Michael Hill International Ltd (MHJ) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Michael Hill International Ltd A$0.28, price A$0.35, upside -20.0%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Michael Hill International Limited operates in the retail sale of jewellery and related services sector in Australia, New Zealand, and Canada. It offers rings, earrings, charms, bracelets and bangles, necklaces and pendants, chains, watches, gemstones, anklets, and gifts, as well as birthstones.
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Michael Hill International Limited operates in the retail sale of jewellery and related services sector in Australia, New Zealand, and Canada. It offers rings, earrings, charms, bracelets and bangles, necklaces and pendants, chains, watches, gemstones, anklets, and gifts, as well as birthstones. The company also provides professional care plans and diamond warranty services; and financial solutions. It offers its products through online. Michael Hill International Limited was founded in 1979 and is based in Cannon Hill, Australia.
Stock analysis
Michael Hill International Ltd (MHJ) currently trades at A$0.3500, while our model-based Fair Value estimate is A$0.2800, implying the stock looks roughly 25.0% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of A$1.13 per share, and 15 of the 23 models we run sit above the A$0.3500 price.
Bear case: the Earnings-Based group reads lowest at A$0.1000, and 8 of the 23 models stay below the price. Evidence for this calculation is low.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Michael Hill International Ltd reported revenue of A$692M in FY2025 versus A$595M in FY2021, a compound +3.9%/yr. Reported net income was A$2.3M in FY2025, compounding −53.6%/yr from FY2021.
Key figures
Market cap A$139M (≈ $97.7M) · P/E ratio 17.5 · P/S ratio 0.06 · EPS (TTM) A$0.0200 · Net margin 0.3% · Return on equity 4.0% · Return on assets (EBIT) 11.0% · Operating margin 10.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 9% fair-value upside, at −20%, MHJ screens richer than that median.
Fair Value models
Bear A$0.2800Fair Value A$0.2800Bull A$0.2800
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (A$0.0200 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.Evidence ⓘEvidence = 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.
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.52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.6%
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.
+1.8%
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.
+5.8%
Start year 2020 (pandemic). Over 10 years: +2.0% a year
Revenue growth 30 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.
+7.1%
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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.
−33.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−33.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−34% vs −22%, slowing
Profit margin 2020 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.3% → 4%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−18.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Australia: IMF forecast 3.0% a year to 2030, 2.9% from 2016 to 2025) that is about −20.8% a year for the price.
Compare Michael Hill International Ltd with another stock
Price, fair value, quality and upside side by side.
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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.Luxury Goods · 130 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−16% · Below median
Profitability
Return on equity (TTM)4% · Below median
Return on assets4% · Below median
Net margin (TTM)1% · Bottom 25%
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth3% · Below median
Balance sheet
Debt / equity0.31× · Highest 25%
Valuation Multiplesvs Luxury Goods median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Michael Hill International Ltd Fair Value". https://www.fairvalue-calculator.com/stock/MHJ
Frequently asked questions
Is Michael Hill International Ltd (MHJ) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of A$0.2800 versus a price of A$0.3500, about −20% upside (overvalued).
What is the fair value of MHJ?
Our model-based fair value for Michael Hill International Ltd is A$0.2800 (as of Sep 23, 2026), built from audited fundamentals. The current price: A$0.3500.
What is the quality score of MHJ?
Michael Hill International Ltd has a Quality Score of 60/100. 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 Michael Hill International Ltd (MHJ)?
Our model-based price target is the fair value of A$0.2800 (as of Sep 23, 2026) from 23 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Michael Hill International Ltd stock forecast for 2026?
Our models put fair value at A$0.2800, about −20% upside versus a price of A$0.3500 (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Michael Hill International Ltd (MHJ)?
Michael Hill International Ltd reported trailing-twelve-month revenue of about A$656M (latest available figure, as of Sep 23, 2026).
What growth is priced into Michael Hill International Ltd (MHJ)?
For today's price to be fair in a discounted-cash-flow model, Michael Hill International Ltd would have to grow free cash flow by -18.5 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of MHJ use?
Our models discount Michael Hill International Ltd at 11.0 %: a base by market capitalisation (micro), damped by beta 0.01, country premium for Australia. 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 Michael Hill International Ltd that is -18.5 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Michael Hill International Ltd (MHJ) delivered so far?
