Financials Janus Henderson Group plc

Equities

JHG

JE00BYPZJM29

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
31.69 ^USD	+1.31%		+3.29%	+5.11%

Apr. 23	JPMorgan Adjusts Price Target on Janus Henderson to $35 From $31, Maintains Neutral Rating	MT
Apr. 12	UBS Adjusts Janus Henderson Group Price Target to $30 From $28, Maintains Sell Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,480	5,810	7,071	3,895	4,956	5,110	-	-
Enterprise Value (EV) ¹	3,809	5,024	6,263	3,040	4,109	3,669	3,499	2,829
P/E ratio	11.1 x	37.4 x	11.7 x	10.5 x	12.7 x	11.8 x	11.4 x	11.1 x
Yield	5.89%	4.43%	3.58%	6.63%	5.17%	5%	5.12%	5.04%
Capitalization / Revenue	2.04 x	2.53 x	2.56 x	1.77 x	2.36 x	2.22 x	2.2 x	2.1 x
EV / Revenue	1.74 x	2.19 x	2.26 x	1.38 x	1.95 x	1.59 x	1.5 x	1.16 x
EV / EBITDA	5.77 x	6.85 x	6.29 x	5.03 x	7.75 x	6.13 x	5.8 x	4.56 x
EV / FCF	8.95 x	8 x	7.08 x	6.67 x	9.54 x	6.81 x	7.06 x	7.05 x
FCF Yield	11.2%	12.5%	14.1%	15%	10.5%	14.7%	14.2%	14.2%
Price to Book	0.94 x	1.2 x	1.53 x	0.87 x	1.07 x	1.1 x	1.04 x	0.93 x
Nbr of stocks (in thousands)	183,243	178,725	168,591	165,588	164,389	161,247	-	-
Reference price ²	24.45	32.51	41.94	23.52	30.15	31.69	31.69	31.69
Announcement Date	2/4/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,192	2,299	2,767	2,204	2,102	2,301	2,328	2,430
EBITDA ¹	659.8	733.5	996.4	604.7	529.9	598.5	603	620.3
EBIT ¹	626.6	696.7	963.5	576.7	508.7	598.1	591.4	638.5
Operating Margin	28.58%	30.31%	34.82%	26.17%	24.2%	26%	25.41%	26.27%
Earnings before Tax (EBT) ¹	583.5	242.1	820.2	375.4	527	576.4	518.5	499.7
Net income ¹	415.9	156.9	604.4	361.1	380.8	425.9	395.2	352.3
Net margin	18.97%	6.83%	21.84%	16.39%	18.12%	18.51%	16.98%	14.5%
EPS ²	2.210	0.8700	3.590	2.230	2.370	2.675	2.783	2.847
Free Cash Flow ¹	425.4	627.9	885	455.7	430.8	539	496	401
FCF margin	19.4%	27.32%	31.98%	20.68%	20.5%	23.43%	21.31%	16.5%
FCF Conversion (EBITDA)	64.47%	85.6%	88.82%	75.36%	81.3%	90.07%	82.25%	64.64%
FCF Conversion (Net income)	102.28%	400.19%	146.43%	126.2%	113.13%	126.55%	125.49%	113.81%
Dividend per Share ²	1.440	1.440	1.500	1.560	1.560	1.585	1.622	1.596
Announcement Date	2/4/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 S1
Net sales ¹	1,137	1,073	1,226	1,382	687.4	697.2	1,385	620	555.5	1,176	512.9	515.2	1,028	495.8	516.5	1,012	521	568.5	556.1	568.9	959.5	569.1	585.1	575.4	993.9
EBITDA ¹	-	-	-	-	260.9	247.8	-	186.4	157	-	131.9	130.1	-	111.2	127.6	-	130.7	160.9	136.8	151.1	-	151.7	157.6	145.7	-
EBIT ¹	331.2	302.9	393.8	470.8	253	239.7	492.7	178.8	149.3	328.1	125.4	123.2	248.6	105.6	121.5	227.1	125.4	156.2	130.5	147.2	228.1	148.1	152	137.7	259.7
