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 1,743.702,306.402,192.402,298.602,7673,130.513,541.784,007.074,533.495,129.07
Revenue (%)
Operating Cash Flow 444.10670.80463.20645.70895.40852.32964.301,090.981,234.301,396.46
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 426.40641.70425.40627.90885820.07927.811,049.701,187.601,343.62

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 1,743.702,306.402,192.402,298.602,7673,130.513,541.784,007.074,533.495,129.07
Operating Cash Flow 444.10670.80463.20645.70895.40852.32964.301,090.981,234.301,396.46
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 426.40641.70425.40627.90885820.07927.811,049.701,187.601,343.62
WACC
PV LFCF 747.42770.70794.71819.46844.98
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