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Jardine Cycle & Carriage

SGX:C07
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
C07
SGX
SGD14B
Market Cap
  1. Home
  2. SG
  3. Retail
Company description

Jardine Cycle & Carriage Limited, an investment holding company, engages in automotive, financial services, heavy equipment, mining, construction and energy, agribusiness, infrastructure and logistics, information technology, and property businesses in Indonesia and internationally. The last earnings update was 83 days ago. More info.


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C07 Share Price and Events
7 Day Returns
-4.7%
SGX:C07
-1.3%
SG Retail Distributors
0.4%
SG Market
1 Year Returns
5.8%
SGX:C07
10.5%
SG Retail Distributors
2.1%
SG Market
C07 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Jardine Cycle & Carriage (C07) -4.7% -0.3% -1.7% 5.8% -4.3% -23.5%
SG Retail Distributors -1.3% -0.3% -1.2% 10.5% -4.2% -24.2%
SG Market 0.4% 4% 0.5% 2.1% 8.9% -5%
1 Year Return vs Industry and Market
  • C07 underperformed the Retail Distributors industry which returned 10.5% over the past year.
  • C07 outperformed the Market in Singapore which returned 2.1% over the past year.
Price Volatility
C07
Industry
5yr Volatility vs Market

C07 Value

 Is Jardine Cycle & Carriage undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Jardine Cycle & Carriage to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Jardine Cycle & Carriage.

SGX:C07 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.5%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:C07
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Retail Distributors Unlevered Beta Simply Wall St/ S&P Global 0.8
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.796 (1 + (1- 17%) (76.96%))
1.204
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.204 * 5.96%)
9.48%

Discounted Cash Flow Calculation for SGX:C07 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Jardine Cycle & Carriage is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:C07 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.48%)
2020 816.00 Analyst x1 745.33
2021 784.00 Analyst x1 654.09
2022 767.45 Est @ -2.11% 584.83
2023 761.41 Est @ -0.79% 529.98
2024 762.48 Est @ 0.14% 484.76
2025 768.50 Est @ 0.79% 446.28
2026 778.05 Est @ 1.24% 412.69
2027 790.20 Est @ 1.56% 382.84
2028 804.29 Est @ 1.78% 355.92
2029 819.89 Est @ 1.94% 331.40
Present value of next 10 years cash flows $4,928.14
SGX:C07 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $819.89 × (1 + 2.3%) ÷ (9.48% – 2.3%)
$11,684.92
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $11,684.92 ÷ (1 + 9.48%)10
$4,723.12
SGX:C07 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $4,928.14 + $4,723.12
$9,651.25
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $9,651.25 / 395.24
$24.42
SGX:C07 Discount to Share Price
Calculation Result
Exchange Rate USD/SGD
(Reporting currency to currency of SGX:C07)
1.361
Value per Share
(SGD)
= Value per Share in USD x Exchange Rate (USD/SGD)
= $24.42 x 1.361
SGD33.24
Value per share (SGD) From above. SGD33.24
Current discount Discount to share price of SGD35.59
= -1 x (SGD35.59 - SGD33.24) / SGD33.24
-7.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Jardine Cycle & Carriage is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Jardine Cycle & Carriage's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Jardine Cycle & Carriage's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:C07 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.51
SGX:C07 Share Price ** SGX (2019-07-18) in SGD SGD35.59
SGX:C07 Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.735 $26.14
Singapore Retail Distributors Industry PE Ratio Median Figure of 6 Publicly-Listed Retail Distributors Companies 12.98x
Singapore Market PE Ratio Median Figure of 326 Publicly-Listed Companies 13.09x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Jardine Cycle & Carriage.

