There was little in narrow-moat-rated Janus Henderson's first-quarter results that would alter our long-term view of the firm. We expect to leave our $29 fair value estimate in place and consider shares to be slightly to modestly overvalued.
With $334.9 billion in AUM at the end of December 2023, Janus Henderson is a medium-size asset manager with a product portfolio that remains more heavily weighted toward equities.
Janus Henderson's near- to medium-term active equity fund performance remains weak, with 42%, 48%, and 57% of AUM outperforming benchmarks on a one-, three-, and five-year basis at the end of the fourth quarter.
|
Metric
|
JHG
|
AMG
|
BEN
|
|---|---|---|---|
Price/Earnings (Normalized) | 11.67 | 8.19 | 8.72 |
Price/Book Value | 1.18 | 1.48 | 0.96 |
Price/Sales | 2.41 | 3.29 | 1.44 |
Price/Cash Flow | 10.32 | 6.14 | 8.23 |
|
Metric
|
JHG
|
AMG
|
BEN
|
|---|---|---|---|
Quick Ratio | 3.70 | 2.61 | 3.38 |
Current Ratio | 3.92 | 2.61 | 3.38 |
Interest Coverage | 46.53 | 9.82 | 13.52 |
|
Metric
|
JHG
|
AMG
|
BEN
|
|---|---|---|---|
Return on Assets (Normalized) | 7.00% | 8.01% | 4.56% |
Return on Equity (Normalized) | 9.99% | 21.13% | 11.46% |
Return on Invested Capital (Normalized) | 8.93% | 11.08% | 5.16% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
BLK
| BlackRock Inc | Dgmppgzdy | Hhdh | $113.6 Bil | |
BX
| Blackstone Inc | Bhymrpvsy | Nqfkb | $88.7 Bil | |
KKR
| KKR & Co Inc Ordinary Shares | Tfvnjqrs | Sjdlxw | $84.1 Bil | |
BK
| Bank of New York Mellon Corp | Gfjdsncm | Kspg | $42.6 Bil | |
AMP
| Ameriprise Financial Inc | Krnbsqq | Zscqlt | $42.0 Bil | |
TROW
| T. Rowe Price Group Inc | Zmqyfjrn | Bjmcn | $24.9 Bil | |
STT
| State Street Corporation | Yqjzxbsg | Tdhvj | $22.4 Bil | |
NTRS
| Northern Trust Corp | Bnsbzkjrd | Xyx | $17.3 Bil | |
CG
| The Carlyle Group Inc | Jfdwcwlg | Lpfzh | $14.8 Bil | |
BEN
| Franklin Resources Inc | Bhjxrxhgn | Ctgkxc | $12.3 Bil |
