Discounted Cash Flow (DCF) Analysis Unlevered
Janus Henderson Group plc (JHG)
$28.21
+0.24 (+0.86%)
All numbers are in Millions, Currency in USD
Operating Data
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 (%) | ||||||||||
EBITDA | 771.50 | 643.10 | 283.20 | 881.30 | 517.60 | 574.77 | 574.65 | 574.53 | 574.42 | 574.30 |
EBITDA (%) | ||||||||||
EBIT | 701.70 | 580.50 | 234 | 840.60 | 485.90 | 526.60 | 526.49 | 526.39 | 526.28 | 526.17 |
EBIT (%) | ||||||||||
Depreciation | 69.80 | 62.60 | 49.20 | 40.70 | 31.70 | 48.17 | 48.16 | 48.15 | 48.14 | 48.13 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 1,491.10 | 1,974.80 | 1,590.80 | 1,820.90 | 1,772.30 | 1,631.07 | 1,630.73 | 1,630.39 | 1,630.06 | 1,629.72 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 457.90 | 476 | 490.40 | 446.90 | 349.70 | 418.25 | 418.16 | 418.07 | 417.99 | 417.90 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 6.50 | 57.10 | 3.20 | 2.60 | 4.30 | 14.61 | 14.60 | 14.60 | 14.60 | 14.59 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -29.10 | -37.80 | -17.80 | -10.40 | -17.60 | -21.74 | -21.74 | -21.74 | -21.73 | -21.73 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 28.21 |
---|---|
Beta | 1.433 |
Diluted Shares Outstanding | 162 |
Cost of Debt | |
Tax Rate | 0.80 |
After-tax Cost of Debt | 3.13% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.547 |
Total Debt | 399.10 |
Total Equity | 4,570.02 |
Total Capital | 4,969.12 |
Debt Weighting | 8.03 |
Equity Weighting | 91.97 |
Wacc |
Build Up Free Cash
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 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 771.50 | 643.10 | 283.20 | 881.30 | 517.60 | 574.77 | 574.65 | 574.53 | 574.42 | 574.30 |
EBIT | 701.70 | 580.50 | 234 | 840.60 | 485.90 | 526.60 | 526.49 | 526.39 | 526.28 | 526.17 |
Tax Rate | 20.85% | 26.72% | 33.25% | 24.15% | 0.80% | 21.15% | 21.15% | 21.15% | 21.15% | 21.15% |
EBIAT | 555.38 | 425.40 | 156.19 | 637.57 | 482.02 | 415.20 | 415.12 | 415.03 | 414.95 | 414.86 |
Depreciation | 69.80 | 62.60 | 49.20 | 40.70 | 31.70 | 48.17 | 48.16 | 48.15 | 48.14 | 48.13 |
Accounts Receivable | - | -18.10 | -14.40 | 43.50 | 97.20 | -68.55 | 0.09 | 0.09 | 0.09 | 0.09 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 50.60 | -53.90 | -0.60 | 1.70 | 10.31 | -0 | -0 | -0 | -0 |
Capital Expenditure | -29.10 | -37.80 | -17.80 | -10.40 | -17.60 | -21.74 | -21.74 | -21.74 | -21.73 | -21.73 |
UFCF | 596.08 | 482.70 | 119.29 | 710.77 | 595.02 | 383.39 | 441.62 | 441.53 | 441.44 | 441.35 |
WACC | ||||||||||
PV UFCF | 348.69 | 365.31 | 332.18 | 302.06 | 274.66 | |||||
SUM PV UFCF | 1,622.90 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.95 |
Free cash flow (t + 1) | 450.17 |
Terminal Value | 5,662.54 |
Present Value of Terminal Value | 3,524 |
Intrinsic Value
Enterprise Value | 5,146.89 |
---|---|
Net Debt | -777.30 |
Equity Value | 5,924.19 |
Shares Outstanding | 162 |
Equity Value Per Share | 36.57 |