SGX:C07 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:C07 Share Price ÷ EPS (both in USD)

= 26.14 ÷ 1.51

17.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jardine Cycle & Carriage is overvalued based on earnings compared to the SG Retail Distributors industry average.
  • Jardine Cycle & Carriage is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Jardine Cycle & Carriage's expected growth come at a high price?
Raw Data
SGX:C07 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.32x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
14.8%per year
Global Retail Distributors Industry PEG Ratio Median Figure of 19 Publicly-Listed Retail Distributors Companies 1.25x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

SGX:C07 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.32x ÷ 14.8%

1.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jardine Cycle & Carriage is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Jardine Cycle & Carriage's assets?
Raw Data
SGX:C07 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $16.55
SGX:C07 Share Price * SGX (2019-07-18) in SGD SGD35.59
SGX:C07 Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.735 $26.14
Singapore Retail Distributors Industry PB Ratio Median Figure of 9 Publicly-Listed Retail Distributors Companies 0.5x
Singapore Market PB Ratio Median Figure of 430 Publicly-Listed Companies 0.72x
SGX:C07 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:C07 Share Price ÷ Book Value per Share (both in USD)

= 26.14 ÷ 16.55

1.58x

* Primary Listing of Jardine Cycle & Carriage.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Jardine Cycle & Carriage is overvalued based on assets compared to the SG Retail Distributors industry average.
X
Value checks
We assess Jardine Cycle & Carriage's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Retail Distributors industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Retail Distributors industry average (and greater than 0)? (1 check)
  5. Jardine Cycle & Carriage has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

C07 Future Performance

 How is Jardine Cycle & Carriage expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Jardine Cycle & Carriage expected to grow at an attractive rate?
  • Jardine Cycle & Carriage's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Jardine Cycle & Carriage's earnings growth is expected to exceed the Singapore market average.
  • Jardine Cycle & Carriage's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:C07 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:C07 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 14.8%
SGX:C07 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 5.9%
Singapore Retail Distributors Industry Earnings Growth Rate Market Cap Weighted Average 14.8%
Global Retail Distributors Industry Revenue Growth Rate Market Cap Weighted Average 4.9%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:C07 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:C07 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 22,014 1,865 1,093 3
2020-12-31 20,583 1,727 1,008 5
2019-12-31 19,402 1,644 935 5
SGX:C07 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 19,065 1,978 597
2018-12-31 18,992 1,995 420
2018-09-30 18,593 2,166 709
2018-06-30 18,172 1,439 714
2018-03-31 17,831 1,746 862
2017-12-31 17,337 1,655 939
2017-09-30 16,859 1,413 793
2017-06-30 16,414 1,621 773
2017-03-31 16,264 1,335 773
2016-12-31 15,764 1,417 702
2016-09-30 15,414 1,527 665
2016-06-30 15,184 1,599 659

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Jardine Cycle & Carriage's earnings are expected to grow by 14.8% yearly, however this is not considered high growth (20% yearly).
  • Jardine Cycle & Carriage's revenue is expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:C07 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Jardine Cycle & Carriage Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:C07 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.85 3.05 2.60 3.00
2020-12-31 2.60 2.78 2.40 4.00
2019-12-31 2.41 2.60 2.20 4.00
SGX:C07 Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.51
2018-12-31 1.06
2018-09-30 1.79
2018-06-30 1.81
2018-03-31 2.18
2017-12-31 2.38
2017-09-30 2.01
2017-06-30 1.95
2017-03-31 1.96
2016-12-31 1.78
2016-09-30 1.68
2016-06-30 1.68

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Jardine Cycle & Carriage is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Jardine Cycle & Carriage's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Global market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Jardine Cycle & Carriage has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

