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Janus Henderson Group PLC - Stock Quote JHG

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Morningstar's Janus Henderson Group PLC Stock Analysis

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Market Selloff Continues to Affect Flows and AUM at Janus Henderson; FVE Lowered to USD 32 (AUD 46)

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

We've lowered our fair value estimate for narrow-moat-rated Janus Henderson to USD 32 (AUD 46) per share from USD 39 (AUD 52) after updating our valuation model to include lower levels of assets under management in the near term given more recent market returns as well as the company's divestment of its INTECH quantitative equites subsidiary. The asset manager closed out March 2022 with USD 361.0 billion in managed assets, down 16.5% sequentially. The USD 34.6 billion decline in the firm's managed assets (which included results from INTECH) during the first quarter of 2022 was driven by market losses (of USD 26.5 billion), adverse currency exchange (USD 1.9 billion), and outflows (USD 6.2 billion). Things have likely deteriorated further during the second quarter (even after the company sold the INTECH division).

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Janus Henderson Group PLC's Company Profile

Business Description

Janus Henderson Group provides investment management services to retail intermediary (55% of managed assets), self-directed (22%) and institutional (23%) clients. At the end of March 2022, active equities (61%), fixed-income (21%), multi-asset (15%) and alternative (3%) investment platforms constituted the company's USD 361.0 billion in assets under management. Janus Henderson sources 58% of its managed assets from clients in North America, with customers from Europe, the Middle East, Africa and Latin America (32%) and the Asia-Pacific region (10%) accounting for the remainder. Headquartered in London, JHG is dual-listed on the New York Stock Exchange and the Australian Stock Exchange.

201 Bishopsgate
London, EC2M 3AE, United Kingdom
T +44 2078181818
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 2,235

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