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
Stock DCF: 36.17 | 25.57 | 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 771.50643.10283.20881.30506.30572.51572.39572.28572.16572.04
EBITDA (%)
EBIT 701.70580.50234840.60474.60524.34524.24524.13524.02523.91
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 1,491.101,974.801,590.801,820.901,423.901,561.401,561.081,560.761,560.441,560.11
Total Cash (%)
Account Receivables 457.90476490.40446.90435.49435.40435.31435.22435.13435.04
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.5057.103.202.6017.1917.1817.1817.1717.1717.17
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 2,306.402,192.402,298.602,7672,203.602,203.152,202.692,202.242,201.782,201.33
EBITDA 771.50643.10283.20881.30506.30572.51572.39572.28572.16572.04
EBIT 701.70580.50234840.60474.60524.34524.24524.13524.02523.91
Tax Rate 20.85%26.72%33.25%24.15%3.81%21.76%21.76%21.76%21.76%21.76%
EBIAT 555.38425.40156.19637.57456.52410.26410.18410.10410.01409.93
Depreciation 69.8062.6049.2040.7031.7048.1748.1648.1548.1448.13
Accounts Receivable --18.10-14.4043.5011.410.090.090.090.090.09
Inventories ----------
Accounts Payable -50.60-53.90-0.6014.59-0-0-0-0-0
Capital Expenditure -29.10-37.80-17.80-10.40-17.60-21.74-21.74-21.74-21.73-21.73
UFCF 596.08482.70119.29710.77496.62436.77436.68436.59436.50436.41
WACC
PV UFCF 397.79362.21329.82300.32273.46
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