C07 Past Performance

  How has Jardine Cycle & Carriage performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Jardine Cycle & Carriage's growth in the last year to its industry (Retail Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Jardine Cycle & Carriage's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Jardine Cycle & Carriage's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Jardine Cycle & Carriage's 1-year earnings growth is negative, it can't be compared to the SG Retail Distributors industry average.
Earnings and Revenue History
Jardine Cycle & Carriage's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Jardine Cycle & Carriage Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:C07 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 19,064.80 596.70 1,960.70
2018-12-31 18,991.80 419.60 1,945.60
2018-09-30 18,592.80 709.00 1,885.50
2018-06-30 18,172.40 714.20 1,896.90
2018-03-31 17,831.20 862.40 1,915.70
2017-12-31 17,336.70 938.80 1,884.40
2017-09-30 16,859.30 792.50 1,773.40
2017-06-30 16,414.10 772.60 1,714.90
2017-03-31 16,263.80 772.80 1,658.80
2016-12-31 15,764.00 701.70 1,623.80
2016-09-30 15,414.30 664.80 1,609.40
2016-06-30 15,184.00 659.40 1,587.40
2016-03-31 15,347.60 654.70 1,601.60
2015-12-31 15,718.30 690.80 1,634.50
2015-09-30 16,499.00 713.60 1,645.50
2015-06-30 17,410.40 746.00 1,715.30
2015-03-31 18,023.30 778.70 1,737.00
2014-12-31 18,675.40 820.20 1,738.20
2014-09-30 18,854.30 886.80 1,673.40
2014-06-30 18,886.80 895.60 1,644.20
2014-03-31 19,247.30 902.30 1,680.90
2013-12-31 19,787.80 915.00 1,729.90
2013-09-30 20,040.60 826.90 1,864.70
2013-06-30 20,732.00 927.90 1,910.40
2013-03-31 21,209.20 952.00 1,905.20
2012-12-31 21,541.10 986.00 1,885.10
2012-09-30 21,756.60 1,089.30 1,844.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Jardine Cycle & Carriage has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Jardine Cycle & Carriage used its assets less efficiently than the SG Retail Distributors industry average last year based on Return on Assets.
  • Jardine Cycle & Carriage has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Jardine Cycle & Carriage's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Retail Distributors industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Jardine Cycle & Carriage has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

C07 Health

 How is Jardine Cycle & Carriage's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Jardine Cycle & Carriage's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Jardine Cycle & Carriage is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Jardine Cycle & Carriage's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Jardine Cycle & Carriage's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Jardine Cycle & Carriage Company Filings, last reported 3 months ago.

SGX:C07 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 14,263.60 7,872.60 1,984.20
2018-12-31 13,492.90 7,380.70 1,761.80
2018-09-30 12,881.30 6,953.70 2,425.40
2018-06-30 12,825.80 7,030.90 1,783.80
2018-03-31 13,761.20 7,180.70 2,340.30
2017-12-31 13,397.90 6,858.30 2,421.40
2017-09-30 12,851.90 5,586.70 2,136.90
2017-06-30 12,616.80 5,909.50 2,330.80
2017-03-31 12,662.70 5,817.50 2,256.80
2016-12-31 12,076.40 5,310.60 2,302.40
2016-09-30 12,002.40 4,931.60 2,058.10
2016-06-30 11,593.60 5,443.50 2,142.70
2016-03-31 11,394.30 5,011.40 2,013.80
2015-12-31 10,727.00 5,151.90 1,959.30
2015-09-30 10,469.50 4,954.00 1,651.00
2015-06-30 10,333.50 5,921.50 1,358.70
2015-03-31 10,715.70 5,272.20 1,605.20
2014-12-31 10,798.60 5,697.10 1,407.70
2014-09-30 10,745.60 5,586.90 1,315.40
2014-06-30 10,563.90 5,423.80 1,190.00
2014-03-31 11,168.50 5,504.20 1,307.80
2013-12-31 9,883.00 5,373.10 1,334.60
2013-09-30 9,823.60 5,409.10 1,240.00
2013-06-30 10,941.00 6,123.10 1,241.50
2013-03-31 11,059.30 5,621.80 999.50
2012-12-31 10,698.00 5,896.50 921.20
2012-09-30 10,423.20 5,790.00 1,056.70
  • Jardine Cycle & Carriage's level of debt (55.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (49.3% vs 55.2% today).
  • Debt is well covered by operating cash flow (25.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.4x coverage).
X
Financial health checks
We assess Jardine Cycle & Carriage's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Jardine Cycle & Carriage has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

C07 Dividends

 What is Jardine Cycle & Carriage's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.33%
Current annual income from Jardine Cycle & Carriage dividends. Estimated to be 3.47% next year.
If you bought SGD2,000 of Jardine Cycle & Carriage shares you are expected to receive SGD67 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Jardine Cycle & Carriage's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.57%).
  • Jardine Cycle & Carriage's dividend is below the markets top 25% of dividend payers in Singapore (5.5%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:C07 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Singapore Retail Distributors Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.4%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.8%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:C07 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.93 3.00
2020-12-31 0.95 5.00
2019-12-31 0.82 3.00
SGX:C07 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-23 0.870 3.337
2018-04-26 0.860 3.483
2017-04-28 0.740 2.498
2016-07-29 0.690 2.276
2016-02-26 0.690 2.556
2015-04-29 0.850 3.568
2014-08-01 1.080 3.376
2014-02-27 1.080 3.035
2013-08-02 1.230 4.300
2013-02-28 1.230 3.328
2012-02-29 1.230 3.211
2011-07-29 0.980 2.713
2011-02-25 0.980 3.148
2010-03-01 0.580 2.371
2010-02-26 0.580 3.353
2009-08-07 0.470 2.679
2009-03-02 0.500 5.061
2009-02-27 0.500 8.753
2008-08-01 0.460 5.875

