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
Stock DCF: 36.57 | 28.21 | undervalue

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 2,306.402,192.402,298.602,7672,203.602,203.152,202.692,202.242,201.782,201.33
Revenue (%)
EBITDA 771.50643.10283.20881.30517.60574.77574.65574.53574.42574.30
EBITDA (%)
EBIT 701.70580.50234840.60485.90526.60526.49526.39526.28526.17
EBIT (%)
Depreciation 69.8062.6049.2040.7031.7048.1748.1648.1548.1448.13
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 1,491.101,974.801,590.801,820.901,772.301,631.071,630.731,630.391,630.061,629.72
Total Cash (%)
Account Receivables 457.90476490.40446.90349.70418.25418.16418.07417.99417.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.5057.103.202.604.3014.6114.6014.6014.6014.59
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 2,306.402,192.402,298.602,7672,203.602,203.152,202.692,202.242,201.782,201.33
EBITDA 771.50643.10283.20881.30517.60574.77574.65574.53574.42574.30
EBIT 701.70580.50234840.60485.90526.60526.49526.39526.28526.17
Tax Rate 20.85%26.72%33.25%24.15%0.80%21.15%21.15%21.15%21.15%21.15%
EBIAT 555.38425.40156.19637.57482.02415.20415.12415.03414.95414.86
Depreciation 69.8062.6049.2040.7031.7048.1748.1648.1548.1448.13
Accounts Receivable --18.10-14.4043.5097.20-68.550.090.090.090.09
Inventories ----------
Accounts Payable -50.60-53.90-0.601.7010.31-0-0-0-0
Capital Expenditure -29.10-37.80-17.80-10.40-17.60-21.74-21.74-21.74-21.73-21.73
UFCF 596.08482.70119.29710.77595.02383.39441.62441.53441.44441.35
WACC
PV UFCF 348.69365.31332.18302.06274.66
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