DCF Tool

JHG

janus henderson group plc is an independent global asset manager. the company specializes in active investment across all asset classes. it operates through the investment management business segment. it manages a broad range of investment products for institutional and retail investors across five capabilities: equities, quantitative equities, fixed income, multi-asset and alternatives. it operates across various product lines, distribution channels and geographic regions. its regional focus includes united states, europe, asia and australia.
Analysis Results
Intrinsic Value $15.58
Latest Price $31.73
Relative Value 104% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -8.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -8.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 0.309 0.281
2025 0.282 0.233
2026 0.258 0.193
2027 0.235 0.16
2028 0.215 0.133
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2.7 billion. This corresponds to a present value of 1.51 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 0.999 billion. Adding in the terminal value gives a total present value of 2.51 billion.

There are presently 161.0 million outstanding shares, so the intrinsic value per share is 15.58.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,455,600,000
Current Cash 1,502,300,000
Current Liabilities 631,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) 322,300,000
Change in NCWC -106,400,000
EBIT 483,700,000
Tax Provision 100,300,000
Depreciation and Amortization 22,900,000
Capital Expenditure -10,800,000
Unlevered Free Cash Flow 297,340,967
Current Assets 2,214,800,000
Current Cash 1,176,400,000
Current Liabilities 610,500,000
Current Debt 800,000
Non-Cash Working Capital (NCWC) 428,700,000
Change in NCWC -76,200,000
EBIT 528,500,000
Tax Provision 100,900,000
Depreciation and Amortization 31,700,000
Capital Expenditure -17,600,000
Unlevered Free Cash Flow 324,349,786
Current Assets 2,409,200,000
Current Cash 1,118,600,000
Current Liabilities 786,400,000
Current Debt 700,000
Non-Cash Working Capital (NCWC) 504,900,000
Change in NCWC 146,600,000
EBIT 948,300,000
Tax Provision 205,700,000
Depreciation and Amortization 40,700,000
Capital Expenditure -10,400,000
Unlevered Free Cash Flow 887,373,482
Current Assets 2,193,700,000
Current Cash 1,108,100,000
Current Liabilities 727,800,000
Current Debt 500,000
Non-Cash Working Capital (NCWC) 358,300,000
Change in NCWC -657,100,000
EBIT 677,500,000
Tax Provision 59,500,000
Depreciation and Amortization 49,200,000
Capital Expenditure -17,800,000
Unlevered Free Cash Flow -114,706,608
Current Assets 2,580,800,000
Current Cash 796,500,000
Current Liabilities 769,700,000
Current Debt 800,000
Non-Cash Working Capital (NCWC) 1,015,400,000
Change in NCWC 641,300,000
EBIT 540,900,000
Tax Provision 137,800,000
Depreciation and Amortization 62,600,000
Capital Expenditure -37,800,000
Unlevered Free Cash Flow 1,079,260,462
Current Assets 2,019,100,000
Current Cash 916,600,000
Current Liabilities 728,400,000
Current Debt 0
Non-Cash Working Capital (NCWC) 374,100,000
Change in NCWC -126,400,000
EBIT 651,800,000
Tax Provision 162,200,000
Depreciation and Amortization 69,800,000
Capital Expenditure -29,100,000
Unlevered Free Cash Flow 406,350,891

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