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Jardine Cycle & Carriage's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.8x coverage).
X
Income/ dividend checks
We assess Jardine Cycle & Carriage's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Jardine Cycle & Carriage afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Jardine Cycle & Carriage has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

C07 Management

 What is the CEO of Jardine Cycle & Carriage's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Alex Newbigging
COMPENSATION $5,673,589
AGE 47
TENURE AS CEO 7.3 years
CEO Bio

Mr. David Alexander Newbigging, also known as Alex, has been the Chief Executive Officer and Group Managing Director of Jardine Cycle & Carriage Limited since March 31, 2012. Mr. Newbigging served as the Chief Executive of Jardine Engineering Corporation. He served as a General Manager of IKEA Hong Kong. He served as Vice President Commissioner and Commissioner at PT United Tractors Tbk since April 22, 2013 until May 5, 2017. Since first joining the Jardine Matheson Group in 1995, he held a number of executive positions. He has been a Director of Jardine Matheson Holdings Ltd. since October 1, 2017. He has been a Commissioner of Astra International tbk PT since April 27, 2012. He has been employed by the Jardine Matheson Group since 1995 in a variety of roles, spanning the fields of business process outsourcing, aviation services and retailing. During his career with the group, he has been based in the Philippines, Australia, Malaysia and Hong Kong and has been involved in business activities in a number of other countries in the Asia-Pacific region. He served as the Chairman of Cycle & Carriage Bintang Bhd from April 1, 2012 to April 19, 2016. He has been Non-Executive Vice Chairman of Refrigeration Electrical Engineering Corporation since March 29, 2013. He has been Executive Director of Jardine Matheson Holdings Limited since October 1, 2017. He has been a Non-Executive Director at Siam City Cement Public Company Limited since May 7, 2015. He has been a Director of Jardine Cycle & Carriage Limited since March 31, 2012. Mr. Newbigging is a Director of the Business Environment Council. Mr. Newbigging holds an MA (Hons.) from the University of Edinburgh and is an alumnus of the Harvard Business School General Management Program.

CEO Compensation
  • Alex's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Alex's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Jardine Cycle & Carriage management team in years:

6.3
Average Tenure
51.5
Average Age
  • The average tenure for the Jardine Cycle & Carriage management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Alex Newbigging

TITLE
Group MD & Executive Director
COMPENSATION
$6M
AGE
47
TENURE
7.3 yrs

Jeffery Tan

TITLE
Director of Legal & Corporate Affairs
COMPENSATION
$23K
AGE
58
TENURE
3.3 yrs

Stephen Gore

TITLE
Group Finance Director & Director
AGE
47
TENURE
0.3 yrs

Jason Wen

TITLE
Director of Human Resources

Alan Cockrell

TITLE
Managing Director of Truck Investments In New Zealand

Stuart Jamieson

TITLE
Managing Director of Group's Dealership Operations

Kim Cheah

TITLE
Managing Director of Business Development
COMPENSATION
$412K
AGE
67
TENURE
5.4 yrs

Eric Chan

TITLE
MD of Direct Motor Interests and MD of Cycle & Carriage Singapore
AGE
50
TENURE
7.5 yrs

Chee Keon Liew

TITLE
Chief Executive Officer of Australian Motor Operations
TENURE
25.5 yrs

Kin Foo Wong

TITLE
Chief Executive Officer of Cycle & Carriage Bintang
AGE
53
Board of Directors Tenure

Average tenure and age of the Jardine Cycle & Carriage board of directors in years:

7.3
Average Tenure
64.5
Average Age
  • The tenure for the Jardine Cycle & Carriage board of directors is about average.
Board of Directors