Over the past 5 years revenue at Michael Hill International Ltd grew +5.8 % a year. The price currently implies -18.5 % 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 Michael Hill International Ltd (MHJ) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Michael Hill International Ltd (-18.5 % 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 Michael Hill International Ltd (MHJ)?
The free-cash-flow yield on the price is 34.87 %: that much free cash flow Michael Hill International Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Michael Hill International Ltd (MHJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Michael Hill International Ltd it is A$0.2800 per share (as of Sep 23, 2026), against a price of A$0.3500. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Michael Hill International Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MHJ trades above its calculated fair value: price A$0.3500, fair value A$0.2800, a gap of about −20% (overvalued). 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 MHJ?
No. The price is what the market pays today (A$0.3500); the fair value is what the company's own numbers justify (A$0.2800). For Michael Hill International Ltd the two are A$0.0700 per share apart. That gap is exactly why we show both numbers side by side.
How much is Michael Hill International Ltd worth?
The market values Michael Hill International Ltd at about A$139M (market capitalisation, as of Sep 23, 2026). Per share that is A$0.3500; our models calculate a fair value of A$0.2800 per share.
What is the P/E ratio of MHJ?
Michael Hill International Ltd trades at a price-to-earnings ratio of 17.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$0.2800 is built from several models across several years. Other multiples: P/B 0.5, P/S 0.1, EV/EBITDA 5.4.
How solid is the balance sheet of Michael Hill International Ltd (MHJ)?
Balance-sheet figures for Michael Hill International Ltd (as of Sep 23, 2026): return on equity 4.0%, debt of 0.31 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is MHJ from its 52-week high?
Michael Hill International Ltd trades at A$0.3500, about 25% below its 52-week high of A$0.4650 and 15% above the low of A$0.3050 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.2800 is for.
Which stocks are comparable to Michael Hill International Ltd?
From the same area (Consumer Cyclical) we also value Compagnie Financière Richemont SA, Christian Dior SE, Kering SA, Tapestry, Inc, 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 Michael Hill International Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price A$0.3500, calculated fair value A$0.2800 (−20%), Quality Score 60/100, from 23 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 MHJ calculated?
We run Michael Hill International Ltd through 23 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 A$0.2800, 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 13.2 % above its aggregate fair value. Michael Hill International Ltd itself currently trades above fair value. 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 Michael Hill International Ltd (MHJ)?
The closing price on Sep 24, 2026 was A$0.3500. Our model-based fair value is A$0.2800, about −20% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Michael Hill International Ltd right now?
The price sits above even our optimistic bull case (A$0.2800). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Michael Hill International Ltd (MHJ) come from?
Earnings per share at Michael Hill International Ltd grew −2.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.2 %, EBIT margin −1.8 %, tax rate +1.8 %, residual (interest, one-offs) −4.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Michael Hill International Ltd
How large is the market capitalisation of Michael Hill International Ltd (MHJ)?
The market capitalisation of Michael Hill International Ltd is A$139M (≈ $97.7M). 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 Michael Hill International Ltd (MHJ)?
The price-to-sales ratio of Michael Hill International Ltd is 0.06 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Michael Hill International Ltd (MHJ)?
Earnings per share at Michael Hill International Ltd are A$0.0200 (price ÷ EPS = P/E 17.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Michael Hill International Ltd (MHJ)?
The net margin of Michael Hill International Ltd is 0.3% (fiscal year 2025). 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 Michael Hill International Ltd (MHJ)?
The return on equity (ROE) of Michael Hill International Ltd is 4.0% (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 Michael Hill International Ltd (MHJ)?
On an EBIT basis the return on assets of Michael Hill International Ltd is 11.0% (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 Michael Hill International Ltd (MHJ)?
The operating margin of Michael Hill International Ltd is 10.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Michael Hill International Ltd (MHJ)?
Revenue at Michael Hill International Ltd is growing +3.0% versus a year earlier (3y avg +1.8%). 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 Michael Hill International Ltd (MHJ)?
Earnings per share at Michael Hill International Ltd are growing +31.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Michael Hill International Ltd (MHJ) carry?
The net debt of Michael Hill International Ltd is A$197M (fiscal year 2025, ≈ 4.1 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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