Janus Henderson Group Plc

Finance
Investment Managers
www.janushenderson.com

Earnings Score
Moat Score
Safety Score

Market Cap $6.85B
PE 17
Debt $698.60M
Cash $1.50B
EV $6.04B
FCF $600.10M

Earnings

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Sales & Net Margins

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Earnings	$398.20M
EBIT	$625.40M
ROE	9%
ROA	9%
FCF	$600.10M
Equity	$4.63B
Growth Stability	34%
PE	17.2
PEG	-7.06
PB	1.48
P/FCF	11.41
P/S	2.94
Price/Cash	0.22
Debt/Equity	0.15
Debt/FCF	1.16
Net Margins	16%
Op. Margins	27%
Earnings CAGR	0%
Sales Growth QoQ	6%
Sales CAGR	2%
FCF CAGR	1%
Equity CAGR	5%
Earnings Stability	-0.24
Earnings Growth QoQ	-79%
Earnings CAGR 5Y	-2%
Sales CAGR 5Y	28%

FCF CAGR 5Y	20%
Equity CAGR 5Y	-1%
Earnings CAGR 3Y	-1%
Sales CAGR 3Y	-1%
FCF CAGR 3Y	-2%
Equity CAGR 3Y	2%
Market Cap	$6.85B
Revenue	$2.33B
Dividend Yield	4%
Payout Ratio	63%
Assets	$7.26B
Total Debt	$698.60M
Cash	$1.50B
Shares Outstanding	154.4M
EV	6.04B
Earnings Score	6%
Moat Score	89%
Safety Score	68%
Final Score	54%
Working Capital	2.12B
Current Ratio	3.08
Shares Growth 3y	21%
Equity Growth QoQ	4%
Equity Growth YoY	4%

Assets & ROA

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Stockholders Equity & ROE

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Janus Henderson Group provides investment management services to retail intermediary (55% of managed assets), self-directed (22%) and institutional (23%) clients. At the end of March 2022, active equities (61%), fixed-income (21%), multi-asset (15%) and alternative (3%) investment platforms constituted the company's USD 361.0 billion in assets under management. Janus Henderson sources 58% of its managed assets from clients in North America, with customers from Europe, the Middle East, Africa and Latin America (32%) and the Asia-Pacific region (10%) accounting for the remainder. Headquartered in London, JHG is dual-listed on the New York Stock Exchange and the Australian Stock Exchange.

SEC Filings

Direct access to Janus Henderson Group Plc (JHG) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Janus Henderson Group Plc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Janus Henderson Group Plc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 0%

Stability -24%

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Janus Henderson Group Plc Discounted Cash Flow

Fully customizable DCF calculator online for Janus Henderson Group Plc.

Years

Calculation mode

= $6.6B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$600M	$609M	$618M	$627M	$636M	$645M	$654M	$664M	$673M	$683M	$693M	$6.9B
DCF		$553M	$510M	$471M	$434M	$400M	$369M	$341M	$314M	$290M	$267M	$2.7B
Value	$6.6B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	08/2018	12/2018	12/2019	08/2020	12/2020	08/2021	12/2021	12/2022	07/2023	12/2023	TTM
Net Margins	28%	18%	37%	-	22%	19%	-	7%	-	22%	12%	-	18%	16%
ROA	-	10%	6%	-	10%	8%	-	4%	-	12%	8%	-	8%	9%
ROE	-	10%	13%	-	10%	8%	-	3%	-	13%	6%	-	8%	9%

Good Net Margins (15.88%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	08/2018	12/2018	12/2019	08/2020	12/2020	08/2021	12/2021	12/2022	07/2023	12/2023	TTM
Debt over FCF	-	-	0.89	-	0.5	0.74	-	0.5	-	0.35	0.67	-	0.71	1.16
Debt over Equity	-	-	0.08	-	0.07	0.06	-	0.07	-	0.07	0.07	-	0.07	0.15
Growth Stability	-	-	-	-	100%	73%	-	34%	-	100%	72%	-	87%	34%

Good Debt/FCF ratio (1.16)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.15)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (34%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	08/2018	12/2018	12/2019	08/2020	12/2020	08/2021	12/2021	12/2022	07/2023	12/2023	CAGR 5Y
Revenue YoY growth	-	-13%	74%	-	-	-5%	-	-	-	-	-20%	-	-	28%
Earnings YoY growth	-	-45%	260%	-	-	-17%	-	-	-	-	-55%	-	-	-2%
Equity YoY growth	-	-11%	188%	-	-	1%	-	-	-	-	-6%	-	-	-1%
FCF YoY growth	-	-41%	93%	-	-	-34%	-	-	-	-	-49%	-	-	20%