Ben Keswick

TITLE
Chairman
COMPENSATION
$165K
AGE
72
TENURE
7.3 yrs

Alex Newbigging

TITLE
Group MD & Executive Director
COMPENSATION
$6M
AGE
47
TENURE
7.3 yrs

Yoon Chiang Boon

TITLE
Deputy Chairman
COMPENSATION
$100K
AGE
84
TENURE
23.2 yrs

Stephen Gore

TITLE
Group Finance Director & Director
AGE
47
TENURE
0.3 yrs

Vimala V. Menon

TITLE
Non-Executive & Independent Director
COMPENSATION
$70K
AGE
64
TENURE
2.3 yrs

Datuk Hassan Abas

TITLE
Non Executive & Lead Independent Director
COMPENSATION
$145K
AGE
65
TENURE
6.4 yrs

Hwee Hua Lim

TITLE
Non-Executive & Independent Director
COMPENSATION
$101K
AGE
60
TENURE
8 yrs

Anthony John Liddell Nightingale

TITLE
Non-Executive & Independent Director
COMPENSATION
$75K
AGE
72
TENURE
26.4 yrs

Mark Spencer Greenberg

TITLE
Non-Executive Director
COMPENSATION
$101K
AGE
50
TENURE
13.1 yrs

Michael Kok

TITLE
Non-Executive & Independent Director
COMPENSATION
$76K
AGE
67
TENURE
6.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
X
Management checks
We assess Jardine Cycle & Carriage's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Jardine Cycle & Carriage has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

C07 News

Simply Wall St News

A Look At The Intrinsic Value Of Jardine Cycle & Carriage Limited (SGX:C07)

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Jardine Cycle & Carriage Limited (SGX:C07) as an investment opportunity by taking the expected future cash flows and discounting them to today's value. … A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars: 10-year free cash flow (FCF) estimate 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF ($, Millions) $816.0m $784.0m $767.5m $761.4m $762.5m $768.5m $778.0m $790.2m $804.3m $819.9m Growth Rate Estimate Source Analyst x1 Analyst x1 Est @ -2.11% Est @ -0.79% Est @ 0.14% Est @ 0.79% Est @ 1.24% Est @ 1.56% Est @ 1.78% Est @ 1.94% Present Value ($, Millions) Discounted @ 9.48% $745.3 $654.1 $584.8 $530.0 $484.7 $446.3 $412.7 $382.8 $355.9 $331.4 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= $4.9b The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. … SGX:C07 Intrinsic value, July 8th 2019 The assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Is Jardine Cycle & Carriage Limited (SGX:C07) Undervalued After Accounting For Its Future Growth?

However, to properly examine the value of a high-growth stock such as Jardine Cycle & Carriage, we must reflect its earnings growth into the valuation. … A PE ratio of 17.66x and expected year-on-year earnings growth of 15% give Jardine Cycle & Carriage an acceptable PEG ratio of 1.2x. … This means that, when we account for Jardine Cycle & Carriage's growth, the stock can be viewed as slightly overvalued , based on the fundamentals.

Simply Wall St -

Jardine Cycle & Carriage Limited (SGX:C07) Delivered A Better ROE Than Its Industry

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Jardine Cycle & Carriage: 12% = US$597m ÷ US$14b (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Jardine Cycle & Carriage Have A Good Return On Equity? … Combining Jardine Cycle & Carriage's Debt And Its 12% Return On Equity Jardine Cycle & Carriage has a debt to equity ratio of 0.55, which is far from excessive.

Simply Wall St -

Is Jardine Cycle & Carriage Limited (SGX:C07) A Financially Sound Company?

See our latest analysis for Jardine Cycle & Carriage Does C07 Produce Much Cash Relative To Its Debt? … Moreover, C07 has generated cash from operations of US$2.0b over the same time period, resulting in an operating cash to total debt ratio of 25%, signalling that C07’s current level of operating cash is high enough to cover debt. … At the current liabilities level of US$10.0b, the company has been able to meet these obligations given the level of current assets of US$11b, with a current ratio of 1.08x.

