Discounted Cash Flow (DCF) Analysis Unlevered
Janus Henderson Group plc (JHG)
$25.57
+0.38 (+1.51%)
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 | 506.30 | 572.51 | 572.39 | 572.28 | 572.16 | 572.04 |
| EBITDA (%) | ||||||||||
| EBIT | 701.70 | 580.50 | 234 | 840.60 | 474.60 | 524.34 | 524.24 | 524.13 | 524.02 | 523.91 |
| 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 | 1,423.90 | 1,561.40 | 1,561.08 | 1,560.76 | 1,560.44 | 1,560.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 457.90 | 476 | 490.40 | 446.90 | 435.49 | 435.40 | 435.31 | 435.22 | 435.13 | 435.04 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.50 | 57.10 | 3.20 | 2.60 | 17.19 | 17.18 | 17.18 | 17.17 | 17.17 | 17.17 |
| 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 | $ 25.57 |
|---|---|
| Beta | 1.449 |
| Diluted Shares Outstanding | 168.50 |
| Cost of Debt | |
| Tax Rate | 3.81 |
| After-tax Cost of Debt | 3.94% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.219 |
| Total Debt | 307.50 |
| Total Equity | 4,308.55 |
| Total Capital | 4,616.05 |
| Debt Weighting | 6.66 |
| Equity Weighting | 93.34 |
| 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 | 506.30 | 572.51 | 572.39 | 572.28 | 572.16 | 572.04 |
| EBIT | 701.70 | 580.50 | 234 | 840.60 | 474.60 | 524.34 | 524.24 | 524.13 | 524.02 | 523.91 |
| Tax Rate | 20.85% | 26.72% | 33.25% | 24.15% | 3.81% | 21.76% | 21.76% | 21.76% | 21.76% | 21.76% |
| EBIAT | 555.38 | 425.40 | 156.19 | 637.57 | 456.52 | 410.26 | 410.18 | 410.10 | 410.01 | 409.93 |
| 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 | 11.41 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 50.60 | -53.90 | -0.60 | 14.59 | -0 | -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 | 496.62 | 436.77 | 436.68 | 436.59 | 436.50 | 436.41 |
| WACC | ||||||||||
| PV UFCF | 397.79 | 362.21 | 329.82 | 300.32 | 273.46 | |||||
| SUM PV UFCF | 1,663.59 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.80 |
| Free cash flow (t + 1) | 445.14 |
| Terminal Value | 5,706.95 |
| Present Value of Terminal Value | 3,575.96 |
Intrinsic Value
| Enterprise Value | 5,239.55 |
|---|---|
| Net Debt | -854.80 |
| Equity Value | 6,094.35 |
| Shares Outstanding | 168.50 |
| Equity Value Per Share | 36.17 |