Discounted Cash Flow (DCF) Analysis Levered

Janus Henderson Group plc (JHG)

$25.56

-0.23 (-0.89%)

All numbers are in Millions, Currency in USD

Stock DCF: 93.86 | 25.56 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,743.70	2,306.40	2,192.40	2,298.60	2,767	3,130.51	3,541.78	4,007.07	4,533.49	5,129.07
Revenue (%)
Operating Cash Flow	444.10	670.80	463.20	645.70	895.40	852.32	964.30	1,090.98	1,234.30	1,396.46
Operating Cash Flow (%)
Capital Expenditure	-17.70	-29.10	-37.80	-17.80	-10.40	-32.25	-36.49	-41.28	-46.71	-52.84
Capital Expenditure (%)
Free Cash Flow	426.40	641.70	425.40	627.90	885	820.07	927.81	1,049.70	1,187.60	1,343.62

Weighted Average Cost Of Capital

Share price	$ 25.56
Beta	1.472
Diluted Shares Outstanding	168.50
Cost of Debt
Tax Rate	24.15
After-tax Cost of Debt	2.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.498
Total Debt	444.10
Total Equity	4,306.86
Total Capital	4,750.96
Debt Weighting	9.35
Equity Weighting	90.65
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,743.70	2,306.40	2,192.40	2,298.60	2,767	3,130.51	3,541.78	4,007.07	4,533.49	5,129.07
Operating Cash Flow	444.10	670.80	463.20	645.70	895.40	852.32	964.30	1,090.98	1,234.30	1,396.46
Capital Expenditure	-17.70	-29.10	-37.80	-17.80	-10.40	-32.25	-36.49	-41.28	-46.71	-52.84
Free Cash Flow	426.40	641.70	425.40	627.90	885	820.07	927.81	1,049.70	1,187.60	1,343.62
WACC
PV LFCF						747.42	770.70	794.71	819.46	844.98
SUM PV LFCF										3,977.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.72
Free cash flow (t + 1)	1,370.49
Terminal Value	17,752.44
Present Value of Terminal Value	11,164.24

Intrinsic Value

Enterprise Value	15,141.50
Net Debt	-674.50
Equity Value	15,816
Shares Outstanding	168.50
Equity Value Per Share	93.86