Operating Margin	29.12%	28.23%	32.13%	34.06%	36.81%	34.38%	35.58%	28.84%	26.88%	27.91%	24.45%	23.91%	24.18%	21.3%	23.52%	22.43%	24.07%	27.48%	23.47%	25.86%	23.77%	26.02%	25.99%	23.93%	26.13%
Earnings before Tax (EBT) ¹	-	-	-	-	253.4	155.1	-	-	29.6	-	142.5	86.8	229.3	122	128.6	-	99.2	177.2	141.1	144.3	-	145.6	145.4	129.4	-
Net income ¹	-	-147.1	-	284.1	191.4	128.9	-	78.7	91	172.6	104.3	62.9	167	85	87.1	172.1	90.7	117.8	100.2	107.6	171.6	108.7	109.4	96.16	196.8
Net margin	-	-13.71%	-	20.55%	27.84%	18.49%	-	12.69%	16.38%	14.68%	20.34%	12.21%	16.24%	17.14%	16.86%	17%	17.41%	20.72%	18.01%	18.92%	17.88%	19.11%	18.7%	16.71%	19.8%
EPS ²	-	-	-	-	1.140	0.7800	-	-	-	-	0.6500	0.3900	-	0.5300	0.5400	-	0.5600	0.7400	0.6081	0.6711	-	0.6943	0.6911	0.6077	-
Dividend per Share ²	-	-	-	-	0.3800	0.3800	-	0.3900	0.3900	-	0.3900	0.3900	-	0.3900	0.3900	-	0.3900	0.3900	0.3967	0.4000	-	0.4000	0.4000	0.4073	-
Announcement Date	2/4/20	7/29/20	2/4/21	7/29/21	10/28/21	2/3/22	2/3/22	5/4/22	7/28/22	7/28/22	10/27/22	2/2/23	2/2/23	5/3/23	8/2/23	8/2/23	11/1/23	2/1/24	-	-	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	671	786	808	855	848	1,441	1,611	2,281
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	425	628	885	456	431	539	496	401
ROE (net income / shareholders' equity)	9.53%	11.6%	15.3%	9.37%	9.5%	9.94%	9.35%	9%
ROA (Net income/ Total Assets)	6.4%	7.79%	10.7%	6.5%	6.64%	6.88%	6.67%	5.3%
Assets ¹	6,496	2,015	5,631	5,554	5,735	6,192	5,927	6,648
Book Value Per Share ²	25.90	27.20	27.50	26.90	28.30	28.90	30.60	34.10
Cash Flow per Share ²	2.460	3.590	5.310	2.920	2.750	3.490	3.370	2.860
Capex ¹	37.8	17.8	10.4	17.6	10.8	23	26	22
Capex / Sales	1.72%	0.77%	0.38%	0.8%	0.51%	1%	1.12%	0.91%
Announcement Date	2/4/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Janus Henderson Group plc

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

31.69 USD

Average target price

31.48 USD

Spread / Average Target

-0.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Investment Management & Fund Operators

	1st Jan change	Capi.
JANUS HENDERSON GROUP PLC	+5.11%	5.11B
BLACKROCK, INC.	-6.03%	113B
UBS GROUP AG	-3.98%	87.91B
APOLLO GLOBAL MANAGEMENT, INC.	+20.96%	63.76B
BROOKFIELD CORPORATION	+5.29%	61.9B
BANK OF NEW YORK MELLON CORPORATION (THE)	+10.12%	42.86B
AMERIPRISE FINANCIAL, INC.	+7.95%	40.84B
3I GROUP PLC	+18.92%	34.58B
T. ROWE PRICE GROUP INC.	+5.88%	25.48B
STATE STREET CORPORATION	-5.25%	22.13B

Other Investment Management & Fund Operators