Simply Wall St -

Our Take On Jardine Cycle & Carriage Limited's (SGX:C07) CEO Salary

See our latest analysis for Jardine Cycle & Carriage How Does Alex Newbigging's Compensation Compare With Similar Sized Companies? … Our data indicates that Jardine Cycle & Carriage Limited is worth S$13b, and total annual CEO compensation is US$5.7m. … We compared total CEO remuneration at Jardine Cycle & Carriage Limited with the amount paid at companies with a similar market capitalization.

Simply Wall St -

How Many Jardine Cycle & Carriage Limited (SGX:C07) Shares Do Institutions Own?

A look at the shareholders of Jardine Cycle & Carriage Limited (SGX:C07) can tell us which group is most powerful. … Check out our latest analysis for Jardine Cycle & Carriage SGX:C07 Ownership Summary, May 9th 2019 What Does The Institutional Ownership Tell Us About Jardine Cycle & Carriage? … Insider Ownership Of Jardine Cycle & Carriage The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

What Can We Make Of Jardine Cycle & Carriage Limited’s (SGX:C07) High Return On Capital?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Introducing Jardine Cycle & Carriage (SGX:C07), The Stock That Dropped 26% In The Last Five Years

Jardine Cycle & Carriage Limited (SGX:C07) shareholders should be happy to see the share price up 13% in the last month. … While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … During the five years over which the share price declined, Jardine Cycle & Carriage's earnings per share (EPS) dropped by 16% each year.

Simply Wall St -

Should You Buy Jardine Cycle & Carriage Limited (SGX:C07) For Its Dividend?

Historically, Jardine Cycle & Carriage Limited (SGX:C07) has paid a dividend to shareholders. … Let's take a look at Jardine Cycle & Carriage in more detail. … View our latest analysis for Jardine Cycle & Carriage

Simply Wall St -

Despite Its High P/E Ratio, Is Jardine Cycle & Carriage Limited (SGX:C07) Still Undervalued?

We'll look at Jardine Cycle & Carriage Limited's (SGX:C07) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, Jardine Cycle & Carriage's P/E ratio is 22.5. … Price to Earnings Ratio = Share Price (in reporting currency) ÷ Earnings per Share (EPS)

Simply Wall St -

C07 Company Info

Description

Jardine Cycle & Carriage Limited, an investment holding company, engages in automotive, financial services, heavy equipment, mining, construction and energy, agribusiness, infrastructure and logistics, information technology, and property businesses in Indonesia and internationally. Its automotive business manufactures, assembles, distributes, and retails motor vehicles and motorcycles; and manufactures and distributes automotive components, as well as provides after-sales services. The company’s financial services business provides consumer financing for motor vehicles and motorcycles, as well as offers heavy equipment financing, banking, and general and life insurance services. Its heavy equipment and mining business supplies construction and mining equipment, and offers after-sales services; and provides coal mining contractor services, as well as distributes Komatsu heavy equipment. The company’s agribusiness includes the cultivation, harvesting, processing, and production of palm oil. Its infrastructure and logistics business develops and manages toll roads. The company’s information technology business provides document information and communication technology solutions; and distributes Fuji Xerox office equipment. Its property business engages in the development of office buildings, as well as residential projects. The company was formerly known as Cycle & Carriage Ltd. and changed its name to Jardine Cycle & Carriage Limited in 2004. The company was founded in 1899 and is based in Singapore. Jardine Cycle & Carriage Limited is a subsidiary of Jardine Strategic Singapore Pte Ltd.

Details
Name: Jardine Cycle & Carriage Limited
C07
Exchange: SGX
Founded: 1899
SGD14,141,554,384
395,236,288
Website: http://www.jcclgroup.com
Address: Jardine Cycle & Carriage Limited
239 Alexandra Road,
Singapore,
159930,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX C07 Ordinary Shares Singapore Exchange SG SGD 14. Sep 1993
OTCPK JCYC.F Ordinary Shares Pink Sheets LLC US USD 14. Sep 1993
DB CYC Ordinary Shares Deutsche Boerse AG DE EUR 14. Sep 1993
OTCPK JCYG.Y ADR Pink Sheets LLC US USD 21. Sep 2004
Number of employees
Current staff
Staff numbers
250,000
Jardine Cycle & Carriage employees.
Industry
Distributors
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 12:52
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/05/06
Last earnings filing: 2019/04/26
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.