%
7.4%€63.13€50.13€34.025
May ’24€43.60
€56.56
+29.7%
6.9%€61.98€49.22€35.706
Apr ’24€45.18
€61.17
+35.4%
11.9%€74.87€51.18€34.506
Mar ’24€47.20
€59.03
+25.1%
12.3%€73.59€49.37€37.806
Analyst Price Target
Consensus Narrative from 7 Analysts
€42.32
Fair Value
7.7% undervalued intrinsic discount
7
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/03/23 18:49
End of Day Share Price 2025/03/21 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Jardine Matheson Holdings Limited is covered by 13 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Boon Chong TngCGS International
Shui Lung ChoiCitigroup Inc
Leif EskesenCLSA