Jardine Matheson Holding (JM SP) Buy: Pivoting to growth

Research evidence excerpt

Jardine Matheson Holding (JM SP) Buy: Pivoting to growth

Equities ● Industrial Conglomerates

26 May 2026

A new growth pillar: I‑MED Radiology

JM announced its first acquisition under the company’s refreshed strategy – I-MED Radiology, a

market leader in diagnostic imaging platforms in Australia and New Zealand.

We view the acquisition as strategically compelling for JM, with the potential to: 1) improve earnings

defensiveness and quality through higher recurring healthcare exposure; 2) enhance portfolio

diversification away from cyclical sectors such as property, retail and automotive; and 3) establish a

scalable healthcare platform with reinvestment and adjacent growth optionality (including AI).

We believe I‑MED’s nationwide footprint and embedded referral relationships position it as a high-

quality market leader with resilient cash flow characteristics and long-duration growth visibility. Over

the five-year period to June 2025, I‑MED delivered revenue and adjusted EBITDA CAGRs of 11%

and 12%, respectively. We see this deal as evidence of JM’s capability to drive its growth potential by

allocating capital towards scalable, cash-generative platforms in addition to sharpening its existing

businesses, in our view.

Details of the transaction. Under the proposed transaction, JM will acquire 100% of I-MED

Radiology from Permira and other shareholders at an enterprise valuation of AUD3.4bn (USD2.4bn),

implying a Bloomberg consensus estimated FY26 EV/EBITDA acquisition multiple of c11.5x. JM

expects the acquisition to be financed through existing cash and debt facilities (65% / 35% split). It

also expects the transaction to be earnings neutral in 2027 and become accretive thereafter. It

expects completion of the transaction in 2H26, subject to regulatory approvals.

Fig 1.