Discounted Cash Flow (DCF) Analysis Levered

Janus Henderson Group plc (JHG)

$25.26

-0.58 (-2.24%)

All numbers are in Millions, Currency in USD

Stock DCF: 46.34 | 25.26 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	2,306.40	2,192.40	2,298.60	2,767	2,203.60	2,203.15	2,202.69	2,202.24	2,201.78	2,201.33
Revenue (%)
Operating Cash Flow	670.80	463.20	645.70	895.40	609.64	609.52	609.39	609.26	609.14	609.01
Operating Cash Flow (%)
Capital Expenditure	-29.10	-37.80	-17.80	-10.40	-17.60	-21.74	-21.74	-21.74	-21.73	-21.73
Capital Expenditure (%)
Free Cash Flow	641.70	425.40	627.90	885	592.04	587.77	587.65	587.53	587.41	587.29

Weighted Average Cost Of Capital

Share price	$ 25.26
Beta	1.449
Diluted Shares Outstanding	168.50
Cost of Debt
Tax Rate	3.81
After-tax Cost of Debt	3.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.339
Total Debt	307.50
Total Equity	4,256.31
Total Capital	4,563.81
Debt Weighting	6.74
Equity Weighting	93.26
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	2,306.40	2,192.40	2,298.60	2,767	2,203.60	2,203.15	2,202.69	2,202.24	2,201.78	2,201.33
Operating Cash Flow	670.80	463.20	645.70	895.40	609.64	609.52	609.39	609.26	609.14	609.01
Capital Expenditure	-29.10	-37.80	-17.80	-10.40	-17.60	-21.74	-21.74	-21.74	-21.73	-21.73
Free Cash Flow	641.70	425.40	627.90	885	592.04	587.77	587.65	587.53	587.41	587.29
WACC
PV LFCF						534.78	486.46	442.50	402.52	366.15
SUM PV LFCF										2,232.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.91
Free cash flow (t + 1)	599.03
Terminal Value	7,573.10
Present Value of Terminal Value	4,721.58

Intrinsic Value

Enterprise Value	6,954
Net Debt	-854.80
Equity Value	7,808.80
Shares Outstanding	168.50
Equity Value Per Share	46.34