Morningstar

Janus Henderson Group PLC JHG

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Stock XNYS Rating as of
$37.86 +0.12 (0.32%)
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As of Delayed Price Closed

Company Report

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Janus Henderson: Lowering Moat Rating to No-Moat from Narrow on Diminished Intangible Assets

Greggory Warren

We've lowered our moat rating for Janus Henderson to no-moat from narrow. Our fair value estimate remains at $34 per share. While the firm has some moat-worthy characteristics—like well-known brands, repeatable investment strategies, and a track record of generating excess returns—these attributes and other intangibles continue to diminish, much as they do for the rest of the United States-based traditional asset managers.

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Price vs Fair Value

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JHG is trading at a 598% premium.
Price
$37.86
Fair Value
$12.00
Uncertainty
High
1-Star Price
$63.90
5-Star Price
$99.20
Economic Moat
Rghc
Capital Allocation
Blkvybg

Bulls Say, Bears Say

Bulls

With $361.4 billion in AUM at the end of June 2024, Janus Henderson is a medium-size asset manager with a product portfolio that remains more heavily weighted toward equities.

Bears

Janus Henderson's near- to medium-term active equity fund performance remains weak, with 58%, 53%, and 54% of AUM outperforming benchmarks on a one-, three-, and five-year basis at the end of the second quarter.

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News

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Trading Information

Previous Close Price
$37.74
Day Range
$37.39–37.96
52-Week Range
$22.18–39.11
Bid/Ask
$37.47 / $38.34
Market Cap
$6.03 Bil
Volume/Avg
916,489 / 996,941

Key Statistics

Price/Earnings (Normalized)
12.53
Price/Sales
2.69
Dividend Yield (Trailing)
4.12%
Dividend Yield (Forward)
4.12%
Total Yield
7.06%

Company Profile

Janus Henderson Group provides investment management services to retail intermediary (55% of managed assets), self-directed (24%) and institutional (21%) clients. At the end of June 2024, active equities (63%), fixed-income (21%), multi-asset (14%) and alternative (2%) investment platforms constituted the company's $361.4 billion in assets under management. Janus Henderson sources most of its managed assets from clients in North America (61%), with customers from Europe, the Middle East, Africa, and Latin America (29%) and the Asia-Pacific region (10%) accounting for the remainder.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Small Value
Total Number of Employees
2,196
Website
https://www.janushenderson.com

Competitors

Valuation

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Metric
JHG
AMG
BEN
Price/Earnings (Normalized)
 12.538.597.50
Price/Book Value
 1.351.650.81
Price/Sales
 2.693.561.21
Price/Cash Flow
 11.227.217.61
Price/Earnings
JHG
AMG
BEN

Financial Strength

Metric
JHG
AMG
BEN
Quick Ratio
 3.852.343.48
Current Ratio
 4.052.343.48
Interest Coverage
 50.199.5015.08
Quick Ratio
JHG
AMG
BEN

Profitability

Metric
JHG
AMG
BEN
Return on Assets (Normalized)
 8.52%8.19%4.44%
Return on Equity (Normalized)
 12.13%21.12%11.27%
Return on Invested Capital (Normalized)
 10.82%11.32%4.98%
Return on Assets
JHG
AMG
BEN

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