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	2,306.40	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